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                                                      [CLAYTON UTZ LOGO OMITTED]
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MACQUARIE SECURITISATION LIMITED
ABN 16 003 297 336
Manager

[PERPETUAL TRUSTEES AUSTRALIA LIMITED
ABN 86 000 431 827]
Issuer Trustee

SUB-FUND NOTICE
PUMA GLOBAL TRUST NO. [  ]

                           [CLAYTON UTZ LOGO OMITTED]
          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 - 801/706/21723315 CONTACT - NINIAN LEWIS

            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>         <C>                                                                                      <C>
1...........DEFINITIONS AND INTERPRETATION........................................................................1
            1.1         Definitions...............................................................................1
            1.2         Interpretation...........................................................................11
            1.3         Trust Deed definitions...................................................................11
            1.4         Incorporated definitions and other Transaction Documents and provisions..................12
            1.5         Issuer Trustee capacity..................................................................12

2...........UNITS................................................................................................12

            2.1         Classes and number of Units..............................................................12
            2.2         Initial Unitholder.......................................................................12
            2.3         Beneficial Interest represented by the Income Unit.......................................12
            2.4         Beneficial Interest represented by the Capital Unit......................................13
            2.5         Right of Income Unitholder to payments...................................................13
            2.6         Rights of Capital Unitholder to payments.................................................13
            2.7         Capital and Income Unit subject to this Sub-Fund Notice..................................13
            2.8         Restrictions on transfer.................................................................13

3...........ISSUE OF NOTES.......................................................................................13

            3.1         Classes of Notes.........................................................................13
            3.2         Issue of Class A Notes and initial A$ Class B Notes......................................14
            3.3         Issue of additional A$ Class B Notes.....................................................14
            3.4         Issue of A$ Redraw Notes.................................................................14
            3.5         Pre-conditions to issue of Class A Notes and A$ Class B Notes............................14
            3.6         Voting at meetings under the Trust Deed..................................................15

4...........PRINCIPAL AND INTEREST ON THE NOTES..................................................................15

            4.1         Original Principal Balance of the Notes..................................................15
            4.2         Payment of interest on the Notes.........................................................16
            4.3         Redemption of the Notes..................................................................16
            4.4         Interest on overdue interest on the Notes................................................17
            4.5         Rounding of payments on the Notes........................................................17
            4.6         Manager undertakings.....................................................................17

5...........CASHFLOWS............................................................................................18

            5.1         Order of payments on each Payment Date...................................................18
            5.2         Order of application of amounts representing Collections.................................20
            5.3         Subordination of Manager's Fees..........................................................21
            5.4         Principal Cash Balance...................................................................23
            5.5         A$ principal payments on Class A Notes and A$ Class B Notes..............................23
            5.6         US$ payments.............................................................................24
            5.7         Prepayment Amounts.......................................................................24
            5.8         Pre-Funding Pool distribution............................................................25
            5.9         Subordinated Redraw Facility Interest....................................................25

6...........NET ACCOUNTING INCOME AND NET TAX INCOME.............................................................25

            6.1         Allocation of Net Accounting Income/Net Tax Income.......................................25
            6.2         Payment to Income Unitholders............................................................26
            6.3         Excess distributions.....................................................................26

7...........ACQUISITION AND DISPOSAL OF APPROVED MORTGAGES.......................................................26

            7.1         Establishment of the Pre-Funding Pool....................................................26
            7.2         Acquisition of Approved Mortgages during Pre-Funding and Substitution Periods............26
</TABLE>
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<TABLE>
<CAPTION>
<S>         <C>         <C>                                                                                      <C>
            7.3         Maturity Date for Approved Mortgages and Further Advances................................27
            7.4         Sale of Approved Mortgages...............................................................27
            7.5         No obligation............................................................................28

8...........REDRAWS AND FURTHER ADVANCES.........................................................................28

            8.1         Redraws and non-Subordinate Funded Further Advances......................................28
            8.2         Subordinate Funded Further Advances......................................................28
            8.3         No obligation............................................................................29

9...........TRANSFER POWER OVER APPROVED MORTGAGES...............................................................29

            9.1         Nature of Transfer Power.................................................................29
            9.2         Transfer Power...........................................................................29
            9.3         Benefit of Transfer Power for more than one Fund.........................................29
            9.4         Time of transfer.........................................................................30
            9.5         Transfer and payment.....................................................................30

10..........MISCELLANEOUS........................................................................................30

            10.1        Amendments to this Sub-Fund Notice.......................................................30
            10.2        Amendments to Transaction Documents......................................................30
            10.3        Collections held by Manager..............................................................30
            10.4        Currency conversion of Class A Notes - Authorised Investments............................31
            10.5        Notices to Investors.....................................................................31
            10.6        Record Date..............................................................................31
            10.7        Ratings by Fitch.........................................................................31
</TABLE>

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SUB-FUND NOTICE DATED [  ]

FROM       MACQUARIE SECURITISATION LIMITED ABN 16 003 297 336 of Level 23, 20
           Bond Street Sydney ("MANAGER")

TO         [PERPETUAL TRUSTEES AUSTRALIA LIMITED ABN 86 000 431 827 of Level 7,
           9 Castlereagh Street, Sydney] ("ISSUER TRUSTEE")

RECITALS

A.    This Sub-Fund Notice is issued by the Manager to the Issuer Trustee
      pursuant to clause [6A.1] of the Trust Deed.

B.    This Sub-Fund Notice is issued in respect of the Sub-Fund to be known as
      "PUMA Global Trust No. [ ]".

C.    If accepted by the Issuer Trustee, this Sub-Fund Notice is to be entered
      into the Register by the Issuer Trustee in accordance with clause
      [15.1(a)] of the Trust Deed.

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1.        DEFINITIONS AND INTERPRETATION

1.1       DEFINITIONS

          In this Sub-Fund Notice, unless the context otherwise requires:

          "A$ CLASS [ ]INTEREST AMOUNT" in relation to a [Quarterly] Payment
          Date and the [Quarterly] Period ending on that [Quarterly] Payment
          Date means an amount calculated as follows:

                                                               N
                                    ACAIA = ACAPB x ACAIR x   ---
                                                              365

          where:

          ACAIA   =  the A$ Class [ ]Interest Amount for the [Quarterly] Period;

          ACAPB   =  the A$ Equivalent of the aggregate Principal Balances of
                     the Class [ ] Notes at the close of business on the first
                     day of the [Quarterly] Period (after taking into account
                     any reduction in the Principal Balances of the Class [ ]
                     Notes on that day);

          ACAIR   =  the A$ Class [  ] Interest Rate for the [Quarterly] Period;
                     and

          N       =  the number of days in the [Quarterly] Period.

          [insert similar definition for any other notes denominated in a
          currency other than Australian dollars]

          "A$ CLASS [ ] INTEREST RATE" in relation to a [Quarterly] Period means
          the aggregate of:

          (a)  the [three month Bank Bill Rate] determined by the Manager on the
               first day of that [Quarterly] Period provided that if the first
               [Quarterly] Period is less than or greater than [3] months the
               relevant rate for that [Quarterly] Period will be determined by
               the Manager by straight-line interpolation by reference to two
               available rates one of which is the Bank Bill Rate on that date
               for the period next shorter than the length of that [Quarterly]
               Period and the other of which is the Bank Bill Rate on that date
               for the period next longer than the length of that [Quarterly]
               Period; and

                                                                               1
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          (b)  the applicable "Spread" for that [Quarterly] Period specified in
               paragraph 5.2 of the confirmation for the Currency Swap (as if
               reference to a "Floating Rate Payer Payment Date" were reference
               to the [Quarterly] Payment Date at the end of that Quarterly
               Period).

          [insert similar definition for any other notes denominated in a
          currency other than Australian dollars]

          "A$ CLASS [ ] PRINCIPAL AMOUNT" means, in relation to a [Quarterly]
          Payment Date, the amount of the Distributable Principal (if any) to be
          applied towards the A$ Class [A] Principal Amount on that [Quarterly]
          Payment Date pursuant to clause [5.5(a)(i)] or clause [5.5(b)(i)] (as
          applicable).

          [insert similar definition for any other notes denominated in a
          currency other than Australian dollars]

          "A$ CLASS [ ] NOTE" means a Registered Note issued by the Issuer
          Trustee as trustee of the PUMA Trust pursuant to clause [7.5] of the
          Trust Deed and forming part of the class of Notes described in clause
          3.1(b) as A$ Class [ ] Notes.

          [insert same definition for any other notes denominated in Australian
          dollars]

          "A$ CLASS [ ] NOTEHOLDER" means a Noteholder in respect of an A$ Class
          [ ] Note.

          [insert same definition for any other notes denominated in Australian
          dollars]

          "A$ EQUIVALENT" in relation to an amount which is calculated,
          determined or expressed in [US$], or which includes a component
          determined or expressed in [US$], means that [US$] amount or [US$]
          component (as the case may be) multiplied by the A$ Exchange Rate.

          "A$ EXCHANGE RATE" means the "A$ Exchange Rate" specified in
          [paragraph 7] of the confirmation for the Currency Swap[s].

          "A$ NOTES" means the [A$ Redraw Notes and the A$ Class [ ] Notes and
          insert description of any other notes denominated in Australian
          dollars].

          "A$ NOTES INTEREST RATE" means:

          (a)  in relation to an A$ Redraw Note and a [Monthly] Period in
               relation to that A$ Redraw Note, the sum of:

               (i)  the [one month Bank Bill Rate] determined by the Manager on
                    the first day of that [Monthly] Period; and

               (ii) the Margin for that A$ Redraw Note; and

          (b)  in relation to an A$ Class [ ] Note and [insert name of any other
               notes denominated in Australian dollars]and a [Quarterly] Period
               in relation to that A$ Class [] Note, the sum of:

               (i)  the [three month Bank Bill Rate] determined by the Manager
                    on the first day of that [Quarterly] Period provided that if
                    the first [Quarterly] Period in relation to an A$ Class [ ]
                    Note and [insert name of any other notes denominated in
                    Australian dollars] is less than or greater than [3 months]
                    the relevant rate for that [Quarterly] Period will be
                    determined by the Manager by straight-line interpolation by
                    reference to two available rates one of which is the [Bank
                    Bill Rate] on that date for the period next shorter than the
                    length of that [Quarterly] Period and the other of which

                                                                               2
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                    is the [Bank Bill Rate] on that date for the period next
                    longer than the length of that [Quarterly Period]; and

               (ii) the Margin for that A$ Class [ ] Note and [insert name of
                    any other notes denominated in Australian dollars].

          "A$ REDRAW NOTE" means a Registered Note issued by the Issuer Trustee
          as trustee of the PUMA Trust pursuant to clause [7.5] of the Trust
          Deed and forming part of a class of Notes described in clause [3.1(c)]
          as A$ Redraw Notes.

          "A$ REDRAW NOTEHOLDER" means a Noteholder in respect of an A$ Redraw
          Note.

          "AGENCY AGREEMENT" means the Agency Agreement to be entered into on or
          prior to the Closing Date between the Issuer Trustee, the Manager,
          [The Bank of New York, New York Branch (as the initial Note Trustee,
          Principal Paying Agent, Agent Bank and Note Registrar) and The Bank of
          New York, London Branch (as an initial Paying Agent)].

          "AGENT BANK" has the same meaning as in the Agency Agreement.

          ["AMORTIZATION DATE" means the [ ].]

          ["BANK BILL RATE" means, in relation to a date and a specified term,
          the rate expressed as a percentage per annum appearing on the Reuters
          Screen Page "BBSW" at approximately 10.10am Sydney time on that date
          for a bill of exchange having a tenor equal to that specified term, as
          being the average of the mean buying and selling rates appearing on
          that page for such a bill of exchange rounded to four decimal places.
          If fewer than four Banks quote on the Reuters Screen page "BBSW", the
          rate for that date and specified term will be calculated as above by
          taking the rates otherwise quoted by 4 Banks on application by the
          Manager for such a bill of the same tenor, eliminating the highest and
          lowest mean rates and taking the average of the remaining mean rates
          rounded to four decimal places. If a rate cannot be determined in
          accordance with the foregoing procedures, then the Bank Bill Rate
          means such rate as is specified in good faith by the Manager at or
          around that time on that date, having regard, to the extent possible,
          to comparable indices then available as to the rates otherwise bid and
          offered for such bills of that tenor around that time.]

          "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.

          ["CLASS A CAPITAL UNIT" means the Class A Capital Unit in the PUMA
          Trust referred to in clause [2.1].]

          ["CLASS B CAPITAL UNIT" means the Class B Capital Unit in the PUMA
          Trust referred to in clause [2.1].]

          ["CLASS A CAPITAL UNITHOLDER" means the Unitholder of the Class A
          Capital Unit.]

          ["CLASS B CAPITAL UNITHOLDER" means the Unitholder of the Class B
          Capital Unit.]

          "CLASS [ ] NOTE" has the same meaning as in the Note Trust Deed.

          [insert same definition for any other notes denominated in a currency
          other than Australian dollars]

          "CLASS [ NOTEHOLDER" has the same meaning as in the Note Trust Deed.

          [insert same definition for any other notes denominated in a currency
          other than Australian dollars]

                                                                               3
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          "CLOSING DATE" means [ ]or such other date as is agreed between the
          Manager and the Issuer Trustee.

          ["COLLECTIONS" at any time means all receipts of the Issuer Trustee
          then held by it as trustee of the PUMA Trust of any nature whatever,
          including, but not limited to, receipts:

          (a)  of principal, interest and other amounts in relation to Approved
               Mortgages (including, without limitation, receipts in relation to
               a disposal of an Approved Mortgage pursuant to clauses [7.4 or
               9]);

          (b)  [of payments under Security Enhancements in respect of Approved
               Mortgages];

          (c)  from Originators under Mortgage Origination Deeds (as defined in
               the Management Deed);

          (d)  of other payments under the Support Facilities or the Redraw
               Facility Agreement;

          (e)  of income from other Authorised Investments;

          (f)  of proceeds of issue of Notes and Units;

          (g)  [remaining in the Pre-Funding Pool at the end of the Pre-Funding
               Period where the amount remaining in the Pre-Funding Pool is less
               than A$[1 million];]

          (h)  held as Principal Cash Balance or Income Reserve; and

          (i)  held following a Payment Date as Collections under clause [5.1];

          but does not include:

          (j)  amounts applied, or to be applied on a subsequent date, towards
               the acquisition of additional Approved Mortgages or the funding
               of Further Advances or Redraws;

          (k)  [any amount that is held in the Pre-Funding Pool during the
               Pre-Funding Period and the entire amount remaining in the
               Pre-Funding Pool at the end of the Pre-Funding Period, if such
               amount is equal to or exceeds A$[ ];]

          (l)  in relation to a Payment Date, amounts referred to in paragraphs
               (a), (b) and (c) above received by the Issuer Trustee (or by the
               Manager or a Related Body Corporate of the Manager pursuant to
               clause [10.3]) after [5]pm, Sydney time, on the [ ] Business Day
               prior to that Payment Date;

          (m)  any instalment under an Approved Mortgage paid by a borrower in
               advance but not yet due for payment where the Manager has
               directed the Issuer Trustee to retain that instalment until its
               scheduled payment date;

          (n)  any Prepayment Amount or interest or other income earned on a
               Prepayment Amount (unless otherwise provided in the relevant
               Transaction Document); nor

          (o)  any US$ amount received by the Issuer Trustee from the Currency
               Swap Provider under the Currency Swap where such amount has been
               or is to be paid directly by the relevant Currency Swap Provider
               to the Principal Paying Agent for the Class [] Notes (except any
               Settlement Amount, as defined in the ISDA Master Agreement,
               received by the Issuer Trustee to the extent that it is not
               applied in accordance with [ ] of the ISDA Master Agreement).]

          "CURRENCY SWAP" means the currency swap transaction in relation to the
          Class [ ] Notes entered into or to be entered into between the Issuer
          Trustee, the Manager and the initial

                                                                               4
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          Currency Swap Provider on or prior to the Closing Date pursuant to the
          ISDA Master Agreement and includes any substitute currency swap
          transaction which replaces an existing Currency Swap.

          "CURRENCY SWAP PROVIDER" means initially [ ] and includes any other
          person who subsequently enters into a Currency Swap with the Manager
          and the Issuer Trustee.

          "DISTRIBUTABLE PRINCIPAL" in relation to a [Quarterly] Payment Date
          means the sum of:

          (a)  the amount available on that [Quarterly] Payment Date to be
               applied pursuant to clause 5.1(n); and

          (b)  [in relation to the first [Quarterly] Payment Date only, the
               amount (if any) of the Pre-Funding Pool to be applied as
               Distributable Principal pursuant to clause 5.8(c).]

          "FEES AND EXPENSES" has the meaning ascribed to that term in relation
          to the PUMA Trust in the Trust Deed provided that "Fees and Expenses"
          do not include any of the liabilities of the Issuer Trustee referred
          to in clauses [5.1(b) to 5.1(q) (inclusive), clauses 5.5, 5.6, or 5.8]
          or in relation to a Prepayment Amount.

          "FINAL MATURITY DATE" means the [Quarterly] Payment Date occurring in
          [ ].

          "FURTHER ADVANCE" means, in relation to an Approved Mortgage which is
          an asset of the PUMA Trust, a further advance, or that part of a
          further advance (whether made before or after the acquisition of the
          Approved Mortgage by the PUMA Trust), by the Issuer Trustee under the
          terms of the Approved Mortgage which causes the Scheduled Balance of
          that Approved Mortgage (determined prior to any variation to the terms
          of the Approved Mortgage which increases the Scheduled Balance) to be
          exceeded.

          "INCOME RESERVE" has the meaning given in clause [5.3(b)].

          "INCOME UNIT" means the Income Unit in the PUMA Trust referred to in
          clause [2.1].

          "INCOME UNIT AMOUNT" means each amount available for payment to or
          application on behalf of the Income Unitholder pursuant to clause
          [5.1(h)].

          "INCOME UNITHOLDER" means the Unitholder of the Income Unit.

          "ISDA MASTER AGREEMENT" means the ISDA Master Agreement and the
          schedule thereto dated on or about the date of this Sub-Fund Notice
          entered into between the Issuer Trustee, the Manager and [ ] and
          includes any substitute agreement which replaces an existing ISDA
          Master Agreement.

          "ISSUER TRUSTEE" means initially [Perpetual Trustees Australia
          Limited, ABN 86 000 431 827] or, if [Perpetual Trustees Australia
          Limited] retires or is removed as trustee of the PUMA Trust under the
          Trust Deed, the then substitute Issuer Trustee.

          "MANAGER'S FEES" means the fees payable to the Manager under the
          Management Deed (and in accordance with the Trust Deed) in relation to
          the PUMA Trust.

          "MARGIN" means, in relation to an A$ Note, the margin expressed as a
          percentage per annum specified by the Manager, or determined in a
          manner specified by the Manager, in writing to the Issuer Trustee on
          or prior to the Issue Date of that A$ Note and which (without
          limitation) may be different for different periods for which that A$
          Note is outstanding.

          "MONTHLY PAYMENT DATE" means [ ], the [ ] day of each following
          calendar month until the Final Maturity Date and the Final Maturity
          Date provided that where any of these dates is not a Business Day the
          Monthly Payment Date will be the next following Business Day.

                                                                               5
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          "MONTHLY PERIOD" means:

          (a)  the period from and including the Closing Date to but excluding
               the first Monthly Payment Date; and

          (b)  each period t-hereafter from and including a Monthly Payment Date
               to but excluding the next Monthly Payment Date,

          provided that in relation to an A$ Redraw Note the first Monthly
          Period will commence on, and include, the Issue Date of that A$ Redraw
          Note and will end on, but exclude, the next Monthly Payment Date.

          ["NET INCOME AMOUNT" means, in relation to a [Quarterly] Payment Date,
          the aggregate of the Distributable Minimum Amount (as that expression
          is defined in the Management Deed) and the residual amount, if any, of
          Interim Calculable Net Income (as that expression is defined in the
          Management Deed) after application thereof to the Manager's Fees in
          accordance with clause [6.3(c)(ii)] of the Management Deed for the
          immediately preceding [Quarterly] Period.]

          ["NET LOSS" means, in relation to a [Quarterly] Period, the absolute
          value of any negative Net Income (as defined in the Management Deed)
          in relation to that [Quarterly] Period.]

          "NOTE" means a Class [ ] Note or [insert name of other notes
          denominated in a currency other than Australian dollars]or an A$ Note.

          "NOTE CONDITIONS" has the same meaning as in the Note Trust Deed.

          "NOTE REGISTRAR" has the same meaning as in the Agency Agreement.

          "NOTE TRUST DEED" means the Note Trust Deed to be entered into on or
          prior to the Closing Date between the Issuer Trustee, the Manager and
          [The Bank of New York, New York Branch (as the initial Note Trustee)].

          "NOTE TRUSTEE" has the same meaning as in the Note Trust Deed.

          "ORIGINAL PRINCIPAL BALANCE" means:

          (a)  in relation to a Class [ ] Note or [insert name of other notes
               denominated in a currency other than Australian dollars], the
               amount stated on its face; and

          (b)  in relation to an A$ Note, A$[ ].

          "PAYING AGENT" has the same meaning as in the Agency Agreement.

          ["PAYMENT DATE" means each Monthly Payment Date and each Quarterly
          Payment Date other than any Monthly Payment Date which is not a
          Quarterly Payment Date and upon which no amounts are payable by the
          Issuer Trustee in respect of any A$ Redraw Note or the Redraw Facility
          Agreement.]

          ["PRE-FUNDING PERIOD" means the period commencing on the Closing Date
          and ending at [] pm (Sydney time) on the [ ] Business Day prior to the
          [ ] occurring [Quarterly] Payment Date.]

          ["PRE-FUNDING POOL" means the amount of the proceeds of the issue on
          the Closing Date of the[insert name of notes being issued which are
          denominated in a currency other than Australian dollars], after
          exchange to A$ under the Currency Swap, and the [insert name of notes
          being issued which are denominated in Australian dollars] issued on
          that date, to be held by the Issuer Trustee pursuant to clause [7.1],
          as determined by the Manager and notified in

                                                                               6
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          writing to the Issuer Trustee on or before the Closing Date, less the
          aggregate amount that has been applied from those proceeds of issue
          (as so determined) towards the acquisition of Approved Mortgages,
          together with all Loans, Collateral Securities and other rights and
          entitlements relating thereto, pursuant to clause [7.2]. The
          Pre-Funding Pool will be reduced to zero following its application on
          the [ ] [Quarterly] Payment Date pursuant to clause [5.8].]

          "PREPAYMENT AMOUNT" means any amount paid, or assets lodged by, the
          Manager or any other party to a Transaction Document to or with the
          Issuer Trustee as trustee of the PUMA Trust as:

          (a)  a prepayment of any obligation by that person to the Issuer
               Trustee as trustee of the PUMA Trust under a Transaction Document
               to the extent that such amount has not (except as a prepayment)
               become payable to the Issuer Trustee in accordance with that
               Transaction Document; or

          (b)  collateral for any obligation by that person to the Issuer
               Trustee as trustee of the PUMA Trust under a Transaction Document
               to the extent that such amount has not been utilised by the
               Issuer Trustee in accordance with that Transaction Document,

          and includes any amount or any assets specified in a Transaction
          Document to be a Prepayment Amount for the purposes of this Sub-Fund
          Notice and the Security Trust Deed.

          "PRINCIPAL BALANCE" means, at any time in relation to a Note, the
          Original Principal Balance of that Note less the aggregate of all
          amounts previously paid in relation to that Note on account of
          principal pursuant to, in the case of a Class [ ] Note, condition [7]
          of the Note Conditions, and in the case of an A$ Note, clauses [5.1,
          5.5 or 5.8].

          ["PRINCIPAL CASH BALANCE" has the meaning given in clause [5.4(d)].]

          ["PRINCIPAL COLLECTIONS" meansthe amount determined by the Manager as
          being :

          (a)  the aggregate reduction (if any) in the Relevant Period in the
               outstanding amount owing (including interest accrued but not yet
               due) on all Approved Mortgages which are assets of the PUMA
               Trust, whether acquired before or during the Relevant Period, as
               a result of Collections received on the Approved Mortgages (and
               ignoring, for the purposes of such calculation, any increase in
               the outstanding amount of the Approved Mortgages as a result of
               the application of the Pre-Funding Pool to acquire additional
               Approved Mortgages);

          (b)  plus:

               (i)    any amount invested or retained as Principal Collections
                      on the immediately preceding Payment Date pursuant to
                      clause [5.1(o)];

               (ii)   [the amount of any reduction in the Principal Cash Balance
                      since the immediately preceding Payment Date];

               (iii)  any amount held to be applied towards the acquisition of
                      Approved Mortgages or the funding of Redraws or Further
                      Advances on the on the immediately preceding Payment Date
                      as described in paragraph (j) of the definition of
                      "Collections" in this clause 1.1, that have not as yet
                      been utilized to acquire Approved Mortgages or fund
                      Redraws or Further Advances; and

               (iv)   only where Principal Collections are being determined in
                      relation to the [first] [Quarterly] Payment Date, any
                      amount of the Pre-Funding Pool added to Collections
                      pursuant to clause [5.8]; and

                                                                               7
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(c)                less the amount of any increase in the Principal Cash Balance
                   and, only where Principal Collections are being determined in
                   relation to a Payment Date, any amount held to be applied
                   towards the acquisition of Approved Mortgages or the funding
                   of Redraws or Further Advances on the Payment Date pursuant
                   to clause [5.1(o)].]

          "PRINCIPAL PAYING AGENT" has the same meaning as in the Agency
          Agreement.

          "PRINCIPAL SHORTFALL" has the meaning given in clause [5.3(a)].

          "PUMA TRUST" means the Sub-Fund to be known as PUMA Global Trust No.
          [] to be constituted by the acceptance of this Sub-Fund Notice
          pursuant to clause [6A.2(a)] of the Trust Deed and the settlement on
          the Issuer Trustee of the sum of one hundred dollars pursuant to
          clause [6A.2(b)] of the Trust Deed.

          "[QUARTERLY] PAYMENT DATE" means [ ], each following [ ], [ ], [ ],
          and [ ] of each year until the Final Maturity Date (and includes the
          Final Maturity Date) provided that where any of these dates is not a
          Business Day the [Quarterly] Payment Date will be the next following
          Business Day.

          "[QUARTERLY] PERIOD" means:

          (a)  the period from and including the Closing Date to but excluding
               the first [Quarterly] Payment Date; and

          (b)  each period thereafter from and including a [Quarterly] Payment
               Date to but excluding the next [Quarterly] Payment Date,

          provided that in relation to an A$ Class [ ] Note the first Quarterly
          Period will commence on, and include, the Issue Date of that A$ Class
          [ ] Note and will end on, but exclude, the next [Quarterly] Payment
          Date.

          "REDRAW" means, in relation to an Approved Mortgage which is an asset
          of the PUMA Trust, a further advance, or that part of a further
          advance, by the Issuer Trustee under the terms of the Approved
          Mortgage which does not cause the Scheduled Balance (determined prior
          to any variation to the terms of the Approved Mortgage which increases
          the Scheduled Balance) of that Approved Mortgage to be exceeded.

          "REDRAW FACILITY ADVANCE" means "Advance" as that term is defined in
          the Redraw Facility Agreement.

          "REDRAW FACILITY AGREEMENT" means the Redraw Facility Agreement to be
          entered into on or prior to the Closing Date between the Issuer
          Trustee, the Manager and the initial Redraw Facility Provider and
          includes any substitute agreement which replaces an existing Redraw
          Facility Agreement.

          "REDRAW FACILITY INTEREST" in relation to a Payment Date or a date
          upon which a distribution is made to the Redraw Facility Provider
          pursuant to clause [13.1(g)(ii)] of the Security Trust Deed, means the
          fees and interest due on that Payment Date or date, as the case may
          be, and any fees and interest unpaid from prior Payment Dates, and
          interest on them, outstanding pursuant to the terms of the Redraw
          Facility Agreement.

          "REDRAW FACILITY LIMIT" at any time has the same meaning as the term
          "Facility Limit" in the Redraw Facility Agreement at that time.

          "REDRAW FACILITY PRINCIPAL" has the same meaning as in the Redraw
          Facility Agreement.

                                                                               8
<PAGE>

          "REDRAW FACILITY PROVIDER" means initially [ ], and includes any other
          person who subsequently enters into a Redraw Facility Agreement with
          the Manager and the Issuer Trustee.

          "RELEVANT PERIOD means in relation to Principal Collections and:

          (a)  a Payment Date, the period from the end of the [seventh] Business
               Day prior to the immediately preceding Payment Date (or, in
               relation to the first Payment Date, from opening of business on
               the Closing Date) to the end of the [seventh] Business Day prior
               to that Payment Date; or

          (b)  a day other than a Payment Date, the period from the end of the
               [seventh] Business Day prior to the immediately preceding Payment
               Date (or, if prior to the first Payment Date, from opening of
               business on the Closing Date) to opening of business on that day.

          "REQUIRED INCOME RESERVE" means, in relation to a Payment Date, the
          amount determined pursuant to clause [5.3(b)].

          ["REQUIRED PRINCIPAL CASH BALANCE" means, in relation to a Payment
          Date, the amount determined pursuant to clause [5.4(b)].]

          "SCHEDULED BALANCE" in relation to an Approved Mortgage means the
          amount that would be owing on the Approved Mortgage at the date of
          determination if the borrower had drawn down the Approved Mortgage in
          full and had made, prior to that date, the minimum payments required
          under the terms of the Approved Mortgage.

          "SECURITY TRUST DEED" means the Security Trust Deed to be entered into
          on or prior to the Closing Date between the Issuer Trustee, the
          Manager, [Perpetual Trustee Company Limited, ABN 42 000 001 007] and
          the Note Trustee.

          "SENIOR FEE AMOUNT" means, in relation to a Payment Date, the amount
          determined by the following calculation:

                                              n
            SFA      =     TPB  x [  ]%  x   ---
                                             365

            where:

            SFA      =     the Senior Fee Amount;

            TPB      =     the Total Principal Balance on that Payment Date
                           (before any repayments of principal of the Notes
                           on that date); and

            n        =     the number of days in the period from (and
                           including) the immediately preceding
                           [Quarterly] Payment Date to (but excluding)
                           that Payment Date.

          "SENIOR FURTHER ADVANCE" means a Further Advance other than a
          Subordinate Further Advance.

          "SENIOR REDRAW FACILITY INTEREST AMOUNT" in relation to a Payment Date
          or a date upon which a distribution is made pursuant to clause
          [13.1(g)(ii)] of the Security Trust Deed means an amount determined by
          the following calculation:

          SRFIA       =    SRP  x RFI
                           ---
                            RP

                                                                               9
<PAGE>

          where:

          SRFIA       =    the Senior Redraw Facility Interest Amount;

          SRP         =    the Senior Redraw Facility Principal on that Payment
                           Date or date;

          RP          =    the Redraw Facility Principal on that Payment Date or
                           date; and

          RFI         =    the Redraw Facility Interest on that Payment Date or
                           date.

          "SENIOR REDRAW FACILITY PRINCIPAL" in relation to a Payment Date or a
          date upon which a distribution is made pursuant to clause
          [13.1(g)(ii)] of the Security Trust Deed means the amount, if any, by
          which the Redraw Facility Principal in relation to that Payment Date
          or date exceeds the aggregate Subordinate Further Advance Amounts in
          respect of the Approved Mortgages, which are, or were, assets of the
          PUMA Trust, in relation to that Payment Date or date.

          "SUBORDINATE FURTHER ADVANCE" means, in relation to an Approved
          Mortgage which is an asset of the PUMA Trust, a Further Advance made
          (whether before or after the acquisition of the Approved Mortgage by
          the PUMA Trust) or to be made, as the context requires, by the Issuer
          Trustee at any time to the extent to which it is made without the
          benefit of insurance under a Mortgage Insurance Policy.

          "SUBORDINATE FURTHER ADVANCE AMOUNT" in relation to a Payment Date or
          a date upon which a distribution is made pursuant to clause
          [13.1(g)(ii)] of the Security Trust Deed and an Approved Mortgage,
          means the amount, if any, by which at the end of the [ ] Business Day
          preceding that Payment Date, or the earlier of the date of that
          distribution or date of sale of the relevant Approved Mortgage, as the
          case may be, the principal balance outstanding of that Approved
          Mortgage exceeds the Scheduled Balance of that Approved Mortgage as a
          result of Subordinate Further Advances made before the acquisition of
          the Approved Mortgage by the PUMA Trust or by the Issuer Trustee
          pursuant to clause [8]on the basis that repayments of principal on
          that Approved Mortgage by a Mortgagor are applied first towards any
          scheduled principal payments on that Approved Mortgage and then
          towards such Subordinate Further Advances (but not as a result of
          capitalised interest in respect of such Subordinate Further Advances).
          Notwithstanding the foregoing, if an Approved Mortgage which is an
          asset of the PUMA Trust is written off by the Manager as unrecoverable
          in a [Quarterly] Period then:

          (a)  subject to the following, the Subordinate Further Advance Amount
               in relation to that Approved Mortgage will be the Subordinate
               Further Advance Amount, as determined in accordance with the
               above paragraph, immediately before the Approved Mortgage was
               written off as unrecoverable;

          (b)  if there is no Net Loss in relation to that [Quarterly] Period,
               the Subordinate Further Advance Amount in relation to that
               Approved Mortgage will be reduced to zero on the [Quarterly]
               Payment Date at the end of that [Quarterly] Period; and

          (c)  if there is a Net Loss in relation to that [Quarterly] Period,
               the Subordinate Further Advance Amount in relation to that
               Approved Mortgage on and from the [Quarterly] Payment Date at the
               end of that [Quarterly] Period will, subject to the following, be
               the lesser of the amount referred to in paragraph (a) above and
               that Net Loss. The Subordinate Further Advance Amount in relation
               to that Approved Mortgage will be reduced to zero at the end of
               the next Payment Date on or after that [Quarterly] Payment Date
               upon which the Principal Shortfall is reduced to zero.

          "SUBORDINATION LEVEL" means at any time:

          (a)  the aggregate Principal Balance of all A$ Class [ ] Notes [and
               insert name of any

                                                                              10
<PAGE>

               other subordinated notes];

          divided by,

          (b)  the sum of the A$ Equivalent of the aggregate Principal Balance
               of all Class [] Notes, the aggregate Principal Balance of all A$
               Class [ ] Notes and the Redraw Facility Limit,

          (expressed as a percentage).

