Document:

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                                                       [CLAYTON UTZ LOGO]

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PERPETUAL TRUSTEES AUSTRALIA LIMITED
ABN 86 000 431 827
Issuer Trustee

MACQUARIE SECURITISATION LIMITED
ABN 16 003 297 336
Manager

THE BANK OF NEW YORK, NEW YORK BRANCH
Note Trustee

THE BANK OF NEW YORK, NEW YORK BRANCH
Note Registrar

THE BANK OF NEW YORK, NEW YORK BRANCH
Principal Paying Agent

THE BANK OF NEW YORK, NEW YORK BRANCH
Agent Bank

THE BANK OF NEW YORK, LONDON BRANCH
Paying Agent

AGENCY AGREEMENT
PUMA GLOBAL TRUST NO. 2

                               [CLAYTON UTZ LOGO]
       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 - 801/706/21719553 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

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<S>   <C>                                                                                                <C>
1.    DEFINITIONS AND INTERPRETATION........................................................................2
      1.1         Definitions...............................................................................2
      1.2         Sub-Fund Notice and Trust Deed Definitions................................................3
      1.3         Interpretation............................................................................4
      1.4         Issuer Trustee Capacity...................................................................5
      1.5         Transaction Document and Issuing Document.................................................5
      1.6         Incorporated Definitions and other Transaction Documents and provisions...................5

2.    APPOINTMENT OF PAYING AGENTS..........................................................................6
      2.1         Appointment...............................................................................6
      2.2         Several Obligations of Paying Agents......................................................6

3.    PAYMENTS..............................................................................................6
      3.1         Payment by Issuer Trustee.................................................................6
      3.2         Payments by Paying Agents.................................................................6
      3.3         Method of Payment for Book-Entry Notes....................................................6
      3.4         Method of Payment for Definitive Notes....................................................6
      3.5         Non-Payment...............................................................................7
      3.6         Late Payment..............................................................................7
      3.7         Reimbursement.............................................................................7
      3.8         Payment under Currency Swap...............................................................7
      3.9         Principal Paying Agent holds funds on trust...............................................7
      3.10        Principal Paying Agent may deal with funds................................................8
      3.11        No Set-Off................................................................................8
      3.12        Holders of Class A Notes..................................................................8
      3.13        Repayment of Moneys.......................................................................8
      3.14        Paying Agents to Record, Notify Payments and Deliver Surrendered Class A
                  Notes.....................................................................................9

4.    APPOINTMENT AND DUTIES OF THE AGENT BANK..............................................................9
      4.1         Appointment...............................................................................9
      4.2         Determinations by Agent Bank..............................................................9
      4.3         Notification by Agent Bank................................................................9
      4.4         Note Trustee to Perform Agent Bank's Function.............................................9
      4.5         Documents to Agent Bank..................................................................10

5.    APPOINTMENT AND DUTIES OF THE NOTE REGISTRAR.........................................................10
      5.1         Note Registrar...........................................................................10
      5.2         Note Register to be Kept.................................................................10
      5.3         Transfer or Exchange of Class A Notes....................................................10
      5.4         Replacement of Lost or Mutilated Class A Notes...........................................11
      5.5         Obligations upon Transfer, Exchange or Replacement of Class A Notes......................11
      5.6         No Charge for Transfer or Exchange.......................................................11
      5.7         Restricted Period........................................................................11
      5.8         Cancellation of Class A Notes............................................................12
      5.9         Provision of Information and Inspection of Register......................................12
      5.10        Correctness of Register and Information..................................................12
      5.11        Non-recognition of Equitable Interests...................................................12
      5.12        Rectification of Note Register...........................................................13
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<S>   <C>                                                                                                <C>
6.    NOTE TRUSTEE'S REQUIREMENTS REGARDING AGENTS.........................................................13
      6.1         Following Enforcement of the Charge or issue of Definitive Notes.........................13
      6.2         Good Discharge to Issuer Trustee.........................................................14
      6.3         Change of Authorised Officers............................................................14

7.    REDEMPTION OF CLASS A NOTES..........................................................................14
      7.1         Part Redemption of Class A Notes on Quarterly Payment Dates..............................14
      7.2         Early Redemption.........................................................................14

8.    GENERAL PAYING AGENT MATTERS.........................................................................15
      8.1         Notices to Class A Noteholders...........................................................15
      8.2         Copies of Documents for Inspection.......................................................15
      8.3         Notice of any Withholding or Deduction...................................................15

9.    INDEMNITY............................................................................................15
      9.1         Indemnity by Issuer Trustee..............................................................15
      9.2         Indemnity by Agent.......................................................................15

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

11.   MISCELLANEOUS DUTIES AND PROTECTION..................................................................19
      11.1        Agents are agents of the Issuer Trustee..................................................19
      11.2        Agency...................................................................................19
      11.3        Reliance.................................................................................19
      11.4        Entitled to Deal.........................................................................19
      11.5        Consultation.............................................................................19
      11.6        Duties and Obligations...................................................................20
      11.7        Income Tax Returns.......................................................................20
      11.8        Representation by each Agent.............................................................20

12.   FEES AND EXPENSES....................................................................................20
      12.1        Payment of Fee...........................................................................20
      12.2        Payment of Expenses......................................................................20
      12.3        No Other Fees............................................................................20
      12.4        Payment of Fees..........................................................................21
      12.5        No Commission............................................................................21
      12.6        Issuer Trustee Personally Liable for Fees................................................21
      12.7        Timing of Payments.......................................................................21
      12.8        Increase in Fees.........................................................................21

13.   NOTICES..............................................................................................21
      13.1        Method of Delivery.......................................................................21
      13.2        Deemed Receipt...........................................................................22
      13.3        Communications through Principal Paying Agent............................................22
      13.4        Email....................................................................................22
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<S>   <C>                                                                                                <C>
14.   ISSUER TRUSTEE'S LIMITATION OF LIABILITY.............................................................22
      14.1        Limitation on Issuer Trustee's Liability.................................................22
      14.2        Claims against Issuer Trustee............................................................23
      14.3        Breach of Trust..........................................................................23
      14.4        Acts or omissions........................................................................23
      14.5        No Authority.............................................................................23
      14.6        No obligation............................................................................23

15.   GENERAL..............................................................................................24
      15.1        Waiver ..................................................................................24
      15.2        Written Waiver, Consent and Approval ....................................................24
      15.3        Severability ............................................................................24
      15.4        Survival of Indemnities .................................................................24
      15.5        Assignments .............................................................................24
      15.6        Successors and Assigns ..................................................................24
      15.7        Moratorium Legislation ..................................................................24
      15.8        Amendments ..............................................................................24
      15.9        Governing Law ...........................................................................25
      15.10       Jurisdiction ............................................................................25
      15.11       Counterparts ............................................................................25
      15.12       Limitation of Note Trustee's Lability ...................................................25
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THIS AGENCY AGREEMENT MADE ON           2002

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

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

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

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

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

               THE BANK OF NEW YORK, NEW YORK BRANCH a New York banking
               corporation acting through its New York branch at 101 Barclay
               Street, 21W, New York, New York 10286 as trustee of the Note
               Trust (hereinafter included in the expression the "AGENT BANK")

               THE BANK OF NEW YORK, LONDON BRANCH a New York banking
               corporation acting through its London branch of 48th floor, One
               Canada Square, London E14 5AL (hereinafter included in the
               expression the "PAYING AGENT")

RECITALS

A.   TheIssuer Trustee, in its capacity as trustee of the PUMA Trust, proposes
     to issue US$| Class A Mortgage Backed Floating Rate Notes due 2034 (the
     "CLASS A NOTES").

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

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

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

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THE PARTIES AGREE

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1.   DEFINITIONS AND INTERPRETATION

1.1  DEFINITIONS

     In this Agreement, unless the contrary intention appears:

     "AGENT" means a several reference to each Paying Agent, the Note Registrar,
     and the Agent Bank.

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

     "AUTHORISED OFFICER" in relation to:

     (a)    the Issuer Trustee and the Manager, has the same meaning as
            "Authorised Signatory" in the Trust Deed;

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

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

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

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

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

     "DEPOSITORY" has the same meaning as in the Note Trust Deed.

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

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

     "ISSUER TRUSTEE" means initially Perpetual Trustees Australia Limited or,
     if Perpetual Trustees Australia Limited retires or is removed as trustee of
     the PUMA Trust under the Trust Deed, the then substitute Trustee.

     "NOTE REGISTER" means the register established in accordance with clause
     5.2.

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

     "NOTE TRUST" means the trust of that name constituted by the Note Trust
     Deed.

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

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

     "PUMA TRUST" means the trust known as the PUMA Global Trust No. 2
     established pursuant to the Trust Deed and the Sub-Fund Notice.

     "QUARTERLY SERVICING REPORT" has the same meaning as in the Note
     Conditions.

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

     "SPECIFIED OFFICE" in relation to:

     (a)    the Note Registrar, means the offices of the Note Registrar as
            specified in the Note Conditions or otherwise under this Agreement
            as the offices of the Note Registrar where surrenders of Class A
            Notes for transfer, exchange, replacement or redemption will occur
            and where, in respect of one of such offices, the Note Register will
            be kept, as varied from time to time in accordance with this
            Agreement;

     (b)    a Paying Agent, means the office of the Paying Agent specified in
            the Note Conditions or otherwise under this Agreement as the office
            at which payments in respect of the Class A Notes will be made, as
            varied from time to time in accordance with this Agreement; and

     (c)    the Agent Bank, means the office of the Agent Bank specified in the
            Note Conditions or otherwise under this Agreement as the office at
            which the Agent Bank will carry out its duties under this Agreement,
            as varied from time to time in accordance with this Agreement.

     "STAMP" means the Securities Transfer Agents Medallion Program.

     "SUB-FUND NOTICE" means the Sub-Fund Notice dated | 2002 issued by the
     Manager to the Issuer Trustee and accepted by the Issuer Trustee.

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

     "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 Perpetual Trustees Australia Limited.

     "UCC" means the Uniform Commercial Code of New York.

1.2  SUB-FUND NOTICE AND TRUST DEED DEFINITIONS

     Subject to clause 1.6, unless defined in this Agreement, words and phrases
     defined in either or both of the Trust Deed and the Sub-Fund Notice have
     the same meaning in this Agreement. Where there is any inconsistency in a
     definition between this Agreement (on the one hand) and the Trust Deed or
     the Sub-Fund Notice (on the other hand), this Agreement 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 Agreement. Subject to clause

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     1.6, where words or phrases used but not defined in this Agreement are
     defined in the Trust Deed in relation to a Fund (as defined in the Trust
     Deed) such words or phrases are to be construed in this Agreement, where
     necessary, as being used only in relation to the PUMA Trust (as defined in
     this Agreement).

1.3  INTERPRETATION

     In this Agreement, unless the contrary intention appears:

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

     (b)    a reference to this "AGREEMENT" includes the Recitals;

     (c)    the expression "PERSON" includes an individual, the estate of an
            individual, a body politic, a corporation and a statutory or other
            authority or association (incorporated or unincorporated);

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

     (e)    subject to clause 1.6, a reference to any document or agreement is
            to such document or agreement as amended, novated, supplemented,
            varied or replaced from time to time;

     (f)    a reference to any legislation or to any section or provision of any
            legislation includes any statutory modification or re-enactment or
            any statutory provision substituted for that legislation and all
            ordinances, by-laws, regulations and other statutory instruments
            issued under that legislation, section or provision;

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

     (h)    a reference to a clause is a reference to a clause of this
            Agreement;

     (i)    a reference to "WILFUL DEFAULT" in relation to a party means,
            subject to clause 1.3(j), any wilful failure by that party to comply
            with, or wilful breach by that party of, any of its obligations
            under any Transaction Document, other than a failure or breach
            which:

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

                      (1)  that party; or

                      (2)  any other person referred to in clause 1.3(j); and

                  B.  the performance of the action (the non-performance of
                      which gave rise to such breach) is a pre-condition to that
                      party performing the said obligation; or

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

            (iii) is in accordance with a proper instruction or direction given
                  at a meeting convened under any Transaction Document;

     (j)    a reference to the "FRAUD", "NEGLIGENCE" or "WILFUL DEFAULT" of a
            party means

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     the fraud, negligence or wilful default of that party and of its officers,
     employees, agents and any other person where that party is liable for the
     acts or omissions of such other person under the terms of any Transaction
     Document;

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

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

     (m)    a reference to the "CLOSE OF BUSINESS" on any day is a reference to
            5.00 pm on that day;

     (n)    a reference to time is to local time in New York;

     (o)    subject to clause 13.2, each party will only be considered to have
            knowledge or awareness of, or notice of, a thing or grounds to
            believe anything by virtue of the officers of that party (or any
            Related Body Corporate of that party) having day to day
            responsibility for the administration or management of that party's
            (or a Related Body Corporate of that party's) obligations in
            relation to the PUMA Trust having actual knowledge, actual awareness
            or actual notice of that thing, or grounds or reason to believe that
            thing (and similar references will be interpreted in this way); and

     (p)    a reference to the enforcement of the Charge means that the Security
            Trustee appoints (or the Voting Secured Creditors as contemplated by
            clause 8.4 of the Security Trust Deed appoint) a Receiver over any
            Charged Property, or takes possession of any Charged Property,
            pursuant to the Security Trust Deed (expressions used in this clause
            have the same meanings as in the Security Trust Deed).

1.4  ISSUER TRUSTEE CAPACITY

     In this Agreement, 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).

1.5   TRANSACTION DOCUMENT AND ISSUING DOCUMENT

     For the purposes of the Trust Deed and the Sub-Fund Notice, this Agreement
     is a Transaction Document and an Issuing Document in relation to the PUMA
     Trust.

1.6  INCORPORATED DEFINITIONS AND OTHER TRANSACTION DOCUMENTS AND PROVISIONS

     Where in this Agreement a word or expression is defined by reference to its
     meaning in another Transaction Document or there is a reference to another
     Transaction Document or to a provision of another Transaction Document, any
     amendment to the meaning of that word or

                                                                               5
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     expression or to that other Transaction Document or provision (as the case
     may be) will be of no effect for the purposes of this Agreement unless and
     until the amendment is consented to by the parties to this Agreement.

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2.   APPOINTMENT OF PAYING AGENTS

2.1  APPOINTMENT

     The Issuer Trustee, at the direction of the Manager, hereby appoints the
     Principal Paying Agent as its initial principal paying agent, and each
     other Paying Agent from time to time as its paying agent, for making
     payments in respect of the Class A Notes pursuant to the Transaction
     Documents at their respective Specified Offices in accordance with the
     terms and conditions of this Agreement. The Principal Paying Agent, and
     each other Paying Agent, hereby accepts that appointment.

2.2  SEVERAL OBLIGATIONS OF PAYING AGENTS

     While there is more than one Paying Agent, the obligations of the Paying
     Agents under this Agreement are several and not joint.

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3.   PAYMENTS

3.1  PAYMENT BY ISSUER TRUSTEE

     Subject to clause 3.8, the Issuer Trustee must not later than 10.00 am on
     each Quarterly Payment Date, pay to or to the order of the Principal Paying
     Agent to an account in the name of "PUMA Global Trust No. 2" (or such other
     account as may be determined by the Manager and notified to the Note
     Trustee, the Issuer Trustee and each Paying Agent, from time to time) and
     specified by the Principal Paying Agent in same day funds the amount in US$
     as may be required (after taking account of any money then held by the
     Principal Paying Agent and available for the purpose) to be paid on that
     Quarterly Payment Date in respect of the Class A Notes under the Note
     Conditions.

3.2  PAYMENTS BY PAYING AGENTS

     Subject to payment being duly made as provided in clause 3.1 (or the
     Principal Paying Agent otherwise being satisfied that the payment will be
     duly made on the due date), and subject to clause 6, the Paying Agents will
     pay or cause to be paid to the Class A Noteholders on behalf of the Issuer
     Trustee on each Quarterly Payment Date the relevant amounts of principal
     and interest due in respect of the Class A Notes in accordance with this
     Agreement and the Note Conditions.

3.3  METHOD OF PAYMENT FOR BOOK-ENTRY NOTES

     The Principal Paying Agent will cause all payments of principal or interest
     (as the case may be) due in respect of Book-Entry Notes to be made to the
     Depository or, if applicable, to its nominee, in whose name the Book-Entry
     Notes are registered to the account or accounts designated by the
     Depository or, if applicable, that nominee and otherwise in accordance with
     condition 8.1 of the Note Conditions.

3.4  METHOD OF PAYMENT FOR DEFINITIVE NOTES

     The Paying Agents will cause all payments of principal or interest (as the
     case may be) due in respect of Definitive Notes to be made in accordance
     with condition 8.1 of the Note Conditions.

                                                                               6
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3.5  NON-PAYMENT

     (a)    (NO OBLIGATION ON PAYING AGENTS): If the Issuer Trustee fails to
            make any payment, unless and until the full amount of the payment
            has been made under the terms of this Agreement (except as to the
            time of making the payment) or other arrangements satisfactory to
            the Principal Paying Agent have been made, none of the Principal
            Paying Agent nor any of the other Paying Agents is bound to make any
            payment in accordance with this clause 3 (but may, in its
            discretion, make any such payment).

