Document:

<PAGE>

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

MACQUARIE SECURITISATION LIMITED
ABN 16 003 297 336
Manager

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

NOTE TRUST DEED
PUMA GLOBAL TRUST NO. [ ]

                                [GRAPHIC OMITTED]
                                  CLAYTON UTZ
                                Levels 23-35 No 1
                   O'Connell Street Sydney NSW 2001 Australia
            PO Box H3 Australia Square Sydney NSW 1215 DX 370 Sydney
                    Tel + 61 2 9353 4000 Fax + 61 2 9251 7832
                OUR REF - 801/706/21723315 CONTACT - NINIAN LEWIS

            SYDNEY O MELBOURNE O BRISBANE O PERTH O CANBERRA O DARWIN

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

<PAGE>

TABLE OF CONTENTS

<TABLE>
<CAPTION>
1.          DEFINITIONS AND INTERPRETATION........................................................................2
<S>         <C>         <C>                                                                                      <C>
            1.1         Definitions...............................................................................2
            1.2         Sub-Fund Notice and Trust Deed definitions................................................5
            1.3         Interpretation............................................................................6
            1.4         Issuer Trustee's capacity.................................................................8
            1.5         Benefit of covenants under this Deed......................................................8
            1.6         Obligations several.......................................................................8
            1.7         Incorporated definitions and other provisions.............................................8
            1.8         Interpretation of provisions incorporated from TIA........................................9
            1.9         Transaction Document and Issuing Document.................................................9

2.          THE NOTE TRUST........................................................................................9

            2.1         Appointment of Note Trustee...............................................................9
            2.2         Declaration of Note Trust.................................................................9
            2.3         Duration of Note Trust...................................................................10
            2.4         Benefit of Note Trust....................................................................10
            2.5         Interested persons bound.................................................................10

3.          AMOUNT, FORM AND ISSUE OF CLASS A NOTES..............................................................10

            3.1         Aggregate amount and denomination........................................................10
            3.2         Description and Form of Class A Notes....................................................10
            3.3         Initial issue as Book-Entry Notes........................................................10
            3.4         Issue of Definitive Notes................................................................11
            3.5         Indemnity for non-issue of Definitive Notes..............................................12

4.          NOTE REGISTER........................................................................................12

            4.1         Maintenance of Note Registrar............................................................12
            4.2         Provision of Noteholder Information......................................................13
            4.3         Note Register conclusive.................................................................13

5.          REPRESENTATIONS AND WARRANTIES.......................................................................13

            5.1         By the Issuer Trustee....................................................................13
            5.2         By the Manager...........................................................................14
            5.3         By the Note Trustee......................................................................15

6.          COVENANTS BY ISSUER TRUSTEE AND MANAGER..............................................................15

            6.1         Covenant to pay..........................................................................15
            6.2         Covenant of compliance...................................................................16
            6.3         Other covenants..........................................................................16
            6.4         Covenants between Issuer Trustee and Manager.............................................18

7.          ENFORCEMENT..........................................................................................18

            7.1         Notice following an Event of Default or Potential Event of Default.......................18
            7.2         Restrictions on enforcement..............................................................19
            7.3         Note Trustee may enforce.................................................................19
            7.4         Note Trustee alone may enforce...........................................................20

8.          NOTE TRUSTEE'S POWERS, PROTECTIONS ETC...............................................................20

            8.1         Note Trustee's additional powers, protections, etc.......................................20
            8.2         Waivers..................................................................................25
            8.3         Note Trustee's liability.................................................................26
            8.4         Dealings with the PUMA Trust.............................................................26
            8.5         Delegation of duties of Note Trustee.....................................................27
            8.6         Related Body Corporate of the Note Trustee...............................................27
</TABLE>

                                                                              i.
<PAGE>
<TABLE>
<CAPTION>
9.          DUTIES OF THE NOTE TRUSTEE...........................................................................27
<S>         <C>         <C>                                                                                      <C>
            9.1         Note Trustee's general duties............................................................27
            9.2         Duties of the Note Trustee prior to Event of Default.....................................27
            9.3         Duties of the Note Trustee following an Event of Default.................................27
            9.4         Certain limitations of liability where acting in good faith..............................28
            9.5         Note Trustee not relieved of liability for negligence etc................................28
            9.6         Preferred collection of claims against the Issuer Trustee................................28
            9.7         Compliance with Section 310 of TIA.......................................................28
            9.8         Voting at meetings under Trust Deed or Security Trust Deed...............................28
            9.9         Transaction Documents....................................................................28

10.         APPLICATION OF MONEYS................................................................................29

            10.1        Moneys received..........................................................................29
            10.2        Investment of moneys held................................................................29

11.         CONTINUING SECURITY AND RELEASES.....................................................................30

            11.1        Issuer Trustee's liability not affected..................................................30
            11.2        Waiver by the Issuer Trustee.............................................................30

12.         REMUNERATION AND EXPENSES OF NOTE TRUSTEE............................................................30

            12.1        Payment of fee...........................................................................30
            12.2        Payment of expenses......................................................................30
            12.3        Additional duties........................................................................31
            12.4        Dispute as to additional duties..........................................................31
            12.5        Currency and VAT.........................................................................31
            12.6        No other fees or expenses................................................................31
            12.7        Issuer Trustee personally liable for fees................................................31
            12.8        Timing of payments.......................................................................32
            12.9        Non-discharge............................................................................32

13.         ADDITIONAL NOTE TRUSTEES.............................................................................32

            13.1        Appointment and removal..................................................................32
            13.2        Joint exercise of powers.................................................................32
            13.3        Notice...................................................................................33