          ["SUBSTITUTION PERIOD" means the period from the Closing Date up to
          and including the [ ] Business Day prior to the second [Quarterly]
          Payment Date.]

          "SUPPORT FACILITY PROVIDER" means each party to a Support Facility
          other than the Issuer Trustee and the Manager.

          "TOTAL PRINCIPAL BALANCE" means, at any time, the A$ Equivalent of the
          aggregate of the Principal Balance at that time of all Notes.

          "TRIGGER LEVEL" means [ ]%.

          "TRUST DEED" means the Consolidated PUMA Trust Deed dated 13 July 1990
          (as amended and supplemented from time to time) between the person
          referred to therein as the Founder and the Issuer Trustee under which
          the Trusts collectively known as the PUMA Fund are constituted.

          "UNDERWRITING AGREEMENT" means the Underwriting Agreement to be
          entered into on or prior to the Closing Date between the Issuer
          Trustee, the Manager, [insert names of other counterparties ],..

          "UNPAID A$ CLASS [ ] INTEREST AMOUNT" has the same meaning as in the
          Currency Swap.

          ["US DOLLARS" or "US$" means the lawful currency for the time being of
          the United States of America.]

          [insert any other currency in which notes will be offered, other than
          A$]

          [insert any other relevant definitions]

1.2       INTERPRETATION

          The provisions of clause [1.2] of the Trust Deed are incorporated into
          this Sub-Fund Notice as if set out in full in this Sub-Fund Notice and
          as if references to "this Deed" were to "this Sub-Fund Notice" and
          references to a "Banking Day" were to a "Business Day".

1.3       TRUST DEED DEFINITIONS

          Subject to clause [1.4], unless otherwise defined in this Sub-Fund
          Notice, each term or expression defined in the Trust Deed has the same
          meaning where used in this Sub-Fund Notice. Where there is any
          inconsistency in a definition between this Sub-Fund Notice and the
          Trust Deed, this Sub-Fund Notice prevails in respect of the PUMA
          Trust. Subject to clause [1.4], terms or expressions defined in the
          Trust Deed in relation to a Fund are, when used in this Sub-Fund
          Notice, and unless the context otherwise requires, used in relation to
          the PUMA Trust.

                                                                              11
<PAGE>

1.4      INCORPORATED DEFINITIONS AND OTHER TRANSACTION DOCUMENTS AND PROVISIONS

          Where in this Sub-Fund Notice 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 Sub-Fund
          Notice unless and until the amendment is consented to by the Manager
          and the Issuer Trustee.

1.5       ISSUER TRUSTEE CAPACITY

          In this Sub-Fund Notice, except where provided to the contrary:

          (a)  (REFERENCES TO ISSUER TRUSTEE): a reference to the Issuer Trustee
               is a reference to the Issuer Trustee in its capacity as trustee
               of the PUMA Trust only, and in no other capacity; and

          (b)  (REFERENCES TO ASSETS OF THE ISSUER TRUSTEE): a reference to the
               undertaking, assets, business or money of the Issuer Trustee is a
               reference to the undertaking, assets, business or money of the
               Issuer Trustee in the capacity referred to in paragraph (a).

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

2.        UNITS

2.1       CLASSES AND NUMBER OF UNITS

          The beneficial interest in the PUMA Trust is divided into 2 Units: 1
          Capital Unit and 1 Income Unit. The Income Unit and the Capital Unit
          enjoy the same rights, entitlements, benefits and restrictions, except
          as expressly provided in this Sub-Fund Notice.

2.2       CLASSES OF CAPITAL UNITS

          The Capital Units are divided into two Classes: 1 Class A Capital Unit
          and 1 Class B Capital Unit.

2.3       INITIAL UNITHOLDER

          [Macquarie Securitisation Limited] is to be the initial Unitholder of
          the Class B Capital Unit and the Income Unit. [CU Securitisation
          Services Pty Limited, ACN 103 939 500] is the initial Unitholder of
          the Class A Capital Unit. The Issuer Trustee must, as soon as
          practicable following the creation of the PUMA Trust:

          (a)  record [Macquarie Securitisation Limited] in the Register as the
               holder of the Income Unit and the Class B Capital Unit; and

          (b)  record [CU Securitisation Services Pty Limited, ACN 103 939 500]
               in the Register as the holder of the Class A Capital Unit,

          in accordance with clause 15 of the Trust Deed.

2.4       BENEFICIAL INTEREST REPRESENTED BY THE INCOME UNIT

          The beneficial interest in the PUMA Trust represented by the Income
          Unit is limited to the amount (if any) standing from time to time to
          the credit of the Account representing any then due but unpaid Income
          Unit Amount.

                                                                              12
<PAGE>

2.5       BENEFICIAL INTEREST REPRESENTED BY THE CAPITAL UNIT

          (a)  (CLASS A CAPITAL UNIT): The beneficial interest in the PUMA Trust
               represented by the Class A Capital Unit is in the assets of the
               PUMA Trust as a whole (other than the beneficial interest in the
               assets represented by the Income Unit) but not in any particular
               asset of the PUMA Trust up to a maximum amount of $1,000.

          (b)  (CLASS B CAPITAL UNIT): The beneficial interest in the PUMA Trust
               represented by the Class B Capital Unit is in the assets of the
               PUMA Trust as a whole (other than the beneficial interest in the
               assets represented by the Income Unit and the Class A Capital
               Unit) but not in any particular asset of the PUMA Trust

2.6       RIGHT OF INCOME UNITHOLDER TO PAYMENTS

          The Income Unitholder has only the right to receive payments of the
          Income Unit Amount in accordance with this Sub-Fund Notice and only to
          the extent that funds are available for this purpose in accordance
          with this Sub-Fund Notice.

2.7       RIGHTS OF CAPITAL UNITHOLDERS TO PAYMENTS

          Each Capital Unitholder has no right to receive any payments or
          distributions in respect of its Capital Unit other than to receive any
          amounts available for distribution to that Capital Unitholder pursuant
          to clause 5.1(q).

2.8       CAPITAL AND INCOME UNITS SUBJECT TO THIS SUB-FUND NOTICE

          The rights, benefits and entitlements in respect of the Capital Unit
          and the Income Unit are subject to the terms of this Sub-Fund Notice.

2.9       RESTRICTIONS ON TRANSFER

          The Capital Units are non-transferable. The Income Unit may be
          transferred at any time subject to the prior written consent of the
          Issuer Trustee and the Manager (which, in each case, must not be
          unreasonably withheld) and notification to each Current Rating
          Authority by the Manager.

--------------------------------------------------------------------------------
3.        ISSUE OF NOTES

3.1       [CLASSES OF NOTES

          Notes issued by the Issuer Trustee must be issued in one or more of
          the following classes:

          (a)  (CLASS [ ] NOTES): Class [] Notes denominated in [ ] and issued
               subject to and in accordance with the Note Trust Deed and which
               in turn may be divided into sub-classes if so specified in the
               Note Conditions;

          (b)  (A$ CLASS [ ] NOTES): one or more classes of A$ Class [ ] Notes
               which will be Registered Notes issued pursuant to clause [7.5] of
               the Trust Deed. All A$ Class [ ] Notes with the same Issue Date
               will form a single class separate from classes of A$ Class [ ]
               Notes issued on other Issue Dates; or

          (c)  (A$ REDRAW NOTES): one or more classes of A$ Redraw Notes which
               will be Registered Notes issued pursuant to clause [7.5] of the
               Trust Deed. All A$ Redraw Notes with the same Issue Date will
               form a single class separate from classes of A$ Redraw Notes
               issued on other Issue Dates.]

                                                                              13
<PAGE>

3.2       [ISSUE OF CLASS [  ] NOTES AND INITIAL A$ CLASS [  ] NOTES

          Subject to the satisfaction of all relevant conditions precedent in
          the Transaction Documents, the Issuer Trustee must, upon the direction
          of the Manager:

          (a)  (CLASS [ ] NOTES): issue the Class [ ] Notes on the Closing Date
               in accordance with the Note Trust Deed and the Underwriting
               Agreement; and

          (b)  (INITIAL A$ CLASS [ ] NOTES): issue the initial A$ Class [ ]
               Notes on the Closing Date in a principal amount as specified by
               the Manager to the Issuer Trustee no later than [2] Business Days
               (or such later date as the Issuer Trustee agrees) prior to the
               Closing Date in accordance with clause [7] of the Trust Deed.

          No Class [ ] Notes may be issued after the Closing Date.]

3.3       [ISSUE OF ADDITIONAL A$ CLASS [  ] NOTES

          The Issuer Trustee, if so directed by the Manager no less than [5]
          Business Days (or such lesser period as the Issuer Trustee agrees)
          prior to a proposed Issue Date occurring after the Closing Date, must
          issue additional A$ Class [ ] Notes in a principal amount and on any
          Issue Date as specified by the Manager. The Manager must not direct
          the Issuer Trustee to issue A$ Class [ ] Notes after the Closing Date
          unless the Manager has received written confirmation from each Current
          Rating Authority that this will not result in a downgrading,
          withdrawal or qualification of any rating assigned by them to the
          Notes.]

3.4       ISSUE OF A$ REDRAW NOTES

          The Issuer Trustee, if so directed by the Manager no less than [5]
          Business Days (or such lesser period as the Issuer Trustee agrees)
          prior to the proposed Issue Date, must issue A$ Redraw Notes in a
          principal amount and on any Issue Date as specified by the Manager.
          The Manager must not direct the Issuer Trustee to issue A$ Redraw
          Notes unless the Manager has received written confirmation from each
          Current Rating Authority that this will not result in a downgrading,
          withdrawal or qualification of any rating assigned by them to the
          Notes.

3.5       PRE-CONDITIONS TO ISSUE OF CLASS [  ] NOTES AND A$ CLASS [  ] NOTES

          Without limiting clause [3.2], the Issuer Trustee must not issue the
          Class A Notes or the A$ Class [B] Notes on the Closing Date until it
          has received:

          (a)  (TRANSACTION DOCUMENTS): executed original counterparts (or
               satisfactory evidence of the due execution by each party) of the
               Note Trust Deed, the Agency Agreement, the Security Trust Deed,
               the ISDA Master Agreement, the Redraw Facility Agreement, the
               Currency Swap and the Underwriting Agreement;

          (b)  (CURRENCY SWAP CONFIRMATION): written confirmation from the
               Currency Swap Provider[s] that all conditions precedent to the
               Currency Swap Provider's obligations under the ISDA Master
               Agreement, which can be satisfied on or prior to the Closing
               Date, have been satisfied;

          (c)  (REDRAW FACILITY CONFIRMATION): written confirmation from the
               Redraw Facility Provider that all conditions precedent to the
               Redraw Facility Provider's obligations under the Redraw Facility
               Agreement, which can be satisfied on or prior to the Closing
               Date, have been satisfied; and

          (d)  (TRANSFER PROPOSAL): a Transfer Proposal from the Manager
               relating to the transfer of Approved Mortgages to the PUMA Trust
               on the Closing Date.

                                                                              14
<PAGE>

3.6       VOTING AT MEETINGS UNDER THE TRUST DEED

            The procedures for convening a meeting of Relevant Noteholders for
            the purposes of the First Schedule of the Trust Deed are varied as
            follows:

          (a)  (NOTICES AND TIMING): if Class [ ] Noteholders are included
               within the, or are the only, Relevant Noteholders for the
               purposes of a meeting under the First Schedule of the Trust Deed:

               (i)    any notice of a meeting given or required to be given to
                      the Class [ ] Noteholders must also be given to the Note
                      Trustee;

               (ii)   a meeting under the First Schedule of the Trust Deed at
                      which the Note Trustee is the only Relevant Noteholder
                      pursuant to clause [3.6(b)] must not, unless otherwise
                      agreed by the Note Trustee, be held until the Note Trustee
                      has had the opportunity of seeking and obtaining
                      directions from the relevant Class [ ] Noteholders
                      regarding how the Note Trustee is to vote at the meeting;

          (b)  (NOTE TRUSTEE TO ACT): the Relevant Noteholders in relation to
               Class [ ] Notes, for the purposes of the First Schedule of the
               Trust Deed, means the Note Trustee alone, acting on behalf of the
               corresponding Class [ ] Noteholders under the Note Trust Deed or,
               if the Note Trustee has become bound to take steps and/or to
               proceed under the Note Trust Deed and fails to do so within a
               reasonable time and such failure is continuing, those Class [ ]
               Noteholders;

          (c)  (NOTE TRUSTEE AS REPRESENTATIVE): if the Note Trustee is the only
               Relevant Noteholder in relation to the Class [ ] Notes pursuant
               to clause [3.6(b)], it will be regarded as a Representative
               holding or representing all of the corresponding Class [ ] Notes
               for the purposes of determining whether a quorum is present at
               such meeting, for determining the votes to which the Note Trustee
               is entitled to cast at such meeting and any other relevant matter
               relating to such meeting;

          (d)  (DIRECTIONS IN LIEU OF MEETING): if clause [3.6(c)] applies, then
               notwithstanding any other provision of the Trust Deed, the
               requirement to convene such a meeting and put such issue to such
               meeting will be satisfied if directions are sought from the Note
               Trustee on the particular issue that would otherwise be put to
               such meeting. Upon such a direction being given by the Note
               Trustee, a meeting of the Relevant Noteholders will be regarded
               as having been duly called, convened and held and the direction
               will be regarded as properly passed as an Extraordinary
               Resolution of such meeting; and

          (e)  (CLASS [ ] NOTEHOLDERS): if the Class [ ] Noteholders become
               entitled to attend a meeting of Relevant Noteholders pursuant to
               clause [3.6(b)], the evidence of the entitlement of such Class
               [ ] Noteholders to attend such meeting and to vote thereat, and
               any other relevant matters, will be determined in accordance with
               the provisions of the Note Trust Deed and the Agency Agreement,
               with such amendments as determined by the Issuer Trustee to be
               necessary.

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

4.        PRINCIPAL AND INTEREST ON THE NOTES

4.1       ORIGINAL PRINCIPAL BALANCE OF THE NOTES

          (a)  (CLASS [ ] NOTES): Each Class [ ] Note will have an Original
               Principal Balance as set out on its face and will be issued at
               par value.

                                                                              15
<PAGE>

          (b)  (A$ NOTES): Each A$ Note will have an Original Principal Balance
               of A$[ ] and will be issued at par value.

4.2       PAYMENT OF INTEREST ON THE NOTES

          (a)  (CLASS [ ] NOTES): Each Class A Note will accrue interest, and
               such interest will be payable, in accordance with the Note
               Conditions.

          (b)  (A$ NOTES):

               (i)    Each A$ Note will accrue interest from (and including) its
                      Issue Date and will cease to accrue interest from (and
                      including) the earlier of:

                      A.  the date on which the Principal Balance of the A$ Note
                          is reduced to zero and all accrued interest in respect
                          of the A$ Note is paid in full; and

                      B.  the date on which the A$ Note is deemed to be repaid
                          in accordance with clause [4.3(b)(iv)].

               (ii)   Interest on each A$ Redraw Note for each [Monthly] Period
                      in relation to that A$ Redraw Note will accrue on a daily
                      basis at the product of the A$ Notes Interest Rate
                      applicable to that A$ Redraw Note for that [Monthly]
                      Period and the Principal Balance of the A$ Redraw Note at
                      the close of business on the first day of that [Monthly]
                      Period and will be calculated on a daily basis and based
                      on a [365] day year.

               (iii)  Interest so calculated on an A$ Redraw Note will be
                      payable in arrears on each [Monthly] Payment Date.

               (iv)   Interest on each A$ Class [ ] Note for each Quarterly
                      Period in relation to that A$ Class [ ] Note will accrue
                      on a daily basis at the product of the A$ Notes Interest
                      Rate applicable to that A$ Class [ ] Note for that
                      [Quarterly] Period and the Principal Balance of the A$
                      Class [ ] Note at the close of business on the first day
                      of that [Quarterly] Period and will be calculated on a
                      daily basis and based on a [365] day year.

               (v)    Interest so calculated on an A$ Class [ ] Note will be
                      payable in arrears on each [Quarterly] Payment Date.

4.3       REDEMPTION OF THE NOTES

          (a)  (CLASS [ ] NOTES): The Class [ ] Notes will be redeemed or deemed
               to be redeemed in accordance with the Note Conditions.

          (b)  (A$ NOTES):

               (i)    Unless previously redeemed in full, the Issuer Trustee
                      will, subject to this Sub-Fund Notice, redeem each A$ Note
                      at its then Principal Balance, together with all accrued
                      but unpaid interest, on the Final Maturity Date.

               (ii)   Subject to clauses [4.3(b)(iii) and (iv)], the Issuer
                      Trustee will redeem each A$ Redraw Note on a [Monthly]
                      Payment Date and will redeem each A$ Class [ ] Note on a
                      [Quarterly] Payment Date (either in whole or in part as
                      the context requires) to the extent of any moneys to be
                      applied by the Issuer Trustee pursuant to clause [5.1 or
                      5.5] (as

                                                                              16
<PAGE>

                      applicable) to that A$ Redraw Note or A$ Class [   ]
                      Note (as the case may be).

               (iii)  Unless previously redeemed in full, the Issuer Trustee
                      must redeem all, but not some only, of the A$ Notes, when
                      required to do so in accordance with, and for the amount
                      required under, conditions [7.3 and 7.4] of the Note
                      Conditions.

               (iv)   Upon a final distribution being made in respect of an A$
                      Note under clause [5.1 or 5.5] of this Sub-Fund Notice or
                      clause [13.1] of the Security Trust Deed, that A$ Note
                      will thereupon be deemed to be redeemed and discharged in
                      full and any obligation to pay any accrued but unpaid
                      interest and any then unpaid Principal Balance or any
                      other amounts in relation to that A$ Note will be
                      extinguished in full.

               (v)    No amount of principal will be repaid in respect of an A$
                      Note in excess of the Principal Balance of that A$ Note.

4.4       INTEREST ON OVERDUE INTEREST ON THE NOTES

          (a)  (CLASS [ ] NOTES): If interest is not paid in respect of a Class
               [ ] Note on the date when due and payable in accordance with the
               Note Conditions, the unpaid interest will in turn bear interest
               in accordance with the Note Conditions.

          (b)  (A$ NOTES): If interest is not paid in respect of an A$ Note on
               the date when due and payable in accordance with this Sub-Fund
               Notice (but without regard to any limitation contained in this
               Sub-Fund Notice) that unpaid interest will in turn bear interest
               at the A$ Notes Interest Rate from time to time applicable on
               that A$ Note until (but excluding) the date on which the unpaid
               interest, and interest on it, is paid in accordance with clause
               [5.1].

4.5       [ROUNDING OF PAYMENTS ON THE NOTES

          (a)  (CLASS [ ] NOTES): All payments in respect of the Class [] Notes
               will be rounded in accordance with the Note Conditions.

          (b)  (A$ NOTES): All payments in respect of:

               (i)    interest on the A$ Notes will be rounded to the nearest
                      cent; and

               (ii)   the Principal Balance of each A$ Note will be rounded
                      downwards to the nearest integral multiple of [$1] for
                      each [$10,000] of Original Principal Balance.]

4.6       MANAGER UNDERTAKINGS

          (a)  (UNDERTAKING IN RELATION TO INTEREST): The Manager will endeavour
               to ensure (using the measures available to it in its capacity as
               manager of the PUMA Trust) that on each Payment Date there are
               sufficient Collections (other than Principal Collections [and the
               Principal Cash Balance]) to pay all interest payable on that
               Payment Date in relation to the Notes.

          (b)  (UNDERTAKING IN RELATION TO PRINCIPAL): The Manager will
               endeavour to ensure (using the measures available to it in its
               capacity as manager of the PUMA Trust) that the Issuer Trustee is
               able to repay the Principal Balance on each Note in full by the
               Final Maturity Date.

                                                                              17
<PAGE>

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

5.        CASHFLOWS

5.1       [ORDER OF PAYMENTS ON EACH PAYMENT DATE

          At least [ ] Business Days prior to each Payment Date the Manager must
          determine the payments or allocations to be made by the Issuer Trustee
          on that Payment Date from Collections in relation to that Payment Date
          and must direct the Issuer Trustee to apply, in accordance with clause
          [5.2] [and subject to clause [5.4(e)] (in relation to Collections
          comprising the Principal Cash Balance)], and the Issuer Trustee must
          apply, those Collections in making the following payments and
          allocations on that Payment Date in the following order of priority:

          (a)  (FEES AND EXPENSES): first, in payment or allocation, pari passu
               and rateably, towards any outstanding Fees and Expenses and
               towards an amount to be invested in Authorised Investments
               towards provision for Fees and Expenses accrued and payable on
               subsequent Payment Dates or for which the Manager otherwise
               determines to make provision;

          (b)  (MANAGER'S FEES): second, in payment to the Manager towards the
               Manager's Fees outstanding on that Payment Date or (if the
               Payment Date is not a Quarterly Payment Date) towards an amount
               to be invested in Authorised Investments towards provision for
               the Manager's Fees to the extent that they have accrued and are
               payable on the next [Quarterly] Payment Date, provided that the
               aggregate amount paid or for which provision is made pursuant to
               this clause [5.1(b)] must not exceed the Senior Fee Amount for
               that Payment Date;

          (c)  (SUPPORT FACILITIES): third, in payment or allocation, pari passu
               and rateably, towards any amounts payable by the Issuer Trustee
               to Support Facility Providers under Support Facilities on that
               Payment Date (other than any amounts referred to in clauses
               [5.1(d), (e), (f), (j) and (p) and clause 5.7]) and towards an
               amount to be invested in Authorised Investments towards provision
               for such amounts accrued and payable on subsequent Payment Dates;

          (d)  (CURRENCY SWAP, A$ REDRAW NOTES AND REDRAW FACILITY INTEREST):
               fourth, in payment or allocation, pari passu and rateably:

               (i)    to the Currency Swap Provider towards the A$ Class [ ]
                      Interest Amount and any Unpaid A$ Class [ ] Interest
                      Amount in relation to that Payment Date payable under the
                      Currency Swap or (if the Payment Date is not a [Quarterly]
                      Payment Date) towards an amount to be invested in
                      Authorised Investments as provision for the A$ Class [ ]
                      Interest Amount and any Unpaid A$ Class [ ] Interest
                      Amount accrued and payable on a subsequent Payment Date;

               (ii)   to the A$ Redraw Noteholders, pari passu and rateably,
                      towards interest due on the A$ Redraw Notes on that
                      Payment Date pursuant to clause [4.2(b)] and any unpaid
                      interest on the A$ Redraw Notes from prior Payment Dates
                      and interest on that unpaid interest payable pursuant to
                      clause [4.4(b)]; and

               (iii)  to the Redraw Facility Provider towards an amount not
                      exceeding the Senior Redraw Facility Interest Amount in
                      relation to that Payment Date to be applied to the Redraw
                      Facility Interest in relation to that Payment Date;

          (e)  (A$ CLASS [ ] NOTES): fifth, in payment or allocation, to the A$
               Class [ ]

                                                                              18
<PAGE>

               Noteholders, pari passu and rateably, towards interest due on the
               A$ Class [ ] Notes on that Payment Date pursuant to clause [ ]
               and any unpaid interest on the A$ Class [ ] Notes from prior
               Payment Dates and interest on that unpaid interest payable
               pursuant to clause [ ] or (if the Payment Date is not a
               [Quarterly] Payment Date) towards an amount to be invested in
               Authorised Investments as provision for such interest accrued and
               payable on a subsequent Payment Date;

          (f)  (SUBORDINATED REDRAW FACILITY INTEREST): sixth, to the Redraw
               Facility Provider towards the balance of any Redraw Facility
               Interest on that Payment Date to be applied in accordance with
               clause [5.9];

          (g)  (MANAGER'S FEES): seventh, towards an amount equal to the balance
               (if any) of the Manager's Fees due and outstanding, to be applied
               in accordance with clause [ ];

          (h)  (NET INCOME AMOUNT): eighth, towards the Net Income Amount in
               relation to that Payment Date and any Net Income Amount from
               prior Payment Dates which has not previously been paid or applied
               pursuant to this clause [ ], to be paid or applied to the Income
               Unitholder to be dealt with, and held by, the Income Unitholder
               in accordance with clause [ ];

          (i)  [(PRINCIPAL CASH BALANCE): ninth, towards the amount (if any) by
               which the Required Principal Cash Balance in relation to that
               Payment Date exceeds the then Principal Cash Balance (after the
               payments and allocations referred to above including any addition
               to the Principal Cash Balance pursuant to clauses [5.3(c)(i) and
               5.9(a)]) to be invested or retained in Authorised Investments in
               respect of the Principal Cash Balance];

          (j)  (SENIOR REDRAW FACILITY PRINCIPAL): tenth, to the Redraw Facility
               Provider towards an amount not exceeding the Senior Redraw
               Facility Principal in relation to that Payment Date ([less, in
               relation to the [ ] [Quarterly] Payment Date, any amount of the
               Pre-Funding Pool applied towards repayment of the Redraw Facility
               Principal pursuant to clause 5.8(a)]) to be applied towards
               repayment of the Redraw Facility Principal outstanding on the
               Business Day immediately prior to that Payment Date;

          (k)  (REDRAWS AND FURTHER ADVANCES): eleventh, at any time towards any
               Redraws and, prior to the [Amortization Date], Senior Further
               Advances  to be made on that Payment Date pursuant to clause [8];

          (l)  (PRINCIPAL ON A$ REDRAW NOTES): twelfth, to the A$ Redraw
               Noteholders as a repayment of principal on the A$ Redraw Notes in
               the following order, until the Principal Balances of the A$
               Redraw Notes have been reduced to zero:

               (i)    first, rateably amongst those A$ Redraw Notes with the
                      earliest Issue Date until the Principal Balance of those
                      A$ Redraw Notes is reduced to zero;

               (ii)   secondly, rateably amongst those A$ Redraw Notes with the
                      next earliest Issue Date until the Principal Balance of
                      those A$ Redraw Notes is reduced to zero; and

               (iii)  subsequently, rateably amongst each subsequent group of A$
                      Redraw Notes (if any) with the same Issue Date until the
                      Principal Balance of those A$ Redraw Notes is reduced to
                      zero on the basis that an A$ Redraw Note will not be
                      entitled to any payment in respect of principal until the
                      Principal Balances of all A$ Redraw Notes with an earlier
                      Issue Date than that A$ Redraw Note has been reduced to
                      zero;

                                                                              19
<PAGE>

          (m)  [(APPROVED MORTGAGES): thirteenth, towards the acquisition on
               that Payment Date, during the Substitution Period only, of any
               Approved Mortgages, together with Loans, Collateral Securities
               and other rights and entitlements relating thereto, pursuant to
               clause 7];

          (n)  (PRINCIPAL ON CLASS [ ] NOTES AND A$ CLASS [ ] NOTES):
               fourteenth, if the Payment Date is a [Quarterly] Payment Date, to
               be paid to the Currency Swap Provider and the A$ Class [ ]
               Noteholders in accordance with clause 5.5 [provided that in
               relation to the [ ] [Quarterly] Payment Date only, no allocation
               will be made to the Currency Swap Provider or the A$ Class [ ]
               Noteholders towards repayment of the principal on the Class [ ]
               Notes and A$ Class [ ] Notes under this clause [5.1(n)] unless
               the amount to be allocated equals or exceeds A$[ ]];

          (o)  (RETENTION): fifteenth, if the Payment Date is not a [Quarterly]
               Payment Date and the Principal Balance of the Notes has not been
               repaid or deemed to be repaid in full, the balance is to be
               invested or retained in Authorised Investments as Principal
               Collections;

          (p)  (SUBORDINATE FURTHER ADVANCE AMOUNTS): sixteenth, if the Notes
               have been repaid in full, to the Redraw Facility Provider towards
               repayment of the balance of the Redraw Facility Principal
               outstanding on the Business Day immediately prior to that Payment
               Date; and

          (q)  (CAPITAL UNITHOLDER): finally, if the Notes have been repaid in
               full, the balance, if any, is to be paid to the Capital
               Unitholders, firstly to the Class A Capital Unitholder up to a
               maximum aggregate amount of $1,000 for all such distributions and
               secondly to the Class B Capital Unitholder.

          The obligations of the Issuer Trustee to make any payment or
          allocation under each of the above paragraphs is limited in each case
          to the balance of the Collections (which may be applied in accordance
          with clause [5.2]) after payment in accordance with the preceding
          paragraph or paragraphs (if any). Any Collections not paid towards a
          liability of the PUMA Trust on a Payment Date, or otherwise allocated
          to the Income Reserve [or the Principal Cash Balance], are to be held
          by the Issuer Trustee as Collections and invested in Authorised
          Investments in accordance with clause [10.4(a)] of the Trust Deed. The
          determination by the Manager of the payments and allocations to be
          made by the Issuer Trustee pursuant to this clause [5.1] are to be
          made based upon the Manager's reasonable expectation of amounts to be
          received by the Issuer Trustee after the date of determination and
          which will be included in Collections on the relevant Payment Date.
          The Manager may by notice to the Issuer Trustee revise any direction
          given pursuant to this clause [5.1] in relation to a Payment Date at
          any time before a payment is made by the Issuer Trustee pursuant to
          that direction. If the Manager revises any direction pursuant to this
          clause [5.1] in relation to a [Quarterly] Payment Date then it must
          notify all parties to whom it is due to give or has given the
          Quarterly Servicing Report (as defined in the Note Conditions) in
          relation to that [Quarterly] Payment Date, pursuant to Condition
          [11.3] of the Note Conditions, of that revision prior to payment by
          the Issuer Trustee in accordance with that revised direction.]

5.2       ORDER OF APPLICATION OF AMOUNTS REPRESENTING COLLECTIONS

          [In making the payments and allocations set out in clause [5.1] on a
          Payment Date, the Manager must direct the Issuer Trustee to apply, and
          the Issuer Trustee must apply, the Collections in relation to that
          Payment Date in the following order:

          (a)  (OTHER COLLECTIONS): first, the Issuer Trustee must apply any
               Collections which are not Income Reserve, Principal Collections[,
               or Principal Cash Balance];

          (b)  (INCOME RESERVE): second, if the Collections referred to above
               have all been

                                                                              20
<PAGE>

               applied in accordance with clause [5.1] on that Payment Date,
               the Issuer Trustee must apply the Income Reserve;

          (c)  (PRINCIPAL COLLECTIONS): third, if the Collections referred to
               above have all been applied in accordance with clause [5.1] on
               that Payment Date, the Issuer Trustee must apply Principal
               Collections; and

          (d)  [(PRINCIPAL CASH BALANCE): finally, if the Collections referred
               to above have all been applied in accordance with clause [5.1] on
               that Payment Date, the Issuer Trustee must apply the Principal
               Cash Balance,]

          provided that, notwithstanding the foregoing, the Manager must not
          direct the Issuer Trustee to apply on a Payment Date, and the Issuer
          Trustee must not apply:

          (e)  (INCOME RESERVE): Income Reserve to amounts payable under:

               (i)    clauses [5.1(f), (g) or (h)] except to the extent that the
                      then Income Reserve (after prior applications on that
                      Payment Date) exceeds the Required Income Reserve on that
                      Payment Date; or

               (ii)   clauses [5.1(i) to (q)] (inclusive);

          (f)  (PRINCIPAL COLLECTIONS): Principal Collections to amounts payable
               under clauses [5.1(f), (g) or (h)];

          (g)  [(PRINCIPAL CASH BALANCE): Principal Cash Balance to amounts
               payable under:

               (i)    clauses [5.1(f), (g), (h), (i) or (o)]; or

               (ii)   clauses [5.1(j) to (n)] (inclusive) except to the extent
                      that the then Principal Cash Balance (after prior
                      applications on that Payment Date) exceeds the Required
                      Principal Cash Balance on that Payment Date;]

          (h)  (REDRAW FACILITY ADVANCE): any Redraw Facility Advance on that
               Payment Date except under clauses [5.1(j), (k) or (p)] or in
               accordance with clause [8.2];

          (i)  (A$ REDRAW NOTES): any issue proceeds of A$ Redraw Notes except
               under clauses [5.1(i), (j), (k) or (l)];

          (j)  (A$ CLASS [ ] NOTES): any issue proceeds of A$ Class [ ] Notes
               issued after the Closing Date except under clauses [5.1(i), (j),
               (k), (l) or (n)]; or

          (k)  (SUPPORT FACILITY AMOUNTS): otherwise, any amounts received under
               a Support Facility except in accordance with the terms of that
               Support Facility.]

5.3       SUBORDINATION OF MANAGER'S FEES

          (a)  (PRINCIPAL SHORTFALL): The Principal Shortfall in relation to a
               Payment Date is:

               (i)    the aggregate, as determined by the Manager, of:

                      A.  all amounts of Principal Collections [and Principal
                          Cash Balance] previously paid or applied toward
                          liabilities of the PUMA Trust (including amounts
                          applied by way of provision for future liabilities but
                          without double counting where those amounts are
                          subsequently applied to those liabilities) under
                          clauses [5.1(a) to (e)] (inclusive); and

                                                                              21
<PAGE>

                      B.  the aggregate of any Net Losses in respect of
                          preceding [Quarterly] Periods,

                      [but without double counting where an amount of Principal
                      Cash Balance has been paid or applied as referred to in
                      clause [5.3(a)(i)(A)] because of a Net Loss referred to in
                      clause [5.3(a)(i)(B)]];

               (ii)   [less the aggregate of all amounts previously allocated to
                      the Principal Cash Balance pursuant to clauses [5.3(c)(i)
                      and 5.9(a)].]

          (b)  (INCOME RESERVE): The Manager must, no later than the day [ ]
               Business Days prior to each Payment Date, determine the amount of
               the Required Income Reserve in relation to that Payment Date and
               notify the Issuer Trustee in writing of such amount (unless there
               has been no change in the Required Income Reserve since it was
               last determined by the Manager). The Required Income Reserve may
               be determined by the Manager in its absolute discretion and may
               be zero. The Income Reserve at any time is:

               (i)    the aggregate of all amounts previously allocated to the
                      Income Reserve pursuant to clause [5.3(c)(ii)];

               (ii)   less the aggregate of all amounts of the Income Reserve
                      previously paid or applied toward liabilities of the PUMA
                      Trust (including amounts applied by way of provision for
                      future liabilities but without double counting where those
                      amounts are subsequently applied to those liabilities) in
                      accordance with clause [5.1].