     (b)    (NOTICE OF NON-RECEIPT): The Principal Paying Agent will immediately
            notify by facsimile the other Paying Agents, the Note Trustee, the
            Issuer Trustee, the Security Trustee and the Manager if the full
            amount of any payment of principal or interest in respect of the
            Class A Notes required to be made pursuant to the Note Conditions is
            not unconditionally received by it or to its order in accordance
            with this Agreement.

3.6  LATE PAYMENT

     (a)    (LATE PAYMENTS TO BE PAID IN ACCORDANCE WITH THIS AGREEMENT): If any
            payment under clause 3.1 is made late but otherwise in accordance
            with the provisions of this Agreement, each Paying Agent will make
            the payments required to be made by it in respect of the Class A
            Notes as provided in this clause 3.

     (b)    (NOTICE): If the Principal Paying Agent does not receive on a
            Quarterly Payment Date the full amount of principal and interest
            then payable on any Class A Note in accordance with the Note
            Conditions, but receives the full amount later, it will:

            (i)   forthwith upon receipt of the full amount notify the other
                  Paying Agents, the Issuer Trustee, the Note Trustee, the
                  Security Trustee and the Manager; and

            (ii)  as soon as practicable after receipt of the full amount give
                  notice, in accordance with condition 11.1 of the Note
                  Conditions, to the Class A Noteholders that it has received
                  the full amount.

3.7  REIMBURSEMENT

     The Principal Paying Agent will (provided that it has been placed in funds
     by the Issuer Trustee) on demand promptly reimburse each other Paying Agent
     for payments of principal and interest properly made by that Paying Agent
     in accordance with the Note Conditions and this Agreement. The Issuer
     Trustee will not be responsible for the apportionment of any moneys between
     the Principal Paying Agent and the other Paying Agents and a payment to the
     Principal Paying Agent of any moneys due to the Paying Agents will operate
     as a good discharge to the Issuer Trustee in respect of such moneys.

3.8  PAYMENT UNDER CURRENCY SWAP

     The payment by the Issuer Trustee of its Australian dollar payment
     obligations under the Sub-Fund Notice on each Quarterly Payment Date to the
     Currency Swap Provider will be a good discharge of its corresponding US
     dollar obligations under clause 3.1 (but will not relieve the Issuer
     Trustee of any liability in respect of any default in payment in respect of
     a Class A Note under any other Transaction Document).

3.9  PRINCIPAL PAYING AGENT HOLDS FUNDS ON TRUST

     Each Paying Agent will hold in a separate account on trust for the Note
     Trustee and the Class

                                                                               7
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A Noteholders all sums held by such Paying Agent for
     the payment of principal and interest with respect to the Class A Notes
     until such sums are paid to the Note Trustee or the Class A Noteholders in
     accordance with the Note Trust Deed or the Note Conditions or repaid under
     clause 3.13.

3.10 PRINCIPAL PAYING AGENT MAY DEAL WITH FUNDS

     Subject to the terms of this Agreement, the Principal Paying Agent is
     entitled to deal with moneys paid to it under this Agreement in the same
     manner as other moneys paid to it as a banker by its customers. The
     Principal Paying Agent is entitled to retain for its own account any
     interest earned on such moneys, except as required by law.

3.11 NO SET-OFF

     No Paying Agent is entitled to exercise any right of set-off, withholding,
     counterclaim or lien against, or make any deduction in any payment to, any
     person entitled to receive amounts of principal or interest on the Class A
     Notes in respect of moneys payable by it under this Agreement.

3.12 HOLDERS OF CLASS A NOTES

     Except as ordered by a court of competent jurisdiction or as required by
     law, each Paying Agent is entitled to treat the person:

     (a)    (BOOK ENTRY NOTES): who is, while a Book-Entry Note remains
            outstanding, the registered owner of that Book-Entry Note as
            recorded in the Note Register as the absolute owner of that
            Book-Entry Note and as the person entitled to receive payments of
            principal or interest (as applicable) and each person shown in the
            records of the Depository as the holder of any Class A Note
            represented by a Book-Entry Note will be entitled to receive from
            the registered owner of that Book-Entry Note any payment so made
            only in accordance with the respective rules and procedures of the
            Depository;

     (b)    (DEFINITIVE NOTES): who is the registered owner of any Definitive
            Note as recorded in the Note Register as the absolute owner or
            owners of that Definitive Note (whether or not that Definitive Note
            is overdue and despite any notice of ownership or writing on it or
            any notice of previous loss or theft or of any trust or other
            interest in it); and

     (c)    (NOTE TRUSTEE): who, when a Book-Entry Note in respect of any Class
            A Note is no longer outstanding but Definitive Notes in respect of
            the Class A Notes have not been issued, is for the time being the
            Note Trustee, as the person entrusted with the receipt of principal
            or interest, as applicable, on behalf of the relevant Class A
            Noteholders,

     in all cases and for all purposes, despite any notice to the contrary, and
     will not be liable for so doing.

3.13 REPAYMENT OF MONEYS

     (a)    (PRESCRIPTION): Immediately on any entitlement to receive principal
            or interest under any Class A Note becoming void under the Note
            Conditions, the Principal Paying Agent will repay to the Issuer
            Trustee the amount which would have been due in respect of that
            principal or interest if it had been paid before the entitlement
            became void, together with any fees applicable to that payment or
            entitlement (pro rated as to the amount and time) to the extent
            already paid under clause 12.

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<PAGE>

     (b)    (NO REPAYMENT WHILE OUTSTANDING AMOUNTS DUE): Notwithstanding clause
            3.13(a) the Principal Paying Agent is not obliged to make any
            repayment to the Issuer Trustee while any fees and expenses which
            should have been paid to or to the order of the Principal Paying
            Agent or, if applicable, the Note Trustee, by the Issuer Trustee
            remain unpaid.

3.14  PAYING AGENTS TO RECORD, NOTIFY PAYMENTS AND DELIVER SURRENDERED CLASS A
      NOTES

     Each Paying Agent must:

     (a)    (NOTIFY NOTE REGISTRAR): promptly notify the Note Registrar of each
            payment made by it, or at its direction, to Class A Noteholders in
            respect of the Class A Notes;

     (b)    (RECORDS): keep a full and complete record of each payment made by
            it, or at its direction, to Class A Noteholders and provide copies
            of such records to the Issuer Trustee, the Manager, the Note Trustee
            or the Note Registrar upon request; and

     (c)    (DELIVER): promptly deliver to the Note Registrar any Class A Notes
            surrendered to it pursuant to condition 8.2 of the Note Conditions.

     A record by a Paying Agent under this clause 3.14 is sufficient evidence,
     unless the contrary is proved, of the relevant payments having been made or
     not made.

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4.   APPOINTMENT AND DUTIES OF THE AGENT BANK

4.1  APPOINTMENT

     The Issuer Trustee, at the direction of the Manager, hereby appoints the
     Agent Bank as its initial reference agent in respect of the Class A Notes
     upon the terms and conditions contained in this Agreement and the Agent
     Bank hereby accepts that appointment.

4.2  DETERMINATIONS BY AGENT BANK

     The Agent Bank must perform such duties, and make such calculations,
     determinations, notifications and publications at its Specified Office as
     are set forth in the Note Conditions to be performed or made by it until
     the Class A Notes are redeemed (or deemed to be redeemed) in full in
     accordance with the Note Conditions and must perform any other duties as
     requested by the Issuer Trustee, the Manager or the Principal Paying Agent
     which are reasonably incidental to those duties.

4.3  NOTIFICATION BY AGENT BANK

     If the Agent Bank fails to perform any duty or to make any calculation,
     determination, notification or publication as provided in clause 4.2, it
     must forthwith notify the Issuer Trustee, the Manager, the Note Trustee,
     the Principal Paying Agent and the Currency Swap Provider thereof.

4.4  NOTE TRUSTEE TO PERFORM AGENT BANK'S FUNCTION

     If the Agent Bank for any reason does not determine by close of business on
     the relevant Rate Set Date (as defined in the Note Conditions) the Interest
     Rates for the Class A Notes, or calculate an Interest Amount (each as
     defined in the Note Conditions), the Note Trustee must do so and each such
     determination or calculation will be as if made by the Agent Bank for the
     purposes of the Note Conditions. In doing so, the Note Trustee will apply
     the provisions of condition 6 of the Note Conditions, with any necessary
     consequential amendments, to the

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<PAGE>

     extent that it can and, in all other respects it will do so in such a
     manner as it considers fair and reasonable in all the circumstances.

4.5  DOCUMENTS TO AGENT BANK

     The Manager and the Issuer Trustee will provide to the Agent Bank such
     documents and other information as the Agent Bank reasonably requires in
     order for the Agent Bank to properly fulfil its duties in respect of the
     Class A Notes.

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5.   APPOINTMENT AND DUTIES OF THE NOTE REGISTRAR

5.1  NOTE REGISTRAR

     The Issuer Trustee, at the direction of the Manager, hereby appoints the
     Note Registrar as its initial note registrar in respect of the Class A
     Notes upon the terms and conditions contained in this Agreement and the
     Note Registrar hereby accepts that appointment.

5.2  NOTE REGISTER TO BE KEPT

     The Note Registrar must keep a register, at one of its Specified Offices,
     in which, subject to such reasonable regulations as the Note Registrar may
     prescribe, the Note Registrar must keep a full and complete record of:

     (a)    (CLASS A NOTEHOLDER DETAILS): the name, address and, where
            applicable, taxation, social security or other identifying number of
            each Class A Noteholder, the details of the Class A Notes held by
            that Class A Noteholder and the details of the account to which any
            payments due to the Class A Noteholder are to be made in each case
            as notified by that Class A Noteholder from time to time;

     (b)    (EXCHANGE ETC. OF CLASS A NOTES): the issue and any exchange,
            transfer, replacement, redemption (in whole or part) or cancellation
            of a Class A Note;

     (c)    (PAYMENTS): all payments made in respect of the Class A Notes (as
            notified to it by each Paying Agent pursuant to clause 3.14(a));

     (d)    (PRINCIPAL): the Principal Balance of each Class A Note from time to
            time (as notified to it by the Manager pursuant to clause 7.1); and

     (e)    (OTHER INFORMATION): such other information as the Manager
            reasonably requires or the Note Registrar considers appropriate or
            desirable.

5.3  TRANSFER OR EXCHANGE OF CLASS A NOTES

     Class A Notes held by a Class A Noteholder may be transferred or may be
     exchanged for other Class A Notes in any authorised denominations and a
     like Principal Balance, provided in each case that the requirements of
     Section 8-401(a) of the UCC are met, by that Class A Noteholder upon:

     (a)    (SURRENDER AND INSTRUMENT OF TRANSFER OR EXCHANGE): the surrender of
            the Class A Notes to be transferred or exchanged duly endorsed with,
            or accompanied by, a written instrument of transfer or exchange in
            the form, in the case of a transfer, annexed to such Class A Notes
            or otherwise in a form satisfactory to the Note Registrar duly
            executed by the Class A Noteholder, or its attorney duly authorised
            in writing, with such signature guaranteed by an "eligible guarantor
            institution" meeting the requirements of the Note Registrar which
            requirements include membership of, or participation in, STAMP or
            such other "signature guarantee program" as may be determined by the
            Note Registrar in addition to, or in

                                                                              10
<PAGE>

            substitution for, STAMP, all in accordance with the Exchange Act;
            and

     (b)    (OTHER DOCUMENTS): the provision of such other documents as the Note
            Registrar may reasonably require,

     to the Note Registrar at a Specified Office of the Note Registrar.

5.4  REPLACEMENT OF LOST OR MUTILATED CLASS A NOTES

     If any Class A Note is lost, stolen, mutilated, defaced or destroyed it
     may, provided that the requirements of Section 8-405 of the UCC are met, be
     replaced with other Class A Notes in any authorised denomination, and a
     like Principal Balance, upon surrender to the Note Registrar of the Class A
     Notes to be replaced (where the Class A Note has been mutilated or defaced)
     at a Specified Office of the Note Registrar, the provision of such evidence
     and indemnities as the Note Registrar or the Issuer Trustee may reasonably
     require and payment of the Note Registrar's and the Issuer Trustee's
     expenses incurred, and any tax or governmental charge that may be imposed,
     in connection with such replacement.

5.5  OBLIGATIONS UPON TRANSFER, EXCHANGE OR REPLACEMENT OF CLASS A NOTES

     Subject to this Agreement, upon compliance by the relevant Class A
     Noteholder with the provisions of clauses 5.3 or 5.4, as applicable, in
     relation to the transfer, exchange or replacement of any Class A Notes:

     (a)    (ADVISE ISSUER TRUSTEE): the Note Registrar must within 3 Business
            Days so advise the Issuer Trustee and the Note Trustee (if it is not
            the Note Registrar) in writing and provide details of the new Class
            A Notes to be issued in place of those Class A Notes;

     (b)    (EXECUTION AND AUTHENTICATION): the Issuer Trustee must, within 3
            Business Days of such advice, execute and deliver to the Note
            Trustee for authentication in the name of the relevant Class A
            Noteholder or the designated transferee or transferees, as the case
            may be, one or more new Class A Notes in any authorised
            denominations, and a like Principal Balance as those Class A Notes
            (in each case as specified by the Note Registrar) and the Note
            Trustee must within 3 Business Days of receipt of such executed
            Class A Notes authenticate them and (if it is not the Note
            Registrar) deliver those Class A Notes to the Note Registrar; and

     (c)    (DELIVERY TO CLASS A NOTEHOLDER): the Note Registrar must, within 3
            Business Days of receipt of such new Class A Notes (or
            authentication of such Class A Notes if the Note Registrar is the
            Note Trustee), forward to the relevant Class A Noteholder (being the
            transferee in the case of a transfer of a Class A Note) such new
            Class A Notes.

5.6  NO CHARGE FOR TRANSFER OR EXCHANGE

     No service charge may be made to a Class A Noteholder for any transfer or
     exchange of Class A Notes, but the Note Registrar may require payment by
     the Class A Noteholder of a sum sufficient to cover any tax or other
     governmental charge that may be imposed in connection with any transfer or
     exchange of Class A Notes.

5.7  RESTRICTED PERIOD

     Notwithstanding the preceding provisions of this clause 5, the Note
     Registrar need not register transfers or exchanges of Class A Notes, and
     the Issuer Trustee is not required to execute nor the Note Trustee to
     authenticate any Class A Notes, for a period of 2 Business Days, in the
     case of a Book Entry Note, or 30 days, in the case of a Definitive Note,
     preceding the due date

                                                                              11
<PAGE>

     for any payment with respect to the Class A Notes or for such period, not
     exceeding 30 days, as is specified by the Note Trustee prior to any meeting
     of Relevant Noteholders (as defined in the First Schedule of the Trust
     Deed), which includes Class A Noteholders, under the Trust Deed or prior to
     any meeting of Voting Secured Creditors (as defined in the Security Trust
     Deed), which includes Class A Noteholders, under the Security Trust Deed.

5.8  CANCELLATION OF CLASS A NOTES

     The Note Registrar must cancel or destroy all Class A Notes that have been
     surrendered to it for transfer, exchange or replacement (including any Book
     Entry Notes surrendered pursuant to clause 3.4(b) of the Note Trust Deed)
     or surrendered to a Paying Agent for redemption and delivered to the Note
     Registrar and must, upon request, provide a certificate to the Issuer
     Trustee, the Note Trustee or the Manager with the details of all such Class
     A Notes so cancelled or destroyed.

5.9  PROVISION OF INFORMATION AND INSPECTION OF REGISTER

     The Note Registrar must:

     (a)    (INFORMATION): provide to the Issuer Trustee, the Manager, the Note
            Trustee and each other Agent such information as is contained in the
            Note Register and is required by them in order to perform any
            obligation pursuant to the Transaction Documents;

     (b)    (INSPECTION): make the Note Register:

            (i)   available for inspection or copying by the Issuer Trustee, the
                  Manager, the Note Trustee and each other Agent or their agents
                  or delegates; and

            (ii)  available for inspection by each Class A Noteholder but only
                  in respect of information relating to that Class A Noteholder,

     at one of the Note Registrar's Specified Offices upon reasonable prior
     notice and during local business hours.

5.10 CORRECTNESS OF REGISTER AND INFORMATION

     The Issuer Trustee, the Note Trustee, the Manager and each Agent (other
     than the Note Registrar) may accept the correctness of the Note Register
     and any information provided to it by the Note Registrar and is not
     required to enquire into its authenticity. None of the Issuer Trustee, the
     Note Trustee, the Manager or any Agent (including the Note Registrar) is
     liable for any mistake in the Note Register or in any purported copy except
     to the extent that the mistake is attributable to its own fraud, negligence
     or wilful default.

5.11 NON-RECOGNITION OF EQUITABLE INTERESTS

     Except as required by law or as ordered by a court of competent
     jurisdiction, no notice of any trust, whether express, implied or
     constructive, is to be entered in the Note Register and except as otherwise
     provided in any Transaction Document, or required by law or ordered by a
     court of competent jurisdiction, none of the Note Registrar, the Note
     Trustee, the Issuer Trustee, the Manager or any other Agent is to be
     affected by or compelled to recognise (even when having notice of it) any
     right or interest in any Class A Notes other than the registered Class A
     Noteholder's absolute right to the entirety of them and the receipt of a
     registered Class A Noteholder is a good discharge to the Issuer Trustee,
     the Manager, the Note Trustee and each Agent.