14.         RETIREMENT OR REMOVAL OF NOTE TRUSTEE................................................................33

            14.1        Retirement of Note Trustee...............................................................33
            14.2        Removal by Manager.......................................................................33
            14.3        Note Trustee may retire..................................................................33
            14.4        Appointment of Substitute Note Trustee by Class A Noteholders............................34
            14.5        Release of Note Trustee..................................................................34
            14.6        Vesting of Note Trust Fund in Substitute Note Trustee....................................34
            14.7        Substitute Note Trustee to execute deed..................................................34
            14.8        Current Rating Authorities advised.......................................................34
            14.9        Retention of lien........................................................................35
            14.10       Issuer Trustee and Manager cannot be appointed...........................................35
            14.11       No limitation of TIA.....................................................................35

15.         AMENDMENT............................................................................................35

            15.1        Amendment by Note Trustee................................................................35
            15.2        Amendments requiring consent of Class A Noteholders......................................36
            15.3        Compliance with TIA......................................................................36
            15.4        No Current Rating Authority downgrade....................................................36
            15.5        Distribution of amendments...............................................................36
            15.6        Amendments binding on Class A Noteholders................................................36
</TABLE>

                                                                             ii.
<PAGE>
<TABLE>
<CAPTION>

16.         REPORTS..............................................................................................36
<S>         <C>        <C>                                                                                    <C>

            16.1        Reports by Note Trustee..................................................................36
            16.2        Reports by Issuer Trustee................................................................37
            16.3        Restricted securities....................................................................37

17.         CURRENCY INDEMNITY...................................................................................38

            17.1        Improper currency receipts...............................................................38
            17.2        Currency indemnity.......................................................................38
            17.3        Failure to pay proper currency...........................................................38

18.         EXPENSES AND STAMP DUTIES............................................................................38

            18.1        Expenses.................................................................................38
            18.2        Stamp duties and other taxes.............................................................39

19.         TRUST INDENTURE ACT..................................................................................39

            19.1        Certificates and opinions................................................................39
            19.2        Undertaking for costs....................................................................40
            19.3        Exclusion of section 316(a)(1)...........................................................41
            19.4        Unconditional rights of Class A Noteholders to receive principal and interest............41
            19.5        Conflict with Trust Indenture Act........................................................41

20.         GOVERNING LAW AND JURISDICTION.......................................................................41

            20.1        Governing law............................................................................41
            20.2        Jurisdiction.............................................................................41

21.         NOTICES..............................................................................................42

            21.1        Method of delivery.......................................................................42
            21.2        Deemed receipt...........................................................................42
            21.3        Notices to Class A Noteholders...........................................................42
            21.4        Notices from Class A Noteholders.........................................................43
            21.5        Issuer Trustee and Manager...............................................................43
            21.6        Email....................................................................................43

22.         ISSUER TRUSTEE'S LIMITED LIABILITY...................................................................44

            22.1        Limitation on the Issuer Trustee's liability.............................................44
            22.2        Claims against the Issuer Trustee........................................................44
            22.3        Breach of trust..........................................................................44
            22.4        Acts or omissions........................................................................44
            22.5        No authority.............................................................................44
            22.6        No obligation............................................................................44

23.         MISCELLANEOUS........................................................................................45

            23.1        Assignment by the Issuer Trustee.........................................................45
            23.2        Assignment by Manager....................................................................45
            23.3        Assignment by Note Trustee...............................................................45
            23.4        Certificate of Note Trustee..............................................................45
            23.5        Continuing obligation....................................................................45
            23.6        Settlement conditional...................................................................45
            23.7        Interest on judgment.....................................................................45
            23.8        Severability of provisions...............................................................46
            23.9        Remedies cumulative......................................................................46
            23.10       Waiver...................................................................................46
            23.11       Written waiver, consent and approval.....................................................46
            23.12       Moratorium legislation...................................................................46
            23.13       Binding on each signatory................................................................46
            23.14       Counterparts.............................................................................46
</TABLE>

                                                                            iii.
<PAGE>
<TABLE>
<CAPTION>

<S>                                                                                                             <C>
SCHEDULE 1 FORM OF CLASS A NOTE..................................................................................49

SCHEDULE 2 FORM OF NOTE CONDITIONS...............................................................................55

</TABLE>
                                                                             iv.

<PAGE>

TRUST INDENTURE ACT - CROSS REFERENCE TABLE

This cross reference table does not, for any purpose, form part of this Note
Trust Deed. "N.A." means not applicable.

TRUST INDENTURE ACT SECTION          CLAUSE REFERENCE
310   (a) (1)                        5.3(h), 9.7, 14.2, 14.3, 14.4
      (a) (2)                        9.7
      (a) (3)                        13.2
      (a) (4)                        N.A.
      (a) (5)                        14.10
      (b)                            9.7(c), 14.11
      (c)                            N.A.
311   (a)                            9.6
      (b)                            9.6
      (c)                            N.A.
312   (a)                            4.2(a), 4.2(b)
      (b)                            4.2(b)
      (c)                            4.2(c)
313   (a)                            16.1
      (b)(1)                         16.1
      (b)(2)                         16.1, 21.3
      (c)                            16.1
      (d)                            16.1
314   (a)(1)                         16.2(a)
      (a)(2)                         16.2(b)
      (a)(3)                         16.2(c)
      (a)(4)                         6.3(c)(i)
      (b)                            6.3(h)
      (c)                            19.1(a)
      (d)                            19.1(b)
      (e)                            19.1(c)
      (f)                            N.A.
315   (a)                            9.2
      (b)                            7.1(a)
      (c)                            9.3
      (d)                            9.5, 8.1(e)
      (e)                            19.2
316   (a)(1)                         19.3(a)
      (a)(2)                         N.A.
      (b)                            19.4
      (c)                            21.4
317   (a)(1)                         7.3
      (a)(2)                         7.3
      (b)                            6.3(k)
318   (a)                            19.5

                                                                              1.
<PAGE>

NOTE TRUST DEED MADE ON [ ]

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

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

                        [PERPETUAL TRUSTEES AUSTRALIA LIMITED, ABN 86 000 431
                        827, a company 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")

RECITALS

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

B.          The Issuer Trustee proposes to issue, at the direction of the
            Manager, securities, including the Class [ ] Notes and [insert name
            of any other notes offered under the prospectus supplement], which
            are to be constituted, issued and authenticated pursuant to this
            Deed.