               The Issuer Trustee must keep a record of the amount of the Income
               Reserve but may mix the Income Reserve with other assets of the
               PUMA Trust.

          (c)  (SUBORDINATION OF MANAGER'S FEES): The amount available to be
               applied on each Payment Date in accordance with clause [5.1(g)]
               (if any) must be applied in the following order of priority:

               (i)    first, towards an amount equal to the Principal Shortfall
                      on that Payment Date to be allocated to [Principal Cash
                      Balance] and invested in Authorised Investments in respect
                      thereof;

               (ii)   secondly, towards the amount (if any) by which the
                      Required Income Reserve in relation to that Payment Date
                      exceeds the then Income Reserve (after the payments and
                      allocations referred to clauses [5.1(a) to (e)]
                      (inclusive)) to be allocated to Income Reserve and
                      invested or retained in Authorised Investments in respect
                      thereof; and

               (iii)  finally, the balance is to be paid to the Manager towards
                      the balance of outstanding Manager's Fees (not paid or
                      provided for pursuant to clause [5.1(b)]) on that Payment
                      Date or (if the Payment Date is not a [Quarterly] Payment
                      Date) towards an amount to be invested in Authorised
                      Investments towards provision for the balance of the
                      Manager's Fees to the extent that they have accrued and
                      are payable on a subsequent Payment Date.

               To the extent that any Manager's Fees are not paid on a
               [Quarterly] Payment Date pursuant to this clause [5.3(c)], the
               due date for payment of such Manager's Fees will be deferred
               until the next [Quarterly] Payment Date.

                                                                              22
<PAGE>

5.4       [PRINCIPAL CASH BALANCE

          (a)  (ALLOCATION FROM ISSUE PROCEEDS): The Manager must, prior to each
               Issue Date in respect of any Notes, determine in accordance with
               clause [5.4(c)] and notify in writing to the Issuer Trustee the
               amount (if any) of the issue proceeds of those Notes to be
               applied on the relevant Issue Date (after being exchanged for A$
               under the Currency Swap in the case of the Class [ ] Notes)
               towards the Principal Cash Balance.

          (b)  (REQUIRED PRINCIPAL CASH BALANCE): The Manager must, no later
               than the day [5] Business Days prior to each Payment Date,
               determine in accordance with clause [5.4(c)] the amount of the
               Required Principal Cash Balance in relation to that Payment Date
               and notify the Issuer Trustee in writing of such amount (unless
               there has been no change in the Required Principal Cash Balance
               since it was last determined by the Manager).

          (c)  (LIMITS ON PRINCIPAL CASH BALANCE): The amounts determined by the
               Manager pursuant to clauses [5.4(a) and (b)] must be such that
               immediately following the relevant Issue Date or Payment Date (as
               the case may be):

               (i)    the Principal Cash Balance does not exceed [2%] (or such
                      other percentage as is determined by the Manager and
                      notified in writing to the Issuer Trustee provided that no
                      change to the percentage will be effective until each
                      Current Rating Authority has confirmed that this will not
                      result in a downgrading, withdrawal or qualification of
                      any rating then assigned by it to the Notes) of the then
                      Total Principal Balance; and

               (ii)   the Principal Cash Balance will not be less than [0.25]%
                      of the then Total Principal Balance (unless, in the case
                      of clause [5.4(b)], there are insufficient funds available
                      to be applied to the Principal Cash Balance pursuant to
                      clause [5.1(i)]).

          (d)  (DETERMINING PRINCIPAL CASH BALANCE): The Principal Cash Balance
               at any time is:

               (i)    the aggregate of all amounts previously allocated to the
                      Principal Cash Balance from the proceeds of the issue of
                      Notes in accordance with clause [5.4(a)] and all amounts
                      allocated to the Principal Cash Balance from Collections
                      pursuant to clauses [5.1(i), 5.3(c)(i) and 5.9(a)]; and

               (ii)   less the aggregate of all amounts of the Principal Cash
                      Balance previously paid or applied toward liabilities of
                      the PUMA Trust (including amounts applied by way of
                      provision for future liabilities but without double
                      counting where those amounts are subsequently applied to
                      those liabilities) in accordance with clause [5.1] or in
                      accordance with clauses [7 or 8].

               The Issuer Trustee must keep a record of the amount of the
               Principal Cash Balance but may mix the Principal Cash Balance
               with other assets of the PUMA Trust.

          (e)  (APPLICATION OF PRINCIPAL CASH BALANCE): Principal Cash Balance
               may only be applied in accordance with clauses [5.1, 5.2, 7.2 and
               8.1].]

5.5       [A$ PRINCIPAL PAYMENTS ON CLASS [ ] NOTES AND A$ CLASS [ ] NOTES

          The Distributable Principal, if any, in relation to each [Quarterly]
          Payment Date must be applied by the Issuer Trustee on that [Quarterly]
          Payment Date, upon the direction of the

                                                                              23
<PAGE>

          Manager:

          (a)  (LESS THAN TRIGGER LEVEL): if the Subordination Level on the
               [Quarterly] Payment Date is less than the Trigger Level, in the
               following order of priority:

               (i)    first, in payment to the Currency Swap Provider of the
                      whole of Distributable Principal up to an amount not
                      exceeding the A$ Equivalent of the aggregate of the
                      Principal Balances of the Class [ ] Notes to be applied as
                      the A$ Class [ ] Principal Amount for that [Quarterly]
                      Payment Date and paid in accordance with the Currency
                      Swap;

               (ii)   second, the balance of the Distributable Principal, if
                      any, is to be applied in payment (based upon the aggregate
                      Principal Balance of the A$ Class [ ] Notes prior to any
                      repayments of the principal of the A$ Class [ ] Notes on
                      that [Quarterly] Payment Date) to the A$ Class [ ]
                      Noteholders, pari passu and rateably between themselves,
                      as a repayment of principal on the A$ Class [ ] Notes
                      until the aggregate Principal Balance of the A$ Class [ ]
                      Notes has been reduced to zero.

          (b)  (EQUAL TO OR GREATER THAN TRIGGER LEVEL): if the Subordination
               Level on any [Quarterly] Payment Date is equal to or greater than
               the Trigger Level (but subject to the following), in payment
               rateably (based upon, respectively, the then A$ Equivalent of the
               aggregate Principal Balances of the Class [ ] Notes and the then
               aggregate Principal Balances of the A$ Class [ ] Notes prior to
               any repayments of the principal of the Notes on that [Quarterly]
               Payment Date) to:

               (i)    the Currency Swap Provider of an amount not exceeding the
                      A$ Equivalent of the aggregate Principal Balances of the
                      Class [ ] Notes to be applied as the A$ Class [ ]
                      Principal Amount for that [Quarterly] Payment Date and
                      paid in accordance with the Currency Swap[s]; and

               (ii)   the A$ Class [ ] Noteholders, pari passu and rateably
                      between themselves, as a repayment of principal on the A$
                      Class [ ] Notes until the aggregate Principal Balance of
                      the A$ Class [ ] Notes has been reduced to zero.

               Provided that, notwithstanding the foregoing, if:

               (iii)  the PUMA Trust has sustained or incurred (or in the
                      opinion of the Manager based on events or circumstances
                      then subsisting may sustain or incur) a loss or default in
                      relation to the principal amount of any Authorised
                      Investment; and

               (iv)   in the opinion of the Manager that loss or default will
                      not be or is unlikely to be fully mitigated in a timely
                      manner by the proceeds of any Security Enhancement or by
                      virtue of the allocation of amounts to Principal Cash
                      Balance pursuant to clause [5.3(c)(i) or clause 5.9(a)],

               then the Manager must so notify the Issuer Trustee and the whole
               of the Distributable Principal on that [Quarterly] Payment Date
               must be applied in accordance with clause [5.5(a)].]

5.6       [US$] PAYMENTS

          On each [Quarterly] Payment Date the Issuer Trustee must apply the US$
          amounts received from the Currency Swap Provider[s] under the Currency
          Swap[s] in accordance with conditions [6.9 and 7.2] of the Note
          Conditions.

                                                                              24
<PAGE>

5.7       PREPAYMENT AMOUNTS

          The Issuer Trustee must deal with any Prepayment Amounts, and any
          interest and other income earned by the Issuer Trustee on any
          Prepayment Amounts, in accordance with the Transaction Document
          pursuant to which that Prepayment Amount was paid to, or lodged with,
          the Issuer Trustee.

5.8       [PRE-FUNDING POOL DISTRIBUTION

          If at the end of the Pre-Funding Period, the balance held in the
          Pre-Funding Pool is equal to or exceeds A$[ ], the Issuer Trustee
          must, at the direction of the Manager, on the next occurring
          [Quarterly] Payment Date make distributions using the Pre-Funding Pool
          in the following order (determined, in the case of clauses [5.8(a) and
          (b)], on the basis that the Pre-Funding Pool is applied prior to the
          application of Collections on that Quarterly Payment Date):

          (a)  (SENIOR REDRAW FACILITY PRINCIPAL): first, to the Redraw Facility
               Provider towards an amount not exceeding the Senior Redraw
               Facility Principal in relation to that [Quarterly] Payment Date
               to be applied towards repayment of the Redraw Facility Principal
               outstanding on the Business Day immediately prior to that
               [Quarterly] Payment Date;

          (b)  (A$ REDRAW NOTES): secondly, to the A$ Redraw Noteholders, in the
               order set out in clause [5.1(l)], in repayment of the Principal
               Balance of any A$ Redraw Notes until the Principal Balances of
               the A$ Redraw Notes are reduced to zero; and

          (c)  (CLASS [ ] NOTES): thirdly, the balance, if any, is to be applied
               as Distributable Principal in accordance with clause [5.5].

          If at the end of the Pre-Funding Period the balance held in the
          Pre-Funding Pool is less than A$[ ], the Pre-Funding Pool will form
          part of Collections on the [ ] [Quarterly] Payment Date to be applied
          in accordance with clauses 5.1 and 5.2.]

5.9       SUBORDINATED REDRAW FACILITY INTEREST

          The amount available to be applied on a Payment Date in accordance
          with clause [5.1(f)] (if any) must be applied in the following order
          of priority:

          (a)  (PRINCIPAL SHORTFALL): first, towards an amount equal to the
               Principal Shortfall remaining on that Payment Date (after taking
               into account any amount of Manager's Fees to be applied on that
               Payment Date towards the Principal Shortfall pursuant to clause
               [5.3(c)(i)]) to be allocated to Principal Cash Balance and
               invested in Authorised Investments in respect thereof; and

          (b)  (REDRAW FACILITY PROVIDER): secondly, the balance is to be paid
               to the Redraw Facility Provider towards payment of the balance of
               any Redraw Facility Interest due on that Payment Date.

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

6.        NET ACCOUNTING INCOME AND NET TAX INCOME

6.1       ALLOCATION OF NET ACCOUNTING INCOME/NET TAX INCOME

          (a)  (UNITHOLDERS PRESENTLY ENTITLED TO INCOME): The Income Unitholder
               is presently entitled to whichever is the greater of the Net Tax
               Income and the Net Accounting Income of the PUMA Trust for each
               Financial Year in accordance with this clause [6 and clause 14.9]
               of the Trust Deed is varied accordingly.

          (b)  (MANAGER TO ACT OR DIRECT THE ISSUER TRUSTEE): The Manager must
               act or direct

                                                                              25
<PAGE>

               that the Issuer Trustee takes such action as is necessary in each
               case to ensure (to the extent possible in accordance with this
               Sub-Fund Notice) that any tax liability in respect of the PUMA
               Trust in respect of a Financial Year under [Division 6 of Part
               III of the Income Tax Assessment Act 1936] is borne by the Income
               Unitholder and not by the Issuer Trustee.

6.2       [PAYMENT TO INCOME UNITHOLDERS

          To the extent that an amount which the Income Unitholder has a present
          entitlement to under clause 6.1 has not actually been paid or applied
          to the benefit of the Income Unitholder pursuant to clause 5.1(h)
          during that Financial Year or reinvested in the PUMA Trust pursuant to
          clause 14.10 of the Trust Deed during that Financial Year, it will
          constitute an amount payable by the Issuer Trustee to the Income
          Unitholder to be satisfied only from amounts otherwise to be paid or
          applied to the benefit of the Income Unitholder in accordance with
          clause 5.1(h) on the Payment Dates following the close of the
          Financial Year. If in the last Financial Year of the PUMA Trust, such
          amount (if any) in respect of the previous Financial Year has not been
          satisfied from the amount otherwise to be paid or applied to the
          benefit of the Income Unitholder in accordance with clause 5.1(h) on
          prior Payment Dates in the last Financial Year, the shortfall, plus
          any such amount for the last Financial Year, will be satisfied in full
          from, and only by, the payment of the funds (if any) by the Issuer
          Trustee to the Income Unitholder pursuant to clause 5.1(h) on the
          final Payment Date in that Financial Year.

6.3       EXCESS DISTRIBUTIONS

          (a)  (DEPOSIT WITH THE INCOME UNITHOLDER): A payment to or application
               to the benefit of the Income Unitholder pursuant to clause 5.1(h)
               will be held by the Income Unitholder as a deposit by the Issuer
               Trustee with the Income Unitholder and will be dealt with in
               accordance with this clause 6.3.

          (b)  (APPLICATION TOWARDS NET TAX INCOME): At the end of each
               Financial Year, the Income Unitholder will, and will be entitled
               to, deduct from so much of the deposit standing to the credit of
               the Issuer Trustee pursuant to clause 6.3(a), the amount for that
               Financial Year to which the Income Unitholder is presently
               entitled. To the extent that there is any surplus in the amount
               standing to the credit of the deposit over the amount to which
               the Income Unitholder is presently entitled for a Financial Year,
               the surplus will be dealt with in accordance with this clause
               6.3(b) in the succeeding Financial Year.]

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7.        ACQUISITION AND DISPOSAL OF APPROVED MORTGAGES

7.1       [ESTABLISHMENT OF THE PRE-FUNDING POOL

          The Issuer Trustee, upon the direction of the Manager, must on the
          Closing Date hold a portion of the proceeds of issue of both the Class
          [ ] Notes, after exchange to A$ under the Currency Swap(s), and the A$
          Class [ ] Notes issued on the Closing Date, as a pre-funding pool and
          must initially invest such amount in Authorised Investments other than
          Approved Mortgages. The Pre-Funding Pool may only be utilised to
          acquire Approved Mortgages, together with all Loans, Collateral
          Securities and other rights and entitlements relating thereto, during
          the Pre-Funding Period in accordance with clause [7.2] and, following
          the Pre-Funding Period, must be applied in the manner set out in
          clause [5.8]. The Issuer Trustee must keep a record of the amount of
          the Pre-Funding Pool but may mix the Pre-Funding Pool with other
          assets of the PUMA Trust.]

7.2       ACQUISITION OF APPROVED MORTGAGES

          The Issuer Trustee, upon the direction of the Manager and subject to
          clause [7.3], may [at any

                                                                              26
<PAGE>

               time during the Pre-Funding Period or the Substitution Period (as
               the case may be)] acquire from another Fund, pursuant to clause
               [6B] of the Trust Deed, Approved Mortgages, together with all
               Loans, Collateral Securities and other rights and entitlements
               relating thereto by applying:

          (a)  (CLOSING DATE): any proceeds of the issue of Class [ ] Notes,
               after exchange to A$ under the Currency Swap[s]), or A$ Class [ ]
               Notes on the Closing Date;

          (b)  [(PRE-FUNDING POOL): at any time during the Pre-Funding Period,
               amounts held in the Pre-Funding Pool;

          (c)  (PAYMENT DATE): on a Payment Date during the Substitution Period,
               the funds available for this purpose in accordance with clause
               [5.1(m)];

          (d)  (PRINCIPAL COLLECTIONS [AND PRINCIPAL CASH BALANCE]): during the
               Substitution Period, on a day other than a Payment Date,
               Collections on that day provided that:

               (i)    the aggregate amount of Collections, [other than Principal
                      Cash Balance,] so applied on that day must not exceed the
                      then Principal Collections;

               (ii)   the Manager is of the opinion that the funds applied will
                      not be required, in accordance with clauses [5.1 and 5.2],
                      to be applied on the following Payment Date to the
                      liabilities referred to in clauses [5.1(a) to (e)]
                      (inclusive); and

               (iii)  following such application the Principal Cash Balance will
                      not be less than [  ]% of the then Total Principal
                      Balance; or]

          (e)  (REDRAW FACILITY ADVANCES): at any time, Redraw Facility Advances
               to the extent of any Subordinate Further Advance Amount in
               respect of any such Approved Mortgage.

          [After the end of the Pre-Funding Period, the Pre-Funding Pool will be
          distributed in accordance with clause [5.8] and after the end of the
          Substitution Period the Issuer Trustee may no longer acquire Approved
          Mortgages (except in accordance with clause [7.4]).]

7.3       MATURITY DATE FOR APPROVED MORTGAGES AND FURTHER ADVANCES

          The Manager must not direct the Issuer Trustee:

          (a)  (APPROVED MORTGAGES): to acquire, and the Issuer Trustee must not
               acquire, an Approved Mortgage pursuant to clause [7.2] unless the
               maturity date in respect of the Approved Mortgage is no later
               than 1 year prior to the Final Maturity Date.

          (b)  (FURTHER ADVANCE): to make, and the Issuer Trustee must not make,
               a Further Advance pursuant to clause [8.1] unless following the
               Further Advance the maturity date in respect of the Approved
               Mortgage will be no later than 1 year prior to the Final Maturity
               Date.

7.4       SALE OF APPROVED MORTGAGES

          The Issuer Trustee, upon the direction of the Manager, may sell to
          another Fund, pursuant to clause [6B] of the Trust Deed, Approved
          Mortgages, together with all Loans, Collateral Securities and other
          rights and entitlements relating thereto:

          (a)  (CONVERSION TO FIXED RATE): if a borrower in respect of the
               Approved Mortgage

                                                                              27
<PAGE>

               wishes to convert a floating rate of interest applying to the
               Approved Mortgage to a fixed rate of interest and the Manager is
               unable to arrange an appropriate Hedge Arrangement in relation to
               that Approved Mortgage upon terms acceptable to the Manager; or

          (b)  (OTHER REQUESTS): if a borrower in respect of an Approved
               Mortgage requests a variation to the terms of the Approved
               Mortgage which the Issuer Trustee cannot agree to, in accordance
               with the Transaction Documents, while the Approved Mortgage is
               held by the PUMA Trust but which the Issuer Trustee could agree
               to if the Approved Mortgage was held by another Fund.

          Where an Approved Mortgage (the "SOLD APPROVED MORTGAGE") is
          transferred to another Fund pursuant to clause [7.4(a)] the Issuer
          Trustee may, upon the direction of the Manager, acquire a replacement
          Approved Mortgage or Approved Mortgages (which are charged interest at
          a floating rate or which have the benefit of a related Hedge
          Arrangement) from another Fund or Funds, pursuant to clause [6B] of
          the Trust Deed, by applying the whole or part of the funds received by
          the Issuer Trustee in relation to the sale of the Sold Approved
          Mortgage.

7.5       NO OBLIGATION

          Nothing in this clause [7]is to be construed as requiring the Manager
          to direct the Issuer Trustee to acquire or sell Approved Mortgages and
          the Manager may elect to so direct or not direct the Issuer Trustee in
          its absolute discretion.

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

8.        REDRAWS AND FURTHER ADVANCES

8.1       REDRAWS AND SENIOR FURTHER ADVANCES

          The Issuer Trustee, upon the direction of the Manager, may at any time
          fund Redraws and, at any time prior to the Amortization Date, fund
          Senior Further Advances, , in respect of the Approved Mortgages held
          by the Issuer Trustee, by applying:

          (a)  (PAYMENT DATE): on a Payment Date, the funds available for this
               purpose in accordance with clause [5.1(k)];

          (b)  [(PRINCIPAL COLLECTIONS AND PRINCIPAL CASH BALANCE): on a day
               other than a Payment Date, Collections on that day provided that:

               (i)    the aggregate amount of Collections, other than Principal
                      Cash Balance, so applied on that day must not exceed the
                      then Principal Collections;

               (ii)   the Manager is of the opinion that the funds applied will
                      not be required, in accordance with clauses [5.1 and 5.2],
                      to be applied on the following Payment Date to the
                      liabilities referred to in clauses [5.1(a) to (e)]
                      (inclusive); and

               (iii)  following such application the Principal Cash Balance will
                      not be less than [ ]% of the then Total Principal Balance;
                      or]

          (c)  (REDRAW FACILITY AND A$ REDRAW NOTES): in relation to Redraws
               only, on any day, Redraw Facility Advances or the issue proceeds
               of A$ Redraw Notes.

8.2       SUBORDINATE  FURTHER ADVANCES

          The Issuer Trustee, upon the direction of the Manager, may at any
          time:

          (a)  (SUBORDINATE FURTHER ADVANCES): make Subordinate Further Advances
               in respect

                                                                              28
<PAGE>

               of Approved Mortgages held by the Issuer Trustee; or

          (b)  (APPROVED MORTGAGES): acquire Approved Mortgages which have a
               Subordinate Further Advance Amount at the time of their
               acquisition by the Issuer Trustee,

          provided that Subordinate Further Advances under paragraph (a) must
          only be made or, the acquisition of Approved Mortgages to the extent
          of the Subordinate Further Advance Amount under paragraph (b) must
          only be funded, from the application of Redraw Facility Advances.

8.3       NO OBLIGATION

          Nothing in this clause [8] is to be construed as requiring the Manager
          to direct the Issuer Trustee to make Redraws or Further Advances,
          including Subordinate Further Advances, and the Manager may elect to
          so direct or not direct the Issuer Trustee in its absolute discretion.

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

9.        TRANSFER POWER OVER APPROVED MORTGAGES

9.1       NATURE OF TRANSFER POWER

          Pursuant to clause [6B.4] of the Trust Deed, the Issuer Trustee has
          the power (a "TRANSFER POWER") to transfer all, but not some only, of
          the Approved Mortgages held by it as trustee of the PUMA Trust,
          together with all Loans, Collateral Securities and other rights and
          entitlements relating thereto (the "MORTGAGE LOAN RIGHTS"), to one or
          more other Funds (whether presently existing or constituted in the
          future) upon the terms set out under this clause 9.

9.2       TRANSFER POWER

          The Issuer Trustee must exercise the Transfer Power if the Manager
          directs the Issuer Trustee to do so in a written notice received by
          the Issuer Trustee:

          (a)  (ENFORCEMENT OF SECURITY TRUST DEED): within 30 days of the
               Security Trustee appointing (or the Voting Secured Creditors as
               contemplated by clause [8.4] of the Security Trust Deed
               appointing) a Receiver over any Charged Property, or taking
               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); or

          (b)  (OPTIONAL REDEMPTION OF NOTES): following a direction by the
               Manager to the Issuer Trustee to redeem the Notes given in
               accordance with Condition [7.3 or 7.4] of the Note Conditions if
               and only if:

               (i)  following the exercise of the Transfer Power the Issuer
                    Trustee will have sufficient funds to redeem the Notes in
                    accordance with Condition [7.3 or 7.4], as applicable; and

               (ii) in the case of a direction pursuant to Condition [7.4],
                    Class [] Noteholders do not have the right to elect that the
                    Notes are not to be redeemed or, if they do have that right,
                    they have not exercised it within the required period.

9.3       BENEFIT OF TRANSFER POWER FOR MORE THAN ONE FUND

          The Manager may, in the notice referred to in clause [9.2], specify
          one or more Funds to which the Mortgage Loan Rights are to be
          transferred (each such Fund being a "PURCHASING FUND") provided that
          if there is more than one Purchasing Fund it must also specify the
          particular Mortgage Loan Rights to be transferred to each such
          Purchasing Fund.

                                                                              29
<PAGE>

9.4       TIME OF TRANSFER

          The notice referred to in clause [9.2] must specify a date for the
          transfer of the Mortgage Loan Rights (referred to in this clause as
          the "TRANSFER DATE") which:

          (a)  (ENFORCEMENT OF SECURITY TRUST DEED): in the case of clause
               [9.2(a)], must be no later than 75 days after the occurrence of
               the event referred to in clause [9.2(a)]; and

          (b)  (OPTIONAL REDEMPTION OF NOTES): in the case of clause [9.2(b)],
               must be no later than the Quarterly Payment Date upon which the
               Notes are to be redeemed.

9.5       TRANSFER AND PAYMENT

          If the Issuer Trustee receives a notice from the Manager in
          accordance, and complying, with this clause, then the Issuer Trustee
          must on the applicable Transfer Date complete the transfer of the
          Mortgage Loan Rights from the PUMA Trust to the relevant Purchasing
          Fund or Purchasing Funds, as the case may be, in accordance with the
          procedures and on the terms set out in clause [6B] of the Trust Deed.
          For the purposes of clause [6B] of the Trust Deed, the PUMA Trust will
          be the Selling Fund and each Purchasing Fund will be an Acquiring
          Fund.

--------------------------------------------------------------------------------
10.       MISCELLANEOUS

10.1      AMENDMENTS TO THIS SUB-FUND NOTICE

          This Sub-Fund Notice may only be amended in accordance with clause
          [22] of the Trust Deed. In addition, any amendment to this Sub-Fund
          Notice or the Trust Deed, to the extent that it applies to the PUMA
          Trust, which has the effect of making a Payment Modification (as that
          term is defined in the Note Trust Deed), may be made if, and only if,
          the consent has first been obtained of each Class [ ] Noteholder that
          is affected by that Payment Modification.

10.2      AMENDMENTS TO TRANSACTION DOCUMENTS

          Subject to clause [10.1], the Issuer Trustee and the Manager may agree
          to amend any Transaction Document and may enter into new Transaction
          Documents (without the consent of any Noteholder) provided that each
          Current Rating Authority has advised the Manager that this will not
          result in a reduction, qualification or withdrawal of the rating given
          to the Notes by that Current Rating Authority.

10.3      COLLECTIONS HELD BY MANAGER

          Notwithstanding any provision to the contrary in the Trust Deed, the
          Issuer Trustee and the Manager may from time to time agree that some
          or all of the amounts payable to the Issuer Trustee as trustee of the
          PUMA Trust will be paid to the Manager or a Related Body Corporate of
          the Manager, in lieu of the Issuer Trustee, provided that the Manager
          must ensure that such amounts are paid into an Account or the Combined
          Account, or are otherwise applied, with the agreement of the Issuer
          Trustee, towards payments in respect of the PUMA Trust referred to in
          clauses [12.4(a) to (c)] (inclusive) of the Trust Deed, within:

          (a)  (2 BUSINESS DAYS): [2] Business Days of their receipt by the
               Manager or its Related Body Corporate; or

          (b)  (OTHER PERIOD): such other period as is agreed between the Issuer
               Trustee and the Manager provided that each Current Rating
               Authority has confirmed that this will not result in a
               downgrading, withdrawal or qualification of any rating then
               assigned by it to the Notes.

                                                                              30
<PAGE>

10.4      CURRENCY CONVERSION OF CLASS [  ] NOTES - AUTHORISED INVESTMENTS

          For the purposes of paragraph [1(b)] of the Second Schedule to the
          Trust Deed, the outstanding principal balance of any Class [ ] Notes
          will be converted to A$ at the A$ Exchange Rate.

10.5      NOTICES TO INVESTORS

          If A$ Notes become the subject of a dedicated page of the Reuters
          System (or other electronic market information system generally used
          in Australian financial markets), all notifications to holders of A$
          Notes under the Trust Deed and this Sub-Fund Notice will be made on
          that dedicated page (instead of any other method of notice). In the
          absence of such an arrangement, notification to the holders of A$
          Notes under this Sub-Fund Notice may be made in any manner permitted
          under the Trust Deed.

10.6      RECORD DATE

          For the purposes of clause [15.5(b)] of the Trust Deed, the Register
          for the Sub-Fund will be closed by the Issuer Trustee for the purpose
          of calculating the Noteholder Entitlements in respect of the A$ Notes
          and Unitholder Entitlements in respect of the Sub-Fund on a
          [Quarterly] Payment Date from the close of business on the day which
          is 3 Banking Days prior to that [Quarterly] Payment Date and will
          reopen at the commencement of business on the Banking Day immediately
          after that date. Payments in respect of any such Noteholder
          Entitlement or Unitholder Entitlement will be made to the Noteholder
          or Unitholder recorded in the Register as at the time that the
          Register is closed in accordance with this clause.

10.7      [RATINGS BY FITCH

          Notwithstanding paragraph 1(a) of the Second Schedule of the Trust
          Deed, an Authorised Investment which is cash may be held on an at call
          basis with a Bank rated at least F1 (rather than F1+) from Fitch.]

                                                                              31
<PAGE>

EXECUTION

This Sub-Fund Notice is issued on behalf of MACQUARIE SECURITISATION LIMITED ABN
16 003 297 336 as MANAGER on the date set out above by:

<TABLE>
<S>                                                  <C>
.........................................             ........................................
Authorised Signatory                                           Authorised Signatory

This Sub-Fund Notice is accepted on behalf of [PERPETUAL TRUSTEES AUSTRALIA
LIMITED ABN 86 000 431 827] as ISSUER TRUSTEE on by:

.........................................             ........................................
Authorised Signatory                                 Authorised Signatory
</TABLE>

                                                                              32<PAGE>

                                                      [CLAYTON UTZ LOGO OMITTED]
--------------------------------------------------------------------------------

[PERPETUAL TRUSTEE COMPANY LIMITED
ABN 42 001 001 007]
Security Trustee

MACQUARIE SECURITISATION LIMITED
ABN 16 003 297 336
Manager

[PERPETUAL TRUSTEES AUSTRALIA LIMITED
ABN 86 000 431 827]
Issuer Trustee

[THE BANK OF NEW YORK, NEW YORK BRANCH]
Note Trustee

SECURITY TRUST DEED
PUMA GLOBAL TRUST NO. [ ]

                           [CLAYTON UTZ LOGO OMITTED]

          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 - 801/706/21723315 CONTACT - NINIAN LEWIS

            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

<PAGE>

TABLE OF CONTENTS

<TABLE>
<CAPTION>
1...........DEFINITIONS AND INTERPRETATION........................................................................1
<S>         <C>         <C>                                                                                      <C>
            1.1         Definitions...............................................................................1
            1.2         Sub-Fund Notice and Trust Deed definitions................................................7
            1.3         Interpretation............................................................................7
            1.4         Incorporation of annexure................................................................10
            1.5         Issuer Trustee's capacity................................................................10
            1.6         Determination of outstanding hedge money.................................................10
            1.7         Amounts outstanding......................................................................10
            1.8         Benefit of covenants under this Deed.....................................................10
            1.9         Obligations several......................................................................10
            1.10        Incorporated definitions and other provisions............................................11

2...........THE SECURITY TRUST...................................................................................11

            2.1         Appointment of Security Trustee..........................................................11
            2.2         Declaration of Security Trust............................................................11
            2.3         Duration of Security Trust...............................................................11
            2.4         Benefit of Security Trust................................................................11
            2.5         Interested Persons bound.................................................................11
            2.6         Nature of Rights of Secured Creditors....................................................11
            2.7         Security Trustee bound by terms of option................................................11

3...........PAYMENT OF SECURED MONEYS............................................................................12

            3.1         Covenant in favour of Security Trustee...................................................12
            3.2         Payments to Secured Creditors............................................................12

4...........CHARGE...............................................................................................12

            4.1         The Charge...............................................................................12
            4.2         Floating charge..........................................................................12
            4.3         Ranking of Charge........................................................................12
            4.4         Crystallisation of floating charge.......................................................12
            4.5         Consent to dealings......................................................................12
            4.6         Re-Conversion from fixed into floating charge............................................13
            4.7         Replacement of fixed charge over Charged Property........................................13
            4.8         Subsequent dealing.......................................................................13
            4.9         Limit and prospective liability..........................................................13

5...........REPRESENTATIONS AND WARRANTIES.......................................................................14

            5.1         By the Issuer Trustee....................................................................14
            5.2         By the Manager...........................................................................15
            5.3         By the Security Trustee..................................................................16

6...........ISSUER TRUSTEE'S AND MANAGER'S COVENANTS.............................................................16

            6.1         Covenants in respect of Charged Property.................................................16
            6.2         General covenants........................................................................17
            6.3         Dealing in accordance with Transaction Documents.........................................18
            6.4         Manager undertaking......................................................................18

7...........EVENTS OF DEFAULT....................................................................................18

8...........RIGHTS AND OBLIGATIONS OF THE SECURITY TRUSTEE FOLLOWING EVENT OF DEFAULT............................19

            8.1         Notify Secured Creditors and convene meeting of Voting Secured Creditors.................19
            8.2         Extraordinary Resolutions................................................................20
            8.3         Security Trustee to act in accordance with directions....................................20
</TABLE>

                                                                              i.