                                                                              12
<PAGE>

5.12 RECTIFICATION OF NOTE REGISTER

     If:

     (a)    (ENTRY OMITTED): an entry is omitted from the Note Register;

     (b)    (ENTRY MADE OTHERWISE THAN IN ACCORDANCE WITH THIS DEED): an entry
            is made in the Note Register otherwise than in accordance with this
            Agreement;

     (c)    (WRONG ENTRY EXISTS): an entry wrongly exists in the Note Registrar;

     (d)    (ERROR OR DEFECT EXISTS IN REGISTER): there is an error or defect in
            any entry in the Note Register; or

     (e)    (DEFAULT MADE): default is made or unnecessary delay takes place in
            entering in the Note Register that any person has ceased to be the
            holder of Class A Notes,

     then the Note Registrar may rectify the same.

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6.   NOTE TRUSTEE'S REQUIREMENTS REGARDING AGENTS

6.1  FOLLOWING ENFORCEMENT OF THE CHARGE OR ISSUE OF DEFINITIVE NOTES

     At any time after either an Event of Default (unless waived by the Security
     Trustee pursuant to clause 9.5 of the Security Trust Deed) or the
     enforcement of the Charge or at any time after Definitive Notes have not
     been issued when required in accordance with the Note Trust Deed, the Note
     Trustee may:

     (a)    (REQUIRE AGENTS): by notice in writing to the Issuer Trustee, the
            Manager, and each Agent require any one or more of the Agents
            either:

            (i)   A.  to act as the Agent of the Note Trustee on the terms and
                      conditions of this Agreement in relation to payments to be
                      made by or on behalf of the Note Trustee under the terms
                      of the Note Trust Deed, except that the Note Trustee's
                      liability under any provision of this Agreement for the
                      indemnification of the Principal Paying Agent, the Paying
                      Agents and the Agent Bank will be limited to any amount
                      for the time being held by the Note Trustee on the trust
                      of the Note Trust Deed and which is available to be
                      applied by the Note Trustee for that purpose; and

                  B.  to hold all Class A Notes, and all amounts, documents and
                      records held by them in respect of the Class A Notes, on
                      behalf of the Note Trustee; or

            (ii)  to deliver up all Class A Notes and all amounts, documents and
                  records held by them in respect of the Class A Notes, to the
                  Note Trustee or as the Note Trustee directs in that notice,
                  other than any documents or records which an Agent is obliged
                  not to release by any law; and

     (b)    (REQUIRE ISSUER TRUSTEE): by notice in writing to the Issuer Trustee
            require it to make (or arrange to be made) all subsequent payments
            in respect of the Class A Notes to the order of the Note Trustee and
            not to the Principal Paying Agent and, with effect from the issue of
            that notice to the Issuer Trustee and until that notice is
            withdrawn, clause 6.1(b) of the Note Trust Deed will not apply.

                                                                              13
<PAGE>

6.2  GOOD DISCHARGE TO ISSUER TRUSTEE

     The payment by or on behalf of the Issuer Trustee of its payment
     obligations on each Quarterly Payment Date under the Sub-Fund Notice and
     the Note Conditions to the Note Trustee in accordance with clause 6.1 is a
     good discharge to the Issuer Trustee and the Issuer Trustee will not be
     liable for any act or omission or default of the Note Trustee during the
     period it is required to make payments to the Note Trustee under clause
     6.1.

6.3  CHANGE OF AUTHORISED OFFICERS

     The Note Trustee will forthwith give notice to the Manager, the Issuer
     Trustee, the Security Trustee and each Agent of any change in the
     Authorised Officers of the Note Trustee.

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7.   REDEMPTION OF CLASS A NOTES

7.1  PART REDEMPTION OF CLASS A NOTES ON QUARTERLY PAYMENT DATES

     (a)    (MANAGER TO MAKE DETERMINATIONS ETC): At least five Business Day
            prior to each Quarterly Payment Date, the Manager will make the
            determinations referred to in condition 7.9(a) of the Note
            Conditions in relation to that Quarterly Payment Date and will give
            to the Issuer Trustee, the Note Trustee, the Principal Paying Agent,
            the Agent Bank and the Note Registrar, the notifications, and will
            cause to be made to the Class A Noteholders the publication,
            required by condition 7.9(b) of the Note Conditions. If the Manager
            does not at any time for any reason make the determinations referred
            to in condition 7.9(a) of the Note Conditions it must forthwith
            advise the Note Trustee and the Agent Bank and such determinations
            must be made by the Agent Bank, or failing the Agent Bank, by the
            Note Trustee in accordance with such condition 7.9(c) of the Note
            Conditions (but based on the information in its possession) and each
            such determination will be deemed to have been made by the Manager.

     (b)    (NOTIFY DEPOSITORY): If any Book-Entry Notes are outstanding, on
            receipt of a notification under condition 7.9(b) of the Note
            Conditions, the Principal Paying Agent must notify the Depository of
            any proposed redemption in accordance with the Depository's
            applicable procedures, specifying the principal amount of each
            Book-Entry Note to be redeemed and the date on which the redemption
            is to occur and must provide a copy to the Depository of the
            notification received under condition 7.9(b) of the Note Conditions.

7.2  EARLY REDEMPTION

     (a)    (NOTICE TO PAYING AGENT ETC): If the Issuer Trustee intends to
            redeem all (but not some only) of the Class A Notes prior to the
            Final Maturity Date (as defined in the Note Conditions) pursuant to
            conditions 7.3 or 7.4 of the Note Conditions, the Manager will
            direct the Issuer Trustee to give the requisite notice to the Note
            Trustee, the Principal Paying Agent, each Paying Agent, the Note
            Registrar, the Agent Bank and the Class A Noteholders in accordance
            with conditions 7.3 or 7.4 (as the case may be) of the Note
            Conditions and stating the date on which such Class A Notes are to
            be redeemed.

     (b)    (NOTICE TO DEPOSITORY): The Principal Paying Agent will, on receipt
            of a notice under clause 7.2(a), and if any Book Entry Notes are
            outstanding, notify the Depository of the proposed redemption in
            accordance with the Depository's applicable procedures, specifying
            the Principal Balance of each Book-Entry Note to be redeemed, the
            amount of principal to be repaid in relation to each Book-Entry Note
            and the date on which the Book-Entry Notes are to be redeemed.

                                                                              14
<PAGE>

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8.   GENERAL PAYING AGENT MATTERS

8.1  NOTICES TO CLASS A NOTEHOLDERS

     (a)    (NOTICES TO BE GIVEN BY NOTE REGISTRAR): At the request of the
            Issuer Trustee, the Note Trustee, the Manager, the Security Trustee
            or any other Agent, and at the expense of the Issuer Trustee, the
            Note Registrar will arrange for the delivery of all notices and the
            Quarterly Servicing Report to Class A Noteholders in accordance with
            the Note Conditions.

     (b)    (COPY TO NOTE TRUSTEE): The Note Registrar will promptly send to the
            Note Trustee one copy of the form of every notice given to Class A
            Noteholders in accordance with the Note Conditions (unless such
            notice is given at the request of the Note Trustee).

     The Note Registrar will not be responsible for, or liable to any person in
     respect of, the contents of any notices or reports delivered by it at the
     request of the Issuer Trustee, the Note Trustee, the Manager, the Security
     Trustee or any other Agent pursuant to this clause 8.1.

8.2  COPIES OF DOCUMENTS FOR INSPECTION

     The Manager will provide to the Note Registrar sufficient copies of all
     documents required by the Note Conditions or the Note Trust Deed to be
     available to Class A Noteholders for issue or inspection.

8.3  NOTICE OF ANY WITHHOLDING OR DEDUCTION

     If the Issuer Trustee or any Paying Agent is, in respect of any payment in
     respect of the Class A Notes, compelled to withhold or deduct any amount
     for or on account of any taxes, duties or charges as contemplated by
     condition 8.4 of the Note Conditions, the Issuer Trustee must give notice
     to the Principal Paying Agent, the Note Trustee and the Class A Noteholders
     in accordance with condition 11.1 of the Note Conditions immediately after
     becoming aware of the requirement to make the withholding or deduction and
     must give to the Principal Paying Agent and the Note Trustee such
     information as they require to enable each of them to comply with the
     requirement.

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9.   INDEMNITY

9.1  INDEMNITY BY ISSUER TRUSTEE

     Subject to clause 14, the Issuer Trustee undertakes to indemnify each Agent
     and its directors, officers, employees and controlling persons against all
     losses, liabilities, costs, claims, actions, damages, expenses or demands
     which any of them may incur or which may be made against any of them as a
     result of or in connection with the appointment of or the exercise of the
     powers and duties by the Agent under this Agreement except as may result
     from its fraud, negligence or default or that of its directors, officers,
     employees or controlling persons or any of them, or breach by it of the
     terms of this Agreement and notwithstanding the resignation or removal of
     that Agent pursuant to clause 10.

9.2  INDEMNITY BY AGENT

     Each Agent undertakes to indemnify on a several basis the Issuer Trustee,
     the Manager and each of their respective directors, officers, employees and
     controlling persons against all losses, liabilities, costs, claims,
     actions, damages, expenses or demands which any of them may incur or which
     may be made against any of them as a result of its default, negligence or
     bad faith or that of its directors, officers, employees or controlling
     persons or any of them, or

                                                                              15
<PAGE>

     breach by it of the terms of this Agreement. Notwithstanding anything in
     this Agreement to the contrary, in no event will an Agent be liable under,
     or in connection with, this Agreement for indirect, special, incidental,
     punitive or consequential losses or damages of any kind whatsoever,
     including, but not limited to, lost profits, whether or not foreseeable,
     even if the Agent has been advised of the possibility thereof and
     regardless of the form of action in which such damages are sought.

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10.  CHANGES IN AGENTS

10.1 APPOINTMENT AND REMOVAL

     The Issuer Trustee (on the direction of the Manager) may with the prior
     written approval of the Note Trustee (which approval must not be
     unreasonably withheld or delayed):

     (a)    (APPOINT NEW AGENTS): appoint:

            (i)   additional or alternative Paying Agents (other than the
                  Principal Paying Agent); or

            (ii)  an alternative Agent Bank, Note Registrar or Principal Paying
                  Agent; and

     (b)    (TERMINATE APPOINTMENT OF AGENTS): subject to this clause 10,
            terminate the appointment of any Agent by giving written notice to
            that effect to the Agent whose appointment is to be terminated
            copied to each Current Rating Authority, the Note Trustee and (if it
            is not the Agent whose appointment is to be terminated) the
            Principal Paying Agent:

            (i)   with effect immediately on the giving of that notice, if any
                  of the following occurs in relation to the Agent (as the case
                  may be):

                  A.  an Insolvency Event;

                  B.  it ceases to conduct business or proposes to cease conduct
                      of its business or a substantial part of that business; or

                  C.  it fails to remedy within five Business Days after prior
                      written notice by the Issuer Trustee or Manager any
                      material breach of this Agreement on the part of the Agent
                      (as the case may be); and

            (ii)  otherwise, with effect on a date not less than 60 days' from
                  that notice (which date must be not less than 30 days before
                  any due date for payment on any Class A Notes).

10.2 RESIGNATION

     Subject to this clause 10, an Agent may resign its appointment under this
     Agreement at any time by giving to the Issuer Trustee, the Manager, each
     Current Rating Authority, (where the Agent resigning is the Principal
     Paying Agent) each Paying Agent and (where the Agent resigning is not the
     Principal Paying Agent) the Principal Paying Agent not less than 90 days'
     written notice to that effect (which notice must expire not less than 30
     days before, any due date for payment on any Class A Notes).

10.3 LIMITATION OF APPOINTMENT AND TERMINATION

     Notwithstanding clauses 10.1 and 10.2:

                                                                              16
<PAGE>

     (a)    (PRINCIPAL PAYING AGENT AND NOTE REGISTRAR): the resignation by, or
            the termination of, the appointment of the Principal Paying Agent or
            the Note Registrar will not take effect until a new Principal Paying
            Agent or Note Registrar, as the case may be, has been acknowledged
            in writing by the Note Trustee (in each case, the acknowledgement
            not to be unreasonably delayed) and with, in the case of the Note
            Registrar, Specified Offices in each of New York City and London;

     (b)    (APPOINTMENT BY RETIRING AGENT): if any Agent resigns in accordance
            with clause 10.2 but, by the day falling 15 days before the expiry
            of any notice under clause 10.2 the Issuer Trustee has not appointed
            a new Agent, then the relevant Agent may appoint in its place any
            reputable bank or trust company of good standing approved in writing
            by the Note Trustee and appointed on terms previously approved in
            writing by the Note Trustee (in each case, the approval not to be
            unreasonably withheld or delayed);

     (c)    (SPECIFIED OFFICE OF PAYING AGENT IN NEW YORK CITY AND LONDON): the
            resignation by, or the termination of the appointment of, any Paying
            Agent will not take effect if, as a result of the resignation or
            termination, there would not be a Paying Agent which has a Specified
            Office in New York City or there would not be a Paying Agent which
            has a Specified Office in London;

     (d)    (SPECIFIED OFFICE OF AGENT BANK): the resignation by, or the
            termination of the appointment of the Agent Bank will not take
            effect until a new Agent Bank having its Specified Office in London
            or New York City has been appointed; and

     (e)    (TERMS OF APPOINTMENT OF ADDITIONAL PAYING AGENTS): the appointment
            of any additional Paying Agent will be on the terms and the
            conditions of this Agreement and each of the parties to this
            Agreement must co-operate fully to do all further acts and things
            and execute any further documents as may be necessary or desirable
            to give effect to the appointment of the Paying Agent (which will
            not, except in the case of an appointment under clause 10.1(a) or a
            termination under clause 10.1(b)(ii), be at the cost of the Issuer
            Trustee or Manager).

10.4 PAYMENT OF AMOUNTS HELD BY THE PRINCIPAL PAYING AGENT

     If the appointment of the Principal Paying Agent is terminated, the
     Principal Paying Agent must, on the date on which that termination takes
     effect, pay to the successor Principal Paying Agent any amount held by it
     for payment of principal or interest in respect of any Class A Note and
     must deliver to the successor Principal Paying Agent all records maintained
     by it and all documents (including any Class A Notes) held by it pursuant
     to this Agreement.

10.5 RECORDS HELD BY NOTE REGISTRAR

     If the appointment of the Note Registrar is terminated, the Note Registrar
     must, on the date on which that termination takes effect, deliver to the
     successor Note Registrar the Note Register and all records maintained by it
     and all documents (including any Class A Notes) held by it pursuant to this
     Agreement.

10.6 SUCCESSOR TO PRINCIPAL PAYING AGENT, AGENT BANK, NOTE REGISTRAR

     (a)    (APPOINTMENT AND RELEASE): On the execution by the Issuer Trustee,
            the Manager and any successor Principal Paying Agent, Agent Bank or
            Note Registrar of an instrument effecting the appointment of that
            successor Principal Paying Agent, Agent Bank or Note Registrar that
            successor Principal Paying Agent, Agent Bank or Note Registrar, as
            the case may be, will, without any further act, deed or conveyance,
            become vested with all the authority, rights, powers, trusts,

                                                                              17
<PAGE>

            immunities, duties and obligations of its predecessor as if
            originally named as Principal Paying Agent, Agent Bank or Note
            Registrar, as the case may be, in this Agreement and that
            predecessor, on payment to it of the pro rata proportion of its
            administration fee and disbursements then unpaid (if any), will have
            no further liabilities under this Agreement, except for any accrued
            liabilities arising from or relating to any act or omission
            occurring prior to the date on which the successor Principal Paying
            Agent, Agent Bank or Note Registrar was appointed.

     (b)    (MERGER): Any corporation:

            (i)   into which the Principal Paying Agent, Agent Bank or Note
                  Registrar is merged;

            (ii)  with which the Principal Paying Agent, Agent Bank or Note
                  Registrar is consolidated;

            (iii) resulting from any merger or consolidation to which the
                  Principal Paying Agent, Agent Bank or Note Registrar is a
                  party; or

            (iv)  to which the Principal Paying Agent, Agent Bank or Note
                  Registrar sells or otherwise transfers all or substantially
                  all the assets of its corporate trust business,

            must, on the date when that merger, conversion, consolidation, sale
            or transfer becomes effective and to the extent permitted by
            applicable law, become the successor Principal Paying Agent, Agent
            Bank or Note Registrar, as the case may be, under this Agreement
            without the execution or filing of any agreement or document or any
            further act on the part of the parties to this Agreement, unless
            otherwise required by the Issuer Trustee or the Manager, and after
            that effective date all references in this Agreement to the
            Principal Paying Agent, Agent Bank or Note Registrar, as the case
            may be, will be references to that corporation. The Principal Paying
            Agent, Agent Bank or Note Registrar, as the case may be, must pay
            for any costs or expenses associated with such merger, conversion,
            consolidation, sale or transfer.

10.7 NOTICE TO CLASS A NOTEHOLDERS

     The Manager on behalf of the Issuer Trustee will, within 5 days of:

     (a)    (TERMINATION): the termination of the appointment of any Agent;

     (b)    (RESIGNATION): the resignation of any Agent; or

     (c)    (APPOINTMENT): the appointment of a new Agent,

            give to the Class A Noteholders notice of the termination,
            appointment or resignation in accordance with condition 11.1 of the
            Note Conditions (in the case of a termination under clause
            10.1(b)(i) or 10.2 at the cost of the outgoing Agent).
            Notwithstanding clauses 10.1 and 10.2, neither the termination of
            the appointment of an Agent, nor the resignation of an Agent, will
            take effect until notice thereof is given to the Class A Noteholders
            in accordance with this clause 10.7.