C.          The Note Trustee has agreed to act as trustee for the benefit of the
            Class [ ] Noteholders on the terms of this Deed.

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

THIS DEED PROVIDES

1.          DEFINITIONS AND INTERPRETATION

--------------------------------------------------------------------------------
1.1         DEFINITIONS

            In this Deed, unless the contrary intention appears:

            "ADDITIONAL NOTE TRUSTEE" means each person from time to time
            appointed under clause [13.1] to act as a co-trustee with the Note
            Trustee.

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

            "AUTHORISED OFFICER":

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

            (b)  in relation to the Issuer Trustee, has the same meaning as
                 "Authorised Signatory" in the Trust Deed; and

            (c)  in relation to the Manager, has the same meaning as "Authorised
                 Signatory" in the Trust Deed.

            "BOOK-ENTRY NOTE" means a Class [ ] Note issued or to be issued, as
            the case may be, by the Issuer Trustee in accordance with clause
            [3.3(a)] to the Depository or its nominee or subsequently
            transferred to a replacement Depository or its nominee.

                                                                              2.

<PAGE>

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

            "CHARGE RELEASE DATE" has the same meaning as in the Security Trust
            Deed.

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

            "CLASS [ ] NOTE" means a debt security issued or to be issued by the
            Issuer Trustee, in its capacity as trustee of the PUMA Trust,
            pursuant to the provisions of this Deed (whether as a Book-Entry
            Note or a Definitive Note) and described on its face as a Class [ ]
            Note.

            [insert similar definition for any other notes offered under the
            prospectus supplement]

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

            [insert similar definition for any other notes offered under the
            prospectus supplement]

            "CLASS [ ] NOTEHOLDER" in relation to a Class [ ] Note at any given
            time means the person then appearing in the Note Register as the
            holder of the Class [ ] Note.

            [insert similar definition for any other notes offered under the
            prospectus supplement]

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

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

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

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

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

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

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

            "DEFINITIVE NOTE" means a Class [ ] Note issued or to be issued, as
            the case may be, by the Issuer Trustee in accordance with clause
            [3.4].

            "DEPOSITORY" means each organisation registered as a clearing agency
            pursuant to section 17A of the Exchange Act that agrees with the
            Manager and the Issuer Trustee to hold Class [ ] Notes (directly or
            through a nominee) and initially means The Depository Trust Company.

            "DTC LETTER OF REPRESENTATIONS" means the DTC Letter of
            Representations dated on or before the Closing Date between the
            Issuer Trustee, the Principal Paying Agent and The Depository Trust
            Company, as the initial Depository, as amended from time to time.

                                                                              3.
<PAGE>

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

            "EVENT OF DEFAULT" has the same meaning as in the Security 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.

            "INTERESTED PERSONS" means a collective reference to the Issuer
            Trustee, the Class [ ] Noteholders, the Class [ ] Note Owners, the
            Manager and all persons claiming through them and "INTERESTED
            PERSON" means a several reference to all Interested Persons.

            "ISSUER TRUSTEE" means 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.

            "MAJORITY" in relation to the Class [ ] Noteholders means Class [ ]
            Noteholders holding Class [ ] Notes with an aggregate Principal
            Balance of greater than 50% of the aggregate Principal Balance of
            all the Class [ ] Notes.

            "MANAGER DEFAULT" means the occurrence of any of the events
            specified in clause [9.2] of the Management Deed.

            "NOTE CONDITIONS" means the terms and conditions of the Class [ ]
            Notes in the form set out in Schedule 2, as completed and attached
            to each Class [ ] Note.

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

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

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

            "NOTE TRUST FUND" means:

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

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

            (c)  any other property and benefits which the Note Trustee holds on
                 trust for the Class [ ] Noteholders under this Deed.

            "NOTE TRUSTEE" means [The Bank of New York, New York Branch] or if
            [The Bank of New York, New York Branch] retires or is removed as
            Note Trustee, any person appointed as a Substitute Note Trustee.

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

            "PAYMENT MODIFICATION" in relation to the Class [ ] Notes means any
            alteration, addition or revocation of any provision of this Deed,
            the Class [ ] Notes (including the Note Conditions), the Trust Deed
            to the extent that it applies to the PUMA Trust, the Sub-Fund Notice
            or the Security Trust Deed which modifies:

            (a)  the amount, timing, place, currency or manner of payment of
                 principal or interest in respect of the Class [ ] Notes
                 including, without limitation, any modification to the
                 Principal Balance, interest rate or Final Maturity Date of the
                 Class [ ] Notes or to clauses [5.1], [5.2] or [5.5] of the
                 Sub-Fund Notice, conditions [6.9] and [7.2] of the

                                                                              4.
<PAGE>

                 Note Conditions or clause [13] of the Security Trust Deed or
                 which would impair the rights of the Class [ ] Noteholders to
                 institute suit for enforcement of such payment on or after the
                 due date for such payment;

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

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

            (d)  the requirements for altering, adding to or revoking any
                 provision of the Note Trust Deed or the Class [ ] Notes
                 (including the Note Conditions).