<PAGE>

<TABLE>
<CAPTION>
<S>         <C>         <C>                                                                                      <C>
            8.4         Security Trustee must receive indemnity..................................................21
            8.5         Notice to Issuer Trustee and the Manager.................................................21
            8.6         Manager convenes meeting.................................................................21
            8.7         Notice of Event of Default...............................................................22
            8.8         Notice of action to remedy Event of Default..............................................22

9...........ENFORCEMENT..........................................................................................22

            9.1         Power to deal with and protection of the Charged Property................................22
            9.2         Restrictions on power to enforce.........................................................22
            9.3         No obligation to enforce.................................................................22
            9.4         Limitation on rights of Secured Creditors................................................23
            9.5         Immaterial waivers.......................................................................23
            9.6         Acceleration of Secured Moneys following Event of Default................................23

10..........RECEIVERS - APPOINTMENT AND POWERS...................................................................23

            10.1        Appointment of Receiver..................................................................23
            10.2        Joint Receivers..........................................................................24
            10.3        Remuneration of Receiver.................................................................24
            10.4        Indemnification of Receiver..............................................................24
            10.5        Appointment over part....................................................................24
            10.6        Powers of Receiver.......................................................................24
            10.7        Indemnity................................................................................27

11..........POWERS AND PROTECTIONS FOR SECURITY TRUSTEE AND RECEIVER AND POWER OF ATTORNEY.......................27

            11.1        Security Trustee has powers of Receiver..................................................27
            11.2        Act jointly..............................................................................27
            11.3        No liability for loss....................................................................27
            11.4        No liability to account as mortgagee in possession.......................................28
            11.5        No conflict..............................................................................28
            11.6        Contract involving conflict of duty......................................................28
            11.7        Power of attorney........................................................................28
            11.8        Security Trustee may make good default...................................................29
            11.9        Notice for exercise of powers............................................................29
            11.10       Benefit for Receiver etc.................................................................29

12..........PROTECTION OF PERSONS DEALING WITH SECURITY TRUSTEE OR RECEIVER......................................30

            12.1        No enquiry...............................................................................30
            12.2        Receipts.................................................................................30

13..........APPLICATION OF MONEYS................................................................................30

            13.1        Priority of payments.....................................................................30
            13.2        Moneys received..........................................................................32
            13.3        Application of moneys....................................................................32
            13.4        Investment of funds......................................................................33
            13.5        Conversion into A$ of notes denominated in US$...........................................33
            13.6        Application of Currency Swap Termination Proceeds........................................34
            13.7        Satisfaction of debts....................................................................34

14..........SUPPLEMENTAL SECURITY TRUSTEE PROVISIONS.............................................................34

            14.1        Limitations on powers and duties of Security Trustee.....................................34
            14.2        Limitation on Security Trustee's actions.................................................34
            14.3        Additional powers, protections, etc......................................................34
            14.4        Limitation of liability..................................................................39
            14.5        Dealings with trust......................................................................39
            14.6        Discretion of Security Trustee as to exercise of powers..................................40
            14.7        Delegation of duties of Security Trustee.................................................40
</TABLE>

                                                                             ii.

<PAGE>

<TABLE>
<CAPTION>
<S>         <C>         <C>                                                                                      <C>
            14.8        Related Body Corporate of the Security Trustee...........................................40

15..........DUTIES OF THE SECURITY TRUSTEE.......................................................................40

            15.1        Duties of the Security Trustee limited to duties in this Deed............................40
            15.2        Security Trustee's further duties........................................................40
            15.3        Security Trustee liable for negligence etc...............................................41
            15.4        No liability for Transaction Documents...................................................41
            15.5        Resolution of conflicts..................................................................41

16..........INDEMNITY BY ISSUER TRUSTEE..........................................................................42

            16.1        Indemnity................................................................................42
            16.2        Extent of Security Trustee's indemnity...................................................42
            16.3        Costs of experts.........................................................................43
            16.4        Non-discharge............................................................................43
            16.5        Retention of lien........................................................................43

17..........MEETINGS OF VOTING SECURED CREDITORS.................................................................43

            17.1        Meetings regulated by the Annexure.......................................................43
            17.2        Limitation on Security Trustee's powers..................................................43

18..........CONTINUING SECURITY AND RELEASES.....................................................................43

            18.1        Liability preserved......................................................................43
            18.2        Issuer Trustee's liability not affected..................................................44
            18.3        Waiver by Issuer Trustee.................................................................44

19..........REMUNERATION AND RETIREMENT OF SECURITY TRUSTEE......................................................44

            19.1        Remuneration.............................................................................44
            19.2        Mandatory retirement of Security Trustee.................................................44
            19.3        Removal by Manager.......................................................................45
            19.4        Security Trustee may retire..............................................................45
            19.5        Appointment of Substitute Security Trustee by Secured Creditors..........................46
            19.6        Release of Security Trustee..............................................................46
            19.7        Vesting of Security Trust Fund in Substitute Security Trustee............................46
            19.8        Substitute Security Trustee to execute deed..............................................46
            19.9        Current Rating Authorities advised.......................................................46
            19.10       Costs of retirement or removal...........................................................47

20..........ASSURANCE............................................................................................47

            20.1        Further assurance........................................................................47
            20.2        Postponement or waiver of Security Interests.............................................47
            20.3        Registration of Charge...................................................................48
            20.4        Caveats..................................................................................48

21..........PAYMENTS.............................................................................................48

            21.1        Moneys repayable as agreed or on demand..................................................48
            21.2        No set-off or deduction..................................................................48

22..........DISCHARGE OF A CHARGE................................................................................48

            22.1        Release..................................................................................48
            22.2        Contingent liabilities...................................................................49
            22.3        Charge reinstated........................................................................49

23..........NOTE TRUSTEE.........................................................................................49

            23.1        Capacity.................................................................................49
            23.2        Exercise of rights.......................................................................49
            23.3        Instructions or directions...............................................................49
            23.4        Payments.................................................................................50
</TABLE>

                                                                            iii.

<PAGE>

<TABLE>
<CAPTION>
<S>         <C>         <C>                                                                                      <C>
            23.5        Notices..................................................................................50
            23.6        Limitation of Note Trustee's liability...................................................50

24..........AMENDMENT............................................................................................50

            24.1        Amendment by Security Trustee............................................................50
            24.2        Consent required.........................................................................51
            24.3        Consent to Payment Modification in relation to Notes.....................................51
            24.4        No Current Rating Authority downgrade....................................................51
            24.5        Distribution of amendments...............................................................51

25..........EXPENSES AND STAMP DUTIES............................................................................51

            25.1        Expenses.................................................................................51
            25.2        Stamp duties.............................................................................52

26..........GOVERNING LAW AND JURISDICTION.......................................................................52

            26.1        Governing law............................................................................52
            26.2        Jurisdiction.............................................................................52

27..........NOTICES..............................................................................................52

            27.1        Method of delivery.......................................................................52
            27.2        Deemed receipt...........................................................................53

28..........CHARGOR'S LIMITED LIABILITY..........................................................................53

            28.1        Limitation on Issuer Trustee's liability.................................................53
            28.2        Claims against Issuer Trustee............................................................53
            28.3        Breach of Issuer Trustee.................................................................53
            28.4        Acts or omissions........................................................................54
            28.5        No authority.............................................................................54
            28.6        No obligation............................................................................54

29..........MISCELLANEOUS........................................................................................54

            29.1        Assignment by Issuer Trustee.............................................................54
            29.2        Assignment by Manager....................................................................54
            29.3        Assignment by Security Trustee...........................................................54
            29.4        Assignment by Note Trustee...............................................................55
            29.5        Certificate of Security Trustee..........................................................55
            29.6        Continuing obligation....................................................................55
            29.7        Settlement conditional...................................................................55
            29.8        No merger................................................................................55
            29.9        Interest on judgment.....................................................................55
            29.10       No postponement..........................................................................55
            29.11       Severability of provisions...............................................................56
            29.12       Remedies cumulative......................................................................56
            29.13       Waiver...................................................................................56
            29.14       Consents and approvals...................................................................56
            29.15       Written waiver, consent and approval.....................................................56
            29.16       Time of essence..........................................................................56
            29.17       Moratorium legislation...................................................................56
            29.18       Debit accounts...........................................................................57
            29.19       Set-off..................................................................................57
            29.20       Binding on each signatory ...............................................................57
            29.21       Counterparts.............................................................................57
</TABLE>

                                                                             iv.

<PAGE>

SECURITY TRUST DEED MADE AT SYDNEY ON [  ]

PARTIES        [PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 001 001 007 a company
               incorporated in Australia and registered in the Australian
               Capital Territory and having an office at Level 7, 9 Castlereagh
               Street, Sydney, New South Wales (hereinafter included in the
               expression the "SECURITY TRUSTEE")]

               MACQUARIE SECURITISATION LIMITED ABN 16 003 297 336 a company
               incorporated in Australia and registered in New South Wales and
               having an office at Level 23, 20 Bond Street, Sydney, New South
               Wales (hereinafter included in the expression the "MANAGER")

               [PERPETUAL TRUSTEES AUSTRALIA LIMITED ABN 86 000 431 827 a
               company incorporated in Australia and registered in Victoria and
               having an office at Level 7, 9 Castlereagh Street, Sydney, New
               South Wales in its capacity as trustee of the PUMA Trust (as
               hereinafter defined) from time to time (hereinafter included in
               the expression the "ISSUER 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 "NOTE TRUSTEE")]

RECITALS

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

B.    The Issuer Trustee is authorised to enter into this Deed to charge the
      assets of the PUMA Trust to secure the payment in full of the Secured
      Moneys to the Secured Creditors of the PUMA Trust.

C.    The Note Trustee has been appointed as trustee under the Note Trust Deed
      to act on behalf of the Class [ ] Noteholders and [insert name of any
      other notes denominated in a currency other than Australian dollars].

D.    The Security Trustee has agreed to act as trustee for the benefit of the
      Secured Creditors of the PUMA Trust on, and subject to, the terms and
      conditions in this Deed.

THIS DEED PROVIDES

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

1.        DEFINITIONS AND INTERPRETATION

1.1       DEFINITIONS

          In this Deed, unless the context indicates a contrary intention:

          "A$ CLASS [ ] BASIC TERM MODIFICATION" means an alteration, addition
          or amendment to this Deed or to the terms and conditions of the Notes
          which has the effect of:

          (a)  reducing, cancelling, postponing the date of payment, modifying
               the method for the calculation or altering the order of priority
               under this Deed, of any amount payable in respect of any
               principal or interest in respect of the A$ Class [ ] Notes;

          (b)  altering the currency in which payments under the A$ Class [ ]
               Notes are to be made;

                                                                              1.
<PAGE>

          (c)  altering the majority required to pass an Extraordinary
               Resolution under this Deed; or

          (d)  sanctioning any scheme or proposal for the exchange or sale of
               the A$ Class [ ] Notes for or the conversion of the A$ Class [ ]
               Notes into or the cancellation of the A$ Class [ ] Notes in
               consideration of shares, stock, notes, bonds, debentures,
               debenture stock and/or other obligations and/or securities of the
               Issuer Trustee or any other company formed or to be formed, or
               for or into or in consideration of cash, or partly for or into or
               in consideration of such shares, stock, notes, bonds, debentures,
               debenture stock and/or other obligations and/or securities as
               aforesaid and partly for or in consideration of cash.

          "A$ NOTEHOLDER" means a Noteholder in respect of an A$ Note.

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

          "AUTHORISED OFFICER" means:

          (a)  in relation to the Security Trustee, a director, secretary or any
               person whose title contains the word or words "manager",
               "counsel" or "chief executive officer" or a person performing the
               functions of any of them;

          (b)  in relation to the Issuer Trustee, an Authorised Signatory of the
               Issuer Trustee for the purposes of the Trust Deed;

          (c)  in relation to the Manager, an Authorised Signatory of the
               Manager for the purposes of the Trust Deed; and

          (d)  in relation to the Note Trustee, an Authorised Officer of the
               Note Trustee for the purposes of the Note Trust Deed.

          "CHARGE" means the charge created by this Deed.

          "CHARGE RELEASE DATE" means, subject to clause [22.3], the date the
          Security Trustee releases the Charged Property from the Charge.

          "CHARGED PROPERTY" means all the assets of the PUMA Trust held by the
          Issuer Trustee from time to time as trustee of the PUMA Trust and the
          benefit of all covenants, agreements, undertakings, representations,
          warranties and other choses in action in favour of the Issuer Trustee
          under the Transaction Documents, but does not, at the time of the
          execution and delivery of this Deed, include any of the foregoing
          situated outside the State of New South Wales at that time.

          "CLASS [ ] NOTEHOLDER" has the same meaning as in the Note Trust Deed.

          [insert same definition for any other notes denominated in a currency
          other than Australian dollars]

          "CURRENCY SWAP TERMINATION PROCEEDS" means the US Dollar proceeds (if
          any) received from a Currency Swap Provider under the Currency Swap as
          a result of the occurrence (if any) of an "Early Termination Date"
          thereunder, and includes any interest earned and credited thereon
          whilst such proceeds are invested in the US Dollar interest bearing
          account referred to in clause [13.6].

          "EVENT OF DEFAULT" has the meaning given to it in clause [7].

          "EXTRAORDINARY RESOLUTION" of the Voting Secured Creditors or a class
          of Voting

                                                                              2.
<PAGE>

          Secured Creditors, means:

          (a)  a resolution which is passed at a meeting of the then Voting
               Secured Creditors or, where applicable, a class of Voting Secured
               Creditors duly convened and held in accordance with the
               provisions of this Deed (including the Annexure) by a majority
               consisting of not less than 75% of the votes (determined in
               accordance with clause [8(d)(i)] of the Annexure) of the persons
               present and voting at the meeting who are then Voting Secured
               Creditors or Voting Secured Creditors of that class, or
               representing then Voting Secured Creditors or, if a poll is
               demanded, by such Voting Secured Creditors, or Voting Secured
               Creditors of that class, holding or representing between them
               Voting Entitlements comprising in aggregate a number of votes
               which is not less than 75% of the aggregate number of votes
               comprised in the Voting Entitlements held or represented by all
               the persons present at the meeting voting on such poll; or

          (b)  a resolution in writing in relation to all Voting Secured
               Creditors or class of Voting Secured Creditors pursuant to clause
               [16] of the Annexure.

          "FOREIGN CURRENCY" means a currency other than Australian dollars.

          "HEDGE PROVIDER" means an Interest Rate Swap Provider or a Currency
          Swap Provider.

          "INSOLVENCY EVENT" in relation to a body corporate means any of the
          following events:

          (a)  an order is made that the body corporate be wound up;

          (b)  a liquidator, provisional liquidator, controller (as defined in
               the Corporations Act, 2001) or administrator is appointed in
               respect of the body corporate or a substantial portion of its
               assets whether or not under an order;

          (c)  except to reconstruct or amalgamate on terms reasonably approved
               by the Security Trustee (or in the case of a reconstruction or
               amalgamation of the Security Trustee, on terms reasonably
               approved by the Manager), the body corporate enters into, or
               resolves to enter into, a scheme of arrangement, deed of company
               arrangement or composition with, or assignment for the benefit
               of, all or any class of its creditors;

          (d)  the body corporate resolves to wind itself up, or otherwise
               dissolve itself, or gives notice of its intention to do so,
               except to reconstruct or amalgamate on terms reasonably approved
               by the Security Trustee (or in the case of a reconstruction or
               amalgamation of the Security Trustee, except on terms reasonably
               approved by the Manager) or is otherwise wound up or dissolved;

          (e)  the body corporate is or states that it is insolvent;

          (f)  as a result of the operation of section 459F(1) of the
               Corporations Act, 2001, the body corporate is taken to have
               failed to comply with a statutory demand;

          (g)  the body corporate takes any step to obtain protection or is
               granted protection from its creditors, under any applicable
               legislation;

          (h)  any writ of execution, attachment, distress or similar process is
               made, levied or issued against or in relation to a substantial
               portion of the body corporate's assets and is not satisfied or
               withdrawn or contested in good faith by the body corporate within
               21 days; or

                                                                              3.
<PAGE>

          (i)  anything analogous or having a substantially similar effect to
               any of the events specified above happens under the law of any
               applicable jurisdiction.

          "INTEREST RATE SWAP" means any Hedge Arrangement other than a Currency
          Swap.

          "INTEREST RATE SWAP PROVIDER" means each person, other than the
          Manager, that enters into an Interest Rate Swap with the Issuer
          Trustee in its capacity as trustee of the PUMA Trust.

          "INTERESTED PERSONS" means a collective reference to the Issuer
          Trustee, the Secured Creditors, the Manager and all persons claiming
          through them and "INTERESTED PERSON" means a several reference to all
          Interested Persons.

          "MANAGER" means Macquarie Securitisation Limited or, if Macquarie
          Securitisation Limited retires or is removed as manager of the Funds,
          any substitute person appointed in its place by the Issuer Trustee
          pursuant to the Management Deed.

          "MANAGER DEFAULT" has the same meaning as in the Note Trust Deed.

          "NOTE TRUST" has the same meaning as in the Note Trust Deed.

          "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.

          "PRE-DEFAULT ACTION" means:

          (a)  an action which the Security Trustee is required or empowered to
               take prior to an Event of Default under:

               (i)    paragraphs (c) and (d) of the definition of "Insolvency
                      Event" in this clause [1.1]; and

               (ii)   clauses [6.1, 6.2(c), 8.3, 8.7, 9.5, 11.5, 11.8, 14, 15.2,
                      16.1, 17.2, 19, 20.1, 20.2, 22, 24 and 29]; and

          (b)  such action as the Security Trustee considers necessary to cause
               the Issuer Trustee to comply with its obligations under clause
               [19.1].

          "PRIOR INTEREST" means the lien over, and right of indemnification
          from, the Charged Property held by the Issuer Trustee under, and
          calculated in accordance with, the Trust Deed for Trustee Indemnity
          Costs (other than the Secured Moneys and the Subordinated Fee Amount)
          in relation to the PUMA Trust which are unpaid, or paid by the Issuer
          Trustee but not reimbursed to the Issuer Trustee from the assets of
          the PUMA Trust.

          "PUMA TRUST" means the trust known as the PUMA Global Trust No.[]
          established pursuant to the Trust Deed and the Sub-Fund Notice.

          "RECEIVER" means a receiver appointed by the Security Trustee under
          this Deed and includes a receiver and manager and where more than one
          person has been appointed as receiver or receiver and manager each
          such person and also any servant agent or delegate of any such
          receiver or receiver and manager.

          "RELEVANT PARTIES" has the same meaning as in the Note Conditions.

          "REPRESENTATIVE" means:

          (a)  in relation to a Voting Secured Creditor, a person appointed as a
               proxy for that
                                                                              4.

<PAGE>

          Voting Secured Creditor pursuant to clause [10] of the Annexure; and

          (b)  without limiting the generality of paragraph (a), in relation to
               a Voting Secured Creditor that is a body corporate, a person
               appointed pursuant to clause [11] of the Annexure by that Voting
               Secured Creditor.

          "SECURED CREDITORS" means the Note Trustee (in its personal capacity
          and as trustee of the Note Trust), each Agent, each Noteholder, each
          Interest Rate Swap Provider, the Currency Swap Provider, the Redraw
          Facility Provider and any other Stand-by Arrangement Provider and
          "SECURED CREDITOR" means each of the Secured Creditors.

          "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 provided that the Secured Moneys do
          not include any fees or value added tax payable to the Note Trustee
          referred to in clause [12.7] of the Note Trust Deed or to an Agent
          referred to in [12.6] of the Agency Agreement.

          "SECURITY INTEREST" means any encumbrance, bill of sale, mortgage,
          charge, lien, hypothecation, assignment in the nature of security,
          security interest, title retention, preferential right, trust
          arrangement, flawed-asset arrangement, contractual right of set-off or
          any other security agreement or arrangement.

          "SECURITY TRUST" means the trust established under clause [2.2] of
          this Deed.

          "SECURITY TRUST FUND" means any property and benefits which the
          Security Trustee holds on trust for the Secured Creditors under this
          Deed including, without limitation, all the right, title and interest
          of the Security Trustee in connection with the Charge and any property
          which represents the proceeds of sale of any such property or proceeds
          of enforcement of the Charge.

          "SECURITY TRUSTEE" means [Perpetual Trustee Company Limited] or, if
          [Perpetual Trustee Company Limited] retires or is removed as Security
          Trustee, any Substitute Security Trustee.

          "SENIOR FEE AMOUNT" means in relation to a date upon which a
          distribution is made pursuant to clause [13.1], an amount of the
          Manager's Fees outstanding on that date equal to the aggregate of the
          Senior Fee Amount (as that term is defined in the Sub-Fund Notice) of
          Manager's Fees remaining unpaid from each preceding [Quarterly]
          Payment Date under clause [5.1(b)] of the Sub-Fund Notice as a result
          of a lack of funds to be applied by the Issuer Trustee under clause
          [5.1(b)] of the Sub-Fund Notice or the enforcement of the Charge.

          "SENIOR NOTE" means a Class [ ] Note and [insert any other tranches of
          that class of notes or any other class of notes which rank as the most
          senior notes] or an A$ Redraw Note.

          "SENIOR NOTEHOLDER" means a Class [ ] Noteholder and [insert any other
          tranches of that class of notes or any other class of notes which rank
          as the most senior notes] or an A$ Redraw Noteholder.

          "STAND-BY ARRANGEMENT PROVIDER" means each person, other than the
          Manager, that enters into a Stand-by Arrangement with the Issuer
          Trustee in its capacity as trustee of the PUMA Trust.

          "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

                                                                              5.
<PAGE>

          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.

          "SUB-FUND NOTICE" means the Sub-Fund Notice dated on or about the date
          of this Deed from the Manager to the Issuer Trustee.

          "SUBORDINATED FEE AMOUNT" means in relation to the date upon which a
          distribution is made pursuant to clause [13.1], an amount of the
          Manager's Fees outstanding on that date determined in accordance with
          the following calculation:

                 SFA      =      AMF  -   Senior FA

            where:

            SFA        =  the Subordinated Fee Amount

            AMF        =  the amount of the Manager's Fee outstanding on that
                          date; and

            Senior FA  =  an amount equal to the Senior Fee Amount on that date,

          provided that if the result of the above calculation on any date is an
          amount less than zero then the Subordinated Fee Amount on that date is
          zero.

          "SUBSTITUTE SECURITY TRUSTEE" at any given time means the entity then
          appointed as Security Trustee under clause [19].

          "TAX" includes any income tax, withholding tax, stamp, financial
          institutions, registration and other duties, bank accounts debits tax,
          goods and services tax, value added tax, retail turnover tax or
          similar tax on the provision of supplies and other taxes, levies,
          imposts, deductions and charges whatsoever (including, in respect of
          any duty imposed on receipts or liabilities of financial institutions,
          any amounts paid in respect of them to another financial institution)
          together with interest on them and penalties with respect to them (if
          any) and charges, fees or other amounts made on or in respect of them.

          "TRUST DEED" means the Consolidated PUMA Trust Deed dated 13 July 1990
          (as amended and supplemented from time to time) between the person
          referred to therein as the Founder and the Issuer Trustee.

          "TRUSTEE DEFAULT" has the same meaning as in the Note Trust Deed.

          "TRUSTEE INDEMNITY COSTS" means the fees, costs, charges and expenses
          incurred by or payable to the Issuer Trustee (in its capacity as
          trustee of the PUMA Trust) in accordance with the Trust Deed
          (including clauses [17.1 and 17.2] of the Trust Deed) and the Sub-Fund
          Notice, including, but not limited to, the Senior Fee Amount.

          "VOTING ENTITLEMENT" means, on a particular date the number of votes
          which a Voting Secured Creditor would be entitled to exercise if a
          meeting of Voting Secured Creditors were held on that date, being in
          respect of a given Voting Secured Creditor and subject to clause
          [13.5(c)], the number calculated by dividing the Secured Moneys owing
          to that Voting Secured Creditor by 10 and rounding the resultant
          figure down to the nearest whole number provided that if the Note
          Trustee is a then Voting Secured Creditor it will have a Voting
          Entitlement equal to the aggregate Voting Entitlement (determined in
          accordance with the foregoing) for all Class [] Noteholders on whose
          behalf it is acting.

          "VOTING SECURED CREDITOR" means:

          (a)  for so long as the Secured Moneys of the Noteholders are 75% or
               more of the

                                                                              6.
<PAGE>

               then total Secured Moneys:

               (i)    if any Class [ ] Note then remains outstanding, the Note
                      Trustee acting on behalf of the Class [ ] Noteholders (or,
                      if the Note Trustee has become bound to notify, or seek
                      directions from, the Class [ ] Noteholders or to take
                      steps and/or to proceed under the Note Trust Deed and
                      fails to do so as and when required by the Note Trust Deed
                      and such failure is continuing, the Class [ ] Noteholders)
                      and, if any A$ Redraw Notes remain outstanding, the A$
                      Redraw Noteholders; or

               (ii)   if no Senior Note then remains outstanding, the A$ Class
                      [ ] Noteholders; and

          (b)  otherwise:

               (i)    if any Class [ ] Notes remain outstanding, the Note
                      Trustee acting on behalf of such Noteholders (or, if the
                      Note Trustee has become bound to take steps and/or to
                      proceed under the Note Trust Deed and fails to do so as
                      and when required by the Note Trust Deed and such failure
                      is continuing, the Class [ ] Noteholders); and

               (ii)   each other Secured Creditor (other than the Note Trustee
                      and the Class [ ] Noteholders).

1.2       SUB-FUND NOTICE AND TRUST DEED DEFINITIONS

          Subject to clause [1.10], unless defined in this Deed, words and
          phrases defined in either or both of the Trust Deed and the Sub-Fund
          Notice have the same meaning in this Deed. Where there is any
          inconsistency in a definition between this Deed (on the one hand) and
          the Trust Deed or the Sub-Fund Notice (on the other hand), this Deed
          prevails. Where there is any inconsistency in a definition between the
          Trust Deed and the Sub-Fund Notice, the Sub-Fund Notice prevails over
          the Trust Deed in respect of this Deed. Subject to clause [1.10],
          where words or phrases used but not defined in this Deed are defined
          in the Trust Deed in relation to a Sub-Fund (as defined in the Trust
          Deed) such words or phrases are to be construed in this Deed, where
          necessary, as being used only in relation to the PUMA Trust (as
          defined in this Deed).

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;

                                                                              7.
<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 [1.10], a reference to this Deed, the Trust
               Deed or to any other deed, agreement, document or instrument
               includes, respectively, this Deed, the 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 or to any section or provision of any
               Statute includes any statutory modification or re-enactment or
               any statutory provision substituted therefor and all ordinances,
               by-laws, regulations and other statutory instruments issued
               thereunder;

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

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

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

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

          (k)  a reference to an Annexure is a reference to the Annexure 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 Sydney time;

          (p)  a reference to any thing (including, without limitation, the
               Secured Money, any other amount and the Charged Property) 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 5.30pm 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
               Trustee, the Security Trustee or the Manager means, subject to
               clause 1.3(t), any wilful failure to comply with, or wilful
               breach by, the Issuer Trustee, the Security 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:

                                                                              8.
<PAGE>

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

                          1)    the Issuer Trustee, the Security Trustee or the
                                Manager (as the case may be); or

                          2)    any other person referred to in clause [1.3(t)]
                                in relation to the Issuer Trustee, the Security
                                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 precondition to
                          the Issuer Trustee, the Security 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 this
                          Deed; or

                      B.  in accordance with any proper instruction or direction
                          of the Noteholders given at a meeting convened under
                          the Trust Deed (as amended by the Sub-Fund Notice);

          (t)  a reference to the "FRAUD", "NEGLIGENCE" or "WILFUL DEFAULT" of
               the Issuer Trustee, the Security Trustee or the Manager means the
               fraud, negligence or wilful default of the Issuer Trustee, the
               Security Trustee or the Manager (as the case may be) and of its
               officers, employees, agents and any other person where the Issuer
               Trustee, the Security 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 clause [27.2], 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 PUMA 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 means notice, knowledge or
               awareness of the occurrence of the events or circumstances
               constituting an Event of Default. The Security Trustee will be
               regarded as being actually aware of an Event of Default if it
               receives a written notice from the Issuer Trustee, the Manager or
               the Note Trustee that the Issuer Trustee, the Manager or the Note
               Trustee (as the case may be) believes, on reasonable grounds,
               that the Event of Default has occurred;

          (v)  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] appoint) a Receiver over any Charged
               Property, or takes possession of any Charged Property, pursuant
               to this Deed; and

                                                                              9.
<PAGE>

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

1.4       INCORPORATION OF ANNEXURE

          This Deed incorporates the Annexure which forms part of, and is
          subject to, this Deed.

1.5       ISSUER TRUSTEE'S CAPACITY

          In this Deed, unless expressly specified otherwise:

          (a)  (REFERENCES TO ISSUER TRUSTEE): a reference to the Issuer Trustee
               is a reference to the Issuer Trustee in its capacity as trustee
               of the PUMA Trust only, and in no other capacity;

          (b)  (REFERENCES TO ASSETS OF ISSUER TRUSTEE): a reference to the
               undertaking, assets, business or money of the Issuer Trustee is a
               reference to the undertaking, assets, business or money of the
               Issuer Trustee in its capacity referred to in paragraph (a); and

          (c)  (INSOLVENCY EVENT): a reference to an Insolvency Event in
               relation to the Issuer Trustee is to the Issuer Trustee only in
               its capacity as trustee of the PUMA Trust and does not include
               the Issuer Trustee personally, as trustee of any other trust fund
               or in any other capacity whatsoever.

1.6       DETERMINATION OF OUTSTANDING HEDGE MONEY

          If an "Early Termination Date", as defined in a relevant Hedge
          Arrangement, has not been designated in respect of any "Transactions",
          as defined in the Hedge Arrangement, then for the purposes of this
          Deed the amounts owing by the Issuer Trustee to a Hedge Provider under
          the Hedge Arrangement in respect of those Transactions are to be
          determined by the Manager (on behalf of the Issuer Trustee) and the
          Hedge Provider on the relevant date as if an Early Termination Date
          had been designated in respect of those Transactions in accordance
          with the Hedge Arrangement at the time of such determination and as if
          each of the Issuer Trustee and the Hedge Provider were an "Affected
          Party", as defined in the Hedge Arrangement, following a "Termination
          Event", as defined in the Hedge Arrangement, in respect of those
          Transactions.

1.7       AMOUNTS OUTSTANDING

          For the purposes of determining whether any amount constitutes Secured
          Moneys, for the purposes of clause [7(g)] and for the purposes of
          clause [13.1] (and for these purposes only) the calculation of any
          amounts owing or due by the Issuer Trustee will be made without regard
          to any limitation on the Issuer Trustee's liability that may be
          construed as meaning that such amounts are not owing or are not due
          and payable.

1.8       BENEFIT OF COVENANTS UNDER THIS DEED

          Unless the context indicates a contrary intention, the Security
          Trustee holds the covenants, undertaking and other obligations and
          liabilities of the Issuer Trustee and the Manager under this Deed on
          trust for the benefit of the Secured Creditors on the terms and
          conditions of this Deed.

1.9       OBLIGATIONS SEVERAL

          The obligations of the parties under this Deed are several.

                                                                             10.
<PAGE>

1.10      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 is consented to by all parties to this Deed.

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2.        THE SECURITY TRUST

2.1       APPOINTMENT OF SECURITY TRUSTEE

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

2.2       DECLARATION OF SECURITY TRUST

          The Security Trustee declares that it holds the Security Trust Fund on
          trust for those persons who are Secured Creditors at the time of
          distribution of any money by the Security Trustee pursuant to clause
          [13.1].

2.3       DURATION OF SECURITY TRUST

          The Security Trust commences on the date of this Deed and terminates
          on the first to occur of:

          (a)  (CHARGE RELEASE DATE): the Charge Release Date; and

          (b)  (RULE AGAINST PERPETUITIES): the 80th anniversary of the creation
               of the Security Trust.

2.4       BENEFIT OF SECURITY TRUST

          Each Secured Creditor is entitled to the benefit of the Security Trust
          on, and subject to, the terms and conditions of this Deed.

2.5       INTERESTED PERSONS BOUND

          The provisions of this Deed, the Trust Deed and the Sub-Fund Notice
          are binding upon every Interested Person and the Security Trustee.

2.6       NATURE OF RIGHTS OF SECURED CREDITORS

          Prior to any distribution to the Secured Creditors pursuant to clause
          [13.1], no Secured Creditor is entitled by virtue of this Deed to any
          equitable or proprietary interest in the Charged Property or the
          Charge, or any rights held by the Security Trustee under clause [1.8],
          and only has a mere right of action against the Security Trustee to
          properly perform its covenants under this Deed and to account to the
          Secured Creditors in accordance with this Deed.

2.7       SECURITY TRUSTEE BOUND BY TERMS OF OPTION

          The Security Trustee is bound by the terms of clause [9] of the
          Sub-Fund Notice in the exercise of its powers under this Deed. If the
          Manager issues a notice pursuant to clause

                                                                             11.
<PAGE>

          [9] of the Sub-Fund Notice it must provide a copy to the Security
          Trustee. The Security Trustee must take such action as is reasonably
          required by the Manager to give effect to clause [9] of the Sub-Fund
          Notice.

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3.        PAYMENT OF SECURED MONEYS

3.1       COVENANT IN FAVOUR OF SECURITY TRUSTEE

          The Issuer Trustee covenants in favour of the Security Trustee that it
          will duly and punctually pay the Secured Moneys to, or to the order
          of, the Security Trustee as and when the same fall due for payment.

3.2       PAYMENTS TO SECURED CREDITORS

          Notwithstanding clause [3.1], every payment by the Issuer Trustee, or
          the Security Trustee in accordance with this Deed, to the Secured
          Creditors on account of the Secured Moneys will operate as payment by
          the Issuer Trustee to the Security Trustee in satisfaction of the
          Issuer Trustee's obligations in respect of those Secured Moneys.

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4.        CHARGE

4.1       THE CHARGE

          The Issuer Trustee charges all its present and future, right, title
          and interest in the Charged Property, subject only to the Prior
          Interest, to the Security Trustee for the payment in full of all the
          Secured Moneys.

4.2       FLOATING CHARGE

          Subject to this Deed, the Charge is a floating charge over the Charged
          Property.

4.3       RANKING OF CHARGE

          Subject only to the Prior Interest, the Charge is a first ranking
          charge having priority over all other Security Interests of the Issuer
          Trustee over the Charged Property.

4.4       CRYSTALLISATION OF FLOATING CHARGE

          If the Charge has not otherwise taken effect as a fixed charge, it
          takes effect automatically and immediately as a fixed charge over all
          the Charged Property if an Event of Default occurs, other than if an
          Event of Default described in clauses [7(c)] or [(e)] occurs, in which
          event it takes effect as a fixed charge automatically and immediately
          over the affected Charged Property. Upon the Charge becoming a fixed
          charge pursuant to the foregoing provisions of this clause, the
          Security Trustee is deemed to have intervened at that point in time
          and to have exercised all its rights of intervention in respect of the
          relevant Charged Property.

4.5       CONSENT TO DEALINGS

          The Issuer Trustee must not (and the Manager will not give any
          direction to the Issuer Trustee to) dispose of or deal with the
          Charged Property, whether the Charge is fixed or floating, unless such
          disposition or such other dealing is permitted by or required by and
          will be effected in accordance with the terms of the Trust Deed, the
          Sub-Fund Notice or any other Transaction Document. Without limiting
          the generality of the foregoing, the Issuer Trustee or any of its
          delegates may (notwithstanding that the Charge has taken effect

                                                                             12.
<PAGE>

          as a fixed charge) discharge in accordance with the terms of the
          Transaction Documents, any Approved Mortgage, Loan or Collateral
          Security. Any Approved Mortgage, Loan or Collateral Security
          discharged pursuant to this clause will automatically, and without the
          need for any act on the part of the Security Trustee, be free from and
          released from this Charge.