10.8 CHANGE IN SPECIFIED OFFICE

     (a)    (AGENTS CHANGE): If any Agent proposes to change its Specified
            Office (which must be within the same city as its previous Specified
            Office), it must give to the Issuer Trustee the Manager, the Note
            Trustee and the other Agents not less than 30

                                                                              18
<PAGE>

            days' prior written notice of that change, giving the address of the
            new Specified Office and stating the date on which the change is to
            take effect. No change of a Specified Office may occur in the period
            30 days before any due date for payment on any Class A Notes.

     (b)    (NOTICE TO CLASS A NOTEHOLDERS): The Manager must, within 14 days of
            receipt of a notice under clause 10.8(a) (unless the appointment is
            to terminate pursuant to clause 10.1 or 10.2 on or prior to the date
            of that change) give to the Class A Noteholders notice in accordance
            with condition 11.1 of the Note Conditions of that change and of the
            address of the new Specified Office, but the cost of giving that
            notice must be borne by the Agent which is changing its Specified
            Office and not by the Issuer Trustee or the Manager.

--------------------------------------------------------------------------------
11.      MISCELLANEOUS DUTIES AND PROTECTION

11.1     AGENTS ARE AGENTS OF THE ISSUER TRUSTEE

     (a)    (AGENT OF THE PUMA TRUST): Subject to clause 6.1, each Agent is the
            agent of the Issuer Trustee in its capacity as trustee of the PUMA
            Trust only.

     (b)    (ISSUER TRUSTEE NOT RESPONSIBLE FOR AGENTS): Notwithstanding any
            other provision contained in this Agreement, any other Transaction
            Document or at law, the Issuer Trustee in its personal capacity is
            not responsible for any act or omission of any Agent.

11.2 AGENCY

     Subject to any other provision of this Agreement, each Agent acts solely
     for and as agent of the Issuer Trustee and does not have any obligations
     towards or relationship of agency or trust with any person entitled to
     receive payments of principal and/or interest on the Class A Notes and is
     responsible only for the performance of the duties and obligations imposed
     on it pursuant to clause 11.6.

11.3 RELIANCE

     Each Agent is protected and will incur no liability for or in respect of
     any action taken, omitted or suffered by it in reliance upon any
     instruction, request or order from the Issuer Trustee or the Manager or in
     reliance upon any Class A Note or upon any notice, resolution, direction,
     consent, certificate, affidavit, statement or other paper or document
     reasonably believed by it to be genuine and to have been delivered, signed
     or sent by the proper party or parties.

11.4 ENTITLED TO DEAL

     An Agent is not precluded from acquiring, holding or dealing in any Class A
     Notes or from engaging or being interested in any contract or other
     financial or other transaction with the Issuer Trustee or the Manager as
     freely as if it were not an agent of the Issuer Trustee under this
     Agreement and in no event whatsoever (other than fraud, wilful misconduct,
     negligence or bad faith) will any Agent be liable to account to the Issuer
     Trustee or any person entitled to receive amounts of principal or interest
     on the Class A Notes for any profit made or fees or commissions received in
     connection with this agreement or any Class A Notes.

11.5 CONSULTATION

     Each Agent may, after 5 days prior notice to the Issuer Trustee and the
     Manager, consult as to legal matters with lawyers selected by it, who may
     be employees of or lawyers to the Issuer Trustee, the Manager or the
     relevant Agent. An Agent is not required to provide 5 days prior

                                                                              19
<PAGE>

     notice of the consultation specified above if, in the reasonable opinion of
     that Agent, to do so would be contrary to the performance by it of its
     obligations under this Agreement, provided that, such Agent must provide
     written notice to the Issuer Trustee and the Manager as soon as practicable
     after that consultation.

11.6 DUTIES AND OBLIGATIONS

     Each Agent will perform the duties and obligations, and only the duties and
     obligations, contained in or reasonably incidental to this Agreement and
     the Note Conditions and no implied duties or obligations (other than
     general laws as to agency) will be read into this Agreement or the Note
     Conditions against any Agent. An Agent is not required to take any action
     under this Agreement which would require it to incur any expense or
     liability for which (in its reasonable opinion) either it would not be
     reimbursed within a reasonable time or in respect of which it has not been
     indemnified to its satisfaction.

11.7 INCOME TAX RETURNS

     The Principal Paying Agent will deliver to each Class A Noteholder such
     information as may be reasonably required to enable such Class A Noteholder
     to prepare its federal and state income tax returns.

11.8 REPRESENTATION BY EACH AGENT

     Each Agent represents and warrants that it is duly qualified to assume its
     obligations under this Agreement and has obtained all necessary approvals
     required to execute, deliver and perform its obligations under this
     Agreement.

--------------------------------------------------------------------------------
12.  FEES AND EXPENSES

12.1 PAYMENT OF FEE

     The Issuer Trustee will pay to each Agent during the period that any of the
     Class A Notes remain outstanding the administration fee separately agreed
     by that Agent and the Issuer Trustee. If the appointment of an Agent is
     terminated under this Agreement, the Agent must refund to the Issuer
     Trustee that proportion of the fee (if any) which relates to the period
     during which the Agent's appointment is terminated.

12.2 PAYMENT OF EXPENSES

     The Issuer Trustee must pay or reimburse to each Agent all reasonable
     costs, expenses, charges, stamp duties and other Taxes and liabilities
     properly incurred by that Agent in the performance of the obligations of
     that Agent under this Agreement including, without limitation, all costs
     and expenses (including legal costs and expenses) incurred by that Agent in
     the enforcement of any obligations under this Agreement. Nothing in this
     clause 12.2 entitles or permits an Agent to be reimbursed or indemnified
     for general overhead costs and expenses (including, without limitation,
     rents and any amounts payable by that Agent to its employees in connection
     with their employment) incurred directly or indirectly in connection with
     the business activities of that Agent or in the exercise of its rights,
     powers and discretions or the performance of its duties and obligations
     under this Agreement.

12.3 NO OTHER FEES

     Except as provided in clauses 12.1 and 12.2, or as expressly provided
     elsewhere in this Agreement, neither the Issuer Trustee nor the Manager has
     any liability in respect of any fees or expenses of any Agent in connection
     with this Agreement.

                                                                              20
<PAGE>

12.4 PAYMENT OF FEES

     The above fees, payments and expenses will be paid in United States
     dollars. The Issuer Trustee will in addition pay any value added tax which
     may be applicable. The Principal Paying Agent will arrange for payment of
     commissions to the other Paying Agents and arrange for the reimbursement of
     their expenses promptly upon demand, supported by evidence of that
     expenditure, and provided that payment is made as required by clause 12.1
     the Issuer Trustee will not be concerned with or liable in respect of that
     payment.

12.5 NO COMMISSION

     Subject to this clause 12, no Paying Agent may charge any commission or fee
     in relation to any payment by it under this Agreement.

12.6 ISSUER TRUSTEE PERSONALLY LIABLE FOR FEES

     Notwithstanding any other provision of this Agreement, the Issuer Trustee
     must pay to each Agent the fees referred to in clause 12.1, and any value
     added tax on such fees, from its own personal funds and will not be
     entitled to be indemnified from the assets of the PUMA Trust with respect
     to such fees or value added taxes provided that if The Bank of New York,
     New York Branch or The Bank of New York, London Branch resigns or is
     removed as an Agent the Issuer Trustee will only be liable to pay the fees
     referred to in clause 12.1, and any value added tax on such fees, from its
     own personal funds to the extent that such fees and value added tax do not
     exceed the amount that would have been payable to The Bank of New York, New
     York Branch or the Bank of New York, London Branch, as the case may be, if
     it had remained as that Agent. The balance of such fees and value added
     tax, if any, will form part of the Fees and Expenses for which the Issuer
     Trustee is entitled to be indemnified from the assets of the PUMA Trust in
     accordance with the Sub-Fund Notice.

12.7 TIMING OF PAYMENTS

     Except as referred to in clause 12.6, all payments by the Issuer Trustee to
     an Agent under this clause 12 are payable on the first Quarterly Payment
     Date following demand by that Agent from funds available for this purpose
     in accordance with the Sub-Fund Notice.

12.8 INCREASE IN FEES

     The Issuer Trustee must notify in writing the Current Rating Authorities of
     any proposed increase in fees payable under this clause 12 (including upon
     the appointment of a new Agent but not including any increase in fees
     payable by the Issuer Trustee from its own personal funds in accordance
     with clause 12.6) at least 5 Business Days before such increase takes
     effect and must not agree to any such increase if this would result in a
     reduction, qualification or withdrawal of any credit rating then assigned
     by the Current Rating Authorities to the Notes. This clause 12.8 is not to
     be construed to require an Agent to undertake any additional duties or
     obligations not provided for in this Agreement unless otherwise agreed by
     that Agent in its discretion.

--------------------------------------------------------------------------------
13.  NOTICES

13.1 METHOD OF DELIVERY

     Subject to clauses 13.3 and 13.4, any notice, request, certificate,
     approval, demand, consent or other communication to be given under this
     Agreement (other than notices to the Class A Noteholders):

     (a)    (EXECUTION): except in the case of communications by email, must be
            signed by an

                                                                              21
<PAGE>

            Authorised Officer of the party giving the same;

     (b)    (IN WRITING): must be in writing; and

     (c)    (DELIVERY): must be:

            (i)   left at the address of the addressee;

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

            (iii) sent by facsimile to the facsimile number of the addressee; or

            (iv)  sent by email by an Authorised Signatory of the party giving
                  the same to the addressee's specified email address,

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

13.2 DEEMED RECEIPT

     A notice, request, certificate, demand, consent or other communication
     under this Agreement is deemed to have been received:

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

     (b)    (POST): where sent by post, on the 3rd (7th if outside Australia)
            day after posting;

     (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; and

     (d)    (EMAIL): subject to clause 13.4, where sent by email, on the date
            that the email is received.

     However, if the time of deemed receipt of any notice is not before 5.00 pm
     local time on a Business Day at the address of the recipient it is deemed
     to have been received at the commencement of business on the next Business
     Day.

13.3 COMMUNICATIONS THROUGH PRINCIPAL PAYING AGENT

     All communications relating to this Agreement between the Issuer Trustee
     and the Agent Bank and any of the other Paying Agents or between the Paying
     Agents themselves will, except as otherwise provided in this Agreement, be
     made through the Principal Paying Agent.

13.4 EMAIL

     Notwithstanding any other provision of this clause 13, a notice, request,
     certificate, approval, demand, consent or other communication to be given
     under this Agreement may only be given by email where the recipient has
     expressly agreed with the sender that the communication, or communications
     of that type, may be given by email and subject to such conditions as may
     be required by the recipient.

--------------------------------------------------------------------------------
14. ISSUER TRUSTEE'S LIMITATION OF LIABILITY

14.1 LIMITATION ON ISSUER TRUSTEE'S LIABILITY

     The Issuer Trustee enters into this Agreement only in its capacity as
     trustee of the PUMA

                                                                              22
<PAGE>

     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 Agreement is limited to and can be enforced against
     the Issuer Trustee only to the extent to which it can be satisfied out of
     the 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 Agreement (other than
     clauses 12.6 and 14.3) 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 Agreement.

14.2 CLAIMS AGAINST ISSUER TRUSTEE

     The parties other than the Issuer Trustee may not sue the Issuer Trustee in
     respect of any 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 the assets of the PUMA Trust) a liquidator, an administrator
     or any similar person to the Issuer Trustee or prove in any liquidation,
     administration or similar arrangements of or affecting the Issuer Trustee
     (except in relation to the assets of the PUMA Trust).

14.3 BREACH OF TRUST

     The provisions of this clause 14 will not apply to any obligation or
     liability of the Issuer Trustee to the extent that it is not satisfied
     because under the Trust Deed, the 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 and will
     not apply to any obligation or liability of the Issuer Trustee to pay
     amounts from its personal funds pursuant to clause 12.6.

14.4 ACTS OR OMISSIONS

     It is acknowledged that the Relevant Parties are responsible under the
     Transaction Documents for performing a variety of obligations relating to
     the PUMA Trust. No act or omission of the Issuer Trustee (including any
     related failure to satisfy its obligations or any breach or representation
     or warranty under this Agreement) will be considered fraudulent, negligent
     or a wilful default for the purposes of clause 14.3 to the extent to which
     the act or omission was caused or contributed to by any failure by any
     Relevant Party or any other person appointed by the Issuer 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 a Relevant Party or any other such person.

14.5 NO AUTHORITY

     No Agent appointed in accordance with this Agreement has authority to act
     on behalf of the Issuer 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 fraudulent, negligent or wilful default of the Issuer Trustee
     for the purposes of clause 14.3.

14.6 NO OBLIGATION

     The Issuer Trustee is not obliged to enter into any commitment or
     obligation under or in relation to this Agreement or any Transaction
     Document (including incur any further liability) unless the Issuer
     Trustee's liability is limited in a manner which is consistent with this
     clause 14 or otherwise in a manner satisfactory to the Issuer Trustee in
     its absolute discretion.

                                                                              23
<PAGE>

--------------------------------------------------------------------------------
15.   GENERAL

15.1  WAIVER

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

15.2  WRITTEN WAIVER, CONSENT AND APPROVAL

      Any waiver, consent or approval given by a party under this Agreement will
      only be effective and will only bind that party if it is given in writing,
      or given verbally and subsequently confirmed in writing, and executed by
      that party or on its behalf by two Authorised Officers of that party.

15.3  SEVERABILITY

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

15.4  SURVIVAL OF INDEMNITIES

      The indemnities contained in this Agreement are continuing, and survive
      the termination of this Agreement.

15.5  ASSIGNMENTS

      No party may assign or transfer any of its rights or obligations under
      this Agreement without the prior written consent of the other parties and
      confirmation from the Current Rating Authorities that such assignment will
      not lead to a reduction, qualification or reduction of its then rating of
      the Class A Notes.

15.6  SUCCESSORS AND ASSIGNS

      This Agreement is binding upon and ensures to the benefit of the parties
      to this Agreement and their respective successors and permitted assigns.

15.7  MORATORIUM LEGISLATION

      To the fullest extent permitted by law, the provisions of all statutes
      whether existing now or in the future operating directly or indirectly:

      (a)    (TO AFFECT OBLIGATIONS): to lessen or otherwise to vary or affect
             in favour of any party any obligation under this Agreement; or

      (b)    (TO AFFECT RIGHTS): to delay or otherwise prevent or prejudicially
             affect the exercise of any rights or remedies conferred on a party
             under this Agreement, are hereby expressly waived, negatived and
             excluded.

15.8  AMENDMENTS

      No amendments to this Agreement will be effective unless in writing and
      executed by each of the parties to this Agreement. The Manager must give
      each Current Rating Authority

                                                                              24
<PAGE>

      5 Business Days' prior notice of any amendment to this Agreement.

15.9  GOVERNING LAW

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

15.10 JURISDICTION

      Each party irrevocably and unconditionally:

      (a)    (SUBMISSIONS TO JURISDICTION): submits to the non-exclusive
             jurisdiction of the courts of the State of New South Wales;

      (b)    (WAIVER OF INCONVENIENT FORUM): waives any objection it may now or
             in the future have to the bringing of proceedings in those courts
             and any claim that any proceedings have been brought in an
             inconvenient forum; and

      (c)    (SERVICE OF NOTICE): agrees, without preventing any other mode of
             service permitted by law, that any document required to be served
             in any proceedings may be served in the manner in which notices and
             other written communications may be given under clause 13.

15.11 COUNTERPARTS

      This Agreement may be executed in a number of counterparts and all such
      counterparts taken together will constitute one and the same instrument.

15.12 LIMITATION OF NOTE TRUSTEE'S LIABILITY

      The Note Trustee is a party to this Agreement in its capacity as trustee
      of the Note Trust. The liability of the Note Trustee under this Agreement
      is limited in the manner and to the same extent as under the Note Trust
      Deed.

                                                                              25
<PAGE>

EXECUTED as an agreement.

SIGNED for and on behalf of
PERPETUAL TRUSTEES AUSTRALIA
LIMITED, ABN 86 000 431 827, by

its Attorney under a Power of
Attorney dated           and who            ------------------------------------
declares  that he or she has not            Signature of Attorney
received any notice of the
revocation of such Power of
Attorney, in the presence of:

------------------------------------        ------------------------------------
Signature of Witness                        Name of Attorney in full

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

SIGNED for and on behalf of
MACQUARIE SECURITISATION
LIMITED, ABN 16 003 297 336, by

its Attorneys under a Power of              ------------------------------------
Attorney dated            and each          Signature of Attorney
of whom  declares that he or she
has not received any notice of the
revocation of such Power of Attorney,
in the presence of:

------------------------------------        ------------------------------------
Signature of Witness                        Name of Attorney in full

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

                                                                              26
<PAGE>

SIGNED for and on behalf of
THE BANK OF NEW YORK, NEW
YORK BRANCH acting by its                   ------------------------------------
Authorised Officer in the
presence of:

------------------------------------
Signature of Witness

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

SIGNED for and on behalf of THE BANK
OF NEW YORK, LONDON BRANCH acting by its
Authorised Officer in the presence of:

------------------------------------        ------------------------------------
Signature of Witness

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

                                                                              27<PAGE>

(MULTICURRENCY - CROSS BORDER)

                                      ISDA

               INTERNATIONAL SWAPS & DERIVATIVES ASSOCIATION, INC.