            "POTENTIAL EVENT OF DEFAULT" has the same meaning as in the Security
            Trust Deed.

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

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

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

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

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

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

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

            "SPECIAL MAJORITY" in relation to the Class [ ] Noteholders means
            Class [ Noteholders holding Class [ ] Notes with an aggregate
            Principal Balance of no less than 75% of the aggregate Principal
            Balance of all the Class [ ] Notes.

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

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

            "SUBSTITUTE NOTE TRUSTEE" means at any given time means the entity
            then appointed as Note Trustee under clause [14].

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

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

            "TRUST DEED" means the Trust Deed dated 13 July 1990 between the
            person referred to therein as the Founder and Perpetual Trustees
            Australia Limited, as amended from time to time.

            "TRUSTEE DEFAULT" means the occurrence of any of the events
            specified in clause [19.1(b)(i)] to [19.1(b)(iv)] (inclusive) of the
            Trust Deed.

            "VOTING SECURED CREDITORS" has the same meaning as in the Security
            Trust Deed.

                                                                              5.
<PAGE>

1.2         SUB-FUND NOTICE AND TRUST DEED DEFINITIONS

            Subject to clause [1.7], unless defined in this Deed, words and
            phrases defined in either or both of the Trust Deed and the Sub-Fund
            Notice have the same meaning in this Deed. Where there is any
            inconsistency in a definition between this Deed (on the one hand)
            and the Trust Deed or the Sub-Fund Notice (on the other hand), this
            Deed prevails. Where there is any inconsistency in a definition
            between the Trust Deed and the Sub-Fund Notice, the Sub-Fund Notice
            prevails over the Trust Deed in respect of this Deed. Subject to
            clause [1.7], where words or phrases used but not defined in this
            Deed 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
            Deed, where necessary, as being used only in relation to the PUMA
            Trust (as defined in this Deed).

1.3         INTERPRETATION

            In this Deed unless the contrary intention appears:

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

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

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

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

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

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

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

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

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

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

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

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

                                                                              6.
<PAGE>

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

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

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

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

            (q)  if an act prescribed under this Deed to be done by a party on
                 or by a given day is done after 5 pm on that day, it is to be
                 taken to be done on the following day;

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

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

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

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

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

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

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

                 (iii) is:

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

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

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

                                                                              7.
<PAGE>

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

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

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

            (w)  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'S CAPACITY

            In this Deed, unless expressly specified otherwise:

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

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

1.5         BENEFIT OF COVENANTS UNDER THIS DEED

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

1.6         OBLIGATIONS SEVERAL

            The obligations of the parties under this Deed are several.

                                                                              8.
<PAGE>

1.7         INCORPORATED DEFINITIONS AND OTHER PROVISIONS

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

            (a)  (NO PAYMENT MODIFICATION): if it does not effect a Payment
                 Modification in relation to the Class [ ] Notes is either:

                 (i)  if the Note Trustee is of the opinion that the
                      amendment will not be materially prejudicial to the
                      interests of the Class [ ] Noteholders, consented to by
                      the Note Trustee; or

                 (ii) otherwise, approved by a Special Majority of the Class
                      [ ] Noteholders; or

            (b)  (PAYMENT MODIFICATION): if the amendment does effect a
                 Payment Modification in relation to the Class [ ] Notes, is
                 consented to by each Class [ ] Noteholder.

1.8         INTERPRETATION OF PROVISIONS INCORPORATED FROM TIA

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

            "COMMISSION" has the meaning given to that term in clause [1.1].

            "DEFAULT" means an Event of Default.

            "INDENTURE SECURITIES" means the Class [ ] Notes.

            "INDENTURE SECURITY HOLDER" means a Class [ ] Noteholder.

            "INDENTURE TO BE QUALIFIED" means this Deed.

            "INDENTURE TRUSTEE" or "INSTITUTIONAL TRUSTEE" means the Note
            Trustee.

            "OBLIGOR UPON THE INDENTURE SECURITIES" means the Issuer Trustee.

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

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

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

1.9         TRANSACTION DOCUMENT AND ISSUING DOCUMENT

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

                                                                              9.
<PAGE>

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2.          THE NOTE TRUST

2.1         APPOINTMENT OF NOTE TRUSTEE

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

2.2         DECLARATION OF NOTE TRUST

            The Note Trustee declares that it holds the Note Trust Fund on trust
            for those persons who are Class [ ] Noteholders from time to time.

2.3         DURATION OF NOTE TRUST

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

            (a)  (REDEMPTION OF CLASS [ ] NOTES): the date 6 months after the
                 Note Trustee has been satisfied that all moneys owing by the
                 Issuer Trustee or the Manager in respect of or in relation
                 to Class [ ] Notes or this Deed have been duly paid;

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

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

2.4         BENEFIT OF NOTE TRUST

            Each Class [ ] Noteholder is entitled to the benefit of the Note
            Trust on the terms and conditions contained in this Deed.

2.5         INTERESTED PERSONS BOUND

            The provisions of this Deed, the Class [ ] Notes (including the Note
            Conditions), the Trust Deed, the Sub-Fund Notice and the Security
            Trust Deed are binding upon every Interested Person.

3.          AMOUNT, FORM AND ISSUE OF CLASS [ ] NOTES

--------------------------------------------------------------------------------
3.1         AGGREGATE AMOUNT AND DENOMINATION

            (a)  (PRINCIPAL AMOUNT): The Class [ ] Notes will be issued in an
                 aggregate principal amount of $[ ].