4.6       RE-CONVERSION FROM FIXED INTO FLOATING CHARGE

          Subject to clause [4.7], at any time after the Charge has taken effect
          as a fixed charge over the Charged Property, the Security Trustee may
          (and will, if directed by an Extraordinary Resolution of the then
          Voting Secured Creditors) by notice in writing to the Issuer Trustee
          convert the Charge from a fixed charge into a floating charge as
          regards any asset or assets specified in such notice. Upon such notice
          being received by the Issuer Trustee, the Charge as regards such
          specified asset or assets will immediately become and operate as a
          floating charge subject to the provisions of this Deed and will cease
          to be a fixed charge over such specified asset or assets.

4.7       REPLACEMENT OF FIXED CHARGE OVER CHARGED PROPERTY

          If the Charge has taken effect as a fixed charge as a result of the
          occurrence of the Event of Default described in clause [7(a)(i)] the
          Security Trustee must, upon notification from the Manager that another
          person has been appointed as trustee of the PUMA Trust in accordance
          with the Trust Deed, by notice in writing to the Issuer Trustee
          convert the charge from a fixed charge into a floating charge as
          regards the Charged Property.

4.8       SUBSEQUENT DEALING

          From the effective date specified in a notice given under clause [4.6
          or 4.7]:

          (a)  (ISSUER TRUSTEE MAY DEAL AS IF FLOATING CHARGE): the Issuer
               Trustee may deal with the Charged Property the subject of the
               notice, if it was acquired by the Issuer Trustee before the
               effective date of the notice, as if it had always been charged by
               way of floating charge under this Deed;

          (b)  (TREAT THE FIXING AS NOT HAVING OCCURRED): the floating charge
               given by this Deed in respect of Charged Property the subject of
               the notice acquired by the Issuer Trustee on or after the
               effective date of the notice continues to operate as a floating
               charge as if it had never been a fixed charge; and

          (c)  (THIRD PERSON MAY RELY ON NOTICE THAT CHARGE IS FLOATING): a
               person dealing with the Issuer Trustee in relation to the Charged
               Property the subject of the notice may rely on a notice from the
               Security Trustee as conclusive evidence that, as at the time the
               notice is issued, such Charged Property is charged by way of
               floating charge.

4.9       [LIMIT AND PROSPECTIVE LIABILITY

          (a)  (AMOUNT RECOVERABLE): The Charge is security for the whole of the
               Secured Moneys but the aggregate amount recoverable under the
               Charge may not exceed the value from time to time of the Charged
               Property.

          (b)  (FIXED PRIORITIES): For the purposes of fixing priorities between
               the Charge and any subsequent charge registered under the
               Corporations Act, 2001, the Charge secures a prospective
               liability up to a maximum amount of [A$20,000,000,000].

          (c)  (NO OBLIGATION): Nothing in this clause [4.9] creates any
               obligation upon the

                                                                             13.
<PAGE>

               Security Trustee to enter into any arrangement or to advance any
               moneys or do any act or thing as a result whereof if so created,
               entered into, advanced or done there would be Secured Moneys, or
               limits or affects the provisions of section 279(2) of the
               Corporations Act, 2001.]

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5.        REPRESENTATIONS AND WARRANTIES

5.1       BY THE ISSUER TRUSTEE

          The Issuer Trustee represents and warrants to the Security 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 each
               Transaction Document to which it isexpressed to be a party does
               not violate its constitution;

          (c)  (CORPORATE POWER): it has the power and has taken all corporate
               and other action required to enter into each Transaction Document
               to which it is expressed to be a party and to authorise the
               execution and delivery of each Transaction Document to which it
               is expressed to be party and the performance of its obligations
               under each Transaction Document to which it is expressed to be a
               party;

          (d)  (FILINGS): all corporate notices, filings, and registrations with
               the Australian Securities and Investments 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
               each Transaction Document to which it is expressed to be a party
               have been filed or effected, as applicable, and all such filings
               and registrations are current, complete and accurate other than
               any Australian Securities and Investments Commission form 309 or
               350 in connection with the registration of this Deed;

          (e)  (LEGALLY BINDING OBLIGATION): its obligations under each
               Transaction Document to which it is expressed to be a party are
               valid, legally binding and enforceable obligations in accordance
               with the terms of each Transaction Document to which it is
               expressed to be a party subject to stamping and any necessary
               registration and 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 each Transaction Document to which it is
               expressed to be a party does not violate any existing law or
               regulation or any document or agreement to which it is a party or
               which is binding upon it or any of its assets;

          (g)  (AUTHORISATIONS): 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 each Transaction Document to which it is expressed
               to be a party in its personal capacity have been obtained and are
               valid and subsisting;

          (h)  (GOOD TITLE): it is the lawful owner of, and has good right to
               charge in the manner provided in this Deed, the Charged Property
               and, subject only to the Trust Deed, the Sub-Fund Notice, this
               Deed and the Prior Interest, the Charged Property is free of all
               other Security Interests;

                                                                             14.
<PAGE>

          (i)  (PUMA TRUST VALIDLY CREATED): the PUMA Trust has been validly
               created and is in existence at the date of this Deed;

          (j)  (SOLE TRUSTEE): it has been validly appointed as trustee of the
               PUMA Trust and is presently the sole trustee of the PUMA Trust;

          (k)  (TRUST DEED AND THE SUB-FUND NOTICE): the PUMA Trust is solely
               constituted by the Trust Deed and the Sub-Fund Notice;

          (l)  (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 PUMA Trust;

          (m)  (TRUSTEE'S POWER): it has power under the Trust Deed and the
               Sub-Fund Notice, to charge the Charged Property as provided in
               this Deed; and

          (n)  (NO BREACH): it is not in breach of any material provision of the
               Trust Deed or the Sub-Fund Notice.

5.2       BY THE MANAGER

          The Manager represents and warrants to the Security 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): its execution, delivery and performance of each
               Transaction Document to which it is expressed to be a party does
               not violate its constitution;

          (c)  (CORPORATE POWER): it has the power and has taken all corporate
               and other action required to enter into each Transaction Document
               to which it is expressed to be a party and to authorise the
               execution and delivery of each Transaction Document to which it
               is expressed to be a party and the performance of its obligations
               under each Transaction Document to which it is expressed to be
               party;

          (d)  (FILINGS): it has filed all corporate notices and effected all
               registrations with the Australian Securities and Investments
               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 each
               Transaction Document to which it is expressed to be a party are
               valid, legally binding and enforceable obligations in accordance
               with the terms of each Transaction Document to which it is
               expressed to be a party 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 each Transaction Document to which it is
               expressed to be a party does not violate any existing law or
               regulation or any document or agreement to which it is a party or
               which is binding upon it or any of its assets; and

          (g)  (AUTHORISATION): all consents, licences, approvals and
               authorisations of every

                                                                             15.
<PAGE>

               Governmental Agency required to be obtained by the Manager in
               connection with the execution, delivery and performance of each
               Transaction Document to which it is expressed to be a party have
               been obtained and are valid and subsisting.

5.3       BY THE SECURITY TRUSTEE

          The Security Trustee represents and warrants to the Manager and the
          Issuer 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): its execution, delivery and performance of each
               Transaction Document to which it is expressed to be a party does
               not violate its constitution;

          (c)  (CORPORATE POWER): it has the power and has taken all corporate
               and other action required to enter into each Transaction Document
               to which it is expressed to be a party and to authorise the
               execution and delivery of each Transaction Document to which it
               is expressed to be a party and the performance of its obligations
               under each Transaction Document to which it is expressed to be a
               party;

          (d)  (FILINGS): it has filed all corporate notices and effected all
               registrations with the Australian Securities and Investments
               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 each
               Transaction Document to which it is expressed to be a party are
               valid, legally binding and enforceable obligations in accordance
               with the terms of each Transaction Document to which it is
               expressed to be a party, 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 each Transaction Document to which it is
               expressed to be a party does not violate any existing law or
               regulation or any document or agreement to which it is a party or
               which is binding upon it or any of its assets; and

          (g)  (AUTHORISATION): all consents, licences, approvals and
               authorisations of every Governmental Agency required to be
               obtained by the Security Trustee in connection with the
               execution, delivery and performance of each Transaction Document
               to which it is expressed to be a party have been obtained and are
               valid and subsisting.

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6.        ISSUER TRUSTEE'S AND MANAGER'S COVENANTS

6.1       COVENANTS IN RESPECT OF CHARGED PROPERTY

          The Issuer Trustee undertakes that it will not without the prior
          written consent of the Security Trustee or as otherwise permitted by
          this Deed, the Trust Deed or the other Transaction Documents:

          (a)  (NO SECURITY INTERESTS): subject only to the Prior Interest,
               attempt to create or

                                                                             16.
<PAGE>

               permit to exist any Security Interest howsoever ranking over any
               part of the Charged Property; and

          (b)  (NO SALE, LEASE ETC.): subject to clause [6.3], convey, assign,
               transfer, lease or otherwise dispose or part with possession of,
               make any bailment over, or create or permit to exist any other
               interest in any part of the Charged Property at any time that
               such part of the Charged Property is subject to the Charge.

6.2       GENERAL COVENANTS

          The Issuer Trustee agrees to:

          (a)  (COMPLY WITH TRANSACTION DOCUMENTS): comply with its obligations
               and duties under the Trust Deed (in so far as it applies to the
               PUMA Trust), the Sub-Fund Notice and the other Transaction
               Documents;

          (b)  (COPY OF NOTEHOLDER DETAILS): at the same time or as soon as
               practical after a notice referred to in clause [6.2(e)] is given
               to the Security Trustee by the Issuer Trustee or after the Issuer
               Trustee receives a notice pursuant to clause [6.4(b)], provide to
               the Security Trustee and the Note Trustee a current copy of the
               Register maintained by the Issuer Trustee under clause [15] of
               the Trust Deed and details (to the extent known by it) of the
               identity, and notice details, of each Secured Creditor and the
               Secured Moneys owing to each Secured Creditor;

          (c)  (ASSISTANCE TO SECURITY TRUSTEE): provide to the Security
               Trustee, as the Security Trustee may reasonably require to enable
               the Security Trustee to perform its duties and functions under
               this Deed (and which the Security Trustee has been unable to
               obtain from any other party to the Transaction Documents), 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 Trustee,
               or which the Issuer Trustee is entitled to obtain from any
               person;

          (d)  (DOCUMENTS OF TITLE): if the Charge has taken effect as a fixed
               charge, deposit with the Security Trustee immediately or as soon
               as the Issuer Trustee receives them:

               (i)    anything evidencing a Security Interest and any document
                      of title given to the Issuer Trustee to secure the payment
                      of a monetary obligation to the Issuer Trustee; and

               (ii)   any documents of title relating to property over which the
                      Charge operates as a fixed charge,

                where, in such case, such evidence or documents (as the case may
                be) are then in the Issuer Trustee's possession or control;

          (e)  (NOTIFY EVENTS OF DEFAULT, ETC): notify the Security Trustee and
               the Current Rating Authorities if it becomes actually aware of
               the occurrence of an Event of Default, Trustee Default, Manager
               Default or Potential Event of Default, and provide the Security
               Trustee and the Current Rating Authorities with details of such
               occurrence;

          (f)  (NOT INCUR UNAUTHORISED INDEBTEDNESS): except in accordance with
               an Extraordinary Resolution of the Voting Secured Creditors, not
               give any guarantees or incur any borrowings (which does not
               include debts incurred to

                                                                             17.
<PAGE>

               trade creditors in the ordinary course of the Issuer Trustee's
               business as trustee of the PUMA Trust) other than as permitted or
               contemplated by the Transaction Documents;

          (g)  (NOT RELEASE OBLIGATIONS): except in accordance with an
               Extraordinary Resolution of the Voting Secured Creditors, not
               discharge or release any person from any of their obligations
               under the Transaction Documents to which the Issuer Trustee is a
               party save where such discharge or release is in accordance with
               the Transaction Documents; and

          (h)  (NOT ENGAGE IN OTHER ACTIVITIES): not engage (in its capacity as
               trustee of the PUMA Trust) in any business or other activities
               except as permitted or contemplated by the Transaction Documents.

6.3       DEALING IN ACCORDANCE WITH TRANSACTION DOCUMENTS

          The Issuer Trustee may deal with and pay or apply the Charged Property
          in accordance with the provisions of the Trust Deed, the Sub-Fund
          Notice and any other Transaction Document at any time that the Charged
          Property is subject to the floating charge.

6.4       MANAGER UNDERTAKING

          The Manager undertakes to the Issuer Trustee and the Security Trustee
          that:

          (a)  (NO DIRECTION IN BREACH OF CLAUSE [6.1]): it will not give any
               direction to the Issuer Trustee under the Trust Deed or the
               Sub-Fund Notice which would, if complied with, result in the
               Issuer Trustee breaching the terms of this clause [6]; and

          (b)  (NOTIFICATION OF EVENTS OF DEFAULT, ETC): it will promptly notify
               the Issuer Trustee, the Security Trustee and the Current Rating
               Authorities if it becomes aware of the occurrence of an Event of
               Default, Potential Event of Default, a Trustee Default or a
               Manager Default and provide the Issuer Trustee, the Security
               Trustee and the Current Rating Authorities with details of such
               occurrence.

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7.        EVENTS OF DEFAULT

          Each of the following events is an Event of Default whether or not
          caused by any reason whatsoever outside the control of any Interested
          Person or any other person:

          (a)  [(i)   (ISSUER TRUSTEE RETIRES AND REPLACEMENT NOT FOUND): the
                      Issuer Trustee gives notice of its retirement or is
                      removed as trustee of the PUMA Trust in accordance with
                      clause [19] of the Trust Deed and another person is not
                      appointed as trustee of the PUMA Trust in accordance with
                      the Trust Deed within 60 days thereafter;

               (ii)   (LOSS OF INDEMNITY): the Security Trustee becomes aware or
                      is notified by the Manager or the Issuer Trustee that the
                      Issuer Trustee is (for any reason) not entitled fully to
                      exercise its right of indemnity against the assets of the
                      PUMA Trust to satisfy any liability to a Secured Creditor
                      and the circumstances are not rectified to the reasonable
                      satisfaction of the Security Trustee within 14 days of the
                      Security Trustee requiring the Issuer Trustee in writing
                      to rectify them; or

                                                                             18.
<PAGE>

               (iii)  (PUMA TRUST IMPERFECTLY CONSTITUTED): the PUMA Trust is
                      not properly constituted or is imperfectly constituted in
                      a manner or to an extent that it is regarded by the
                      Security Trustee (acting reasonably) to be materially
                      prejudicial to the interests of any class of Secured
                      Creditor and is incapable of being remedied or if it is
                      capable of being remedied this has not occurred to the
                      reasonable satisfaction of the Security Trustee within 30
                      days of the discovery thereof;

          (b)  (INSOLVENCY EVENT): an Insolvency Event occurs in relation to
               the Issuer Trustee;

          (c)  (ENFORCEMENT OF SECURITY INTERESTS ETC.): distress or execution
               is levied or a judgment, order or a Security Interest is
               enforced, or becomes enforceable over any of the Charged Property
               or any asset of the PUMA Trust for an amount exceeding (either
               individually or in aggregate) [A$1,000,000], or can be rendered
               enforceable by the giving of notice, lapse of time or fulfilment
               of any condition;

          (d)  (VOID OR LOSS OF PRIORITY): the Charge:

               (i)    is or becomes wholly or partly void, voidable or
                      unenforceable; or

               (ii)   at or after the date of this Deed loses the priority which
                      it is expressed to have in clause [4.3] (other than as
                      mandatorily preferred by law or by an act or omission of
                      the Security Trustee);

          (e)  (CREATES SECURITY INTEREST/TRANSFERS ASSETS): the Issuer Trustee
               breaches the undertakings in clause [6.1] or attempts to create
               or allows to exist a Security Interest over the Charged Property
               otherwise than in accordance with the Trust Deed, the Sub-Fund
               Notice or this Deed;

          (f)  (TAX COMMISSIONER'S DETERMINATION): the Commissioner of Taxation,
               or its delegate, determines to issue a notice under any
               legislation that imposes a Tax requiring any person obliged or
               authorised to pay money to the Issuer Trustee to instead pay such
               money to the Commissioner in respect of any tax or any fines and
               costs imposed on the Issuer Trustee;

          (g)  (FAILURE TO PAY SECURED MONEYS): any Secured Moneys are not paid
               within 10 days of when due, other than, for so long as any Senior
               Notes are outstanding, any Secured Moneys in respect of any
               Redraw Facility Principal or any Redraw Facility Interest (other
               than the Senior Redraw Facility Principal or amounts in respect
               of the Senior Redraw Facility Interest Amount, respectively), or
               the A$ Class [ ] Notes; and

          (h)  (OTHER EVENT OF DEFAULT): any other event occurs which is
               described in a Transaction Document as an Event of Default for
               the purposes of this Deed.]

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8.        RIGHTS AND OBLIGATIONS OF THE SECURITY TRUSTEE FOLLOWING EVENT OF
          DEFAULT

8.1       NOTIFY SECURED CREDITORS AND CONVENE MEETING OF VOTING SECURED
          CREDITORS

          Without prejudice to the operation of clause [9.2(b)], upon becoming
          actually aware of the occurrence of an Event of Default, the Security
          Trustee must promptly (and, in any event

                                                                             19.
<PAGE>

          within 2 Business Days):

          (a)  (NOTIFY SECURED CREDITORS AND THE CURRENT RATING AUTHORITIES):
               notify all then Secured Creditors, and the Current Rating
               Authorities of the Event of Default and provide to such Secured
               Creditors and Current Rating Authorities full details of the
               Event of Default known to the Security Trustee and the actions
               and procedures, of which the Security Trustee is aware, which are
               being taken or will be taken by the Issuer Trustee and the
               Manager to remedy the relevant Event of Default; and

          (b)  (CONVENE MEETING OF VOTING SECURED CREDITORS): promptly convene a
               meeting of the then Voting Secured Creditors and propose the
               necessary Extraordinary Resolutions (in both cases in accordance
               with the provisions of the Annexure) to seek directions by way of
               an Extraordinary Resolution of the then Voting Secured Creditors
               regarding the action the Security Trustee should take as a result
               of such Event of Default pursuant to clause [8.2].

8.2       EXTRAORDINARY RESOLUTIONS

          At a meeting of the then Voting Secured Creditors referred to in
          clause [8.1(b)], or by a resolution in writing signed by all Voting
          Secured Creditors, the Voting Secured Creditors may direct the
          Security Trustee by Extraordinary Resolution to:

          (a)  (ACCELERATE SECURED MONEYS): declare the Secured Moneys
               immediately due and payable under clause [9.6];

          (b)  (APPOINT RECEIVER): appoint a Receiver in accordance with clause
               [10] and, if a Receiver is to be appointed, the Voting Secured
               Creditors must by a further Extraordinary Resolution determine
               the amount of the Receiver's remuneration;

          (c)  (EXERCISE POWER OF SALE): instruct the Security Trustee by notice
               in writing to sell and realise the Charged Property and otherwise
               enforce the Charge; and/or

          (d)  (OTHER ACTION): take such other action that the Security Trustee
               is permitted to take under this Deed as the Voting Secured
               Creditors may specify in the terms of such Extraordinary
               Resolution.

8.3       SECURITY TRUSTEE TO ACT IN ACCORDANCE WITH DIRECTIONS

          (a)  (MUST IMPLEMENT EXTRAORDINARY RESOLUTION): Subject to clause
               [8.3(b)], the Security Trustee must take all action necessary to
               give effect to any Extraordinary Resolution of the Voting Secured
               Creditors and must comply with all directions contained in or
               given pursuant to any Extraordinary Resolution of the Voting
               Secured Creditors.

          (b)  (EXCEPTIONS): The obligation of the Security Trustee pursuant to
               clause [8.3(a)] is subject to:

               (i)    this Deed; and

               (ii)   if required by the Security Trustee (in its absolute
                      discretion), the Security Trustee being adequately
                      indemnified to its reasonable satisfaction from the
                      Charged Property or, if requested at any time before or
                      during the relevant meeting, the Security Trustee
                      receiving from the Voting Secured Creditors an indemnity
                      in a form reasonably satisfactory to the Security Trustee
                      (which may be by way of an

                                                                             20.
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                      Extraordinary Resolution of the Voting Secured Creditors)
                      against all actions, proceedings, claims and demands to
                      which it may render itself liable, and all costs, charges,
                      damages and expenses which it may incur, in giving effect
                      to an Extraordinary Resolution of the Voting Secured
                      Creditors.

          (c)  (RANKING OF INDEMNITIES): The Security Trustee must first claim
               on its indemnity from the Charged Property and if it does not
               receive such indemnity from the Charged Property within 2
               Business Days of the first claim then it may claim on any
               indemnity from the Voting Secured Creditors, including any
               indemnity provided under clause [8.4].

8.4       SECURITY TRUSTEE MUST RECEIVE INDEMNITY

          If:

          (a)  (SECURITY TRUSTEE REQUIRES INDEMNITY): the Security Trustee
               convenes a meeting of the Voting Secured Creditors, or is
               required by an Extraordinary Resolution of the Voting Secured
               Creditors, to take any action to enforce this Deed and advises
               the Voting Secured Creditors at any time before or during the
               meeting that the Security Trustee will not take that action in
               relation to the enforcement of this Deed unless it is personally
               indemnified by the Voting Secured Creditors to its reasonable
               satisfaction against all actions, proceedings, claims and demands
               to which it may render itself liable, and all costs, charges,
               damages and expenses which it may incur, in relation to the
               enforcement of this Deed and given funds to the extent to which
               it may become liable (including costs and expenses); and

          (b)  (VOTING SECURED CREDITORS REFUSE TO GRANT INDEMNITY): the Voting
               Secured Creditors refuse to grant the requested indemnity and
               give it funds,

          the Security Trustee will not be obliged to act in relation to the
          enforcement of this Deed. In these circumstances, the Voting Secured
          Creditors may then exercise such powers, and enjoy such protections
          and indemnities, of the Security Trustee under this Deed, any Security
          Interest or any other document or agreement at any time created or
          entered into in favour of the Security Trustee as security for the
          Secured Moneys or by law as they determine by Extraordinary
          Resolution. The Security Trustee will not be liable in any manner
          whatsoever if the Voting Secured Creditors exercise, or do not
          exercise, the rights given to them in the preceding sentence.

8.5       NOTICE TO ISSUER TRUSTEE AND THE MANAGER

          If the Voting Secured Creditors pass an Extraordinary Resolution
          referred to in clause 8.2 at a meeting convened following an Event of
          Default, the Security Trustee must notify the Issuer Trustee and the
          Manager in writing within 1 Business Day after such Extraordinary
          Resolution is so passed.

8.6       MANAGER CONVENES MEETING

          If the Security Trustee fails to convene a meeting, or to propose the
          necessary Extraordinary Resolutions, in accordance with clause
          [8.1(b)], the Manager must convene a meeting of Voting Secured
          Creditors or propose the necessary Extraordinary Resolutions (as the
          case may be), in accordance with this clause [8], which meeting is to
          have only the same powers as if convened by the Security Trustee and
          is to be conducted in accordance with the provisions of the Annexure,
          in which event all references in this Deed and the Annexure to the
          Security Trustee in relation to the requirements of meetings of Voting

                                                                             21.
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          Secured Creditors will be read and construed, mutatis mutandis, as
          references to the Manager.

8.7       NOTICE OF EVENT OF DEFAULT

          If the Security Trustee becomes aware of the occurrence of an Event of
          Default, and the Issuer Trustee has not given the Security Trustee
          notice in accordance with clause [6.2(e)], the Security Trustee must
          promptly give the Issuer Trustee notice of the occurrence of the Event
          of Default.

8.8       NOTICE OF ACTION TO REMEDY EVENT OF DEFAULT

          If the Issuer Trustee and the Manager take any action or procedures to
          remedy an Event of Default, both the Issuer Trustee and the Manager
          must keep the Security Trustee informed of those actions and
          procedures.

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9.        ENFORCEMENT

9.1       POWER TO DEAL WITH AND PROTECTION OF THE CHARGED PROPERTY

          If the Charge crystallises and becomes fixed pursuant to the
          provisions of this Deed:

          (a)  (POWER TO DEAL WITH THE CHARGED PROPERTY CEASES): the Issuer
               Trustee's power to deal with the Charged Property will, subject
               to clauses [2.7, 4.5 and 4.6], immediately cease; and

          (b)  (PROTECTION OF CHARGED PROPERTY): the Security Trustee will have
               the right either in its own name or in the name of the Issuer
               Trustee to immediately seek and obtain appropriate relief in
               relation to that part of the Charged Property affected or
               threatened by the relevant Event of Default.

9.2       RESTRICTIONS ON POWER TO ENFORCE

          If an Event of Default occurs, the Security Trustee must not declare
          the Secured Moneys immediately due and payable under clause [9.6],
          appoint a Receiver under clause [10] or, subject to the operation of
          clauses [4.4 to 4.7] (inclusive), otherwise enforce the Charge unless:

          (a)  (SECURED CREDITORS AUTHORISE ACTION): the Voting Secured
               Creditors have passed an Extraordinary Resolution referred to in
               clause [8.2] or at a meeting convened pursuant to clause [8.6] or
               pursuant to clause [2] of the Annexure; or

          (b)  (DELAY WOULD BE PREJUDICIAL): in the opinion of the Security
               Trustee, the delay required to obtain the directions of the
               Voting Secured Creditors in accordance with clause [8.2] would be
               prejudicial to the interests of the Secured Creditors as a class
               (in which case the Security Trustee must take those actions).

9.3       NO OBLIGATION TO ENFORCE

          Upon the occurrence of an Event of Default, subject to clauses [8.1,
          9.2] and [15.3], pending the receipt of directions from the Voting
          Secured Creditors as contemplated by clauses [8.2], [8.3] and 8.4],
          the Security Trustee is not bound to take any action under this Deed
          or give any consent or waiver or make any determination under this
          Deed (including, without limiting the generality of the foregoing, to
          appoint any Receiver, to declare the Charge enforceable or the Secured
          Moneys immediately due and payable or to take any other proceedings).
          Nothing in this clause affects the operation of clause [4.4] upon the

                                                                             22.
<PAGE>

          occurrence of an Event of Default or the Charge becoming enforceable
          prior to the Security Trustee receiving directions from the Voting
          Secured Creditors.

9.4       LIMITATION ON RIGHTS OF SECURED CREDITORS

          Subject to clause [8.4]:

          (a)  (POWERS EXERCISABLE BY SECURITY TRUSTEE ONLY): the powers, rights
               and remedies conferred on the Security Trustee by this Deed are
               exercisable by the Security Trustee only, and no Secured Creditor
               is entitled to exercise the same or any of them; and

          (b)  (SECURED CREDITORS CANNOT ENFORCE): without limiting the
               generality of the foregoing, no Secured Creditor is entitled to
               enforce the Charge or the provisions of this Deed exercisable by
               the Security Trustee or to appoint a Receiver to any of the
               Charged Property or otherwise to exercise any power conferred by
               the terms of any applicable law on chargees.

9.5       IMMATERIAL WAIVERS

          The Security Trustee may, on such terms and conditions as it may deem
          expedient, without the consent of the Secured Creditors, and without
          prejudice to its rights in respect of any subsequent breach:

          (a)  (WAIVER OF BREACHES): agree to any waiver or authorisation of any
               breach or proposed breach of any of the terms and conditions of
               the Transaction Documents; and

          (b)  (WAIVER OF EVENTS OF DEFAULT): determine that any event that
               would otherwise be an Event of Default will not be treated as an
               Event of Default for the purpose of this Deed,

          which is not, in the opinion of the Security Trustee, materially
          prejudicial to the interests of the Secured Creditors as a class. No
          such waiver, authorisation or determination may be made in
          contravention of any prior directions contained in an Extraordinary
          Resolution of the Voting Secured Creditors. Any such waiver,
          authorisation or determination will, if the Security Trustee so
          requires, be notified to the Secured Creditors by the Manager as soon
          as practicable after it is made in accordance with this Deed.

9.6       ACCELERATION OF SECURED MONEYS FOLLOWING EVENT OF DEFAULT

          If any Event of Default occurs, at any time thereafter if the Event of
          Default is continuing, the Security Trustee may, by written notice to
          the Issuer Trustee and the Manager, declare in accordance with this
          Deed the Secured Moneys to be immediately due and payable, whereupon
          the Secured Moneys will immediately become due and payable (subject to
          the limitation contained in clause [20.13] of the Trust Deed or any
          equivalent limitation in relation to the relevant Secured Moneys).

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

10.       RECEIVERS - APPOINTMENT AND POWERS

10.1      APPOINTMENT OF RECEIVER

          (a)  (CONDITIONS OF APPOINTMENT): Following the occurrence of an Event
               of Default, if the Voting Secured Creditors pass the
               Extraordinary Resolutions under or referred to in clause [8.2(b)]
               the Security Trustee must appoint in writing a person or persons
               to be a receiver or receiver and manager of the

                                                                             23.
<PAGE>

               Charged Property to deal with the Charged Property in accordance
               with any instructions given by the Voting Secured Creditors by
               Extraordinary Resolution and may withdraw the appointment of any
               such Receiver as to the Charged Property and in case of the
               removal retirement or death of any such Receiver may appoint
               another person or persons in its place on substantially the same
               terms as the previous Receiver.

          (b)  (NO LIABILITY FOR RECEIVER): Neither the Issuer Trustee nor the
               Security Trustee will be responsible for anything done or not
               done by a Receiver. However, the Security Trustee must to the
               extent of a prudent security trustee monitor the performance by
               any person or persons appointed by it under clause [10.1(a)] of
               that person's or those persons' duties as Receiver of the Charged
               Property.

10.2      JOINT RECEIVERS

          If more than one person is appointed as a Receiver of the Charged
          Property, the Security Trustee may specify whether such appointment
          and the powers of each such person will at its option be joint or
          joint and several and, failing such specification such appointment and
          the powers of each such person will be deemed to be joint and several.

10.3      REMUNERATION OF RECEIVER

          The Security Trustee must fix the remuneration of a Receiver in
          accordance with the terms of the Extraordinary Resolution passed under
          clause [8.2(b)].

10.4      INDEMNIFICATION OF RECEIVER

          Without limiting the generality of clause [10.7], each Receiver must
          be granted an indemnity for its remuneration, costs, liabilities and
          expenses by the Security Trustee. However, the Security Trustee will
          not be required to grant such indemnity to a Receiver unless it is
          reasonably satisfied that its liability under that indemnity is
          limited so as not to exceed the Security Trustee's right of indemnity
          out of the Security Trust Fund. Any moneys payable by the Security
          Trustee under such an indemnity must be paid out of the Charged
          Property in accordance with this Deed and will form part of the
          Secured Moneys.

10.5      APPOINTMENT OVER PART

          The power to appoint a Receiver over all of the Charged Property may
          be exercised whether or not a Receiver has already been appointed over
          part of it.