                                MASTER AGREEMENT

                          dated as of 28 February 1995

Deutsche Bank AG, SYDNEY BRANCH       PERPETUAL TRUSTEES AUSTRALIA
ARBN  064 165 162                     LIMITED ACN 000 431 827 in its capacity as
                                      trustee of various Sub-Funds from time
                                      to time established under the Trust Deed

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

Accordingly, the parties agree as follows:-

1.   INTERPRETATION

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

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

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

2.   OBLIGATIONS

(a)  GENERAL CONDITIONS

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

<PAGE>

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

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

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

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

     (i)    in the same currency; and

     (ii)   in respect of the same Transaction,

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

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

                                       2
<PAGE>

(d)  DEDUCTION OR WITHHOLDING FOR TAX

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

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

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

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

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

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

                 (B)  the failure of a representation made by Y pursuant to
                      Section 3(f) to be accurate and true unless such failure
                      would not have occurred but for (1) any action taken by a
                      taxing authority, or brought in a court of competent
                      jurisdiction, on or after the date on which a Transaction
                      is entered into (regardless of whether such action is
                      taken or brought with respect to a party to this
                      Agreement) or (II) a Change in Tax Law.

     (ii)   LIABILITY. If:-

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

                                       3
<PAGE>

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

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

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

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

3.   REPRESENTATIONS

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

     (a)    BASIC REPRESENTATIONS

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

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

            (iii)   NO VIOLATION OR CONFLICT. Such execution, delivery and
                    performance do not violate or conflict with any law
                    applicable to it, any provision of

                                       4
<PAGE>

                    its constitutional documents, any order or judgment of any
                    court or other agency of government applicable to it or any
                    of its assets or any contractual restriction binding on or
                    affecting it or any of its assets;

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

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

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

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

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

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

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

4.   AGREEMENTS

                                       5
<PAGE>

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

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

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

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

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

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

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

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

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

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

                                       6
<PAGE>

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

5.   EVENTS OF DEFAULT AND TERMINATION EVENTS

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

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

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

            (iii)   CREDIT SUPPORT DEFAULT

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

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

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

                                       7
<PAGE>

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

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

            (vi)    CROSS DEFAULT. If "Cross Default" is specified in the
                    Schedule as applying to the party, the occurrence or
                    existence of

                    (1)  a default, event of default or other similar condition
                         or event (however described) in respect of such party,
                         any Credit Support Provider of such party or any
                         applicable Specified Entity of such party under one or
                         more agreements or instruments relating to Specified
                         Indebtedness of any of them (individually or
                         collectively) in an aggregate amount of not less than
                         the applicable Threshold Amount (as specified in the
                         Schedule) which has resulted in such Specified
                         Indebtedness becoming, or becoming capable at such time
                         of being declared, due and payable under such
                         agreements or instruments, before it would otherwise
                         have been due and payable; or

                    (2)  a default by such party, such Credit Support Provider
                         or such Specified Entity (individually or collectively)
                         in making one or more payments on the due date thereof
                         in an aggregate amount of not less than the applicable
                         Threshold Amount under such agreements or instruments
                         (after giving effect to any applicable notice
                         requirement or grace period);

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

                    (1)  is dissolved (other than pursuant to a consolidation,
                         amalgamation or merger);

                                       8
<PAGE>

                    (2)  becomes insolvent or is unable to pay its debts or
                         fails or admits in writing its inability generally to
                         pay its debts as they become due;

                    (3)  makes a general assignment, arrangement or composition
                         with or for the benefit of its creditors;

                    (4)  institutes or has instituted against it a proceeding
                         seeking a judgment of insolvency or bankruptcy or any
                         other relief under any bankruptcy or insolvency law or
                         other similar law affecting creditors' rights, or a
                         petition is presented for its winding-up or
                         liquidation, and, in the case of any such proceeding or
                         petition instituted or presented against it, such
                         proceeding or petition:

                         (A)  results in a judgment of insolvency or bankruptcy
                              or the entry of an order for relief or the making
                              of an order for its winding-up or liquidation; or

                         (B)  is not dismissed, discharged, stayed or restrained
                              in each case within 30 days of the institution or
                              presentation thereof;

                    (5)  has a resolution passed for its winding-up, official
                         management or liquidation (other than pursuant to a
                         consolidation, amalgamation or merger);

                    (6)  seeks or becomes subject to the appointment of an
                         administrator, provisional liquidator, conservator,
                         receiver, trustee, custodian or other similar official
                         for it or for all or substantially all its assets;

                    (7)  has a secured party take possession of all or
                         substantially all its assets or has a distress,
                         execution, attachment, sequestration or other legal
                         process levied, enforced or sued on or against all or
                         substantially all its assets and such secured party
                         maintains possession, or any such process is not
                         dismissed, discharged, stayed or restrained, in each
                         case within 30 days thereafter;

                    (8)  causes or is subject to any event with respect to it
                         which, under the applicable laws of any jurisdiction,
                         has an analogous effect to any of the events specified
                         in clauses (1) to (7) (inclusive); or

                    (9)  takes any action in furtherance of, or indicating its
                         consent to, approval of, or acquiescence in, any of the
                         foregoing acts; or

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

                    (1)  the resulting, surviving or transferee entity fails to
                         assume all the obligations of such party or such Credit
                         Support Provider under this Agreement or any Credit
                         Support Document to which it or its

                                       9
<PAGE>

                         predecessor was a party by operation of law or pursuant
                         to an agreement reasonably satisfactory to the other
                         party to this Agreement; or

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

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

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

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

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

            (ii)    TAX EVENT. Due to (x) any action taken by a taxing
                    authority, or brought in a court of competent jurisdiction,
                    on or after the date on which a Transaction is entered into
                    (regardless of whether such action is taken or brought with
                    respect to a party to this Agreement) or (y) a Change in Tax
                    Law, the party (which will be the Affected Party) will, or
                    there is a substantial likelihood that it will, on the next
                    succeeding Scheduled Payment Date:

                    (1)  be required to pay to the other party an additional
                         amount in respect of an Indemnifiable Tax under Section
                         2(d)(i)(4) (except in respect of interest under Section
                         2(e), 6(d)(ii) or 6(e)); or

                    (2)  receive a payment from which an amount is required to
                         be deducted or withheld for or on account of a Tax
                         (except in respect of interest under Section 2(e), 6
                         (d)(ii) or 6(e)) and no additional amount is required
                         to be paid in respect of such Tax under Section
                         2(d)(i)(4) (other than by reason of Section
                         2(d)(i)(4)(A) or B));

                                       10
<PAGE>

            (iii)   TAX EVENT UPON MERGER. The party (the "BURDENED PARTY") on
                    the next succeeding Scheduled Payment Date will either:

                    (1)  be required to pay an additional amount in respect of
                         an Indemnifiable Tax under Section 2(d)(i)(4) (except
                         in respect of interest under Section 2(e), 6(d)(ii) or
                         6(e)); or

                    (2)  receive a payment from which an amount has been
                         deducted or withheld for or on account of any
                         Indemnifiable Tax in respect of which the other party
                         is not required to pay an additional amount (other than
                         by reason of Section 2(d)(i)(4)(A) or B)), in either
                         case as a result of a party consolidating or
                         amalgamating with, or merging with or into, or
                         transferring all or substantially all its assets to,
                         another entity (which will be the Affected Party) where
                         such action does not constitute an event described in
                         Section 5(a)(viii);

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

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

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

6.   EARLY TERMINATION

     (a)    RIGHT TO TERMINATE FOLLOWING EVENT OF DEFAULT. If at any time an
            Event of Default with respect to a party (the "DEFAULTING PARTY")
            has occurred and is then continuing, the other party (the
            "NON-DEFAULTING PARTY") may, by not more than 20 days notice to the
            Defaulting Party specifying the relevant Event of Default, designate
            a day not earlier than the day such notice is effective as an Early
            Termination Date in respect of all outstanding Transactions. If,
            however, "Automatic Early Termination" is specified in the Schedule
            as applying to a party, then an Early Termination Date in respect of
            all outstanding Transactions will occur immediately upon the
            occurrence with respect to such party of an Event of Default
            specified in Section 5(a)(vii)(1), (3),

                                       11
<PAGE>

            (5), (6) or, to the extent analogous thereto, (8), and as of the
            time immediately preceding the institution of the relevant
            proceeding or the presentation of the relevant petition upon the
            occurrence with respect to such party of an Event of Default
            specified in Section 5(a)(vii)(4) or, to the extent analogous
            thereto, (8).

     (b)    RIGHT TO TERMINATE FOLLOWING TERMINATION EVENT.

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

            (ii)    TRANSFER TO AVOID TERMINATION EVENT. If either an illegality
                    under Section 5(b)(i)(1) or a Tax Event occurs and there is
                    only one Affected Party, or if a Tax Event Upon Merger
                    occurs and the Burdened Party is the Affected Party, the
                    Affected Party will, as a condition to its right to
                    designate an Early Termination Date under Section 6(b)(iv),
                    use all reasonable efforts (which will not require such
                    party to incur a loss, excluding immaterial, incidental
                    expenses) to transfer within 20 days after it gives notice
                    under Section 6(b)(i) all its rights and obligations under
                    this Agreement in respect of the Affected Transactions to
                    another of its Offices or Affiliates so that such
                    Termination Event ceases to exist.

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

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

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

            (iv)    RIGHT TO TERMINATE. If:-

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

                                       12
<PAGE>

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

                    either party in the case of an Illegality, the Burdened
                    Party in the case of a Tax Event Upon Merger, any Affected
                    Party in the case of a Tax Event or an Additional
                    Termination Event if there is more than one Affected Party,
                    or the party which is not the Affected Party in the case of
                    a Credit Event Upon Merger or an Additional Termination
                    Event if there is only one Affected Party may, by not more
                    than 20 days notice to the other party and provided that the
                    relevant Termination Event is then continuing, designate a
                    day not earlier than the day such notice is effective as an
                    Early Termination Date in respect of all Affected
                    Transactions.

     (c)    EFFECT OF DESIGNATION

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

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

     (d)    CALCULATIONS

            (i)     STATEMENT. On or as soon as reasonably practicable following
                    the occurrence of an Early Termination Date, each party will
                    make the calculations on its part, if any, contemplated by
                    Section 6(e) and will provide to the other party a
                    statement:

                    (1)  showing, in reasonable detail, such calculations
                         (including all relevant quotations and specifying any
                         amount payable under Section 6(e)); and

                    (2)  giving details of the relevant account to which any
                         amount payable to it is to be paid. In the absence of
                         written confirmation from the source of a quotation
                         obtained in determining a Market Quotation, the records
                         of the party obtaining such quotation will be
                         conclusive evidence of the existence and accuracy of
                         such quotation.

            (ii)    PAYMENT DATE. An amount calculated as being due in respect
                    of any Early Termination Date under Section 6(e) will be
                    payable on the day that notice of the amount payable is
                    effective (in the case of an Early Termination Date which is
                    designated or occurs as a result of an Event of Default) and
                    on the day which is two Local Business Days after the day on
                    which notice of the amount payable is effective (in the case
                    of an Early Termination Date which is designated as a result
                    of a Termination Event). Such amount will be paid

                                       13
<PAGE>

                    together with (to the extent permitted under applicable law)
                    interest thereon (before as well as after judgment) in the
                    Termination Currency, from (and including) the relevant
                    Early Termination Date to (but excluding) the date such
                    amount is paid, at the Applicable Rate. Such interest will
                    be calculated on the basis of daily compounding and the
                    actual number of days elapsed.

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

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

                    (1)  FIRST METHOD AND MARKET QUOTATION. If the First Method
                         and Market Quotation apply, the Defaulting Party will
                         pay to the Non-defaulting Party the excess, if a
                         positive number, of:

                         (A)  the sum of the Settlement Amount (determined by
                              the Non-defaulting Party) in respect of the
                              Terminated Transactions and the Termination
                              Currency Equivalent of the Unpaid Amounts owing to
                              the Non-defaulting Party over

                         (B)  the Termination Currency Equivalent of the Unpaid
                              Amounts owing to the Defaulting Party.

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

                    (3)  SECOND METHOD AND MARKET QUOTATION. If the Second
                         Method and Market Quotation apply, an amount will be
                         payable equal to:

                         (A)  the sum of the Settlement Amount (determined by
                              the Non-defaulting Party) in respect of the
                              Terminated Transactions and the Termination
                              Currency Equivalent of the Unpaid Amounts owing to
                              the Non-defaulting Party less

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

                                       14
<PAGE>

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

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

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

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

                         (A)  If Market Quotation applies, each party will
                              determine a Settlement Amount in respect of the
                              Terminated Transactions, and an amount will be
                              payable equal to:

                              (I)  the sum of (a) one-half of the difference
                                   between the Settlement Amount of the party
                                   with the higher Settlement Amount ("X") and
                                   the Settlement Amount of the party with the
                                   lower Settlement Amount ("Y") and (b) the
                                   Termination Currency Equivalent of the Unpaid
                                   Amounts owing to X less

                              (II) the Termination Currency Equivalent of the
                                   Unpaid Amounts owing to Y; and

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

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

            (iii)   ADJUSTMENT FOR BANKRUPTCY. In circumstances where an Early
                    Termination Date occurs because "Automatic Early
                    Termination" applies in respect of a party, the amount
                    determined under this Section 6(e) will be subject to such
                    adjustments as are appropriate and permitted by law to
                    reflect any payments or

                                       15
<PAGE>

            deliveries made by one party to the other under this Agreement (and
            retained by such other party) during the period from the relevant
            Early Termination Date to the date for payment determined under
            Section 6(d)(ii).

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

7.   TRANSFER

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

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

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

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

8.   CONTRACTUAL CURRENCY

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

                                       16
<PAGE>

(b)  JUDGMENTS. To the extent permitted by applicable law, if any judgment or
     order expressed in a currency other than the Contractual Currency is
     rendered:

     (i)    for the payment of any amount owing in respect of this Agreement;

     (ii)   for the payment of any amount relating to any early termination in
            respect of this Agreement; or

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

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

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

9.   MISCELLANEOUS

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

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

                                       17
<PAGE>

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

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

(e)  COUNTERPARTS AND CONFIRMATIONS.

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

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

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

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

10.  OFFICES; MULTIBRANCH PARTIES

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

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

                                       18
<PAGE>

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

11.  EXPENSES

     A Defaulting Party will, on demand, indemnify and hold harmless the other
     party from and against all reasonable out-of-pocket expenses, including
     legal fees and Stamp Tax, incurred by such other party by reason of the
     enforcement and protection of its rights under this Agreement or any Credit
     Support Document to which the Defaulting Party is a party or by reason of
     the early termination of any Transaction, including, but not limited to,
     costs of collection.

12.  NOTICES

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

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

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

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

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

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

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

                                       19
<PAGE>

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

13.  GOVERNING LAW AND JURISDICTION

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

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

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

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

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

(c)  SERVICE OF PROCESS. Each party irrevocably appoints the Process Agent (if
     any) specified opposite its name in the Schedule to receive, for it and on
     its behalf, service of process in any Proceedings. If for any reason any
     party's Process Agent is unable to act as such, such party will promptly
     notify the other party and within 30 days appoint a substitute process
     agent acceptable to the other party. The parties irrevocably consent to
     service of process given in the manner provided for notices in Section 12.
     Nothing in this Agreement will affect the right of either party to serve
     process in any other manner permitted by law.

(d)  WAIVER OF IMMUNITIES. Each party irrevocably waives, to the fullest extent
     permitted by applicable law, with respect to itself and its revenues and
     assets (irrespective of their use or intended use), all immunity on the
     grounds of sovereignty or other similar grounds from:

     (i)    suit,

     (ii)   jurisdiction of any court,

                                       20
<PAGE>

     (iii)  relief by way of injunction, order for specific performance or for
            recovery of property attachment of its assets (whether before or
            after judgment), and

     (iv)   execution or enforcement of any judgment to which it or its revenues
            or assets might otherwise be entitled in any Proceedings in the
            courts of any jurisdiction and irrevocably agrees, to the extent
            permitted by applicable law, that it will not claim any such
            immunity in any Proceedings.

14.  DEFINITIONS

     As used in this Agreement:-

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

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

     "AFFECTED TRANSACTIONS" means:

     (a)    with respect to any Termination Event consisting of an Illegality,
            Tax Event or Tax Event Upon Merger, all Transactions affected by the
            occurrence of such Termination Event; and

     (b)    with respect to any other Termination Event, all Transactions.

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

     "APPLICABLE RATE" means:

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

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

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

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

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

     "CHANGE IN TAX LAW" means the enactment, promulgation, execution or
     ratification of, or any change in or amendment to, any law (or in the
     application or official

                                       21
<PAGE>

     interpretation of any law) that occurs on or after the date on which the
     relevant Transaction is entered into.