            (b)  (DENOMINATIONS): The Definitive Notes will be issued in
                 minimum denominations of [ ] or integral multiples thereof.

3.2         DESCRIPTION AND FORM OF CLASS [ ] NOTES

            (a)  (FORM OF CLASS [ ] NOTES): The Class [ ] Notes must be
                 serially numbered and typewritten or printed (in the case of
                 Book-Entry Notes) or typewritten, printed, lithographed or
                 engraved or produced by any combination of these methods and
                 with or without steel borders (in the case of Definitive
                 Notes) in the form or substantially in the form set out in
                 Schedule 1.

            (b)  (SIGNING OF CLASS [ ] NOTES): Each Class [ ] Note must be
                 signed manually or in facsimile by an Authorised Officer or
                 other duly appointed representative of the Issuer Trustee on
                 behalf of the Issuer Trustee.

                                                                             10.
<PAGE>

            (c)  (AUTHENTICATION OF CLASS [ ] NOTES): Each Class [ ] Note
                 must be authenticated by an Authorised Officer or other duly
                 appointed representative of the Note Trustee on behalf of
                 the Note Trustee. No Class [ ] Note will be valid for any
                 purpose unless and until so authenticated.

            (d)  (DATING OF CLASS [ ] NOTES): The Class [ ] Notes must be
                 dated the date of their authentication.

3.3         INITIAL ISSUE AS BOOK-ENTRY NOTES

            (a)  (ISSUE AS BOOK-ENTRY NOTES): The Class [ ] Notes will upon
                 issue be represented by one or more book-entry notes and
                 will be initially registered in accordance with clause [4]
                 in the name of Cede & Co, as nominee of The Depository Trust
                 Company as the initial Depository.

            (b)  (DELIVERY OF BOOK-ENTRY NOTES): The Issuer Trustee must on
                 the date of this Deed deliver or procure the delivery of the
                 Book-Entry Notes to the Principal Paying Agent as custodian
                 for the Depository.

            (c)  (RIGHTS ATTACHING TO BOOK-ENTRY NOTES): A Book-Entry Note
                 executed and authenticated in accordance with clause [3.2]
                 will constitute binding and valid obligations of the Issuer
                 Trustee. Until a Book-Entry Note has been exchanged pursuant
                 to this Deed, it will in all respects be entitled to the
                 same benefits as a Definitive Note except as specifically
                 provided to the contrary in this Deed or the provisions of
                 the Book-Entry Note.

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

            (e)  (DEALINGS WITH DEPOSITORY): The following provisions apply
                 in relation to Book-Entry Notes:

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

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

                 (iii) the rights of Class [ ] Note Owners in relation to
                       Book-Entry Notes may be exercised only through the
                       Depository and are limited to those established by law
                       and agreements between such Class [ ] Note Owners and
                       the Depository and/or the Clearing Agency Participants;
                       and

                 (iv)  the Issuer Trustee, the Manager, each Agent and the
                       Note Trustee may conclusively rely upon any statement
                       from the Depository or any

                                                                             11.
<PAGE>

                    Clearing Agency Participant as to the votes, instructions or
                    directions it has received from Class [ ] Note Owners and/or
                    Clearing Agency Participants.

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

3.4       ISSUE OF DEFINITIVE NOTES

          (a)  (EVENTS LEADING TO EXCHANGE): If:

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

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

               (iii) an Event of Default has occurred and is subsisting and the
                     Class [ ] Note Owners representing beneficial interests
                     aggregating to at least a Majority of the aggregate
                     Principal Balance of the Class [ ] Notes advise the Issuer
                     Trustee through the Depository in writing that the
                     continuation of a book entry system through the Depository
                     is no longer in the best interests of the Class [ ] Note
                     Owners,

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

          (b)  (EXCHANGE FOR DEFINITIVE NOTES): Upon the surrender of Book-Entry
               Notes to the Issuer Trustee by the Depository following an
               instruction of the Issuer Trustee pursuant to clause [3.4(a)],
               and the delivery by the Depository of the relevant registration
               instructions to the Issuer Trustee, the Issuer Trustee must issue
               and execute and the Note Trustee must authenticate and deliver
               Definitive Notes of the same class, as the case may be, and of
               the same aggregate Principal Balance as those Book-Entry Notes,
               replacing those Book-Entry Notes, in accordance with clause [3.2]
               and the instructions of the Depository. None of the Note Trustee,
               the Manager, the Issuer Trustee or any Agent will be liable for
               any delay in delivery of such instructions and each such person
               may conclusively rely on, and will be protected in relying on,
               such instructions.

          (c)  (NO OTHER ENTITLEMENT): No Class [ ] Note Owner will be entitled
               to receive a Definitive Note representing such Class [ ] Note
               Owner's interest in a Class [ ] Note, except as provided in this
               clause [3.4].

3.5       INDEMNITY FOR NON-ISSUE OF DEFINITIVE NOTES

          If the Issuer Trustee is required to issue Definitive Notes following
          an event specified in clause [3.4] but fails to do so within 30 days
          of delivery to the Issuer Trustee of the Book-Entry Notes in
          accordance with clause [3.4] then the Issuer Trustee must, subject to
          clause [22], indemnify the Note Trustee, the Class [ ] Noteholders and
          Class [ ] Note Owners, and keep them indemnified, against any loss or
          damage incurred by any of them if the amount received by the

                                                                             12.
<PAGE>

          Note Trustee, the Class [ ] Noteholders or Class [ ] Note Owners,
          respectively, is less than the amount that would have been received
          had Definitive Notes been issued. If the Issuer Trustee breaches its
          obligations under clause [3.4], it is acknowledged and agreed that
          damages alone will not be an adequate remedy for such a breach and
          that, in addition to any other rights they may have, the Note Trustee,
          the Class [ ] Noteholders and the Class [ ] Note Owners are entitled
          to sue the Issuer Trustee for specific performance, injunctive relief
          or other equitable relief to enforce the Issuer Trustee's obligations
          under clause [3.4].