10.6      POWERS OF RECEIVER

          [A Receiver, without the need for any consent from the Issuer Trustee,
          has all of the following powers in addition to any of the other powers
          conferred by this Deed:

          (a)  (TO TAKE POSSESSION): to enter, take possession of, have access
               to, make use of and collect and manage the Charged Property;

          (b)  (TO COLLECT MONEYS): to convert, liquidate and reduce the Charged
               Property into money and, except as provided in clause [13.6], to
               convert any of the Charged Property denominated in a Foreign
               Currency into Australian dollars;

          (c)  (TO CARRY ON BUSINESS): to carry on or concur in carrying on any
               business then conducted by the Issuer Trustee and to effect all
               insurances and do all acts which the Issuer Trustee might do in
               the ordinary course of such business for the protection or
               improvement of the Charged Property;

                                                                             24.
<PAGE>

          (d)  (TO BORROW OR RAISE MONEY): to borrow or raise in any way from
               the Security Trustee or any other person any moneys which may be
               required for the purposes referred to in this Deed and in the
               name of the Issuer Trustee or otherwise to secure any moneys so
               borrowed or raised by the grant of any Security Interest over the
               Charged Property or any part thereof so that such Security
               Interest ranks in priority to, equally with or after the Charge,
               provided that the Security Trustee will not be bound to enquire
               as to the necessity or propriety of any such borrowing or raising
               nor be responsible for the misapplication or non-application of
               any moneys so borrowed or raised;

          (e)  (TO EMPLOY): to employ managers, solicitors, auctioneers,
               brokers, consultants, professional advisers, workmen, officers,
               agents, employees and servants, including any person associated
               with a firm or company in which the Receiver is a member or in
               which he is interested and such person may charge for his
               services as if he had been independently retained for all or any
               of the purposes in this Deed referred to at such salaries or
               remuneration as the Receiver thinks fit and without the need for
               further enquiry and, without thereby incurring any liability to
               the Issuer Trustee, may act upon such person's advice as to the
               timing of or any incident or term of any sale including whether
               or not the Charged Property should be offered for sale by auction
               and as to the need for and amount of any reserve price and as to
               the adequacy of any rent or of any price obtainable on sale by
               private treaty;

          (f)  (TO SELL PROPERTY): to sell or concur in selling whether or not
               the Receiver has taken possession of the Charged Property, by
               public auction, private treaty or tender, for cash or on credit,
               in one lot or in parcels with or without special conditions or
               stipulations as to title, the time and the mode of payment of
               purchase moneys and otherwise, as the Receiver thinks fit with
               power to allow the purchase moneys to remain on mortgage over the
               property sold or on any other security or without any security
               and upon such other terms and conditions as the Receiver
               considers expedient with full power to buy in and to rescind or
               vary any contract for sale and to resell without being
               responsible for loss and to exercise all or any rights, powers
               and remedies of the Issuer Trustee thereunder and to execute such
               contracts, deeds, agreements, transfers, assignments and
               assurances of all or any part of the Charged Property in the name
               and on behalf of the Issuer Trustee or otherwise and to do all
               other acts and things for implementing and completing any such
               sale that the Receiver deems necessary;

          (g)  (TO GIVE UP POSSESSION): to give up possession of the Charged
               Property at any time;

          (h)  (TO INVEST PROCEEDS AGAINST CONTINGENCIES): if any of the Secured
               Moneys are contingent, to invest deposit or hold any part of the
               Charged Property in such form or in such mode of investment for
               the time being as the Receiver in its absolute discretion thinks
               fit, with like power to vary, transpose or re-invest such
               investments or deposits from time to time until such part of the
               Secured Moneys cease to be contingent;

          (i)  (TO ENTER INTO CONTRACTS): to enter into, vary or terminate any
               contract, undertaking, covenant, instrument, obligation or
               arrangement with any person for any purpose connected with this
               Deed or the Charged Property or in furtherance of any power in
               this Deed upon such terms and conditions as the Receiver in its
               absolute discretion thinks fit including, without limitation,
               granting or conferring options to in favour of or exercisable by
               any person for the purpose of or in connection with the sale,
               purchase, leasing or hiring of the

                                                                             25.
<PAGE>

               Charged Property;

          (j)  (TO PERFORM CONTRACTS): to perform, observe and carry out and
               enforce specific performance of, to exercise or refrain from
               exercising, the Issuer Trustee's rights and powers under, to
               obtain the benefit of and to vary or rescind, all contracts and
               rights forming part of the Charged Property and all instruments
               and arrangements entered into or held by the Issuer Trustee;

          (k)  (TO TAKE PROCEEDINGS): to institute, conduct or defend any
               proceedings in law, equity or bankruptcy and to submit to
               arbitration in the name of the Issuer Trustee or otherwise and on
               any terms any proceeding, claim, question or dispute in
               connection with the Charged Property or otherwise;

          (l)  (TO COMPROMISE): to make any settlement, arrangement or
               compromise regarding any action or dispute arising in connection
               with the Charged Property, to grant to any person involved
               therein time or other indulgence and to execute such releases or
               discharges in connection therewith as the Receiver thinks
               expedient in the interests of the Security Trustee;

          (m)  (TO APPEAL): to appeal against or to enforce any judgment or
               order;

          (n)  (TO BANKRUPT DEBTORS AND WIND-UP COMPANIES): to make debtors
               bankrupt and to wind-up companies and to do all things in
               connection with any bankruptcy or winding up which the Receiver
               thinks necessary for the recovery or protection of the Charged
               Property or any part thereof or for the security or other benefit
               of the Security Trustee or the Secured Creditors;

          (o)  (TO DELEGATE): with the consent in writing of the Security
               Trustee, to delegate to any person for such time or times as the
               Security Trustee approves, any of the powers in this Deed
               conferred upon the Receiver including this power of delegation;

          (p)  (TO FILE): to file all certificates, registrations and other
               documents and to take any and all action on behalf of the Issuer
               Trustee which the Security Trustee or Receiver believes necessary
               to protect, preserve or improve any or all of the Charged
               Property and the rights of the Issuer Trustee and the Security
               Trustee in respect of any agreement for sale and to obtain for
               the Security Trustee all of the benefits of this Deed and in
               particular the placing of the Issuer Trustee into liquidation or
               the appointment of a Receiver is deemed to be an event against
               which the Security Trustee may protect its rights;

          (q)  (TO OPERATE BANK ACCOUNTS): to operate to the exclusion of the
               Issuer Trustee any bank account in the name of the Issuer Trustee
               whether alone or jointly and to withdraw any moneys to the credit
               of such account and to sign and endorse or to authorise others to
               sign and endorse in the name of the Issuer Trustee cheques,
               promissory notes, bills of exchange and other negotiable
               instruments;

          (r)  (TO EXERCISE ISSUER TRUSTEE'S POWERS): to exercise all the
               powers, rights and entitlements conferred upon the Issuer Trustee
               under the terms of, or pursuant to the general law or Statute in
               respect of, any Charged Property;

          (s)  (TO DO ALL OTHER THINGS NECESSARY): to do all things necessary to
               perform observe and fulfil any of the covenants on the part of
               the Issuer Trustee under this Deed; and

          (t)  (TO DO SUCH THINGS AS ARE EXPEDIENT): to do all such other acts
               and things

                                                                             26.
<PAGE>

               without limitation as it thinks expedient for the interests of
               the Security Trustee or the Secured Creditors,

          and will have such further powers and discretions as the Security
          Trustee by notice in writing to the Receiver confers upon the Receiver
          for the purposes referred to in this clause [10.6].]

10.7      INDEMNITY

          The Security Trustee may give such indemnities to the Receiver in
          respect of the performance by the Receiver of his duties as are
          permitted by law and if the Security Trustee is obliged to pay any
          moneys pursuant to any such indemnity the same will become part of the
          Secured Moneys.

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11.       POWERS AND PROTECTIONS FOR SECURITY TRUSTEE AND RECEIVER AND POWER OF
          ATTORNEY

11.1      SECURITY TRUSTEE HAS POWERS OF RECEIVER

          At any time after an Event of Default occurs, the Security Trustee, in
          addition to the powers conferred on it by any other provision of this
          Deed or by law, may, without giving any notice, exercise all or any of
          the powers conferred on a Receiver, or which would be conferred on a
          Receiver if appointed by this Deed, as if the same had been expressly
          conferred on the Security Trustee and the Security Trustee may itself
          exercise such powers, authorities and discretions and/or may appoint
          an agent or joint and/or several agents for that purpose. When any
          such agent(s) are appointed the Security Trustee may:

          (a)  (REMUNERATION OF AGENT): fix the remuneration of such agent(s)
               upon the same basis that such agent(s) would have been entitled
               to remuneration if appointed as Receiver(s) pursuant to the
               provisions of clause [10.3] or otherwise pay the reasonable
               charges of such agent(s);

          (b)  (WITHDRAW APPOINTMENT OF AGENT): withdraw the appointments of any
               such agent(s); and

          (c)  (APPOINT ANOTHER AGENT): in the case of the removal retirement or
               death of any such agent(s) may appoint another person or persons
               in its place.

11.2      ACT JOINTLY

          The Security Trustee or Receiver may exercise any of the powers
          conferred upon the Security Trustee or the Receiver in conjunction
          with the exercise of similar powers by the holder of any other
          Security Interests over the Charged Property or part thereof or by any
          receiver appointed by such holder and may enter into and give effect
          to such agreements and arrangements with such other holder or receiver
          as the Security Trustee or Receiver thinks fit.

11.3      NO LIABILITY FOR LOSS

          The Security Trustee is not nor is any Receiver 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 except for fraud, negligence or
          wilful default.

                                                                             27.
<PAGE>

11.4      NO LIABILITY TO ACCOUNT AS MORTGAGEE IN POSSESSION

          Neither the Security Trustee nor any Receiver will by reason of the
          Security Trustee or the Receiver entering into possession of the
          Charged Property or any part thereof be liable to account as mortgagee
          or chargee in possession or for anything except actual receipts or be
          liable for any loss upon realisation or for any default, omission,
          delay or mistake for which a mortgagee or chargee in possession might
          be liable.

11.5      NO CONFLICT

          The Security Trustee and any Receiver may exercise any power under
          this Deed notwithstanding that the exercise of that power involves a
          conflict between any duty owed to the Issuer Trustee by the Security
          Trustee or such Receiver and:

          (a)  (DUTY OWED TO OTHERS): any duty owed by the Security Trustee or
               Receiver to any other person; or

          (b)  (INTEREST OF OTHERS): the interests of the Security Trustee or
               Receiver.

11.6      CONTRACT INVOLVING CONFLICT OF DUTY

          Any contract which involves any such conflict of duty or interest will
          not be void or voidable by virtue of any such conflict of duty or
          interest nor will the Security Trustee or a Receiver be liable to
          account to the Issuer Trustee or any other person for any moneys
          because of any such conflict of interest or duty.

11.7      POWER OF ATTORNEY

          The Issuer Trustee irrevocably appoints the Security Trustee, each
          Authorised Officer of the Security Trustee, any Receiver and such
          other person or persons as any of such Authorised Officers or Receiver
          (with, in the case of the Receiver, the prior consent of the Security
          Trustee) may for that purpose from time to time appoint, severally,
          the attorney and attorneys of the Issuer Trustee to, upon the
          occurrence of an Event of Default:

          (a)  (ACTS): do all acts and things that under this Deed or implied in
               this Deed ought to be done by the Issuer Trustee;

          (b)  (REGISTRATION): take all such steps and proceedings and to do and
               execute all such acts, deeds and things for securing, perfecting
               and registering this Deed;

          (c)  (FURTHER ASSURANCE): execute in the name and on behalf of the
               Issuer Trustee all such legal mortgages, fixed charges,
               transfers, assignments and other assurances of all or any part of
               the Charged Property and to do at any time all things necessary
               to ensure the expeditious stamping and registration of such
               mortgages, charges, transfers, assignments and other assurances;

          (d)  (COMMENCE PROCEEDINGS): in the name and on behalf of the Issuer
               Trustee or in the name of the Security Trustee or the said
               attorney to ask demand sue for recover and receive of and from
               all and every person whomsoever and to give effectual receipts
               for all or any part of the Charged Property;

          (e)  (DELEGATE): delegate such of its powers (including, and where
               applicable, this power of delegation) as the Security Trustee
               would be entitled to delegate under clause [14.3(k)] if it held
               those powers in its own right rather than as attorney of the
               Issuer Trustee to any person for any period and may revoke a
               delegation;

                                                                             28.
<PAGE>

          (f)  (CONFLICTS): exercise or concur in exercising its powers even if
               the attorney has a conflict of duty in exercising its powers or
               has a direct or personal interest in the means or result of that
               exercise of powers; and

          (g)  (FURTHER ACTS): perform and execute all such further and other
               acts deeds matters and things which will become necessary or be
               regarded by the Security Trustee or the said attorney as
               necessary for more satisfactorily securing the payment of the
               Secured Moneys or as expedient in relation to the Charged
               Property,

          as effectually as the Issuer Trustee could or might do and for all or
          any of the purposes described in paragraphs (a) to (g) above appoint
          any substitute or substitutes for any such attorney and to remove at
          pleasure any attorney or substitute. The Issuer Trustee ratifies and
          confirms and agrees to allow, ratify and confirm all and whatsoever
          its attorney lawfully does or causes to be done under and by virtue of
          this power of attorney and declares that this power of attorney is to
          continue to be of full force and effect until all such acts, deeds,
          payments, matters and things as the Security Trustee thinks proper to
          execute, perform, make, institute or carry through have been done,
          made and completed notwithstanding the determination of this Deed or
          of the agreements and arrangements referred to in this Deed. The
          Issuer Trustee declares that this power of attorney is irrevocable and
          is given as security.

11.8      SECURITY TRUSTEE MAY MAKE GOOD DEFAULT

          If the Issuer Trustee defaults in duly performing, observing and
          fulfilling any covenant on the part of the Issuer Trustee in this Deed
          contained or implied, it will be lawful for, but not obligatory upon
          the Security Trustee, without prejudice to any other power of the
          Security Trustee, to do all things and pay all moneys necessary or
          expedient in the opinion of the Security Trustee to make good or to
          attempt to make good such default to the satisfaction of the Security
          Trustee and all such moneys will form part of the Secured Moneys.

11.9      NOTICE FOR EXERCISE OF POWERS

          (a)  (NO NOTICE REQUIRED): The powers conferred on the Security
               Trustee or the Receiver by this Deed, by any Statute or by the
               general law may be exercised by the Security Trustee, the
               Receiver or any attorney of the Issuer Trustee under this Deed,
               immediately upon or at any time after the Charge becomes
               enforceable without any notice or expiration of time being
               necessary.

          (b)  (WHERE NOTICE IS MANDATORY): 1 day is fixed as the period:

               (i)    for which an Event of Default must continue before the
                      Security Trustee may serve any notice in writing as may be
                      specified in any Statute affecting the Security Trustee's
                      powers; and

               (ii)   for which an Event of Default must continue after the
                      service of notice before any power of sale given by any
                      such Statute may be exercised.

11.10     BENEFIT FOR RECEIVER ETC.

          The Security Trustee will be deemed to have accepted the benefit of
          this clause [11] as agent for the Receiver and any attorney, agent or
          other person appointed under this Deed or by the Security Trustee who
          are not parties to this Deed and the Security Trustee will hold the
          benefit of such provisions on trust for the benefit of those grantees.

                                                                             29.
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12.       PROTECTION OF PERSONS DEALING WITH SECURITY TRUSTEE OR RECEIVER

12.1      NO ENQUIRY

          No purchaser or other person dealing with the Security Trustee, the
          Receiver or any attorney appointed under this Deed or to whom is
          tendered for registration an instrument executed by the Security
          Trustee, the Receiver or any attorney appointed under this Deed, will
          be bound to inquire as to whether any Event of Default has occurred or
          whether the Charge has become enforceable or whether any Secured
          Moneys are owing or payable or whether the Receiver or attorney has
          been properly appointed or the propriety or regularity of the exercise
          or purported exercise of any power by the Security Trustee, the
          Receiver or such attorney or any other matter or thing or be affected
          by actual or constructive notice that any lease, sale, dealing or
          instrument is unnecessary or improper and notwithstanding any
          irregularity or impropriety in any lease, sale, dealing or instrument
          the same will as regards the protection and title of the lessee,
          purchaser or such other person be deemed to be authorised by the
          aforesaid powers and will be valid and effectual accordingly.

12.2      RECEIPTS

          The receipt of the Security Trustee, the Receiver or any attorney
          appointed under this Deed of any moneys or assets which come into the
          hands of the Security Trustee, the Receiver or such attorney by virtue
          of the powers of the Security Trustee, the Receiver or the attorney
          will as to the moneys or assets paid or handed over effectually
          discharge the person, other than the Issuer Trustee, paying or handing
          over the money or assets from being concerned to see to the
          application or being answerable or accountable for any loss or
          misapplication thereof and from any liability to inquire whether the
          Charge has become enforceable or whether the Secured Moneys have
          become payable pursuant to the provisions of this Deed or otherwise as
          to the propriety or regularity of the appointment of such Receiver or
          attorney or the propriety or regularity of the exercise of such powers
          by the Security Trustee, the Receiver or the attorney (as the case may
          be).

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13.       APPLICATION OF MONEYS

13.1      PRIORITY OF PAYMENTS

          [Subject to clause [13.6], all moneys received in connection with this
          Deed by the Security Trustee, or by a Receiver in relation to the
          Charged Property pursuant to the provisions of this Deed are to be
          applied as follows:

          (a)  (SECURITY TRUSTEE'S INDEMNITY AND THE PRIOR INTEREST): first,
               rateably towards satisfaction of amounts which become owing or
               payable under clauses [16.1], [16.2] or [16.3] (except the
               Receiver's remuneration and the amounts referred to in the
               proviso to the definition of Secured Moneys), and in payment of
               the Prior Interest;

          (b)  (FEES): second, in payment rateably, of any fees and any
               liabilities, losses, costs, claims, actions, damages, expenses,
               demands, charges, stamp duties and other Taxes due to the
               Security Trustee, the Note Trustee or any Agent and the
               Receiver's remuneration;

          (c)  (OUTGOINGS): third, in payment rateably of such other outgoings
               and/or liabilities that the Receiver, the Security Trustee or the
               Note Trustee has incurred in performing their obligations, or
               exercising their powers, under this Deed and, in the case of the
               Note Trustee, under the Note Trust Deed;

                                                                             30.
<PAGE>

          (d)  (PAYMENT OF PRIOR SECURITY INTEREST): fourth, in payment of other
               Security Interests (if any) over the Charged Property of which
               the Security Trustee is aware having priority to the Charge
               (other than the Prior Interest), in the order of their priority
               (and the Security Trustee and the Receiver are entitled to rely
               upon a certificate from the holder of the prior Security Interest
               as to the amount so secured and will not be bound to enquire
               further as to the accuracy of that amount or as to whether that
               amount or any part thereof is validly secured by such other prior
               Security Interest);

          (e)  (PAYMENT OF CURRENCY SWAP TERMINATION PROCEEDS TO CLASS [ ]
               NOTEHOLDERS): fifth, in payment rateably to the Class [ ]
               Noteholders of the Currency Swap Termination Proceeds (if any)
               towards satisfaction of any Secured Moneys owing in relation to
               the Class [ ] Notes (such Secured Moneys for this purpose will be
               denominated in [US] Dollars);

          (f)  (PAYMENT OF PREPAYMENT AMOUNTS): sixth, in payment rateably to
               each Secured Creditor of any Prepayment Amounts owing to that
               Secured Creditor;

          (g)  (PAYMENT OF SECURED MONEYS TO SENIOR NOTEHOLDERS, THE CURRENCY
               SWAP PROVIDER, THE INTEREST RATE SWAP PROVIDER AND THE REDRAW
               FACILITY PROVIDER): seventh, in payment rateably to:

               (i)    subject to clause [13.5(b)] in the case of the Class [ ]
                      Noteholders, to the Senior Noteholders of all other
                      Secured Moneys owing in relation to the Senior Notes (such
                      Secured Moneys in respect of the Class [ ] Notes will be
                      converted from [US Dollars] to Australian dollars in
                      accordance with clause [13.5(a)]), to be applied amongst
                      them:

                      A.  first, towards all interest accrued but unpaid on the
                          Senior Notes at that time (to be distributed rateably
                          amongst the Senior Notes); and

                      B.  second, in reduction of the Principal Balance in
                          respect of the Senior Notes at that time (to be
                          distributed rateably amongst the Senior Notes);

               (ii)   to the Redraw Facility Provider of the then Senior Redraw
                      Facility Principal and the Senior Redraw Facility Interest
                      Amount;

               (iii)  to each Interest Rate Swap Provider of any other Secured
                      Moneys owing to that Interest Rate Swap Provider in
                      respect of an Interest Rate Swap;

               (iv)   to the Currency Swap Provider of any Secured Moneys owing
                      to the Currency Swap Provider in respect of the Currency
                      Swap; and

               (v)    to any other Stand-by Arrangement Provider of any Secured
                      Moneys owing to that Stand-by Arrangement Provider in
                      respect of the corresponding Stand-by Arrangement;

          (h)  (PAYMENT OF EXCHANGE RATE DIFFERENTIAL TO CLASS [ ] NOTEHOLDERS):
               if after the application of clause [13.5(b)] in respect of any
               Australian dollar payments under clause [13.1(g)], and after the
               application of clause [13.1(e)], there are still Secured Moneys
               owing in respect of the Class [ ] Notes (denominated in [US
               Dollars]), eighth in payment, subject to clause [13.5(b)],
               amongst the Class [ ] Notes of such remaining Secured Moneys
               owing in relation to the Class [ ]

                                                                             31.
<PAGE>

               Notes until, after the further application of clause [13.5(b)],
               all Secured Moneys owing in respect of the Class [ ] Notes
               (denominated in [US Dollars]) are paid to the Class [ ]
               Noteholders;

          (i)  (PAYMENT OF SECURED MONEYS TO A$ CLASS [ ] NOTEHOLDERS): ninth,
               in payment

               to the A$ Class [ ] Noteholders, of all Secured Moneys owing in
               relation to the A$ Class [ ] Notes, to be applied amongst them:

               (i)    first towards all interest accrued but unpaid on the A$
                      Class [ ] Notes at that time (to be distributed rateably
                      amongst such A$ Class [ ] Notes); and

               (ii)   second, in reduction of the Principal Balance in respect
                      of the A$ Class [ ] Notes at that time (to be distributed
                      rateably amongst the A$ Class [ ]Notes);

          (j)  (SUBORDINATED REDRAW FACILITY AMOUNTS): tenth, to the Redraw
               Facility Provider of any remaining Secured Moneys owing to the
               Redraw Facility Provider in respect of the Redraw Facility
               Agreement;

          (k)  (OTHER SECURED MONEYS): eleventh, to pay rateably to each Secured
               Creditor any remaining amounts forming part of the Secured Moneys
               and owing to that Secured Creditor;

          (l)  (SUBSEQUENT SECURITY INTERESTS): twelfth, in payment of
               subsequent Security Interests over the Charged Property of which
               the Security Trustee is aware, in the order of their priority and
               the Security Trustee and the Receiver will be entitled to rely
               upon a certificate from the holder of any subsequent Security
               Interests as to the amount so secured and will not be bound to
               enquire further as to the accuracy of that amount or as to
               whether that amount or any part thereof is validly secured by the
               subsequent Security Interests; and

          (m)  (SURPLUS): thirteenth, to pay the surplus (if any) to the Issuer
               Trustee to be distributed by the Issuer Trustee in accordance
               with the terms of the Trust Deed and the Sub-Fund Notice but will
               not carry interest as against the Security Trustee.]

13.2      MONEYS RECEIVED

          In applying any moneys towards satisfaction of the Secured Moneys the
          Issuer Trustee will be credited only with so much of the moneys
          available for that purpose as the Security Trustee or the Receiver has
          actually received and not required for whatever reason to be
          disgorged, such credit to date from the time of such receipt.

13.3      APPLICATION OF MONEYS

          Notwithstanding any principle or presumption of law to the contrary or
          any direction given at the time of it being received by the Security
          Trustee or the Receiver, the Security Trustee and the Receiver each
          has, subject to this Deed, an absolute discretion without the need to
          communicate its election to any person to apply any payment or credit
          received by it under this Deed in reduction of any part or parts of
          the Secured Moneys, whenever and on whatever account the same became
          secured.

                                                                             32.
<PAGE>

13.4      INVESTMENT OF FUNDS

          Unless expressly provided in this Deed, all moneys received by the
          Security Trustee following the Charge becoming enforceable and not
          required to be immediately applied under this Deed will be invested by
          the Security Trustee as it thinks appropriate in Authorised
          Investments on the following terms and conditions:

          (a)  (MAY VARY): the Security Trustee may from time to time vary and
               deal with or dispose of such investments; and

          (b)  (MATURITY): the Security Trustee must invest only in Authorised
               Investments that mature such that the Security Trustee is able to
               distribute the proceeds of those investments in or towards
               discharge of the Secured Moneys as they become due and payable.

13.5      CONVERSION INTO A$ OF NOTES DENOMINATED IN [US$]

          (a)  (CONVERSION FOR THE PURPOSES OF CLASS [ ] NOTES): In calculating
               the amount of any Secured Moneys to be distributed to the Class
               [ ] Noteholders in accordance with clause [13.1(g)(i)], the
               Security Trustee will convert the amount of such Secured Moneys
               from US Dollars to Australian dollars at the exchange rate below
               which produces the lowest amount in Australian dollars:

               (i)    the A$ Exchange Rate; or

               (ii)   the spot exchange rate as advised to the Security Trustee
                      by the Manager between [US Dollars] and Australian dollars
                      used for the calculation of any amounts payable on the
                      occurrence of an "Early Termination Date" (if any) under
                      the Currency Swap.

          (b)  (PAYMENTS IN [US$]): All actual payments to the Class [ ]
               Noteholders by the Security Trustee pursuant to this Deed must be
               made in [US Dollars]. The Security Trustee must convert (and pay
               to the Class [ ] Noteholders) all Australian dollar amounts
               payable to those Noteholders under clauses [13.1(g) and (h)] at
               the rate that it is able to acquire [US Dollars] in the
               Australian spot foreign exchange market. It need only apply so
               many Australian dollars for this purpose as is sufficient to
               acquire the necessary [US Dollars] when combined with the [US
               Dollars] (if any) from the application of clause [13.1(e)], as
               equals the Secured Moneys (denominated in [US Dollars]) owing in
               respect of the Class [ ] Notes (determined for the purposes of
               clause [13.1(g)(i)] in accordance with clause [13.5(a)]). If,
               after the application of this clause [13.5(b)] in respect of the
               Class [ ] Notes, there is any surplus of Australian dollars these
               are to be applied in accordance with clause [13.1(h)] (in the
               case of a surplus under clause [13.1(g)(i)] only) and clauses
               [13.1(i) to (m)] in the order set out in those clauses.

          (c)  (VOTING ENTITLEMENTS): In calculating the Secured Moneys in
               respect of the Class [ ] Notes for the purposes of the
               definitions of "Voting Entitlements" and "Voting Secured
               Creditors" and the Secured Moneys for the Annexure, such Secured
               Moneys will be converted to Australian dollars from [US Dollars]
               in accordance with clause [13.5(a)] provided that the relevant
               rate for exchange will be that referred to in clause [13.5(a)(i)]
               where an "Early Termination Date" under the Currency Swap, in the
               case of the Class [ ] Notes has not occurred.

                                                                             33.
<PAGE>

13.6      APPLICATION OF CURRENCY SWAP TERMINATION PROCEEDS

          Any Currency Swap Termination Proceeds received by the Security
          Trustee must be retained by the Security Trustee in [US Dollars] and
          must be invested by it in a [US Dollar] interest bearing account with
          a bank or other financial institution selected by it and must be
          applied, if there are any Secured Moneys owing in respect of the Class
          [ ] Notes, first in accordance with clause [13.1(e)]. If there are no
          such Secured Moneys owing in respect of the Class [ ] Notes, or only
          part of the Currency Swap Termination Proceeds are sufficient to pay
          all Secured Moneys (denominated in [US Dollars]) owing in respect of
          the Class [ ] Notes, the balance may be converted to Australian
          dollars for application in accordance with clause [13.1].

13.7      SATISFACTION OF DEBTS

          Each Secured Creditor will accept the distribution of money to it
          under clause [13.1] in full and final satisfaction of all Secured
          Moneys owing to it and any debt represented by any shortfall after any
          final distribution under clause [13.1] will thereupon be extinguished.

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14.       SUPPLEMENTAL SECURITY TRUSTEE PROVISIONS

14.1      LIMITATIONS ON POWERS AND DUTIES OF SECURITY TRUSTEE

          Notwithstanding any other provision of this Deed, unless and until
          there is an Event of Default, the Security Trustee has no powers,
          rights, duties or responsibilities other than:

          (a)  (TO HOLD ON TRUST): the duty to hold the Security Trust Fund on
               trust;

          (b)  (TO TAKE THE BENEFIT OF THE CHARGE): the power to take the
               benefit of the Charge (but not to take any action to enforce the
               Charge); and

          (c)  (PRE-DEFAULT ACTION): the power to perform a Pre-Default Action.

          Prior to the Security Trustee becoming aware of the occurrence of an
          Event of Default, the Security Trustee is not required to take and may
          not take any action under this Deed other than Pre-Default Actions.

14.2      LIMITATION ON SECURITY TRUSTEE'S ACTIONS

          Notwithstanding knowledge by or notice to the Security Trustee of any
          breach anticipatory or actual, of, or default under, any covenant,
          obligation, condition or provision by the Issuer Trustee or the
          Manager contained in or imposed by any Transaction Document, the
          Security Trustee is only required to take all such steps and do all
          such things as it is empowered to do having regard to the powers,
          authorities and discretions vested in it pursuant to this Deed and the
          obligations imposed on the Security Trustee by this Deed.

14.3      ADDITIONAL POWERS, PROTECTIONS, ETC.

          [By way of supplement to any Statute regulating the Security Trust and
          in addition to the powers, rights and protections which may from time
          to time be vested in or available to the Security Trustee by the
          general law, it is expressly declared, notwithstanding anything to the
          contrary in this Deed (and subject only to clause [15.3]) as follows:

          (a)  (LIABILITY TO ACCOUNT): The Security Trustee is under no
               obligation to account to any Interested Person for any moneys
               received pursuant to this Deed other than those received by the
               Security Trustee from the Issuer Trustee or received or recovered
               by the Security Trustee or the Receiver under this Deed, subject

                                                                             34.
<PAGE>

               always to such deductions and withholdings by the Security
               Trustee or the Receiver as are authorised by this Deed. Subject
               to clauses [14.4] and [15.3], the liabilities of the Security
               Trustee to any Interested Person or any other person under or in
               connection with this Deed can only be enforced against the
               Security Trustee to the extent to which they can be satisfied out
               of such moneys in accordance with this Deed.

          (b)  (ACT ON PROFESSIONAL ADVICE): The Security 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 Security Trustee or by a person other than Security Trustee
               where that opinion, advice or information is addressed to the
               Security Trustee or by its terms is expressed to be capable of
               being relied upon by the Security Trustee. The Security Trustee
               will not be responsible to any Interested Person for any loss
               occasioned by so acting. Any such opinion, advice or information
               may be sent or obtained by letter, telex or facsimile
               transmission and the Security Trustee will not be liable to any
               Interested Person for acting in good faith on any opinion, advice
               or information purporting to be conveyed by such means even
               though it contains some error which is not a manifest error or is
               not authentic.

          (c)  (NO ENQUIRY): The Security Trustee is not bound to give notice to
               any person of the execution of this Deed to take any steps to
               ascertain whether there has occurred any Event of Default or
               event which, with the giving of notice or the lapse of time would
               constitute an Event of Default or to keep itself informed about
               the circumstances of the Issuer Trustee or the Manager and, until
               it has knowledge or express notice to the contrary, the Security
               Trustee may assume that no Event of Default has occurred and that
               the Issuer Trustee and the Manager and any other party to the
               Transaction Documents (other than the Security 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.

          (d)  (NOTICE OF EVENT OF DEFAULT): The Security Trustee is not obliged
               to notify the Secured Creditors of the happening of any Event of
               Default except in the circumstances set out in clause [8.1].

          (e)  (ACTS PURSUANT TO RESOLUTIONS): The Security Trustee will not be
               responsible for having acted in good faith upon any resolution
               purporting to have been passed at any meeting of the Voting
               Secured Creditors in respect of which minutes have been made and
               signed even though it may subsequently be found that there was
               some defect in the constitution of such meeting or the passing of
               such resolution or that for any reason such resolution was not
               valid or binding upon the Secured Creditors or upon the Security
               Trustee.

          (f)  (RELIANCE): The Security 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
                      Trustee or the Manager or by any officer, auditor or
                      solicitor of the Issuer Trustee or the Manager;

               (ii)   all statements (including statements made or given to the

                                                                             35.
<PAGE>

                      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 Trust
                      Deed or the Sub-Fund Notice;

               (iii)  all accounts supplied to the Security Trustee pursuant to
                      this Deed and all reports of the Auditor supplied to the
                      Security Trustee; and

               (iv)   notices and other information supplied to the Security
                      Trustee under this Deed,

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

          (g)  (DIRECTOR'S CERTIFICATES): The Security 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 duly authorised
               officers of the Issuer Trustee or the Manager as to any fact or
               matter upon which the Security 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 Security 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.

          (h)  (CUSTODY OF DOCUMENTS): The Security Trustee may hold or deposit
               this Deed and any deed or documents relating to this Deed or to
               the Transaction Documents 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 believed
               by it to be of good repute and the Security 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.

          (i)  (DISCRETION): The Security Trustee, as regards all the powers,
               trusts, authorities and discretions vested in it, has, subject to
               any express provision to the contrary contained in this Deed,
               absolute and uncontrolled discretion as to the exercise of such
               powers, authorities, trusts and discretions and, in the absence
               of fraud, negligence or wilful default on its part, 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.

          (j)  (EMPLOY AGENTS): Wherever it considers it expedient in the
               interests of the Secured Creditors, the Security 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 Security Trustee (including the receipt and payment
               of money under this Deed). The Security 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 any such person will be a person who is in
               the opinion of the Security Trustee appropriately qualified to do
               any such things and is otherwise selected with reasonable care
               and in good faith. Any such agent

                                                                             36.
<PAGE>

               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.

          (k)  (DELEGATION): Subject to clause [14.7], the Security Trustee may
               whenever it thinks it expedient in the interests of Secured
               Creditors 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 Security Trustee by this
               Deed provided that, except as provided in any Transaction
               Documents, the Security Trustee may not delegate to such third
               parties any material part of its powers, duties or obligations as
               Security Trustee. Any such delegation may be by power of attorney
               or in such other manner as the Security 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 Security
               Trustee may think fit. Provided that the Security Trustee has
               exercised reasonable care and good faith in the selection of such
               delegate, 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.

          (l)  (APPLY TO COURT): The Security Trustee may, whenever it thinks it
               expedient in the interests of the Secured Creditors, 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 Secured Creditor the Issuer
               Trustee or the Manager.

          (m)  (DISCLOSURE): Subject to this Deed, any applicable laws and any
               duty of confidentiality owed by any Interested Person to any
               other person, the Security Trustee may, for the purpose of
               meeting its obligations under this Deed, disclose to any Secured
               Creditor any confidential, financial or other information made
               available to the Security Trustee by the Issuer Trustee, the
               Manager, any other Interested Person or any other person in
               connection with this Deed.

          (n)  (DETERMINATION): The Security Trustee, as between itself and the
               Secured Creditors, 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 Security Trustee,
               will be conclusive and will bind the Security Trustee and the
               Secured Creditors.

          (o)  (DEFECT IN TITLE): The Security Trustee is not bound or concerned
               to examine or enquire into nor be liable for any defect or
               failure in the title of the Issuer Trustee to the Charged
               Property and is entitled to accept any such title without
               requisition or objection.

          (p)  (NOTICE OF CHARGE OR ENFORCEMENT): The Security Trustee is under
               no obligation to give any notice of the Charge to any debtors of
               the Issuer Trustee or to any purchaser or any other person
               whomsoever or, subject to this Deed, to enforce payment of any
               moneys payable to the Issuer Trustee or to realise any

                                                                             37.
<PAGE>

               of the Charged Property or to take any steps or proceedings for
               that purpose unless the Security Trustee thinks fit to do so.

          (q)  (GIVE UP POSSESSION OF CHARGED PROPERTY): The Security Trustee,
               acting in accordance with this Deed or the terms of any
               Extraordinary Resolution passed by the Voting Secured Creditors
               in accordance with this Deed, may give up possession of the
               Charged Property at any time.

          (r)  (NO DUTY AS CHARGEE): Nothing in this Deed imposes a duty upon
               the Security Trustee to exercise its powers as chargee under this
               Deed or at law in circumstances where at a meeting of Voting
               Secured Creditors a motion is put that a receiver be appointed
               and is not passed.