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

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

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

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

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

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

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

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

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

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

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

     "LOCAL BUSINESS DAY" means, subject to the Schedule, a day on which
     commercial banks are open for business (including dealings in foreign
     exchange and foreign currency deposits):

     (a)    in relation to any obligation under Section 2(a)(i), in the place(s)
            specified in the relevant Confirmation or, if not so specified, as
            otherwise agreed by the

                                       22
<PAGE>

            parties in writing or determined pursuant to provisions contained,
            or incorporated by reference, in this Agreement,

     (b)    in relation to any other payment, in the place where the relevant
            account is located and, if different, in the principal financial
            centre, if any, of the currency of such payment,

     (c)    in relation to any notice or other communication, including notice
            contemplated under Section 5(a)(i), in the city specified in the
            address for notice provided by the recipient and, in the case of a
            notice contemplated by Section 2(b), in the place where the relevant
            new account is to be located and (d) in relation to section
            5(a)(v)(2), in the relevant locations for performance with respect
            to such Specified Transaction.

     "LOSS" means, with respect to this Agreement or one or more Terminated
     Transactions, as the case may be, and a party, the Termination Currency
     Equivalent of an amount that party reasonably determines in good faith to
     be its total losses and costs (or gain, in which case expressed as a
     negative number) in connection with this Agreement or that Terminated
     Transaction or group of Terminated Transactions, as the case may be,
     including any loss of bargain, cost of funding or, at the election of such
     party but without duplication, loss or cost incurred as a result of its
     terminating, liquidating, obtaining or re-establishing any hedge or related
     trading position (or any gain resulting from any of them). Loss includes
     losses and costs (or gains) in respect of any payment or delivery required
     to have been made (assuming satisfaction of each applicable condition
     precedent) on or before the relevant Early Termination Date and not made,
     except, so as to avoid duplication, if Section 6(e)(i)(1) or (3) or
     6(e)(ii)(2)(A) applies. Loss does not include a party's legal fees and
     out-of-pocket expenses referred to under Section 11. A party will determine
     its Loss as of the relevant Early Termination Date, or, if that is not
     reasonably practicable, as of the earliest date thereafter as is reasonably
     practicable. A party may (but need not) determine its Loss by reference to
     quotations of relevant rates or prices from one or more leading dealers in
     the relevant markets.

     "MARKET QUOTATION" means, with respect to one or more Terminated
     Transactions and a party making the determination, an amount determined on
     the basis of quotations from Reference Market-makers. Each quotation will
     be for an amount, if any, that would be paid to such party (expressed as a
     negative number) or by such party (expressed as a positive number) in
     consideration of an agreement between such party (taking into account any
     existing Credit Support Document with respect to the obligations of such
     party) and the quoting Reference Market-maker to enter into a transaction
     (the "Replacement Transaction") that would have the effect of preserving
     for such party the economic equivalent of any payment or delivery (whether
     the underlying obligation was absolute or contingent and assuming the
     satisfaction of each applicable condition precedent) by the parties under
     Section 2(a)(i) in respect of such Terminated Transaction or group of
     Terminated Transactions that would, but for the occurrence of the relevant
     Early Termination Date, have been required after that date. For this
     purpose, Unpaid Amounts in respect of the Terminated Transaction or group
     of Terminated Transactions are to be excluded but, without limitation, any
     payment or delivery that would, but for the relevant Early Termination
     Date, have

                                       23
<PAGE>

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

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

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

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

     "POTENTIAL EVENT OF DEFAULT" means any event which, with the giving of
     notice or the lapse of time or both, would constitute an Event Of Default.

     "REFERENCE MARKET-MAKERS" means four leading dealers in the relevant market
     selected by the party determining a Market Quotation in good faith:

     (a)    from among dealers of the highest credit standing which satisfy all
            the criteria that such party applies generally at the time in
            deciding whether to offer or to make an extension of credit; and

     (b)    to the extent practicable, from among such dealers having an office
            in the same city.

     "RELEVANT JURISDICTION" means, with respect to a party, the jurisdictions:

     (a)    in which the party is incorporated, organised, managed and
            controlled or considered to have its seat,

     (b)    where an Office through which the party is acting for purposes of
            this Agreement is located,

     (c)    in which the party executes this Agreement, and

                                       24
<PAGE>

     (d)    in relation to any payment, from or through which such payment is
            made.

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

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

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

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

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

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

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

     "SPECIFIED TRANSACTION" means, subject to the Schedule,

     (a)    any transaction (including an agreement with respect thereto) now
            existing or hereafter entered into between one party to this
            Agreement (or any Credit Support Provider of such party or any
            applicable Specified Entity of such party) and the other party to
            this Agreement (or any Credit Support Provider of such other party
            or any applicable Specified Entity of such other party) which is a
            rate swap transaction, basis swap, forward rate transaction,
            commodity swap, commodity option, equity or equity index swap,
            equity or equity index option, bond option, interest rate option,
            foreign exchange transaction, cap transaction, floor transaction,
            collar transaction, currency swap transaction, cross-currency rate
            swap transaction, currency option or any other similar transaction
            (including any option with respect to any of these transactions),

     (b)    any combination of these transactions, and

     (c)    any other transaction identified as a Specified Transaction in this
            Agreement or the relevant confirmation.

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

                                       25
<PAGE>

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

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

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

     "TERMINATED TRANSACTIONS" means with respect to any Early Termination Date:

     (a)    if resulting from a Termination Event, all Affected Transactions;
            and

     (b)    if resulting from an Event of Default, all Transactions (in either
            case) in effect immediately before the effectiveness of the notice
            designating that Early Termination Date (or, if "Automatic Early
            Termination" applies, immediately before that Early Termination
            Date).

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

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

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

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

     "UNPAID AMOUNTS" owing to any party means, with respect to an Early
     Termination Date, the aggregate of:

                                       26
<PAGE>

     (a)    in respect of all Terminated Transactions, the amounts that became
            payable (or that would have become payable but for Section
            2(a)(iii)) to such party under Section 2(a)(i) on or prior to such
            Early Termination Date and which remain unpaid as at such Early
            Termination Date; and

     (b)    in respect of each Terminated Transaction, for each obligation under
            Section 2(a)(i) which was (or would have been but for Section
            2(a)(iii)) required to be settled by delivery to such party on or
            prior to such Early Termination Date and which has not been so
            settled as at such Early Termination Date, an amount equal to the
            fair market value of that which was (or would have been) required to
            be delivered as of the originally scheduled date for delivery, in
            each case together with (to the extent permitted under applicable
            law) interest, in the currency of such amounts, from (and including)
            the date such amounts or obligations were or would have been
            required to have been paid or performed to (but excluding) such
            Early Termination Date, at the Applicable Rate. Such amounts of
            interest will be calculated on the basis of daily compounding and
            the actual number of days elapsed. The fair market value of any
            obligation referred to in clause (6) above shall be reasonably
            determined by the party obliged to make the determination under
            Section 6(e) or, if each party is so obliged, it shall be the
            average of the Termination Currency Equivalents of the fair market
            values reasonably determined by both parties.

                                       27
<PAGE>

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

         (Name of Party)                                    (Name of Party)

By:                                         By:
Name:                                       Name:
Title:                                      Title:
Date                                        Date:

SIGNED SEALED and DELIVERED                 )
by and on behalf of DEUTSCHE                )
BANK AG, SYDNEY BRANCH,                     )
ARBN 064 165 162 by its                     )
attorneys Chum Parvall                      )        /s/ Chum Parvall
and Mark Grolman                            )       (Signature of Attorney)
under a Power of Sub-Attorney               )
dated 13/12/90 and registered               )
Book 4081 No. 241 and                       )        /s/ Mark Grolman
he declares that he has not received any    )        (Signature of Attorney)
notice of the revocation of such Power of   )
Attorney in the presence of:                )

/s/ Paul Burke
Paul Burke

(Signature of Witness in Full)

                         Signed in my presence for and on behalf of Perpetual
                         Trustees Australia Limited (A.C.N. 000 431 827) by its
                         attorneys Ewan Gregor McDonald and John Julian who are
                         personally known to me and each of whom declares that
                         he/she has been appointed by the Board of Directors of
                         that company by resolutions dated 24 MAY 1994 as
                         attorney of the company for the purposes of the Power
                         of Attorney dated 24 MAY 1994 (Registration No.
                         4059/243) and that he/she has no notice of the
                         revocation of his her powers.

                         /s/ Raymond Kellerman         /s/ Ewan Gregor McDonald
                         Signature of Witness          Signature of Attorney

                         Raymond John Kellerman        /s/ John Julian
                         Full name of Witness          Signature of Attorney

                                       28
<PAGE>

                                    SCHEDULE
                                     TO THE
                                MASTER AGREEMENT

                 dated as of

between

--------------------------------------------------------------------------------
DEUTSCHE BANK AG, SYDNEY BRANCH,    and    PERPETUAL TRUSTEES AUSTRALIA LIMITED,
ARBN 064 165 162                           ACN 000 431 827, IN ITS CAPACITY AS
                                           TRUSTEE OF VARIOUS SUB-FUNDS FROM
                                           TIME TO TIME ESTABLISHED UNDER THE
                                           TRUST DEED

--------------------------------------------------------------------------------
         ("PARTY A")                                   ("PARTY B")
--------------------------------------------------------------------------------

PART 1:  TERMINATION PROVISION

In this Agreement:

(a)      "SPECIFIED ENTITY" in relation to:

         (i)   Party A, is not applicable; and

         (ii)  Party B, is not applicable.

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

(c)      (i)   The following provisions of Section 5 will not apply to Party A:

               Section 5(a)(ii)       Section 5(a)(v)         Section 5(b)(iii)

               Section 5(a)(iii)      Section 5(a)(vi)        Section 5(b)(iv)

               Section 5(a)(iv)

         (ii)  The following provisions of Section 5 will not apply to Party B:

               Section 5(a)(ii)       Section 5(a)(v)         Section 5(a)(viii)

               Section 5(a)(iii)      Section 5(a)(vi)        Section 5(b)(iii)

               Section 5(a)(iv)       Section 5(a)(vii)       Section 5(b)(iv)

(d)      The "AUTOMATIC EARLY TERMINATION" provisions in Section 6(a) will not
         apply to Party A nor to Party B.

(e)      "PAYMENT ON EARLY TERMINATION". For the purposes of Section 6(e) of
         this Agreement:

         (i)   Market Quotation will apply; and

         (ii)  the Second Method will apply.

(f)      "TERMINATION CURRENCY" means Australian dollars.

                                                                               1
<PAGE>

(g)      "ADDITIONAL TERMINATION EVENT" will not apply.

PART 2:  TAX REPRESENTATIONS

(a)      PAYER TAX REPRESENTATIONS. For the purpose of Section 3(e) of this
         Agreement, Party A and Party B each make the following representation:

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

         (i)      the accuracy of any representation made by the other party
                  pursuant to Section 3(f) of this Agreement;

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

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

         PROVIDED THAT it shall not be a breach of this representation where
         reliance is placed on clause (ii) and the other party does not deliver
         a form or document under Section 4(a)(iii) by reason of material
         prejudice to its legal or commercial position.

(b)      PAYEE TAX REPRESENTATIONS. For the purpose of Section 3(f) of this
         Agreement:

         PARTY A MAKES THE FOLLOWING REPRESENTATION:

         It is a German resident with a permanent establishment in Australia and
         derives the entirety of the payments under this Agreement in carrying
         on business in Australia through its permanent establishment in
         Australia and not in part or in whole in carrying on business in a
         country outside Australia through a permanent establishment in that
         country.

         Party B makes the following representation:

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

PART 3:  DOCUMENTS TO BE DELIVERED

For the purpose of Section 4(a)(i) and (ii) of this Agreement, each party agrees
to deliver the following documents as applicable:

(a)      Tax forms, documents or certificates to be delivered are:

                                                                               2
<PAGE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
PARTY REQUIRED TO DELIVER DOCUMENT       Form/Document/                             Date by which document to be delivered
                                         Certificate
-----------------------------------------------------------------------------------------------------------------------------
<S>                                     <C>                                        <C>
Parties A & B                            Any document or certificate reasonably     As soon as reasonably practicable
                                         required or reasonably requested by a      following a request by other party.
                                         party in connection with its
                                         obligations to make a payment under
                                         this Agreement which would enable that
                                         party to make the payment free from any
                                         deduction or withholding for or on
                                         account of Tax or as would reduce the
                                         rate at which deduction or withholding
                                         for or on account of Tax is applied to
                                         that payment.
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>

(b)      Other documents to be delivered are:

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
PARTY REQUIRED TO DELIVER DOCUMENT       Form/Document/                             Date by which document to be delivered
                                         Certificate
-----------------------------------------------------------------------------------------------------------------------------
<S>                                     <C>                                        <C>
Parties A & B                            A list of authorised signatories for       At the execution of this Agreement and
                                         the party and evidence satisfactory in     thereafter promptly upon any change in
                                         form and substance to the other party      authorised persons or upon request.
                                         of the authority of the authorised
                                         signatories of the party to execute
                                         this Agreement and each confirmation on
                                         behalf of the party.
-----------------------------------------------------------------------------------------------------------------------------
Parties A & B                            A legal opinion as to the validity and     The date of this Agreement.
                                         enforceability of that party's
                                         obligations under this Agreement in
                                         form and substance and issued by legal
                                         counsel reasonably acceptable to the
                                         other party.
-----------------------------------------------------------------------------------------------------------------------------
Party A                                  A copy of the most recent annual report    Upon reasonable request by Party B.
                                         of the party containing consolidated
                                         financial statements, certified without
                                         qualification by independent public
                                         accountants and such other public
                                         information respecting its condition or
                                         operations, financial or otherwise, as
                                         the other party may reasonably request
                                         from time to time.
-----------------------------------------------------------------------------------------------------------------------------
Party B                                  All information and other material         When required under the Interest Risk
                                         required to be delivered by it under       Management Deed.
                                         the Interest Risk Management Deed
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>

All documents delivered under this Part 3(b) are covered by Section 3(d)
representation.

PART 4:  MISCELLANEOUS

(a)      ADDRESSES FOR NOTICES. For the purpose of Section 12(a) of this
         Agreement:

         Address for notices or communications to PARTY A:

                                                                               3
<PAGE>

         Address:          Deutsche Bank AG, Sydney Branch
                           Level 18
                           Grosvenor Place
                           225 George Street
                           SYDNEY  NSW  2000

         Attention:        Swaps Administration

         Telex No:         AA122258         Answerback:

         Facsimile No:     612 258 3632

         Address for notices or communications to PARTY B CARE OF THE MANAGER:

         Address:          Level 22, 20 Bond Street, Sydney  NSW  2000

         Attention:        The Manager: PUMA Programme

         Telex No:         122246                    Answerback: MACBNK

         Facsimile No.:    (02) 237 3370

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

         Party A appoints as its Process Agent: not applicable.

         Party B appoints as its Process Agent:  not applicable.

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

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

         Neither Party A nor Party B is a Multibranch Party.

(e)      CALCULATION AGENT: The Calculation Agent is the Manager (acting on
         behalf of Party B), unless otherwise specified in a Confirmation in
         relation to the relevant Transaction.

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

         (i)      In relation to PARTY A: nil.

         (ii)     In relation to PARTY B and each Sub-Fund: the Security Trust
                  Deed relating to that Sub-Fund.

(g)      CREDIT SUPPORT PROVIDER.

         (i)      In relation to PARTY A: nil.

         (ii)     In relation to PARTY B: nil.

(h)      GOVERNING LAW: This Agreement will be governed by and construed in
         accordance with the laws in force in the State of New South Wales and
         each party submits to the non-exclusive jurisdiction of the courts of
         that state without reference to choice of law doctrine. The provisions
         of Section 13(b) will apply (mutatis mutandis) to this choice of
         governing law and submission to jurisdiction.

(i)      NETTING OF PAYMENTS: Subparagraph (ii) of Section 2(c) of this
         Agreement will not apply to any Transaction.

(j)      "AFFILIATE" will have the meaning specified in Section 14 of this
         Agreement.

                                                                               4
<PAGE>

PART 5:  OTHER PROVISIONS

(a)      INTEREST RISK MANAGEMENT DEED: The parties acknowledge and agree that:

         (i)      this Agreement is the "Sub-Funds ISDA" referred to in the
                  Interest Risk Management Deed; and

         (ii)     unless the context indicates a contrary intention and unless
                  otherwise defined herein, terms defined in the Interest Risk
                  Management Deed (either expressly or by reference to another
                  document) shall have the same meaning where used in this
                  Agreement.

(b)      1991 ISDA DEFINITIONS: This Agreement, each Confirmation and each
         Transaction are subject to the 1991 ISDA Definitions (as published by
         the International Swap Dealers Association, Inc.) (the "1991
         DEFINITIONS"), and will be governed in all respects by any provisions
         set forth in the 1991 Definitions, without regard to any amendments to
         the 1991 Definitions subsequent to the date thereof. The provisions of
         the 1991 Definitions are incorporated by reference in, and shall be
         deemed to be part of, this Agreement and each Confirmation. Any
         reference to a:

         (a)      "SWAP TRANSACTION" in the 1991 Definitions is deemed to be a
                  reference to a "Transaction" for the purpose of interpreting
                  this Agreement or any Confirmation; and

         (b)      "TRANSACTION" in this Agreement or any Confirmation is deemed
                  to be a reference to a "Swap Transaction" for the purpose of
                  interpreting the 1991 Definitions.