--------------------------------------------------------------------------------
4.        NOTE REGISTER

4.1       MAINTENANCE OF NOTE REGISTRAR

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

4.2       PROVISION OF NOTEHOLDER INFORMATION

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

          (b)  (NOTE TRUSTEE'S OBLIGATIONS): The Note Trustee must preserve, in
               as current form as is reasonably practicable, the names and
               addresses of the Class [ ] Noteholders provided to it pursuant to
               clause [4.2(a)] or otherwise received by it in any capacity and
               must comply with its obligations pursuant to section 312(b) of
               the TIA.

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

4.3       NOTE REGISTER CONCLUSIVE

          A Class [ ] Note is not a certificate of title and the Note Register
          is the only conclusive evidence of title to Class [ ] Notes.

--------------------------------------------------------------------------------
5.        REPRESENTATIONS AND WARRANTIES

5.1       BY THE ISSUER TRUSTEE

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

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

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

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

                                                                             13.
<PAGE>

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

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

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

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

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

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

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

          (k)  (NO PROCEEDINGS TO REMOVE): it has received no notice and to its
               knowledge no resolution has been passed or direction or notice
               has been given, removing it as trustee of the PUMA Trust; and

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

5.2       BY THE MANAGER

          The Manager represents and warrants to the Note Trustee that:

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

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

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

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

                                                                             14.
<PAGE>

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

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

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

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

          (i)  (COMPLIANCE WITH TIA): this Deed has been duly qualified under
               the TIA.

5.3       BY THE NOTE TRUSTEE

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

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

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

          (c)  (CORPORATE POWER): it has the power and has taken all corporate
               and other action required to enter into this Deed and to
               authorise the execution and delivery of this Deed and the
               performance of its obligations under this Deed and that it has
               the legal capacity to enter into this Deed and perform its
               obligations hereunder;

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

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

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

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

                                                                             15.
<PAGE>

          (h)  (ELIGIBLE TRUST CORPORATION): it is an Eligible Trust
               Corporation.

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6.        COVENANTS BY ISSUER TRUSTEE AND MANAGER

6.1       COVENANT TO PAY

          (a)  (COVENANT TO PAY): Subject to and in accordance with the
               provisions of this Deed, the Sub-Fund Notice and the Class [ ]
               Notes (including, without limitation, clauses [6.1(b)] and [22]
               and condition [12] of the Note Conditions), the Issuer Trustee
               covenants in favour of the Note Trustee that it will duly and
               punctually repay the principal of and pay interest and all other
               amounts owing in relation to the Class [ ] Notes to, or to the
               order of, the Note Trustee in immediately available funds in [US
               Dollars] as and when the same fall due for repayment or payment.

          (b)  (SATISFACTION OF COVENANT): Subject to clause [6.1(b)] of the
               Agency Agreement, every payment by or at the direction of the
               Issuer Trustee to the Principal Paying Agent or the Currency Swap
               Provider made in accordance with the Agency Agreement on account
               of an amount owing in relation to the Class [ ] Notes will
               operate as payment by the Issuer Trustee to the Note Trustee in
               satisfaction of the Issuer Trustee's obligations under clause
               [6.1(a)].

6.2       COVENANT OF COMPLIANCE

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

          (b)  (TRANSACTION DOCUMENTS): The Issuer Trustee and the Manager each
               severally covenants in favour of the Note Trustee that it will:

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

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

6.3       OTHER COVENANTS

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

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

          (b)  (NOTIFY EVENTS OF DEFAULT ETC.): promptly notify the Note Trustee
               upon becoming aware of the occurrence of an Event of Default,
               Potential Event of Default, Trustee

                                                                             16.
<PAGE>

               Default or Manager Default and provide the Note Trustee with
               details of such occurrence;

          (c)  (CERTIFICATE AS TO COMPLIANCE): provide to the Note Trustee
               within [120] days after the end of each fiscal year of the PUMA
               Trust (commencing on the fiscal year ending on [ ]):

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

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

          (d)  (FURNISH INFORMATION TO EXCHANGE): in the case of the Manager
               only, provide or procure that there is provided to any stock
               exchange on which, or listing authority with whom, the Class [ ]
               Notes may become listed or quoted all information required to be
               so provided as a requirement of such listing or quotation;

          (e)  (COPY NOTICES TO CLASS [ ] NOTEHOLDERS): provide, or procure that
               there is provided, to the Note Trustee:

               (i)  a copy of each notice given to Class [ ] Noteholders by the
                    Issuer Trustee (at the same time as such notice is given);
                    and

               (ii) in the case of the Manager only, a copy of each document
                    provided to any stock exchange or securities market pursuant
                    to clause [6.3(d)];

          (f)  (AUDITOR'S REPORT): in the case of the Manager only, provide, or
               procure that there is provided, to the Note Trustee, within 10
               Business Days of the date of its issue, a copy of each report
               issued by the Auditor pursuant to clause [13.3] of the Trust
               Deed;

          (g)  (ACCESS TO RECORDS): allow the Note Trustee, and any person
               appointed by the Note Trustee to whom it has no reasonable
               objection, access at all times during normal business hours, upon
               reasonable notice, to the accounting records of the PUMA Trust
               held by it or in its control;

          (h)  (OPINION AS TO FILING): procure that there is provided to the
               Note Trustee in accordance with section 314(b) of the TIA:

               (i)  on the Closing Date, Counsel's Opinion either stating that
                    the Security Trust Deed has been properly recorded and filed
                    so as to make effective the Security Interest intended to be
                    created by the Security Trust Deed,

                                                                             17.
<PAGE>

                    and reciting the details of such action, or stating that no
                    such action is necessary to make such Security Interest
                    effective; and

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

          (i)  (CHANGE OF MANAGER): in the case of the Issuer Trustee only,
               promptly notify the Note Trustee of any retirement or replacement
               of the Manager pursuant to clause [9] of the Management Deed and
               of the appointment of a substitute Manager;

          (j)  (TRANSACTION DOCUMENTS): in the case of the Manager only, provide
               to the Note Trustee, on or prior to the Issue Date in respect of
               the Class [ ] Notes, one copy of each Transaction Document as at
               that Issue Date (other than any Transaction Document to which the
               Note Trustee is a party) and provide to the Note Trustee a copy
               of each Transaction Document executed after the Issue Date (other
               than any Transaction Document to which the Note Trustee is a
               party) promptly after its execution; and

          (k)  (PAYING AGENTS TRUST): ensure that each Paying Agent agrees, as a
               term of its appointment, to hold in trust for the benefit of
               Class [ ] Noteholders or the Note Trustee all sums held by such
               Paying Agent for the payment of the principal of or interest on
               the Class [ ] Notes and to promptly give to the Note Trustee
               notice of any default by the Issuer Trustee (without regard to
               any grace period) in the making of any such payment.

6.4       COVENANTS BETWEEN ISSUER TRUSTEE AND MANAGER

          (a)  (OBLIGATIONS OF MANAGER): Without limiting any other obligations
               of the Manager pursuant to any Transaction Document, the Manager
               covenants in favour of the Issuer Trustee to prepare and submit
               to the Issuer Trustee all documents required to be filed with or
               submitted to the Commission (or any stock exchange on which, or
               listing authority with whom, the Class [ ] Notes become listed)
               by the Issuer Trustee in relation to the Class [ ] Notes, the
               PUMA Trust or this Deed at least, where possible, [5] Business
               Days before such filing or submission is required and to take
               such other actions as may reasonably be taken by the Manager to
               perform or ensure the performance by the Issuer Trustee of its
               obligations under the TIA or the Exchange Act (or the rules of
               any stock exchange on which, or listing authority with whom, the
               Class [ ] Notes become listed) in relation to the Class [ ]
               Notes, the PUMA Trust or this Deed. No breach by the Issuer
               Trustee of any obligation under the TIA, the Exchange Act (or the
               rules of any stock exchange on which, or listing authority with
               whom, the Class [ ] Notes become listed) or this Deed will be
               considered to be fraudulent, negligent or wilful default for the
               purposes of clause [22.3] to the extent that it results from a
               breach by the Manager of this clause [6.4(a)].

          (b)  (OBLIGATION OF ISSUER TRUSTEE): Subject to compliance by the
               Manager with clause [6.4(a)], the Issuer Trustee covenants in
               favour of the Manager to sign all documents and do all things
               reasonably requested by the Manager in relation to the compliance
               by the Issuer Trustee or the Manager of its obligations under the
               TIA or the Exchange Act (or the rules of any stock exchange on
               which, or listing authority with whom, the Class [ ] Notes become
               listed) in relation to the Class [ ] Notes, the PUMA Trust or
               this Deed.

                                                                             18.
<PAGE>

--------------------------------------------------------------------------------
7.        ENFORCEMENT

7.1       NOTICE FOLLOWING AN EVENT OF DEFAULT OR POTENTIAL EVENT OF DEFAULT

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

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

          (b)  (DETERMINE WHETHER TO SEEK DIRECTIONS): if a meeting of Voting
               Secured Creditors is to be held under the Security Trust Deed,
               determine whether it proposes to seek directions from Class [ ]
               Noteholders as to how to vote at that meeting and, if so, whether
               it proposes to instruct the Security Trustee to delay the holding
               of that meeting while it obtains such directions from the Class
               [ ] Noteholders; and

          (c)  (VOTE AT MEETING OF SECURED CREDITORS): subject to clause [7.2],
               vote at any meeting of Voting Secured Creditors held under the
               Security Trust Deed in accordance with clause [9.8].

7.2       RESTRICTIONS ON ENFORCEMENT

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

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

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

               (iii) the Note Trustee is so directed by a Special Majority of
                     the Class [ ] Noteholders at that meeting.

          (b)  (LIABILITY FOR ENFORCEMENT): Subject to clauses [8.3], [9.3] and
               [9.5] and the mandatory provisions of the TIA, the Note Trustee
               will not be liable for any decline in the value, nor any loss
               realised upon any sale or other dispositions made under the
               Security Trust Deed, of any Charged Property. Without limiting
               the foregoing,

                                                                             19.
<PAGE>

               the Note Trustee will not be liable for any such decline or loss
               directly or indirectly arising from its acting, or failing to
               act, as a consequence of an opinion reached by it in good faith
               based on advice received by it in accordance with clause
               [7.2(a)].