          (s)  (OTHER SECURITY INTERESTS): If the Security Trustee sees fit to
               redeem or take any transfer of any Security Interest ranking in
               priority to or pari passu with the Charge, including the Prior
               Interest (the "OTHER SECURITY INTEREST") wholly or in part then,
               notwithstanding any provision as to interest contained in the
               Other Security Interest or any presumption of law to the contrary
               all moneys expended by the Security Trustee in so doing including
               the consideration paid to the holder of the Other Security
               Interest, stamp duty and legal costs and disbursements will be
               deemed to be principal moneys secured by the Other Security
               Interest, and also part of the Secured Moneys, and moneys the
               payment of which forms part of the obligations of the Issuer
               Trustee under this Deed, and the provisions of this Deed will be
               deemed incorporated in the Other Security Interest and will
               prevail over the terms and conditions of the Other Security
               Interest in the case of any inconsistency.

          (t)  (LIABILITY LIMITED): Except for the obligations imposed on it
               under this Deed, the Security Trustee is not obliged to do or
               omit to do any thing including enter into any transaction or
               incur any liability unless the Security Trustee's liability is
               limited in a manner satisfactory to the Security Trustee in its
               absolute discretion.

          (u)  (NO DUTY TO PROVIDE INFORMATION): Subject to the express
               requirements of this Deed, and any requirement of applicable law,
               the Security Trustee has no duty (either initially, or on a
               continuing basis) to consider or provide any Secured Creditors
               with any information with respect to the Issuer Trustee or the
               Manager (whenever coming into its possession).

          (v)  (EXERCISE OF RIGHTS SUBJECT TO EXTRAORDINARY RESOLUTION): Without
               limiting its rights, powers and discretions, but subject to its
               express duties or obligations under this Deed (including, without
               limiting the generality of the foregoing, clause [8]) the
               Security Trustee will not be required to exercise any right,
               power or discretion (including to require anything to be done,
               form any opinion or give any notice, consent or approval) without
               the specific instructions of the Voting Secured Creditors given
               by Extraordinary Resolution.

          (w)  (NO LIABILITY FOR ACTING IN ACCORDANCE WITH DIRECTIONS): The
               Security Trustee is not to be under any liability whatsoever for
               acting in accordance with any direction obtained from Voting
               Secured Creditors at a meeting convened under clause [8].

          (x)  (NO LIABILITY FOR BREACH): The Security Trustee is not to be
               under any liability whatsoever for a failure to take any action
               in respect of any breach by the Issuer Trustee of its duties as
               trustee of the PUMA Trust of which the Security Trustee is not
               aware or in respect of any Event of Default of which the Security

                                                                             38.
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               Trustee is not aware.

          (y)  (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 Security Trustee's powers or
               obligations under or in connection with this Deed or the
               determination or calculation of any amount or thing for the
               purpose of this Deed or the construction or validity of any
               direction from Voting Secured Creditors, provided the Security
               Trustee is using reasonable endeavours to resolve such ambiguity
               or dispute, the Security 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.]

14.4      LIMITATION OF LIABILITY

          Notwithstanding any other provision of this Deed, the Security Trustee
          will have no liability under or in connection with this Deed or any
          other Transaction Document (whether to the Secured Creditors, the
          Issuer Trustee, the Manager or any other person) other than to the
          extent to which the liability is able to be satisfied out of the
          property of the Security Trust Fund from which the Security Trustee is
          actually indemnified for the liability. This limitation will not apply
          to a liability of the Security Trustee to the extent that it is not
          satisfied because, under this Deed by operation by law, there is a
          reduction in the extent of the Security Trustee's indemnification as a
          result of the Security Trustee's fraud, negligence or wilful default.
          Nothing in this clause [14.4] or any similar provision in any other
          Transaction Document limits or adversely affects the powers of the
          Security Trustee, any receiver or attorney in respect of the Charge or
          the Charged Property.

14.5      DEALINGS WITH TRUST

          None of the:

          (a)  (SECURITY TRUSTEE): Security Trustee in any capacity;

          (b)  (RELATED BODIES CORPORATE): Related Bodies Corporate of the
               Security Trustee;

          (c)  (DIRECTORS ETC.): directors or officers of the Security Trustee
               or its Related Bodies Corporate; or

          (d)  (SHAREHOLDERS): shareholders of the Security Trustee or its
               Related Bodies Corporate,

          is prohibited from:

          (e)  (SUBSCRIBING FOR): subscribing for, purchasing, holding, dealing
               in or disposing of 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 or any Secured Creditor; or

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

                                                                             39.
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          None of the persons mentioned is liable to account to the Secured
          Creditors 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 [14.5] only apply
          if the relevant person, in connection with the action, contract or
          transaction, acts in good faith to all Secured Creditors.

14.6      DISCRETION OF SECURITY TRUSTEE AS TO EXERCISE OF POWERS

          Subject to any express provision to the contrary contained in this
          Deed, the Security Trustee will, as regards all the powers,
          authorities and discretions vested in it by this Deed have absolute
          discretion as to the exercise of them in all respects and, in the
          absence of fraud, negligence or wilful default on its part, the
          Security Trustee will not be in any way responsible for any loss,
          costs, damages, claims or obligations that may result from the
          exercise or non-exercise of them.

14.7      DELEGATION OF DUTIES OF SECURITY TRUSTEE

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

          (a)  (TO MANAGER OR ISSUER TRUSTEE): to the Manager or the Issuer
               Trustee in accordance with the provisions of this Deed or any
               other Transaction Document;

          (b)  (RELATED BODY CORPORATE): subject to clause [14.8], to a Related
               Body Corporate of the Security Trustee; or

          (c)  (AS OTHERWISE PERMITTED): in accordance with the provisions of
               this Deed.

14.8      RELATED BODY CORPORATE OF THE SECURITY TRUSTEE

          Where the Security Trustee delegates any of its trusts, duties,
          powers, authorities and discretions to any person who is a Related
          Body Corporate of the Security Trustee, the Security 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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15.       DUTIES OF THE SECURITY TRUSTEE

15.1      DUTIES OF THE SECURITY TRUSTEE LIMITED TO DUTIES IN THIS DEED

          The Security Trustee has no duties or responsibilities in its capacity
          as trustee other than those expressly set out in this Deed.

15.2      SECURITY TRUSTEE'S FURTHER DUTIES

          Subject to clause [14.1], the Security Trustee must comply with the
          duties and responsibilities imposed on it by this Deed and must:

          (a)  (ACT CONTINUOUSLY): act continuously as trustee of the Security
               Trust until the Security Trust is terminated in accordance with
               this Deed or until it has retired or been removed in accordance
               with this Deed;

          (b)  (EXERCISE DILIGENCE ETC.): exercise all due diligence and
               vigilance in carrying out its functions and duties and in
               protecting the rights and interests of the

                                                                             40.
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               Secured Creditors;

          (c)  (HAVE REGARD TO THE INTERESTS OF SECURED CREDITORS): 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 Secured Creditors
               as a class;

          (d)  (RETAIN THE SECURITY TRUST FUND): subject to this Deed, retain
               the Security Trust Fund in safe custody and hold it on trust for
               the Secured Creditors upon the terms of this Deed; and

          (e)  (NOT SELL ETC.): not sell, mortgage, charge or part with the
               possession of any part or the whole of the Security Trust Fund
               (or permit any of its officers, agents and employees to do so)
               except as permitted or contemplated by this Deed.

15.3      SECURITY TRUSTEE LIABLE FOR NEGLIGENCE ETC.

          Nothing in this Deed will in any case in which the Security Trustee
          has failed to show the degree of care and diligence required of it as
          Security Trustee (having regard to the provisions of this Deed
          conferring on the Security Trustee any duties, powers, trusts,
          authorities or discretions, including any provisions relieving the
          Security Trustee of specified responsibilities) relieve or indemnify
          it from or against any liability for fraud, negligence or wilful
          default.

15.4      NO LIABILITY FOR TRANSACTION DOCUMENTS

          The Security Trustee has no responsibility for the form or content of
          this Deed or any other Transaction Document and will have no liability
          arising in connection with any inadequacy, invalidity or
          unenforceability (other than as a result of a breach of this Deed by
          the Security Trustee) of any provision of this Deed or any Transaction
          Document.

15.5      RESOLUTION OF CONFLICTS

          (a)  (RESOLVE CONFLICTS IN FAVOUR OF THE NOTEHOLDERS): Subject to the
               provisions of this Deed, if there is at any time in the Security
               Trustee's opinion, with respect to enforcement or the exercise of
               any of the Security Trustee's duties, powers or discretions, a
               conflict between the interests of any Secured Creditor or class
               of Secured Creditor (on the one hand) and the interests of the
               Noteholders as a whole (on the other hand), the Security Trustee
               must give priority to the interests of the Noteholders as a
               whole.

          (b)  (RESOLVE CONFLICTS IN FAVOUR OF THE SENIOR NOTEHOLDERS): Subject
               to the provisions of this Deed (other than clause [15.5(a)]), the
               Security Trustee must give priority to the interests only of the
               Senior Noteholders if, in the Security Trustee's opinion, there
               is a conflict between the interests of the Senior Noteholders (on
               the one hand) and the A$ Class [ ] Noteholders or the other
               persons entitled to the benefit of the Charge (on the other hand)
               (in relation to which in determining the interests of the Class
               [ ] Noteholders the Security Trustee may rely on a determination
               of the Note Trustee).

          (c)  (NO LIABILITY): Provided that the Security Trustee acts in good
               faith, it will not incur any liability to any Secured Creditor
               for giving effect to paragraph (a) or (b).

                                                                             41.
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16.       INDEMNITY BY ISSUER TRUSTEE

16.1      INDEMNITY

          Subject to this Deed and without prejudice to any right of indemnity
          given by law, the Security Trustee, the Manager, the Note Trustee, the
          Receiver or attorney or other person appointed under this Deed
          (including, without limitation, any person appointed by the Security
          Trustee, the Manager, the Note Trustee or the Receiver or any person
          to whom any duties, powers, trusts, authorities or discretions may be
          delegated by the Security Trustee, the Manager, the Note Trustee, or
          the Receiver) ("APPOINTEE") will be indemnified by the Issuer Trustee
          against all loss, liabilities and expenses properly incurred by the
          Security Trustee, the Manager, the Note Trustee, the Receiver,
          attorney or appointee (as the case may be) in the execution or
          purported execution of any duties, powers, trusts, authorities or
          discretions vested in such persons pursuant to this Deed including,
          without limitation, all liabilities and expenses consequent upon any
          mistake or oversight, error of judgment or want of prudence on the
          part of such persons and against all actions, proceedings, costs,
          claims and demands in respect of any matter or thing properly done or
          omitted in any way relating to this Deed, unless any of the foregoing
          is due to actual fraud, negligence or wilful default on the part of
          the Security Trustee, the Manager, the Note Trustee, the Receiver,
          attorney or appointee (as the case may be). The Security Trustee may
          in priority to any payment to the Secured Creditors retain and pay out
          of any moneys in its hands upon the trusts of this Deed all sums
          necessary to effect such indemnity including, without limitation, the
          amount of any such liabilities and expenses, and also any remuneration
          outstanding to the Security Trustee under clause [19.1].

16.2      EXTENT OF SECURITY TRUSTEE'S INDEMNITY

          [The Security Trustee is entitled to be indemnified by the Issuer
          Trustee for:

          (a)  (REGISTRATION ETC. COSTS): the costs, charges and expenses
               (including legal costs and expenses at the usual commercial rates
               of the relevant legal services provider) of the Security Trustee
               in connection with the negotiation, preparation, execution,
               stamping, registration and completion of this Deed, any deed
               amending this Deed and the Charge;

          (b)  (COSTS OF WAIVER ETC.): the costs, charges and expenses
               (including legal costs and expenses at the usual commercial rates
               of the relevant legal services provider) of the Security Trustee
               in connection with any consent, exercise or non-exercise of
               rights or powers or performance of obligations (including without
               limitation, in connection with the contemplated or actual
               enforcement or preservation of any rights or powers or
               performance of obligations under this Deed), production of title
               documents, waiver, variation, release or discharge in connection
               with the Charge or the Charged Property;

          (c)  (TAXES): Taxes and fees (including, without limitation,
               registration fees) and fines and penalties in respect of fees,
               which may be payable or determined to be payable in connection
               with this Deed or a payment or receipt or any other transaction
               contemplated by this Deed; and

          (d)  (LEGAL COSTS): without limiting the generality of clause
               [16.2(b)], all legal costs and disbursements (at the usual
               commercial rates of the relevant legal services provider) and all
               other costs, disbursements, outgoings and expenses of the
               Security Trustee in connection with the initiation, carriage and
               settlement of any court proceedings (including, without
               limitation, proceedings against the Issuer Trustee arising from
               any neglect, breach or default by the Issuer Trustee under

                                                                             42.
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               this Deed) in respect of this Deed.]

16.3      COSTS OF EXPERTS

          The liabilities and expenses referred to in clause [16.2] include,
          without limitation, those payable to any independent consultant or
          other person appointed to evaluate any matter of concern (including,
          without limitation, any person consulted by the Security Trustee
          pursuant to clause [14.3(b)]), any agent of the Security Trustee, any
          Receiver or any attorney appointed under this Deed, and, in the case
          of the Security Trustee, its administration costs in connection with
          any event referred to in clause [16.2].

16.4      NON-DISCHARGE

          Unless otherwise specifically stated in any discharge of the Security
          Trust, the provisions of this clause [16] will continue in full force
          and effect despite such discharge.

16.5      RETENTION OF LIEN

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

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17.       MEETINGS OF VOTING SECURED CREDITORS

17.1      MEETINGS REGULATED BY THE ANNEXURE

          The provisions of the Annexure will apply to all meetings of Voting
          Secured Creditors and to the passing of resolutions at those meetings.

17.2      LIMITATION ON SECURITY TRUSTEE'S POWERS

          Save as provided for in this Deed, the Security Trustee will not
          assent or give effect to any matter which a meeting of Voting Secured
          Creditors is empowered by Extraordinary Resolution to do, unless the
          Security Trustee has previously been authorised to do so by an
          Extraordinary Resolution of Voting Secured Creditors. Nothing in this
          Deed prevents the Security Trustee taking such action as it considers
          appropriate to enforce any rights of indemnity or reimbursement.

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18.       CONTINUING SECURITY AND RELEASES

18.1      LIABILITY PRESERVED

          Notwithstanding any payout figure quoted or other form of account
          stated by the Security Trustee and notwithstanding the rule in
          Groongal Pastoral Company Limited (In Liquidation) v. Falkiner (1924)
          35 CLR 157, no grant of full or partial satisfaction of or discharge
          from this Deed by the Security Trustee will release the Issuer Trustee
          under this Deed until all the Secured Moneys have in fact been
          received by the Security Trustee and are not liable for whatever
          reason to be disgorged notwithstanding that such quotation or
          statement of account may have arisen from the mistake negligence,
          error of law or error of fact of the Security Trustee its servants or
          agents.

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<PAGE>

18.2      ISSUER TRUSTEE'S LIABILITY NOT AFFECTED

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

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

          (b)  (DELAY IN RECOVERY): the Security Trustee failing or neglecting
               to recover by the realisation of any other security or otherwise
               any of the Secured Moneys;

          (c)  (LACHES): any other laches, acquiescence, delay, act, omission or
               mistake on the part of the Security 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 Security Trustee from or against
               the Issuer Trustee or any other person.]

18.3      WAIVER BY ISSUER TRUSTEE

          [The Issuer Trustee waives in favour of the Security Trustee:

          (a)  (ALL RIGHTS NECESSARY TO GIVE EFFECT TO DEED): all rights
               whatsoever against the Security Trustee and any other person
               estate or assets to the extent necessary to give effect to
               anything in this Deed;

          (b)  (PROMPTNESS AND DILIGENCE): promptness and diligence on the part
               of the Security Trustee and any other requirement that the
               Security Trustee take any action or exhaust any right against any
               other person before enforcing this Deed; and

          (c)  (ALL RIGHTS INCONSISTENT WITH DEED): all rights inconsistent with
               the provisions of this Deed including any rights as to
               contribution or subrogation which the Issuer Trustee might
               otherwise be entitled to claim or enforce.]

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19.       REMUNERATION AND RETIREMENT OF SECURITY TRUSTEE

19.1      REMUNERATION

          Subject to clause [28] the Security Trustee is to be remunerated by
          the Issuer Trustee for acting as trustee under this Deed whether
          before or after the occurrence of an Event of Default, at the rate
          agreed from time to time between the Manager, the Security Trustee and
          the Issuer Trustee. Any variation to the rate of the Security
          Trustee's remuneration under this clause [19.1] will only be effective
          if each Current Rating Authority has been notified and confirms that
          such a variation in the rate will not result in a reduction,
          withdrawal or qualification of any ratings then assigned by it to the
          Notes.

19.2      MANDATORY RETIREMENT OF SECURITY TRUSTEE

          [The Security Trustee covenants that it will retire as Security
          Trustee if:

          (a)  (INSOLVENCY): an Insolvency Event occurs in relation to the
               Security 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 hold as trustee);

                                                                             44.
<PAGE>

          (b)  (CEASES TO CARRY ON BUSINESS): it ceases to carry on business;

          (c)  (RELATED ISSUER TRUSTEE RETIRES): a Related Body Corporate of it
               retires as trustee of the Funds under clause [19.1] of the Trust
               Deed or is replaced as trustee of the Funds under clause [19.2]
               of the Trust Deed and the Manager requires the Security Trustee
               by notice in writing to retire;

          (d)  (VOTING SECURED CREDITORS REQUIRE RETIREMENT): an Extraordinary
               Resolution requiring its retirement is passed at a meeting of
               Voting Secured Creditors;

          (e)  (BREACH OF DUTY): when required to do so by the Manager or the
               Issuer Trustee by notice in writing, it fails or neglects within
               14 days after receipt of such notice to carry out or satisfy any
               material duty imposed on it by this Deed in respect of the
               Security Trust; or

          (f)  (CHANGE IN OWNERSHIP): there is a change in ownership of 50% or
               more of the issued equity share capital of the Security Trustee
               from the position as at the date of this Deed or effective
               control of the Security 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).]

19.3      REMOVAL BY MANAGER

          If, an event referred to in clause [19.2] occurs and the Security
          Trustee does not retire immediately after that event, the Manager is
          entitled, and must forthwith, give written notice to the Security
          Trustee of its removal from office. Such removal is to take effect on
          the date of such notice, or if no substitute Security Trustee has been
          appointed at such time, such removal shall take effect on the date of
          appointment of a Substitute Security Trustee under this clause [19.3].
          On the mandatory retirement or removal of the Security Trustee under
          the respective provisions of clause [19.2] or this clause [19.3]:

          (a)  (NOTIFY CURRENT RATING AUTHORITIES): the Manager must promptly
               notify the Current Rating Authorities and the Note Trustee of
               such retirement or removal; and

          (b)  (APPOINT SUBSTITUTE SECURITY TRUSTEE): subject to any approval
               required by law, the Issuer Trustee is entitled to and must use
               its best endeavours to appoint in writing some other suitably
               qualified person which is approved by the Current Rating
               Authorities to be the Substitute Security Trustee (such
               appointment is to take effect on the date of removal of the then
               Security Trustee under clause [19.3]). If the Issuer Trustee does
               not appoint a Substitute Security Trustee as soon as reasonably
               practicable upon notice being given under clause [19.3], the
               Manager may appoint a Substitute Security Trustee approved by the
               Current Rating Authorities (such appointment is to take effect on
               the date of removal of the then Security Trustee under clause
               [19.3]).

19.4      SECURITY TRUSTEE MAY RETIRE

          The Security Trustee may retire as trustee under this Deed upon giving
          3 months notice in writing to the Issuer Trustee, the Manager, the
          Note Trustee and the Current Rating Authorities or such lesser time as
          the Manager, the Issuer Trustee, the Security Trustee and the Note
          Trustee agree. Upon such retirement, the Security Trustee, subject to
          any approval required by law, may appoint in writing any other
          suitably qualified person who is approved by the Current Rating
          Authorities and the Manager, which approval must not be unreasonably
          withheld by the Manager, as Security Trustee in its stead. If the
          Security Trustee does not propose a replacement by the date which is 1
          month prior to the date of its

                                                                             45.
<PAGE>

               proposed retirement, the Manager is entitled to appoint a
               Substitute Security Trustee, which must be a suitably qualified
               person who is approved by the Current Rating Authorities, as of
               the date of the proposed retirement. The retirement of the
               retiring Security Trustee will take effect upon the earlier to
               occur of:

          (a)  (EXPIRY OF 3 MONTH PERIOD): the expiry of a 3 month period
               commencing on the date of notification of retirement of the
               trustee of the Funds under the Trust Deed; and

          (b)  (APPOINTMENT OF A SUBSTITUTE SECURITY TRUSTEE): the appointment
               of a Substitute Security Trustee.

19.5      APPOINTMENT OF SUBSTITUTE SECURITY TRUSTEE BY SECURED CREDITORS

          If a Substitute Security Trustee has not been appointed under clauses
          [19.3 or 19.4] at a time when the position of Security Trustee becomes
          vacant in accordance with those clauses, the Manager must act as
          Security Trustee in accordance with the terms of this Deed and must
          promptly convene a meeting of all Voting Secured Creditors at which
          Voting Secured Creditors, holding or representing between them Voting
          Entitlements comprising in aggregate a number of votes which is not
          less than 75% of the aggregate number of votes comprised in the total
          Voting Entitlements at the time, appoint any person nominated by any
          of them to act as Security Trustee. The Manager is entitled to receive
          the fee payable in accordance with clause [19.1] for the period during
          which the Manager acts as Security Trustee pursuant to this clause
          [19].

19.6      RELEASE OF SECURITY TRUSTEE

          Upon retirement or removal of the Security Trustee as trustee of the
          Security Trust, the Security 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 Security Trust Fund in the
          Substitute Security Trustee and to deliver all books and records
          relating to the Security Trust to the Substitute Security Trustee (at
          the cost of the Security Trust Fund). The Manager and the Issuer
          Trustee may settle with the Security Trustee the amount of any sums
          payable by the Security Trustee to the Manager or the Issuer Trustee
          or by the Manager or the Issuer Trustee to the Security Trustee and
          may give to or accept from the Security Trustee a discharge in respect
          of those sums which will be conclusive and binding as between the
          Manager, the Issuer Trustee and the outgoing Security Trustee but not
          as between the outgoing Security Trustee and the Secured Creditors.

19.7      VESTING OF SECURITY TRUST FUND IN SUBSTITUTE SECURITY TRUSTEE

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

19.8      SUBSTITUTE SECURITY TRUSTEE TO EXECUTE DEED

          Each Substitute Security Trustee must upon its appointment execute a
          deed in such form as the Manager may require whereby such Substitute
          Security Trustee must undertake to the Secured Creditors jointly and
          severally to be bound by all the covenants on the part of the Security
          Trustee under this Deed from the date of such appointment.

19.9      CURRENT RATING AUTHORITIES ADVISED

          The Manager must promptly:

                                                                             46.
<PAGE>

          (a)  (RETIREMENT): approach and liaise with the Current Rating
               Authorities in respect of any consents required from the Current
               Rating Authorities to the replacement of the Security Trustee
               pursuant to this clause [19];

          (b)  (CHANGE OF OWNERSHIP): notify the Current Rating Authorities of
               it becoming aware of a change in ownership of 50% or more of the
               issued equity share capital of the Security Trustee from the
               position as at the date of this Deed or effective control of the
               Security Trustee altering from the date of this Deed; and

          (c)  (APPROVAL FOR CHANGE IN OWNERSHIP): notify the Current Rating
               Authorities and the Note Trustee of any approvals given by the
               Manager pursuant to clause [19.2(f)].

19.10     COSTS OF RETIREMENT OR REMOVAL

          The Security Trustee will pay its own costs and expenses in relation
          to its retirement pursuant to clause [19.2] or its removal pursuant to
          clause [19.3].

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20.       ASSURANCE

20.1      FURTHER ASSURANCE

          The Issuer Trustee will and will procure that all persons having or
          claiming any estate or interest in the Charged Property will at any
          time now or in the future upon the request of the Security Trustee and
          at the cost of the Issuer Trustee, make, do and execute or cause to be
          made, done and executed all such actions, documents and assurances
          which are necessary or appropriate:

          (a)  (TO SECURE THE SECURED MONEYS): to more satisfactorily secure to
               the Security Trustee the payment of the Secured Moneys;

          (b)  (TO ASSURE THE CHARGED PROPERTY): to assure or more
               satisfactorily assure the Charged Property to the Security
               Trustee;

          (c)  (AS DIRECTED): as the Security Trustee may direct; or

          (d)  (APPOINTMENT OF SUBSTITUTE SECURITY TRUSTEE): for a Substitute
               Security Trustee appointed under clause [19] to obtain the
               benefit of this Deed,

          and in particular will, whenever requested by the Security Trustee,
          execute in favour of the Security Trustee such legal mortgages,
          transfers, assignments or other assurances of all or any part of the
          Charged Property in such form and containing such powers and
          provisions as the Security Trustee requires.

20.2      POSTPONEMENT OR WAIVER OF SECURITY INTERESTS

          The Issuer Trustee will (and the Manager will give all necessary
          directions to enable the Issuer Trustee to) if required by the
          Security Trustee immediately cause:

          (a)  (POSTPONE OTHER SECURITY INTERESTS): any Security Interest (other
               than a Prior Interest) which has arisen or which arises from time
               to time by operation of law over the Charged Property in favour
               of any person including the Issuer Trustee to be at the Security
               Trustee's option postponed in all respects after and subject to
               this Deed or to be otherwise discharged, released or terminated;
               and

          (b)  (DISCHARGE OF SECURED MONEYS): any borrowing or other obligation
               secured by

                                                                             47.
<PAGE>

               any such Security Interest at the Security Trustee's option to be
               waived, released, paid or performed.

20.3      REGISTRATION OF CHARGE

          The Manager will at its own expense ensure that this Deed is promptly
          registered as a charge on any appropriate register to the extent and
          within such time limits as may be prescribed by law so as to ensure
          the full efficacy of this Deed as a security to the Security Trustee
          in all jurisdictions in which any part of the Charged Property may now
          or at any time during the continuance of this Deed be located, in
          which the Issuer Trustee may carry on any business or in which the
          Issuer Trustee is or may become resident or registered.

20.4      CAVEATS

          The Issuer Trustee is not obliged to do anything under this clause
          [20] to enable the Security Trustee to, and the Security Trustee must
          not, lodge a caveat to record its interest in the Charged Property at
          the land titles office in any State or Territory, unless the Charge
          has taken effect as a fixed charge.

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

21.       PAYMENTS

21.1      MONEYS REPAYABLE AS AGREED OR ON DEMAND

          Unless otherwise agreed, pursuant to the terms of any Secured Moneys,
          the Secured Moneys are payable by the Issuer Trustee to the Security
          Trustee in Australian dollars immediately upon demand by the Security
          Trustee.

21.2      NO SET-OFF OR DEDUCTION

          All payments by the Issuer Trustee of any moneys forming part of the
          Secured Moneys are to be free of any set-off or counterclaim and
          without deduction or withholding for any present or future Taxes
          unless the Issuer Trustee is compelled by law to deduct or withhold
          the same, in which event the Issuer Trustee will, pay to the Security
          Trustee such additional amounts necessary to enable the Security
          Trustee to receive after all deductions and withholdings for such
          Taxes a net amount equal to the full amount which would otherwise have
          been payable under this Deed had no such deduction or withholding been
          required to be made.

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

22.       DISCHARGE OF A CHARGE

22.1      RELEASE

          Upon proof being given to the reasonable satisfaction of the Security
          Trustee that all Secured Moneys have been paid in full, including that
          all costs, charges, moneys and expenses incurred by or payable to or
          at the direction of the Security Trustee, the Receiver or any attorney
          appointed under this Deed have been paid and upon adequate provision
          having been made to the reasonable satisfaction of the Security
          Trustee of all costs, charges, moneys and expenses reasonably likely
          thereafter to be incurred by or payable to or at the direction of the
          Security Trustee, the Receiver or any attorney appointed under this
          Deed, then the Security Trustee will at the request of the Manager or
          the Issuer Trustee, and at the cost of the Issuer Trustee, release the
          Charged Property from the Charge and this Deed.

                                                                             48.
<PAGE>

22.2      CONTINGENT LIABILITIES

          The Security Trustee is under no obligation to grant a release of the
          Charge or this Deed unless at the time such release is sought:

          (a)  (NO SECURED MONEYS OWING): none of the Secured Moneys are
               contingently or prospectively owing except where there is no
               reasonable likelihood of the contingent or prospective event
               occurring; and

          (b)  (NO LIABILITIES): the Security Trustee has no contingent or
               prospective liabilities whether or not there is any reasonable
               likelihood of such liabilities becoming actual liabilities in
               respect of any bills, notes, drafts, cheques, guarantees, letters
               of credit or other instruments or documents issued, drawn,
               endorsed or accepted by the Security Trustee for the account or
               at the request of the Issuer Trustee.

22.3      CHARGE REINSTATED

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

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

23.       NOTE TRUSTEE

23.1      CAPACITY

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

23.2      EXERCISE OF RIGHTS

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

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

          (b)  (LIMITED RIGHT OF ENFORCEMENT BY NOTEHOLDERS): the Class [ ]
               Noteholders may only exercise enforcement rights in respect of
               the Charged Property through the Note Trustee and only in
               accordance with this Deed.

23.3      INSTRUCTIONS OR DIRECTIONS

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

                                                                             49.
<PAGE>

23.4      PAYMENTS

          Any payment to be made to a Class [ ] Noteholder under this Deed may
          be made to an account in the name of "PUMA Global Trust No. [ ]" (or
          such other account as may be determined by the Manager and notified to
          the Note Trustee, Issuer and each Paying Agent (as defined in the
          Agency Agreement), from time to time) with the Note Trustee or a
          Paying Agent on behalf of that Class [ ] Noteholder.

23.5      NOTICES

          Any notice to be given to a Noteholder under this Deed may be given to
          the Note Trustee on behalf of that Noteholder. Any costs to the Note
          Trustee of publishing such notice to the Noteholders will, subject to
          clause [28], be reimbursed by the Issuer Trustee to the Note Trustee.

23.6      LIMITATION OF NOTE TRUSTEE'S LIABILITY

          The liability of the Note Trustee under this Deed is limited in the
          manner and to the same extent as under the Note Trust Deed.

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

24.       AMENDMENT

24.1      AMENDMENT BY SECURITY TRUSTEE

          Subject to this clause [24] and to any approval or consent required by
          law (including, without limitation, the United States Trust Indenture
          Act of 1939) and under clause [24.2], the Security Trustee, the
          Manager, the Note Trustee and the Issuer Trustee may together agree by
          way of supplemental deed to alter, add to or revoke any provision of
          this Deed (including this clause [24]), so long as such alteration,
          addition or revocation:

          (a)  (NECESSARY OR EXPEDIENT): in the opinion of the Security Trustee
               or of a barrister or solicitor instructed by the Security
               Trustee, 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): in the opinion of the Security Trustee is made
               to correct a manifest error or ambiguity or is of a formal,
               technical or administrative nature only;

          (c)  (AMENDMENT TO LAW): in the opinion of the Security Trustee 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 Security 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 Security Trust); or

          (d)  (OTHERWISE DESIRABLE): in the opinion of the Security Trustee and
               the Issuer Trustee is otherwise desirable for any reason,

          provided that the Security Trustee, the Manager, the Note Trustee and
          the Issuer Trustee may not alter, add to or revoke any provision of
          this Deed unless the Manager has notified the Current Rating
          Authorities 5 Business Days in advance.

                                                                             50.
<PAGE>

24.2      CONSENT REQUIRED

          If any alteration, addition or revocation referred to in clause
          [24.1(d)] would, if it were an Extraordinary Resolution of the Voting
          Secured Creditors, require any consent to be effective under clause
          [14] of the Annexure, the alteration, addition or revocation may be
          effected only if the relevant consent is obtained in accordance with
          such clause. Nothing in this clause limits the operation of the
          proviso in clause [24.1].

24.3      CONSENT TO PAYMENT MODIFICATION IN RELATION TO NOTES

          If any alteration, addition or revocation referred to in clause [24.1]
          effects or purports to effect a Payment Modification (as defined in
          the Note Trust Deed) it will not be effective as against any Class [ ]
          Noteholder unless consented to by that Class [ ] Noteholder.

24.4      NO CURRENT RATING AUTHORITY DOWNGRADE

          The Security Trustee will be entitled to assume that any proposed
          alteration, addition or revocation referred to in clause [24.1] (other
          than a Payment Modification), if effected, will not be materially
          prejudicial to the interests of a class of Noteholders or all
          Noteholders if each Current Rating Authority confirms in writing that
          if the alteration, addition or revocation is effected it will not lead
          to a reduction, qualification or withdrawal of the then rating
          assigned to the class of Notes by the Current Rating Authority. The
          Note Trustee will be entitled to assume that any proposed alteration,
          addition or revocation (other than a Payment Modification), if
          effected, will not be materially prejudicial to the interests of
          Noteholders if each Current Rating Authority confirms in writing that
          if the alteration, addition or revocation is effected this will not
          lead to a reduction, qualification or withdrawal of the then rating
          given, respectively, to the Notes by the Current Rating Authority.

24.5      DISTRIBUTION OF AMENDMENTS

          The Manager must distribute to all Secured Creditors a copy of any
          amendment made pursuant to clause [24.1] as soon as reasonably
          practicable after the amendment has been made.

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

25.       EXPENSES AND STAMP DUTIES

25.1      EXPENSES

          Subject to clause 28 the Issuer Trustee will on demand reimburse the
          Security Trustee and the Note Trustee for and keep the Security
          Trustee and the Note Trustee indemnified against all expenses
          including legal costs and disbursements (at the usual commercial rates
          of the relevant legal services provider) incurred by the Security
          Trustee and the Note Trustee (as the case may be) 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 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 Security Trustee or the Note Trustee; and

          (c)  (INQUIRIES OF GOVERNMENTAL AGENCY): any inquiry by a Governmental
               Agency

                                                                             51.
<PAGE>

               concerning the Issuer Trustee or the Charged Property or a
               transaction or activity the subject of the Transaction Documents.

25.2      STAMP DUTIES

          (a)  (ISSUER TRUSTEE MUST PAY): The Issuer Trustee will pay all stamp,
               loan, transaction, registration and similar Taxes including fines
               and penalties, financial institutions duty and federal debits tax
               which may be payable to or required to be paid by any appropriate
               authority or determined to be payable in connection with the
               execution, delivery, performance or enforcement of this Deed or
               any payment, receipt or other transaction contemplated in this
               Deed.