(c)      INCONSISTENCY: In the event of any inconsistency between any two or
         more or the following documents, they shall take precedence over each
         other in the following order:

         (i)      any Confirmation;

         (ii)     this Agreement; and

         (iii)    the 1991 Definitions.

(d)      APPOINTMENT OF MANAGER: Party B hereby exclusively appoints the Manager
         as its attorney to act on Party B's behalf with respect to this
         Agreement. The Manager:

         (i)      may arrange, enter into, and monitor Transactions, execute
                  Confirmations, and exercise all other rights and powers of
                  Party B hereunder; and

         (ii)     without limiting the generality of the foregoing, the Manager,
                  and not Party B, shall issue, and receive, on behalf of Party
                  B all notices, Confirmations, certificates and other
                  communications to or by Party A hereunder,

         until such time as Party B serves written notice on Party A of the
         revocation of the Manager's authority to act on behalf of Party B in
         accordance with this paragraph (d).

(e)      PROCEDURES FOR ENTERING INTO TRANSACTIONS:

         (i)      CONFIRMATION OF TRANSACTIONS: With respect to each Transaction
                  entered into pursuant to this Agreement and for the purposes
                  of Section 9(e)(ii), Party B (either itself or through the
                  Manager) will, on or promptly after the relevant Trade Date,
                  send Party A a Confirmation confirming that Transaction and
                  Party A must promptly then confirm the accuracy of or request
                  the correction of such Confirmation.

         (ii)     NOVATION OF MORTGAGE SWAPS: The novation of each Transaction
                  which is a Mortgage Swap to be novated to Party A pursuant to
                  the Master Novation Terms will occur automatically, and
                  thereafter be confirmed, in accordance with the provisions of
                  the Interest Risk Management Deed (including the Master
                  Novation Terms).

                                                                               5
<PAGE>

         (iii)    SPECIFICATION OF SUB-FUND: Party B will enter into each
                  Transaction in its capacity as trustee of a specific Sub-Fund.
                  Each Confirmation regarding a Transaction must specify the
                  name of the Sub-Fund to which the Transaction relates.

(f)      SINGLE AGREEMENT:  Section 1(c) is replaced with:

         "All Transactions are entered into in reliance on the fact that this
         Master Agreement and all Transactions (as evidenced by their
         Confirmations) form a single contract (collectively referred to as this
         "Agreement") and the parties would not otherwise enter into any
         Transactions. The entering into of each Transaction takes effect as an
         amendment to this Agreement (but no such amendment is effective to
         defeat or prejudice the operation of Section 15)."

(g)      CHANGE OF ACCOUNTS: For the purposes of Section 2(b) of the Agreement
         both parties agree that such new account so designated shall be in the
         same tax jurisdiction as the original account.

(h)      PAYMENTS:  In Section 2:

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

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

         (ii)     In Section 2(a)(ii) insert immediately after the words "freely
                  transferable funds" the following words:

                  ", free of any set-off, counterclaim, deduction or withholding
                  (except as expressly provided in this Agreement)".

         (iii)    Insert new paragraphs (iv) and (v) in Section 2(a) immediately
                  after Section 2(a)(iii) as follows:

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

                  (v)      Where:

                           (1)      payments are due pursuant to Section 2(a)(i)
                                    by Party A to Party B (the "PARTY A
                                    PAYMENT") and by Party B to Party A (the
                                    "PARTY B PAYMENT") on the same day; and

                           (2)      the Security Trust Deed has become, and
                                    remains at that time, enforceable,

                                    then Party A's obligation to make the Party
                                    A payment to Party B shall be subject to the
                                    condition precedent (which shall be an
                                    "applicable condition precedent" for the
                                    purpose of Section 2(a)(iii)(3)) that Party
                                    A first receives either:

                           (3)      the Party B payment; or

                           (4)      confirmation from Party B's bank that it
                                    holds irrevocable instructions to effect
                                    payment of the Party B payment and that
                                    funds are available to make that payment.";

         (iv)     Delete Section 2(d)(i)(4) in its entirety;

         (v)      In Section 2(d)(ii)(1) delete the following words where they
                  appear:

                                                                               6
<PAGE>

                  "in respect of which X would not be required to pay an
                  additional amount to Y under Section 2(d)(i)(4)".

(i)      REPRESENTATION NOT APPLICABLE: The representation specified in Section
         3(c), "Absence of Litigation", shall not be made by either party.

(j)      ADDITIONAL REPRESENTATIONS: In Section 3 add the following immediately
         after paragraph (f):

         "(g)     NON ASSIGNMENT: It has not assigned (whether absolutely, in
                  equity or otherwise) or declared any trust over or given any
                  charge over any of its rights under this Agreement or any
                  Transaction (other than, in respect of Party B, the Sub-Funds
                  created pursuant to the Trust Deed and the charge given
                  pursuant to a Security Trust Deed).

         (h)      CONTRACTING AS PRINCIPAL: Subject to Section 15, each existing
                  Transaction has been entered into by that party:

                  (i)      in the case of Party A, as principal and not
                           otherwise; or

                  (ii)     in the case of Party B, in its capacity as trustee of
                           a Sub-Fund constituted under the Trust Deed and not
                           otherwise."

(k)      ADDITIONAL COVENANT:  In Section 4 add a new paragraph as follows:

         "(f)     CONTRACTING AS PRINCIPAL. Subject to Section 15, Party A will
                  enter into all Transactions as principal and not otherwise and
                  Party B will enter into each Transaction in its capacity as
                  trustee of a Sub-Fund constituted under the Trust Deed and not
                  otherwise."

(l)      EVENT OF DEFAULT:  Delete Section 5(a)(i) and insert instead:

         "(i)     FAILURE TO PAY OR DELIVER. Failure by the party to make, when
                  due, any payment under this Agreement or delivery under
                  Section 2(a)(i) or 2(e) required to be made by it if such
                  failure is not remedied at or before 10.00 am on the tenth
                  Local Business Day after notice of such failure is given to
                  the party;"

(m)      TAX EVENT:  Section 5(b)(ii) is amended by:

         (i)      deleting the words ", or there is a substantial likelihood
                  that it will," where they appear in that Section; and

         (ii)     deleting the words "(1) be required to pay to the other party
                  an additional amount in respect of an Indemnifiable Tax under
                  Section 2(d)(i)(4) (except in respect of interest under
                  Section 2(e), 6(d)(ii) or 6(e)) or (2)" where they appear in
                  that section.

(n)      TERMINATION:  In Section 6:

         (i)      Add the following sentence at the end of the first paragraph
                  of Section 6(b)(ii):

                  "However, if Party B is the Affected Party, then Party B will
                  only be obliged to make such efforts to effect a transfer in
                  accordance with this Section 6(b)(ii) as it is able to make by
                  application of funds available for such application in
                  accordance with the provisions of the Trust Deed."

         (ii)     add the following sentence at the end of the second paragraph
                  of Section 6(b)(ii):

                  "However, if Party A is that other party it must, if so
                  requested by Party B, use reasonable efforts to make such a
                  transfer to an Affiliate (as that expression is defined in
                  Section 14) at the expense of Party B.";

         (iii)    Add the following sentence at the end of the last paragraph of
                  Section 6(b)(ii):

                                                                               7
<PAGE>

                  "However, consent may be withheld if the other party considers
                  that its credit exposure to the transferor would be adversely
                  affected by the transfer."

         (iv)     Delete the last sentence of the first paragraph in Section
                  6(e).

(o)      TRANSFER:  Section 7 is deleted and replaced with the following:

         "7.      TRANSFER

                  (a)      Neither the interests nor obligations of either party
                           in or under this Agreement (including any
                           Transaction) are capable of being assigned or
                           transferred (whether at law, in equity or otherwise
                           and whether by way of security or otherwise), charged
                           or the subject of any trust or other fiduciary
                           obligation (other than, in respect of Party B, the
                           trusts and fiduciary obligations created pursuant to
                           the Trust Deed and any charge created by a Security
                           Trust Deed). Any action by a party which purports to
                           do any of these things is void.

                  (b)      Nothing in this Section 7:

                           (i)      restricts the parties agreeing to a novation
                                    of the interests and obligations of a party
                                    in or under this Agreement (including any
                                    Transaction) including, but not limited to,
                                    for the purposes of giving effect to a
                                    transfer under section 6(b)(ii);

                           (ii)     restricts a transfer by a party of all or
                                    any part of its interest in any amount
                                    payable to it from a Defaulting Party under
                                    Section 6(e);

                           (iii)    restricts a transfer by a party after the
                                    other party has agreed to the variation of
                                    this Agreement to the extent necessary to
                                    permit such transfer; or

                           (iv)     restricts a transfer by a Security Trustee
                                    pursuant to the exercise of its powers under
                                    a Security Trust Deed.

                  (c)      Each party acknowledges that the other party enters
                           into this Agreement and each Transaction on the basis
                           that this Section 7 must be strictly observed and is
                           fundamental to the terms of this Agreement (including
                           each Transaction)."

(p)      MISCELLANEOUS:  In Section 9:

         (i)      In Section 9(a) the first word "This" is replaced with:

                  "Except to the extent that provisions of the Interest Risk
                  Management Deed are expressly or impliedly incorporated or
                  referred to herein (including in any Confirmation), this"; and

         (ii)     In Section 9(b) the first word "No" is replaced with:

                  "Except to the extent that the entering into of each
                  Transaction takes effect as an amendment to this Agreement (in
                  the manner and subject to the qualification referred to in
                  Section 1(c), as varied by Part 5(f) of the Schedule), no".

(q)      NOTICES:  In Section 12:

         (i)      delete the following words where they appear on lines 2 and 3
                  of Section 12(a):

                  "(except that a notice or other communication under Sections 5
                  or 6 may not be given by facsimile transmission or electronic
                  messaging system)"; and

         (ii)     delete paragraph (iii) of Section 12(a) and insert instead:

                                                                               8
<PAGE>

                  "(iii)   if sent by facsimile, on production of a transmission
                           report by the machine from which the facsimile was
                           sent which indicates that the facsimile was sent in
                           its entirety to the facsimile number of the recipient
                           notified for the purpose of this Section unless the
                           recipient notifies the sender within 24 hours of the
                           facsimile being sent that the facsimile was not
                           received in its entirety in legible form;".

(r)      DEFINITIONS:  In Section 14:

         (i)      Section 14 is renumbered as Section 14(a).

         (ii)     delete the definition "Affected Transactions" and insert the
                  following:

                  "AFFECTED TRANSACTIONS" means:

                  (a)      with respect to a Termination Event that is a Tax
                           Event where Party A is the Affected Party, all
                           Transactions affected by the occurrence of such
                           Termination Event; and

                  (b)      with respect to any other Termination Event, all
                           Transactions."

         (iii)    delete the following words from the definition of "Default
                  Rate":

                  "plus 1% per annum".

         (iv)     the definition of "MARKET QUOTATION" is replaced with:

                  "MARKET QUOTATION" means, with respect to one or more
                  Terminated Transactions and a party making the determination,
                  an amount determined on the basis of quotations from Reference
                  Market-makers. Each quotation will take into account any
                  existing Credit Support Document with respect to the
                  obligations of such party.

                  Each quotation will be determined as either:

                  (1)      the amount, if any, that would be paid to such party
                           (expressed as a negative number) or by such party
                           (expressed as a positive number) in consideration of
                           an agreement between such party and the quoting
                           Reference Market-maker to enter into a transaction
                           (the "REPLACEMENT TRANSACTION") that would have the
                           effect of preserving for such party the economic
                           equivalent of the Future Obligations of both parties;
                           or

                  (2)      the present value (calculated using commercially
                           reasonable discount rates) of the difference or the
                           differences on each Scheduled Payment Date that would
                           have occurred after the Early Termination Date
                           between:

                           (a)      the Future Obligations of the other party to
                                    the Terminated Transaction or Terminated
                                    Transactions; and

                           (b)      the obligations that a quoting Reference
                                    Market-maker would have under a transaction
                                    ("REPLACEMENT TRANSACTION") that would
                                    preserve for the party making the
                                    determination that party's Future
                                    Obligations, with such present value being
                                    positive if (a) is greater than (b) and
                                    negative if (a) is less than (b).

                           The Replacement Transaction would be subject to such
                           documentation as such party and the Reference
                           Market-maker may, in good faith, agree. The party
                           making the determination (or its agent) will request
                           each Reference Market-maker to provide its quotation
                           to the extent reasonably practicable as of the same
                           day and time (without regard to different time zones)
                           on or as soon as reasonably practicable after the
                           relevant Early Termination Date. The day and

                                                                               9
<PAGE>

                           time as of which the quotation or quotations are to
                           be obtained will be selected in good faith by the
                           party obliged to make a determination under Section
                           6(e), and, if each party is so obliged, after
                           consultation with the other.

                           If more than 3 quotations are provided, the Market
                           Quotation will be the arithmetic mean of the
                           quotations, without regard to the quotations having
                           the highest and lowest values. If exactly 3 such
                           quotations are provided, the Market Quotation will be
                           the quotation remaining after disregarding the
                           highest and lowest quotations. For this purpose, if
                           more than one quotation has the same highest value or
                           lowest value, then one of such quotations shall be
                           disregarded. If fewer than 3 quotations are provided,
                           it will be deemed that the Market Quotation in
                           respect of such Terminated Transaction or group of
                           Terminated Transactions cannot be determined."

         (v)      insert the following new definitions:

                  "FUTURE OBLIGATIONS" means all payment or delivery obligations
                  (whether the underlying obligation was absolute or contingent
                  and assuming the satisfaction of each applicable condition
                  precedent) of a party under section 2(a)(i) in respect of a
                  Terminated Transaction or group of Terminated Transactions,
                  that would, but for the occurrence of the relevant Early
                  Termination Date, have been required after that date. (For
                  this purpose, Unpaid Amounts in respect of the Terminated
                  Transaction or group of Terminated Transactions are to be
                  excluded but, without limitation, any payment or delivery that
                  would, but for the relevant Early Termination Date, have been
                  required (assuming satisfaction of each applicable condition
                  precedent) after that Early Termination Date is to be
                  included).

                  "INTEREST RISK MANAGEMENT DEED" means the Interest Risk
                  Management Deed made between Party A, Party B, the Manager and
                  Macquarie Bank Limited, ACN 008 583 542 on or about the date
                  of this Agreement.

                  "MANAGER" means the "Manager" from time to time under the
                  Trust Deed, which Manager is at the date of this Agreement
                  PUMA Management Limited, ACN 003 297 336 of Level 22, 20 Bond
                  Street, Sydney."

         (vi)     Insert the following new Section 14(b) after Section 14(a);

                  "(b)     Unless the context indicates a contrary intention,
                           references in this Agreement to a "Confirmation"
                           include a reference to a Novation Confirmation and a
                           Swaption Confirmation."

(s)      TRUSTEE PROVISIONS: Insert the following new Section 15 after Section
         14:

         "15.     CAPACITY OF PARTY B AND SEGREGATION OF FUNDS

                  (a)      All provisions of this Agreement shall have effect
                           and be applied subject to this Section 15.

                  (b)      For the purposes of this Section 15:

                           (i)      "ASSETS" includes all assets, property and
                                    rights real or personal of any nature
                                    whatsoever; and

                                    "OBLIGATIONS" means all obligations and
                                    liabilities of whatsoever kind undertaken or
                                    incurred by or devolving upon Party B under
                                    or in respect of this Agreement, or any
                                    deed, agreement, confirmation or other
                                    instrument collateral or supplemental
                                    herewith or given or entered into pursuant
                                    hereto; and

                                                                              10
<PAGE>

                           (ii)     a reference to fraud, negligence, default or
                                    breach by Party B includes a reference to
                                    any fraud, negligence, default or breach by
                                    any officer or employee of Party B.

                  (c)      Party B enters this Agreement only as trustee of the
                           Fund and, notwithstanding anything herein contained,
                           the other parties hereto acknowledge and declare that
                           the Obligations are undertaken or incurred by Party B
                           severally in its capacity as trustee of each Sub-Fund
                           on behalf of which it enters Transactions hereunder
                           and, accordingly, except for Party B's liability
                           resulting from Party B's own fraud, negligence or
                           wilful default in performing its obligations under
                           this Agreement or its own breach of the Trust Deed,
                           the recourse of Party A hereto against Party B in
                           respect of any Obligation is limited severally to
                           Party A's right to recover under the Security Trust
                           Deed relating to the Sub-Fund in respect of which
                           that Obligation was undertaken or incurred.

                  (d)      Without limiting the generality of Section 15(c), the
                           provisions of this Agreement shall have effect
                           severally in respect of each Sub-Fund and shall be
                           enforceable by or against Party B in its capacity as
                           trustee of each such Sub-Fund as though a separate
                           Agreement applied between Party A and Party B for
                           each of Party B's said several capacities, to the
                           intent that (inter alia):

                           (i)      unless the context indicates a contrary
                                    intention, each reference to "Party B" in
                                    this Agreement shall be construed as a
                                    several reference to Party B in its
                                    respective capacities as trustee of each
                                    Sub-Fund;

                           (ii)     this Agreement together with each
                                    Confirmation relating to a particular
                                    Sub-Fund will form a single separate
                                    agreement between Party A and Party B in its
                                    capacity as trustee of that Sub-Fund and
                                    references to the respective obligations
                                    (including references to payment obligations
                                    generally and in the context of provisions
                                    for the netting of payments and the
                                    calculation of amounts due on early
                                    termination) of Party A and Party B shall be
                                    construed accordingly as a several reference
                                    to each mutual set of obligations arising
                                    under each such separate agreement between
                                    Part A and Party B in its several capacities
                                    as trustee of each Sub-Fund;

                           (iii)    representations made and agreements entered
                                    by the parties under this Agreement are made
                                    and entered severally by Party B in its
                                    respective capacities as trustee of each
                                    Sub-Fund and may be enforced by Party B
                                    against Party A severally in Party B's said
                                    several capacities;

                           (iv)     rights of termination, and obligations and
                                    entitlements consequent upon termination,
                                    only accrue to Party A against Party B
                                    severally in Party B's respective capacities
                                    as trustee of each Sub-Fund, and only accrue
                                    to Party B against Party A severally in
                                    Party B's said several capacities; and

                           (v)      without limiting Section 15(d)(iv), the
                                    occurrence of an Event of Default or
                                    Termination Event in respect of one Sub-Fund
                                    shall not in itself constitute an Event of
                                    Default or Termination Event in respect of
                                    any other Sub-Fund."

(t)      ACCELERATED PAYMENTS CLAUSE: Where Party B is the Fixed Rate Payer
         under a Transaction, Party B may reduce the Fixed Rate applicable to
         that Transaction in accordance with the following procedure:

         (i)      At any time Party B may serve a notice on Party A in writing
                  requesting a reduction in the Fixed Rate and specifying:

                                                                              11
<PAGE>

                  (a)      the Transaction in respect of which the reduction is
                           sought;

                  (b)      the amount which Party B proposes to pay to Party A
                           in consideration of the reduction (the "ACCELERATED
                           AMOUNT");

                  (c)      the Payment Date from which the reduced Fixed Rate
                           shall be effective (the "RELEVANT PAYMENT DATE"); and

                  (d)      a day, being a Business Day no earlier than 1 clear
                           Business Day after the day on which service of the
                           notice is effective, on which payment of the
                           Accelerated Amount will be made and the reduction
                           will become binding (the "VARIATION DATE").

         (ii)     Upon such a notice being served, the parties must negotiate in
                  good faith to agree not later than the Business Day
                  immediately preceding the nominated Variation Date, a reduced
                  Fixed Rate which would apply from the Relevant Payment Date in
                  consideration of payment of the Accelerated Amount.

         (iii)    If agreement is reached in accordance with paragraph (t)(ii),
                  then:

                  (a)      on the Variation Date, Party B shall pay Party A the
                           Accelerated Amount; and

                  (b)      with effect from the Variation Date the Transaction
                           (including the Confirmation in respect thereof) shall
                           be varied so that, with effect from the Relevant
                           Payment Date (and in respect of each Payment Date
                           thereafter), the Fixed Rate shall be the rate agreed
                           pursuant to paragraph (t)(ii).

         (iv)     If agreement is not reached in accordance with paragraph
                  (t)(ii), then, at the option of Party B:

                  (a)      Party B will not pay Party A the Accelerated Amount
                           and the Fixed Rate will not be altered; or

                  (b)      Party B may, notwithstanding the failure to reach an
                           agreement pursuant to paragraph (t)(ii), pay the
                           Accelerated Amount to Party A on the Variation Date
                           and the reduced Fixed Rate to apply from the Relevant
                           Payment Date shall be determined by Party B (or by
                           the Manager on its behalf) in accordance with
                           paragraph (t)(v) below.

         (v)      If paragraph (t)(iv)(b) applies, the reduced Fixed Rate shall
                  be the then applicable Fixed Rate for the Transaction reduced
                  by such amount as, when applied from the Relevant Payment Date
                  through to the Maturity Date for the Transaction, results in
                  reductions of each of the remaining Fixed Amounts payable by
                  Party B under the Transaction, which reductions have an
                  aggregate discounted present value as at the Variation Date
                  equal to the amount of the Accelerated Payment. The rate to be
                  applied in determining each of the discounted present values
                  required for that calculation shall be, for each relevant
                  maturity, the average of the rates quoted to Party B (or the
                  Manager on its behalf) by 3 leading dealers in the Australian
                  interest rate swap market as the fixed rate each such dealer
                  would be prepared to pay in an equivalent swap for that
                  maturity minus 20 basis points or, in the event that it is not
                  possible to obtain such quotes, the rate to be applied shall
                  be the rate reasonably determined by the parties having regard
                  to comparable indices then available.

         (vi)     Neither the Floating Rate nor the Notional Amount is to vary
                  as a result of the operation of this clause.

         (vii)    Party B shall not be entitled to require any reduction of the
                  Fixed Rate by application of this paragraph (t) that would
                  result in the Fixed Rate being negative.

                                                                              12
<PAGE>

         (viii)   Upon a Transaction being varied in accordance with this
                  paragraph(t), that Transaction so varied shall be reconfirmed
                  by the parties in accordance with Part 5(e)(i) of this
                  Schedule as though it were a new Transaction.

(u)      FURTHER ASSURANCES: Each party shall, upon request by the other party
         (the "REQUESTING PARTY") at the expense of the requesting party,
         perform all such acts and execute all such agreements, assurances and
         other documents and instruments as the requesting party reasonably
         requires to assure and confirm the rights and powers afforded, created
         or intended to be afforded or created, under or in relation to this
         Agreement and each Transaction or other dealing which occurs under or
         is contemplated by it.

(v)      INTEREST RATE CAPS, COLLARS AND FLOORS: For purposes of the
         determination of a Market Quotation for a Terminated Transaction in
         respect of which a party ("X") had, immediately prior to the
         designation or occurrence of the relevant Early Termination Date, no
         future payment obligations, whether absolute or contingent, under
         Section 2(a)(i) of this Agreement with respect of the Terminated
         Transaction, (i) the quotations obtained from Reference Market makers
         shall be such as to preserve the economic equivalent of the payment
         obligations of the party ("Y") that had, immediately prior to the
         designation or occurrence of the relevant Early Termination Date,
         future payment obligations, whether absolute or contingent, under
         Section 2(a)(i) of this Agreement with respect to the Terminated
         Transaction and (ii) if X is making the determination such amounts
         shall be expressed as positive amounts and if Y is making the
         determination such amounts shall be expressed as negative amounts.

(w)      OPTIONS: For the purposes of the determination of a Market Quotation
         for a Terminated Transaction that is identified as an Option, the
         quotations obtained from Reference Market-makers shall take into
         account, as of the relevant Early Termination Date, the economic
         equivalent of the right or rights granted pursuant to that Option which
         are or may become exercisable.

(x)      RECORDED CONVERSATIONS: Each party:

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

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

                                                                              13
<PAGE>

                                  THE PUMA FUND

                                MASTER AGREEMENT

                                (DEUTSCHE - PUMA)

                                      DATE:

                         DEUTSCHE BANK AG, SYDNEY BRANCH

                                     Party A

                      PERPETUAL TRUSTEES AUSTRALIA LIMITED

                                     Party B

<PAGE>

                FIXED - FLOATING INTEREST RATE SWAP CONFIRMATION
                ------------------------------------------------
                                 PRO-FORMA ONLY
                                 --------------

Date [                   ]

Perpetual Trustees Australia Limited as trustee for the PUMA Global
   Trust No. [ ]
c/- The Manager, Macquarie Securitisation Limited
Level 22
20 Bond Street,
Sydney NSW  2000

ATTENTION    :  SWAPS SETTLEMENTS - MANAGER, TREASURY OPERATIONS
FAX NO       :  9237 4966

OUR REFERENCE:  GLOBAL NO. /

RE:             INTEREST RATE SWAP TRANSACTION

Ladies and Gentlemen:

The purpose of this letter is to confirm the terms and conditions of the Swap
Transaction entered into between us on the Trade Date specified below.

Terms defined in the ISDA Master Agreement dated 28 February 1995 between
Deutsche Bank AG, Sydney Branch and Perpetual Trustees Australia Limited as
amended from time to time ("MASTER AGREEMENT") have the same meaning where used
in this letter, unless the context indicates a contrary intention.

This letter is a Confirmation of a Swap Transaction for purposes of Part 5(e) of
the Master Agreement.

This Confirmation is signed by Macquarie Securitisation Limited (ABN 16 003 297
336) as attorney for and on behalf of Perpetual Trustees Australia Limited as
trustee of the PUMA Global Trust No. [ ] pursuant to Part [ ] of the Schedule to
the Master Agreement.

The Swap Transaction is entered into by Perpetual Trustees Australia Limited in
its capacity as trustee of the PUMA Global Trust No. [ ].

1.   This Confirmation supplements, forms part of, and is subject to the Master
     Agreement. All provisions contained in the Master Agreement govern this
     Confirmation except as expressly modified below.

<PAGE>

2.   The terms of the particular Swap Transaction to which this Confirmation
     relates are as follows:

(a)  NOTIONAL AMOUNT               :   ******

     TRADE DATE                    :   ******

     EFFECTIVE DATE                :   ******

     TERMINATION DATE              :   ******

     Subject to adjustment in accordance with the ****** Business Day
     Convention.

(b)  FIXED AMOUNTS

     FIXED RATE PAYER              :   Perpetual Trustees Australia Limited or
                                       Deutsche Bank AG, Sydney Branch (delete
                                       as appropriate)

     FIXED AMOUNT                  :   N/A

     FIXED RATE PAYER              :   The (date) day of each (Month/s) of each
     PAYMENT DATES                     year, commencing *****, through to and
                                       including the Termination Date.

     Subject to adjustment in accordance with the ****** Business Day
     Convention.

     FIXED RATE                    :   *******

     FIXED RATE DAY                :   ******
     COUNT FRACTION

     BUSINESS DAYS                 :   ******

(c)  FLOATING AMOUNTS

     FLOATING RATE PAYER           :   Deutsche Bank AG, Sydney Branch or
                                       Perpetual Trustees Australia Limited
                                       (delete as appropriate)

     FLOATING RATE PAYER           :   The (date) day of each (Month/s) of each
     PAYMENT DATES                     year, commencing *****, through to and
                                       including the Termination Date.

     Subject to adjustment in accordance with the ****** Business Day
     Convention.

     FLOATING RATE OPTION          :   ******

     DESIGNATED MATURITY           :   ******

     SPREAD                        :   ******

<PAGE>

     FLOATING RATE FOR INITIAL       :   ******
     CALCULATION PERIOD

     FLOATING RATE DAY               :   ******

     COUNT FRACTION

     RESET DATES                     :   The first day of the applicable
                                         Calculation Period

     BUSINESS DAYS                   :   ******

     CALCULATION AGENT               :   [                  ]

(d)  ACCOUNT DETAILS

     Payments to Deutsche Bank       :   Austraclear  [               ]
     AG, Sydney Branch

     Payments to Perpetual Trustees  :   Austraclear PTAL [               ]
     Australia Limited as trustee for the
     PUMA Global Trust No. [ ]

(e)  OFFICES

     The office of Deutsche Bank AG, Sydney Branch for the Transaction is
     Sydney.

     The office of Perpetual Trustees Australia Limited as trustee for the PUMA
     Global Trust No. [ ] for the Transaction is;
     c/- Macquarie Securitisation Limited
     Level 22, 20 Bond Street
     Sydney NSW  2000.

(f)  DOCUMENTATION AND OPERATIONS CONTACTS:

Please confirm that the foregoing correctly sets forth the terms of our
agreement by having an authorised officer sign this Confirmation and return it
by facsimile to:

                  [                ]

Documentation:    Telephone:   [              ]
                  Facsimile:   [              ]

Settlements:      Telephone:   [              ]
                  Facsimile:   [              ]

<PAGE>

If you wish to exchange hard copy forms of this confirmation please contact us.

Yours faithfully,                    Confirmed as of the date first written

DEUTSCHE BANK AG, SYDNEY BRANCH      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                                     AS TRUSTEE FOR THE PUMA GLOBAL TRUST NO.[ ]

By:........................          By:............................
   Name:                                Name:
   Title:                               Title:

By:........................          By:.............................
   Name:                                Name:
   Title:                               Title:

Reference : ******/

<PAGE>

                     30 DAY - 90 DAY BASIS SWAP CONFIRMATION
                                 PRO-FORMA ONLY

Date [X]

Perpetual Trustees Australia Limited as trustee for the PUMA Global
    Trust No. [ ]
c/- The Manager, Macquarie Securitisation Limited
Level 22
20 Bond Street,
Sydney NSW  2000

ATTENTION    :        SWAPS SETTLEMENTS - MANAGER, TREASURY OPERATIONS

FAX NO       :        9237 4966

OUR REFERENCE:        GLOBAL NO. /

RE:                   INTEREST RATE SWAP TRANSACTION

Ladies and Gentlemen:

The purpose of this letter is to confirm the terms and conditions of the Swap
Transaction entered into between us on the Trade Date specified below.

Terms defined in the ISDA Master Agreement dated 28 February 1995 between
Deutsche Bank AG, Sydney Branch and Perpetual Trustees Australia Limited as
amended from time to time ("MASTER AGREEMENT") have the same meaning where used
in this letter, unless the context indicates a contrary intention.

This letter is a Confirmation of a Swap Transaction for purposes of Part 5(e) of
the Master Agreement.

This Confirmation is signed by Macquarie Securitisation Limited (ABN 16 003 297
336) as attorney for and on behalf of Perpetual Trustees Australia Limited as
trustee of the PUMA Global Trust No. 1 pursuant to Part [ ] of the Schedule to
the Master Agreement.

The Swap Transaction is entered into by Perpetual Trustees Australia Limited in
its capacity as trustee of the PUMA Global Trust No. [ ].

1.   This Confirmation supplements, forms part of, and is subject to the Master
     Agreement. All provisions contained in the Master Agreement govern this
     Confirmation except as expressly modified below.

2.   The terms of the particular Swap Transaction to which this Confirmation
     relates are as follows:

<PAGE>

(a)      NOTIONAL AMOUNT                 :         ******

         TRADE DATE                      :         ******

         EFFECTIVE DATE                  :         ******

         TERMINATION DATE                :         ******

         Subject to adjustment in accordance with the ****** Business Day
         Convention.

         CALCULATION AGENT               :         [  ]

(b)      FLOATING AMOUNT 1

         FLOATING RATE PAYER 1           :         Perpetual Trustees Australia
                                                   Limited

         FLOATING RATE PAYER 1           :         The (date) day of each
         PAYMENT DATES                             (Month/s) of each year,
                                                   commencing *****, through to
                                                   and including the
                                                   Termination Date.

         Subject to adjustment in accordance with the ****** Business Day
         Convention.

         FLOATING RATE OPTION 1          :         30 DAY BBSW

         COMPOUNDING                     :         Applicable

         SPREAD                          :         ******

         FLOATING RATE 1 FOR INITIAL     :         ******
         CALCULATION PERIOD

         FLOATING RATE 2 DAY             :         ******

         COUNT FRACTION

         RESET DATES                     :         The first day of the
                                                   applicable Calculation Period

(c)      FLOATING AMOUNT 2

         FLOATING RATE PAYER 2           :          Deutsche Bank AG, Sydney
                                                    Branch or

         FLOATING RATE PAYER 2           :          The (date) day of each
         PAYMENT                                    (Month/s) DATES of each
                                                    year, commencing *****,
                                                    through to and including the
                                                    Termination Date.

         Subject to adjustment in accordance with the ****** Business Day
         Convention.

         FLOATING RATE OPTION 2          :          90 DAY BBSW

         COMPOUNDING                     :          Inapplicable

         SPREAD                          :          None
<PAGE>

         FLOATING RATE 2 FOR INITIAL     :          ******
         CALCULATION PERIOD

         FLOATING RATE 2 DAY             :          ******

         COUNT FRACTION

         RESET DATES                     :          The first day of the
                                                    applicable Calculation
                                                    Period

(d)      ACCOUNT DETAILS

         Payments to Deutsche Bank       :          Austraclear  [X]
         AG, Sydney Branch

         Payments to Perpetual Trustees  :          Austraclear PTAL [X]
         Australia Limited as trustee for
         the PUMA Global Trust No. 1

(e)      OFFICES

         The office of Deutsche Bank AG, Sydney Branch for the Transaction is
         Sydney.

         The office of Perpetual Trustees Australia Limited as trustee for the
         PUMA Global Trust No. [ ] for the Transaction is;

         c/- Macquarie Securitisation Limited
         Level 22, 20 Bond Street
         Sydney NSW  2000.

(f)      DOCUMENTATION AND OPERATIONS CONTACTS:

Please confirm that the foregoing correctly sets forth the terms of our
agreement by having an authorised officer sign this Confirmation and return it
by facsimile to:

                           [  ]

Documentation:         Telephone:         [  ]
                       Facsimile:         [  ]
Settlements:           Telephone:         [  ]
                       Facsimile:         [  ]

<PAGE>

If you wish to exchange hard copy forms of this confirmation please contact us.

Yours faithfully,                   Confirmed as of the date first written

DEUTSCHE BANK AG, SYDNEY BRANCH     PERPETUAL TRUSTEES AUSTRALIA LIMITED
                                    AS TRUSTEE FOR THE PUMA GLOBAL TRUST NO. [ ]

By: .............................   By: ..............................
    Name:                               Name:
    Title:                              Title:

By: .............................   By: ..............................
    Name:                               Name:
    Title:                              Title:

Reference : ******/

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