          (b)  (ISSUER TRUSTEE MUST INDEMNIFY): The Issuer Trustee will
               indemnify and keep indemnified each of the Security Trustee and
               the Note Trustee against any loss or liability incurred or
               suffered by it as a result of the delay or failure by the Issuer
               Trustee to pay such Taxes.

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

26.       GOVERNING LAW AND JURISDICTION

26.1      GOVERNING LAW

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

26.2      JURISDICTION

          (a)  (SUBMISSION TO JURISDICTION): The Issuer Trustee, the Security
               Trustee, the Manager and each of the Secured Creditors 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 Trustee, the Security
               Trustee, the Manager and each of the Secured Creditors 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.

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

27.       NOTICES

27.1      METHOD OF DELIVERY

          Subject to this clause, any notice, request, certificate, approval,
          demand, consent or other communication to be given under this Deed
          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 in the case of a party to this Deed or any Secured
               Creditor other than a Noteholder:

                                                                             52.
<PAGE>

               (i)    left at the address of the addressee;

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

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

            Any notice, request, certificate, approval, demand, consent or other
            communication to be given under this Deed to a Class [ ] Noteholder
            will be effectively given if it is given to the Note Trustee in
            accordance with this clause and to an A$ Noteholder will be
            effectively given if sent to the address thereof then appearing in
            the Register.

27.2      DEEMED RECEIPT

          A notice, request, certificate, demand, consent or other communication
          under this Deed 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
          5.00 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.

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

28.       CHARGOR'S LIMITED LIABILITY

28.1      LIMITATION ON ISSUER TRUSTEE'S LIABILITY

          The Issuer Trustee enters into this Deed only in its capacity as
          trustee of the PUMA Trust and in no other capacity. A liability
          incurred by the Issuer Trustee acting in its capacity as trustee of
          the PUMA Trust arising under or in connection with this Deed is
          limited to and can be enforced against the Issuer Trustee only to the
          extent to which it can be satisfied out of assets of the PUMA Trust
          out of which the Issuer Trustee is actually indemnified for the
          liability. This limitation of the Issuer Trustee's liability applies
          despite any other provision of this Deed (other than clause [28.3])
          and extends to all liabilities and obligations of the Issuer Trustee
          in any way connected with any representation, warranty, conduct,
          omission, agreement or transaction related to this Deed.

28.2      CLAIMS AGAINST ISSUER TRUSTEE

          The Security Trustee, the Manager and each Secured Creditor may not
          sue the Issuer Trustee in respect of liabilities incurred by the
          Issuer Trustee acting in its capacity as trustee of the PUMA Trust in
          any capacity other than as trustee of the PUMA Trust, including
          seeking the appointment of a receiver, (except in relation to assets
          of the PUMA Trust) a liquidator, an administrator, or any similar
          person to the Issuer Trustee or prove in any liquidation,
          administration or arrangements of or affecting the Issuer Trustee
          (except in relation to the assets of the PUMA Trust).

28.3      BREACH OF ISSUER TRUSTEE

          The provisions of this clause [28] will not apply to any obligation or
          liability of the Issuer

                                                                             53.
<PAGE>

          Trustee to the extent that it is not satisfied because under the Trust
          Deed, Sub-Fund Notice or any other Transaction Document or by
          operation of law there is a reduction in the extent of the Issuer
          Trustee's indemnification out of the assets of the PUMA Trust as a
          result of the Issuer Trustee's fraud, negligence or wilful default.

28.4      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 PUMA Trust. No act or omission of the Issuer Trustee (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
          [28.3] to the extent to which the act or omission was caused or
          contributed to by any failure by a Relevant Party or any other person
          appointed by the Issuer Trustee under any Transaction Document (other
          than a person whose acts or omissions the Issuer Trustee is liable for
          in accordance with any Transaction Document) to fulfil its obligations
          relating to the PUMA Trust or by any other act or omission of any
          other such person.

28.5      NO AUTHORITY

          No attorney, agent, receiver or receiver and manager appointed in
          accordance with this Deed has authority to act on behalf of the Issuer
          Trustee in a way which exposes the Issuer Trustee to any personal
          liability and no act or omission of any such person will be considered
          fraud, negligence or wilful default of the Issuer Trustee for the
          purposes of clause [28.3].

28.6      NO OBLIGATION

          The Issuer Trustee 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 Trustee's liability is
          limited in a manner which is consistent with this clause [28] or
          otherwise in a manner satisfactory to the Issuer Trustee in its
          absolute discretion.

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

29.       MISCELLANEOUS

29.1      ASSIGNMENT BY ISSUER TRUSTEE

          The Issuer Trustee 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 new Issuer Trustee which is appointed as a successor
          trustee of the Funds under and in accordance with the Trust Deed.

29.2      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 new Manager which is appointed as a successor manager of
          the Funds under and in accordance with the Management Deed.

29.3      ASSIGNMENT BY SECURITY TRUSTEE

          The Security 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 Security Trustee
          which is appointed as a successor security trustee under and in
          accordance with this Deed.

                                                                             54.
<PAGE>

29.4      ASSIGNMENT BY NOTE TRUSTEE

          The 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 successor trustee appointed
          under and in accordance with the Note Trust Deed.

29.5      CERTIFICATE OF SECURITY TRUSTEE

          A certificate in writing signed by an Authorised Officer of the
          Security Trustee certifying the amount payable by the Issuer Trustee
          to the Security Trustee or to the Secured Creditors or certifying that
          a person identified therein is a Secured Creditor or certifying any
          other act, matter, thing or opinion relating to this Deed is
          conclusive and binding on all Interested Persons in the absence of
          manifest error on the face of the certificate or evidence to the
          contrary.

29.6      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 Trustee.

29.7      SETTLEMENT CONDITIONAL

          Any settlement or discharge between the Issuer Trustee and the
          Security Trustee is conditional upon any security or payment given or
          made to the Security Trustee by the Issuer Trustee 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 Security Trustee is entitled to recover the value or
          amount of such security or payment avoided, repaid or reduced from the
          Issuer Trustee subsequently as if such settlement or discharge had not
          occurred.

29.8      NO MERGER

          Neither this Deed, nor any of the Security Trustee's or the Receiver's
          powers will merge or prejudicially affect nor be merged in or
          prejudicially affected by and the Issuer Trustee's obligations under
          this Deed will not in any way be abrogated or released by any other
          security any judgment or order any contract any cause of action or
          remedy or any other matter or thing existing now or in the future in
          respect of the Secured Moneys.

29.9      INTEREST ON JUDGMENT

          If a liability under this Deed (other than a liability for negligence,
          fraud or wilful default of the Issuer Trustee under the Transaction
          Documents) becomes merged in a judgment or order then the Issuer
          Trustee as an independent obligation will pay interest to the Security
          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 Secured Moneys from the date it becomes payable
          until it is paid.

29.10     NO POSTPONEMENT

          The Security Trustee's rights under this Deed will not be discharged,
          postponed or in any way prejudiced by any subsequent Security Interest
          nor by the operation of the rules known as the rule in Hopkinson v.
          Rolt or the rule in Claytons Case.

                                                                             55.
<PAGE>

29.11     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.

29.12     REMEDIES CUMULATIVE

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

29.13     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 Security 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.

29.14     CONSENTS AND APPROVALS

          Where any act matter or thing under this Deed depends on the consent
          or approval of the Security Trustee then unless expressly provided
          otherwise in this Deed such consent or approval may be given or
          withheld in the absolute and unfettered discretion of the Security
          Trustee and may be given subject to such conditions as the Security
          Trustee thinks fit in its absolute and unfettered discretion.

29.15     WRITTEN WAIVER, CONSENT AND APPROVAL

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

29.16     TIME OF ESSENCE

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

29.17     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 Trustee 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
               Security Trustee or the Receiver under this Deed,

          are expressly waived negatived and excluded.

                                                                             56.
<PAGE>

29.18     DEBIT ACCOUNTS

          The Issuer Trustee authorises the Security Trustee at any time after
          the Charge becomes enforceable pursuant to the provisions of this
          Deed, to apply without prior notice any credit balance whether or not
          then due to which the Issuer Trustee is at any time entitled on any
          account at any office of the Security Trustee in or towards
          satisfaction of any sum then due and unpaid from the Issuer Trustee to
          the Security Trustee under this Deed or on any other account
          whatsoever and the Issuer Trustee further authorises the Security
          Trustee without prior notice to set-off any amount owing whether
          present or future actual contingent or prospective and on any account
          whatsoever by the Security Trustee to the Issuer Trustee against any
          of the Secured Moneys. The Security Trustee is not obliged to exercise
          any of its rights under this clause, which are without prejudice and
          in addition to any right of set-off, combination of accounts, lien or
          other right to which it is at any time otherwise entitled whether by
          operation of law contract or otherwise.

29.19     SET-OFF

          No Secured Creditor may set-off or apply any sum or debt in any
          currency (whether or not matured) in any account comprised in the
          Charged Property towards satisfaction of any amount that would
          otherwise form part of the Secured Moneys.

29.20     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.

29.21     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.

                                                                             57.
<PAGE>

<TABLE>
<CAPTION>
<S>                                                                       <C>
EXECUTED as a deed.

SIGNED SEALED AND DELIVERED for and on behalf of                 |
[PERPETUAL TRUSTEE COMPANY LIMITED, ABN 42 001 001 007] by       |
                                                                 |
                                                                 |        -----------------------------------------------
its Attorney under a Power of Attorney dated                     |
and registered Book               No.             and            |        Signature
the Attorney declares that the Attorney has not received         |
any notice of the revocation of such Power of Attorney           |
in the presence of:                                              |

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

Signature of Witness

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

Name of Witness in full

SIGNED SEALED AND DELIVERED for and on                           |
behalf of MACQUARIE SECURITISATION LIMITED,                      |
ABN 16 003 297 336 by                                            |
                                                                 |        -----------------------------------------------
and                                                              |
                                                                 |        Signature
(its Attorneys) under a Power of Attorney                        |
dated and registered Book No. and each Attorney                  |
declares that he or she has not                                  |
received any notice of the revocation of such                    |
Power of Attorney in the presence of:                            |
                                                                 |
                                                                         ----------------------------------------------

                                                                         Signature

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

Signature of Witness

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

Name of Witness in full
</TABLE>

                                                                             58.
<PAGE>

<TABLE>
<CAPTION>
<S>                                                                       <C>
SIGNED SEALED AND DELIVERED for and on
behalf of [PERPETUAL TRUSTEES AUSTRALIA                          |
LIMITED, ABN 86 000 431 827] by                                  |
                                                                 |
its Attorney under a Power of Attorney                           |        -----------------------------------------------
dated                and registered Book                         |
No.             and the Attorney declares                        |        Signature
that the Attorney has not received any                           |
notice of the revocation of such Power of                        |
Attorney in the presence of:                                     |
                                                                 |
                                                                 |

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

Signature of Witness

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

Name of Witness in full

SIGNED SEALED AND DELIVERED for [THE BANK
OF NEW YORK] by its Authorised                                  |
Signatory in the presence of:                                   |
                                                                |
                                                                |
                                                                |
                                                                |
                                                                |
                                                                |
                                                                |

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

Signature of Witness                                               Authorised Signatory

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

Name of Witness in full                                            Name of Authorised Signatory
</TABLE>

                                                                             59.
<PAGE>

THIS IS THE ANNEXURE REFERRED TO IN A SECURITY TRUST DEED BETWEEN [PERPETUAL
TRUSTEES AUSTRALIA LIMITED], [THE BANK OF NEW YORK, NEW YORK BRANCH], MACQUARIE
SECURITISATION LIMITED AND [PERPETUAL TRUSTEE COMPANY LIMITED]
--------------------------------------------------------------------------------

               PROVISIONS FOR MEETINGS OF VOTING SECURED CREDITORS

1.        Definitions and incorporation of terms

          In this Annexure, unless specified otherwise or the context indicates
          a contrary intention:

          (a)  words and expressions which are defined in or by virtue of clause
               1 of the abovementioned Security Trust Deed (the "SECURITY TRUST
               DEED") have the same meanings in this Annexure;

          (b)  a "HOLDER" in relation to Secured Moneys will be construed as
               including a Noteholder in relation to any outstanding Notes; and

          (c)  references to clauses are references to clauses in this Annexure.

2.        CONVENING OF MEETINGS

          (a)  (MEETING AT ANY TIME): The Security Trustee, the Issuer Trustee
               or the Manager at any time may convene a meeting of the Voting
               Secured Creditors.

          (b)  (MEETING ON REQUEST): Subject to the Security Trustee being
               indemnified to its reasonable satisfaction against all costs and
               expenses occasioned thereby, the Security Trustee will convene a
               meeting of the Voting Secured Creditors if requested to do so by
               Voting Secured Creditors who hold between them Voting
               Entitlements comprising an aggregate number of votes which is no
               less than 10% of the aggregate number of votes comprising the
               Voting Entitlements of all Voting Secured Creditors at that time.

          (c)  (TIME AND PLACE APPROVED BY SECURITY TRUSTEE):

               (i)    Every meeting of Voting Secured Creditors will be held at
                      such time and place as the Security Trustee approves (or,
                      failing such approval by the Security Trustee within a
                      reasonable period, as approved by the Manager), provided
                      that, subject to paragraphs (ii) and (iii) and clause [4],
                      any such meeting shall not be held until the Note Trustee
                      has had, in its opinion, sufficient time to either seek
                      directions from the Class [ ] Noteholders or to determine
                      that it need not seek those directions, in each case in
                      accordance with clause [7] of the Note Trust Deed.

               (ii)   Upon receiving notice of a meeting of the Voting Secured
                      Creditors, the Note Trustee (if applicable) will as soon
                      as practicable comply with clause [] of the Note Trust
                      Deed.

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

                      A.  the Note Trustee, in its absolute discretion, so
                          decides; or

                      B.  there are then no Class [ ] Notes outstanding.

          (d)  (MEETINGS IN MORE THAN ONE PLACE): A meeting of Voting Secured
               Creditors may, if the Security Trustee so determines, be held at
               two or more meeting venues linked together by audio-visual
               communication equipment which, by itself or in conjunction with
               other arrangements:

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               (i)    gives the Voting Secured Creditors in the separate venues
                      a reasonable opportunity to participate in the
                      proceedings;

               (ii)   enables the chairman to be aware of proceedings in each
                      such venue; and

               (iii)  enables the Voting Secured Creditors in each such venue to
                      vote on a show of hands and on a poll.

                      A Voting Secured Creditor at one of the separate meeting
                      venues is taken to be present at the meeting of the Voting
                      Secured Creditors and is entitled to exercise all rights
                      which a Voting Secured Creditor has under the Security
                      Trust Deed and this Annexure in relation to a meeting of
                      Voting Secured Creditors. Where a meeting of Voting
                      Secured Creditors is held at two or more meeting venues
                      pursuant to this clause [2(d)], that meeting will be
                      regarded as having been held at the venue determined by
                      the chairman of the meeting.

          (e)  (MEETINGS ONLY IN ACCORDANCE WITH THE SECURITY TRUST DEED): A
               meeting of Voting Secured Creditors may only be convened in
               accordance with the Security Trust Deed and this Annexure.

3.        NOTICE OF MEETINGS

          (a)  (NOTICE): Subject to clauses [2(c)(i) and 4], at least 14 days'
               notice (inclusive of the day on which the notice is given and of
               the day on which the meeting is held) of a meeting of the Voting
               Secured Creditors must be given to the Voting Secured Creditors.

          (b)  (ACCIDENTAL OMISSION DOES NOT INVALIDATE): The accidental
               omission to give notice to or the non-receipt of notice by any
               Voting Secured Creditor does not invalidate the proceedings at
               any meeting.

          (c)  (COPIES OF NOTICES): A copy of a notice convening a meeting must
               be given by the Security Trustee to the Manager and the Issuer
               Trustee.

          (d)  (MANNER OF NOTICE): Notice of a meeting must be given in the
               manner provided in the Security Trust Deed.

          (e)  (DETAILS TO BE INCLUDED IN NOTICE): A notice of a meeting of the
               Voting Secured Creditors must specify:

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

               (ii)   the reason for the meeting being convened;

               (iii)  the agenda of the business to be transacted at the
                      meeting;

               (iv)   the terms of any proposed resolution;

               (v)    that appointments of proxies must be lodged no later than
                      24 hours prior to the time fixed for the meeting; and

               (vi)   such additional information as the person giving the
                      notice thinks fit.

4.        SHORTER NOTICE OF MEETING

          A meeting of the Voting Secured Creditors may be held on shorter
          notice than provided by clause 3 if so agreed by a resolution of
          Voting Secured Creditors at the meeting who:

          (a)  (MAJORITY IN NUMBER): are a majority in number of Voting Secured
               Creditors (present in person or by proxy) having the right to
               attend and vote at the meeting;

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                and

          (b)  (95% VOTING ENTITLEMENTS): hold or represent between them Voting
               Entitlements comprising in aggregate a number of votes which is
               not less than 95% of the aggregate number of votes comprised in
               all Voting Entitlements at the time.

5.        CHAIRMAN

          At a meeting of Voting Secured Creditors, some person (whether or not
          a Secured Creditor or a representative of the Security Trustee)
          nominated in writing by the Security Trustee must preside as chairman.
          If no such nomination is made or no such nominated person is present
          within 15 minutes after the time appointed for the holding of the
          meeting, the Voting Secured Creditors present must choose one of their
          number to be chairman.

6.        QUORUM

          At any such meeting, any 2 or more persons present in person holding,
          or being Representatives holding or representing between them, in the
          aggregate 67% or more of the aggregate number of votes comprised in
          all Voting Entitlements at that time will form a quorum for the
          transaction of business and no business (other than the choosing of a
          chairman) is to be transacted at any meeting unless the requisite
          quorum is present at the commencement of business.

7.        ADJOURNMENT

          (a)  (ADJOURNMENT): If within 15 minutes from the time appointed for
               any such meeting a quorum is not present, the meeting must, if
               convened upon the requisition of Voting Secured Creditors, be
               dissolved. In any other case it must stand adjourned (unless the
               Security Trustee agrees that it be dissolved) for such period,
               not being less than 7 days nor more than 42 days, as may be
               appointed by the chairman. At such adjourned meeting, two or more
               persons present in person holding, or being Representatives
               holding or representing between them, Voting Entitlements
               comprising in aggregate a number of votes which is not less than
               50% of the aggregate number of votes comprised in all Voting
               Entitlements at the time must (except for the purpose of passing
               an Extraordinary Resolution) form a quorum and will have the
               power to pass any resolution and to decide upon all matters which
               could properly have been dealt with at the meetings from which
               the adjournment took place had a quorum been present at such
               meeting. The quorum at any such adjourned meeting for passing an
               Extraordinary Resolution will be as specified in clause [6].

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

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

8.        VOTING PROCEDURE

          (a)  (CASTING VOTES): Every question submitted to a meeting must be
               decided in the first instance by a show of hands and in case of
               equality of votes the chairman must, both on a show of hands and
               on a poll, have a casting vote in addition to the vote or votes
               (if any) to which he or she may be entitled as a Voting Secured
               Creditor or as

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               a Representative.

          (b)  (EVIDENCE OF VOTES): At any meeting, unless a poll is (before or
               on the declaration of the result of the show of hands) demanded
               by the chairman, the Issuer Trustee, the Manager, the Note
               Trustee or the Security Trustee or by one or more persons
               holding, or being Representatives holding or representing between
               them, in aggregate a number of votes which is not less than 2% of
               the aggregate number of votes comprised in all Voting
               Entitlements at the time, a declaration by the chairman that a
               resolution has been carried by a particular majority or lost or
               not carried by any particular majority will be conclusive
               evidence of the fact without proof of the number or proportion of
               the votes recorded in favour of or against such resolution.

          (c)  (POLLS): If at any meeting a poll is so demanded, it must be
               taken in such manner and (subject to the provisions of this
               Annexure) either at once or after such an adjournment as the
               chairman directs and the result of such poll will be deemed to be
               the resolution of the meeting at which the poll was demanded as
               at the date of the taking of the poll. The demand for a poll must
               not prevent the continuance of the meeting for the transaction of
               any business other than the question on which the poll has been
               demanded. Any poll demanded at any meeting on the election of a
               chairman or on any question of adjournment must be taken at the
               meeting without adjournment.

          (d)  (VOTING BY VOTING SECURED CREDITORS):

               (i)    On a show of hands every Voting Secured Creditor who is
                      present in person or by proxy and has the right to vote at
                      the relevant meeting on that resolution has one vote
                      except that the Note Trustee has one vote for each then
                      Class [ ] Noteholder on whose behalf the Note Trustee
                      attends the meeting.

               (ii)   On a poll every Voting Secured Creditor who is present in
                      person or by proxy and has the right to vote has the
                      number of votes comprised in their Voting Entitlement.

          (e)  (PERSON MAY CAST VOTES DIFFERENTLY): Any person entitled to more
               than one vote need not use or cast all of the votes to which he
               or she is entitled in the same way.

          (f)  (VOTING BY CORPORATION): A corporation being a Voting Secured
               Creditor may vote by any officer or representative duly
               authorised in writing who is entitled to speak, demand a poll,
               vote, act as a proxy and in all other respects exercise the
               rights of a Voting Secured Creditor and must be reckoned as a
               Voting Secured Creditor for all purposes.

          (g)  (VOTING BY PERSON OF UNSOUND MIND): A Voting Secured Creditor of
               unsound mind or in respect of whom an order has been made by any
               court having jurisdiction in respect of mental health may vote
               whether on a show of hands or on a poll by his committee curator
               bonis or other person in the nature of a committee curator bonis
               appointed by such court.

          (h)  (OBJECTION TO VOTER'S QUALIFICATION): No objection is to be
               raised as to the qualification of any voter except at the meeting
               or adjourned meeting at which the vote objected to is given or
               tendered and every vote not disallowed at such meeting will be
               valid for all purposes. Any such objection made in due time will
               be referred to the chairman of the meeting and his decision will
               be final and conclusive.

9.        RIGHT TO ATTEND AND SPEAK

          The Issuer Trustee, the Manager and the Security Trustee (through
          their respective

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               representatives) and their respective financial and legal
               advisers will be entitled to attend and speak at any meeting of
               Voting Secured Creditors. No person will otherwise be entitled to
               attend or vote at any meeting of the Voting Secured Creditors or
               to join with others in requesting the convening of such a meeting
               unless he or she is a Voting Secured Creditor or is a
               Representative.

10.       APPOINTMENT OF PROXIES

          (a)  (PROXY): Each appointment of a proxy must be in writing and,
               together (if required by the Security Trustee) with proof
               satisfactory to the Security Trustee of its due execution, must
               be deposited at the registered office of the Security Trustee or
               at such other place designated by the Security Trustee not less
               than 24 hours before the time appointed for holding the meeting
               or adjourned meeting at which the named proxy proposes to vote
               and in default, the appointment of proxy will not be treated as
               valid unless the chairman of the meeting decides otherwise before
               such meeting or adjourned meeting proceeds to business. A
               notarially certified copy of proof (if applicable) of due
               execution must if required by the Security Trustee be produced by
               the proxy at the meeting or adjourned meeting. The Security
               Trustee will be under no obligation to investigate or be
               concerned with the validity of, or the authority of, the proxy
               named in any such appointment. The proxy named in any appointment
               of proxy need not be a Voting Secured Creditor.

          (b)  (PROXY VALID): Any vote given in accordance with the terms of an
               appointment of proxy conforming with clause 10(a) will be valid
               notwithstanding the previous revocation or amendment of the
               appointment of proxy or of any of the Voting Secured Creditor's
               instructions pursuant to which it was executed, provided that no
               intimation in writing of such revocation or amendment has been
               received by the Security Trustee at its registered office or by
               the chairman of the meeting in each case not less than 24 hours
               before the commencement of the meeting or adjourned meeting at
               which the appointment of proxy is used.

11.       CORPORATE REPRESENTATIVES

          A person authorised under section 250D of the Corporations Act, 2001
          by a Voting Secured Creditor being a body corporate to act for it at
          any meeting will, in accordance with his or her authority until his or
          her authority is revoked by the body corporate concerned, be entitled
          to exercise the same powers on behalf of that body corporate as that
          body corporate could exercise if it were an individual Voting Secured
          Creditor and will be entitled to produce evidence of his or her
          authority to act at any time before the time appointed for the holding
          of or at the meeting or adjourned meeting or for the taking of a poll
          at which he or she proposes to vote.

12.       RIGHTS OF REPRESENTATIVES

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

13.       POWERS OF A MEETING OF VOTING SECURED CREDITORS

          (a)  (POWERS): subject to clauses 13(b) and 14 and, to the extent
               applicable, the mandatory provisions of the United States Trust
               Indenture Act of 1939, a meeting of Voting Secured Creditors has,
               without prejudice to any rights or powers conferred on other
               persons by the Security Trust Deed, power exercisable by
               Extraordinary Resolution:

               (i)    [to direct the Security Trustee in the action that should
                      be taken by it

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                      following the occurrence of an Event of Default;

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

               (iii)  to sanction any proposal by the Manager, the Issuer
                      Trustee or the Security Trustee for any modification,
                      abrogation, variation or compromise of, or arrangement in
                      respect of, the rights of the Secured Creditors against
                      the Issuer Trustee or the Manager whether such rights
                      arise under the Security Trust Deed, the other Transaction
                      Documents or otherwise;

               (iv)   to postpone the day when the Secured Moneys become payable
                      and to suspend or postpone for a time the payment of the
                      Secured Moneys;

               (v)    to sanction the exchange or substitution of the Secured
                      Moneys for, or the conversion of the Secured Moneys into,
                      notes or other obligations or securities of the Issuer
                      Trustee or any other body corporate formed or to be
                      formed;

               (vi)   to assent to any modification of the provisions contained
                      in the Security Trust Deed or the Notes which will be
                      proposed by the Issuer Trustee, the Manager or the
                      Security Trustee;

               (vii)  to give any authority, direction, guidance or sanction
                      sought by the Security Trustee from the Voting Secured
                      Creditors;

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

               (ix)   to approve a person proposed to be appointed as a
                      Substitute Security Trustee under the Security Trust Deed
                      and power to remove any Security Trustee for the time
                      being thereof;

               (x)    to discharge or exonerate the Security Trustee from any
                      liability in respect of any act or omission for which it
                      may become responsible under the Security Trust Deed;

               (xi)   to do any other thing which under the Security Trust Deed
                      is required to be given by an Extraordinary Resolution of
                      the Voting Secured Creditors; and

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

          (b)  (LIMITATIONS): A meeting of Voting Secured Creditors does not
               have power to, nor will any resolution submitted to the meeting
               propose or have the effect of:

               (i)    [removing the Security Trustee or the Manager from office;

               (ii)   interfering with the management of the PUMA Trust;

               (iii)  winding up or terminating the PUMA Trust; or

               (iv)   disposing of, or otherwise dealing with, the assets of the
                      PUMA Trust.]

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          (c)  (A$ CLASS [ ] NOTEHOLDERS): No Extraordinary Resolution of a
               separate meeting of the A$ Class [ ] Noteholders (other than one
               referred to in clause 14(a)) shall be effective for any purpose
               unless:

               (i)    there are then no Senior Notes outstanding;

               (ii)   it has been sanctioned by an Extraordinary Resolution of
                      the Voting Secured Creditors representing or being the
                      Senior Noteholders; or

               (iii)  the Security Trustee is of the opinion that its becoming
                      effective will not be materially prejudicial to the
                      interests of the Senior Noteholders or any class of Senior
                      Noteholders.

          (d)  (ASSUMPTIONS): The Security Trustee is entitled to assume that an
               A$ Class [ ] Basic Term Modification referred to in clause
               [14(a)] of this Annexure will not be materially prejudicial to
               the interests of the A$ Class [ ] Noteholders and an
               Extraordinary Resolution of the A$ Class [ ] Noteholders in
               clause [13(c)] will not be materially prejudicial to the
               interests of the Senior Noteholders, if each of the Current
               Rating Authorities confirm in writing that the A$ Class [ ] Basic
               Term Modification or Extraordinary Resolution (respectively) upon
               coming into effect will not lead to a reduction, qualification or
               withdrawal of the then rating by that Current Rating Authority of
               the A$ Class [ ] Notes or any of the Senior Notes (respectively).

14.       EXTRAORDINARY RESOLUTION BINDING ON SECURED CREDITORS

          Subject to clause [13(b)], an Extraordinary Resolution of the Voting
          Secured Creditors is binding upon all Secured Creditors and each of
          the Secured Creditors, the Issuer Trustee, the Manager and the
          Security Trustee is bound to give effect to the Extraordinary
          Resolution, provided that:

          (a)  (A$ CLASS [ ] BASIC TERM MODIFICATION): an Extraordinary
               Resolution of the Voting Secured Creditors to sanction a A$ Class
               [ ] Basic Term Modification will not be effective for any purpose
               unless its becoming effective has been sanctioned by an
               Extraordinary Resolution of the A$ Class [ ] Noteholders or the
               Security Trustee is of the opinion that its becoming effective
               will not be materially prejudicial to the interests of the A$
               Class [ ] Noteholders;

          (b)  (EXTRAORDINARY RESOLUTION AFFECTING CLASS [ ] NOTEHOLDERS):
               subject to clause [14(c)] in the case of an Extraordinary
               Resolution purporting to effect a Payment Modification (as
               defined in the Note Trust Deed), an Extraordinary Resolution
               which by its terms, in the opinion of the Note Trustee in
               accordance with, and subject to, the Note Trust Deed, affects the
               Class [ ] Noteholders only, or in a manner different to the
               rights of Secured Creditors generally, or alters the terms of the
               Class [ ] Notes, or is materially prejudicial to the interests of
               the Class [ ] Noteholders will not be effective unless a Special
               Majority (as defined in the Note Trust Deed) of the Class [ ]
               Noteholders has consented, in accordance with the Note Trust
               Deed, to such Extraordinary Resolution of the Voting Secured
               Creditors or, if the Class [ ] Noteholders have become entitled
               to attend a meeting of Voting Secured Creditors, the Class [ ]
               Noteholders at a separate meeting pass an Extraordinary
               Resolution consenting to such Extraordinary Resolution of the
               Voting Secured Creditors;

          (c)  (PAYMENT MODIFICATION): an Extraordinary Resolution which by its
               terms effects or purports to effect a Payment Modification (as
               that expression is defined in the Note Trust Deed) will not be
               effective as against a Class [ ] Noteholder unless consented to
               by that Class [ ] Noteholder;

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          (d)  (EXTRAORDINARY RESOLUTION AFFECTING A$ REDRAW NOTEHOLDERS): such
               an Extraordinary Resolution, which by its terms, in the opinion
               of the Security Trustee, affects the A$ Redraw Noteholders only,
               or in a manner different to the rights of the Secured Creditors
               generally, or alters the terms of the A$ Redraw Notes, or is
               materially prejudicial to the interests of the A$ Redraw
               Noteholders will not be effective unless the A$ Redraw
               Noteholders at a separate meeting pass an Extraordinary
               Resolution consenting to such Extraordinary Resolution of the
               Voting Secured Creditors.

          (e)  (EXTRAORDINARY RESOLUTION AFFECTING OTHER SECURED CREDITORS):
               such an Extraordinary Resolution which by its terms, in the
               opinion of the Security Trustee, affects the Redraw Facility
               Provider, or any other Stand-by Arrangement Provider, a Currency
               Swap Provider or an Interest Rate Swap Provider (each in its
               capacity as a Secured Creditor) (a "RELEVANT SECURED CREDITOR")
               only, or in a manner different to the rights of Secured Creditors
               generally, or is materially prejudicial to the interests of a
               Relevant Secured Creditor will not be effective unless the
               Relevant Secured Creditor consents in writing to the
               Extraordinary Resolution.

15.       MINUTES AND RECORDS

          Minutes of all resolutions and proceedings at every meeting must be
          made and duly entered in the books to be provided for that purpose by
          the Security Trustee. Any such minutes if purporting to be signed by
          the chairman of the meeting at which such resolutions were passed or
          proceedings transacted or by the chairman of the next succeeding
          meeting (if any) of Voting Secured Creditors, are conclusive evidence
          of the matters stated in them. Until the contrary is provided, every
          such meeting in respect of the proceedings of which minutes have been
          made and signed are deemed to have been duly convened and held and all
          resolutions passed and proceedings conducted at such meetings are
          deemed to have been duly passed and conducted.

16.       WRITTEN RESOLUTIONS

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

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

          (b)  any such instrument shall be effective upon presentation to the
               Security Trustee for entry in the records referred to in clause
               [15].

17.       INVALID RESOLUTIONS

          Any resolution of the Voting Secured Creditors which purports to
          direct the Security Trustee or a Receiver to take any action which
          would hinder the performance of any party under the Trust Deed or a
          Transaction Document (except to the extent that enforcement action is
          taken against the Issuer Trustee or in respect of the Charged
          Property) is invalid.

18.       FURTHER PROCEDURES FOR MEETINGS

          Subject to all other provisions of the Security Trust Deed, the
          Security Trustee may without the consent of the Voting Secured
          Creditors prescribe such further regulations regarding the holding of
          meetings of the Voting Secured Creditors and attendance and voting at
          such meetings as the Security Trustee may in its sole discretion
          determine including particularly (but without prejudice to the
          generality of the foregoing) such regulations and requirements as

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          the  Security Trustee thinks reasonable:

          (a)  (REGARDING ENTITLEMENT TO VOTE): so as to satisfy itself that
               persons who purport to attend or vote at any meeting of Voting
               Secured Creditors are entitled to do so in accordance with this
               Annexure and the other provisions of the Security Trust Deed; and

          (b)  (REGARDING REPRESENTATIVES): as to the form of appointment of a
               Representative.

19.       CLASS OF SECURED CREDITORS

          The provisions of this Annexure apply, mutatis mutandis, to a meeting
          of any class of Voting Secured Creditors or of any class of Secured
          Creditors under this Annexure or the Security Trust Deed. If the Class
          [ ] Noteholders become entitled to attend a meeting of Voting Secured
          Creditors or Secured Creditors or to have their own separate meeting,
          the evidence of the entitlement of such Class [ ] Noteholders to
          attend such meeting and to vote thereat, and any other relevant
          matters, will be determined in accordance with the Note Trust Deed and
          the Agency Agreement, with such amendments as determined by the
          Security Trustee.

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