7.3       NOTE TRUSTEE MAY ENFORCE

          The Note Trustee has the power, subject to clause [22]:

          (a)  (ENFORCE FOLLOWING DEFAULT): in the event of a default in
               repayment of the principal or payment of interest by the Issuer
               Trustee in respect of any Class [ ] Note when and as the same
               shall become due and payable, which default has continued for a
               period of 10 days, to recover judgment, in its own name and as
               trustee of the Note Trust, against the Issuer Trustee upon the
               Class [ ] Notes for the whole amount of such principal and
               interest remaining unpaid;

          (b)  (FILE PROOFS): to file such proofs of claim and other payments or
               documents as may be necessary or advisable in order to have the
               claims of the Note Trustee and the Class [ ] Noteholders allowed
               in any judicial proceedings in relation to the Issuer Trustee
               upon the Class [ ] Notes, the creditors in relation to the PUMA
               Trust or the assets of the PUMA Trust;

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

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

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

7.4       NOTE TRUSTEE ALONE MAY ENFORCE

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

--------------------------------------------------------------------------------
8.        NOTE TRUSTEE'S POWERS, PROTECTIONS ETC.

8.1       NOTE TRUSTEE'S ADDITIONAL POWERS, PROTECTIONS, ETC.

          By way of supplement to any Statute regulating the Note Trust and in
          addition to the powers, rights and protections which may from time to
          time be vested in or available to the Note Trustee by the general law
          it is expressly declared, notwithstanding anything to the contrary in

                                                                             20.
<PAGE>

          this Deed (subject only to clauses [8.3], [9.3] and [9.5] and the
          mandatory provisions of the TIA) as follows.

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

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

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

          (d)  (NO ENQUIRY): Unless specifically required under this Deed, the
               Note Trustee is not bound to give notice to any person of the
               execution of this Deed or to take any steps to ascertain whether
               there has occurred any Event of Default, Potential Event of
               Default, Manager Default or Trustee Default or event which, with
               the giving of notice or the lapse of time would constitute a
               Manager Default or Trustee Default or to keep itself informed
               about the circumstances of the Issuer Trustee or the Manager and,
               until it has actual knowledge or express notice to the contrary,
               the Note Trustee may assume that no Event of Default, Potential
               Event of Default, Manager Default or Trustee Default has occurred
               and that the Issuer Trustee, the Manager and each other party to
               the Transaction Documents (other than the Note Trustee) are
               observing and performing all the obligations on their part
               contained in the Transaction Documents and need not inquire
               whether that is, in fact, the case (but nothing in this clause
               [8.1(d)] is to be construed as limiting the Note Trustee's right
               to make such inquiries, in its discretion, and to exercise its
               powers under this Deed so to do).

          (e)  (ACTS PURSUANT TO DIRECTIONS): The Note Trustee will not be
               responsible for having acted in good faith upon a direction
               purporting to have been given by a Majority of the Class [ ]
               Noteholders even though it may subsequently be found that for any
               reason such direction was not valid or binding upon the Note
               Trustee. However, for the purposes of determining whether a
               Majority of Class [ ] Noteholders have given a direction which
               the Note Trustee may rely upon in accordance with this clause,
               Class [ ] Notes which the Note Trustee knows are owned by the
               Issuer Trustee or the Manager or by any person directly or
               indirectly controlling or controlled by or

                                                                             21.
<PAGE>

               under direct or indirect common control with the Issuer Trustee
               or the Manager, shall be disregarded.

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

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

               (ii)  any information or statement provided to it in relation to
                     the Class [ ] Notes, the Class [ ] Noteholders or the Class
                     [ ] Note Owners by the Depository or its nominee;

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

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

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

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

          (g)  (DIRECTOR'S CERTIFICATES): Subject to clause [9.2(b)], the Note
               Trustee may call for and may accept as sufficient evidence of any
               fact or matter or of the expediency of any dealing, transaction,
               step or thing a certificate signed by any two directors or
               Authorised Officers of the Issuer Trustee or the Manager as to
               any fact or matter upon which the Note Trustee may, in the
               exercise of any of its duties, powers, authorities and
               discretions under this Deed, require to be satisfied or to have
               information to the effect that in the opinion of the person or
               persons so certifying any particular dealing, transaction, step
               or thing is expedient and the Note Trustee will not be bound to
               call for further evidence and will not be responsible for any
               loss that may be occasioned by acting on any such certificate
               (but nothing in this clause [8.1(g)] is to be construed as either
               limiting the Note Trustee's right to call for such evidence, in
               its discretion, and to exercise its powers under this Deed so to
               do or permitting the Note Trustee to rely on evidence of
               compliance with conditions precedent where such reliance is not
               permitted by section 314 of the TIA).

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

          (i)  (CUSTODY OF DOCUMENTS): The Note Trustee may hold or deposit this
               Deed and any deed or documents relating to this Deed or to the
               Transaction Documents in any

                                                                             22.
<PAGE>

               part of the world, other than the Commonwealth of Australia, and
               with any banker or banking company or entity whose business
               includes undertaking the safe custody of deeds or documents or
               with any lawyer or firm of lawyers reasonably believed by it to
               be of good repute and the Note Trustee will not be responsible
               for any loss incurred in connection with any such holding or
               deposit and may pay all sums to be paid on account of or in
               respect of any such deposit.

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

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

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

                                                                             23.
<PAGE>

          (m)  (APPLY TO COURT): The Note Trustee may, whenever it thinks it
               expedient in the interests of the Class [ ] Noteholders, apply to
               any court for directions in relation to any question of law or
               fact arising either before or after an Event of Default or
               Potential Event of Default and assent to or approve any
               applications of any Class [ ] Noteholder, the Issuer Trustee or
               the Manager.

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

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

          (p)  (ASSUMPTION AS TO PREJUDICE): The Note Trustee is entitled to
               assume, for the purposes of exercising any power, trust,
               authority, duty or discretion under or in relation to the Class [
               ] Notes, this Deed or any other Transaction Document, that such
               exercise will not be materially prejudicial to the interests of
               the Class [ ] Noteholders if each of the Current Rating
               Authorities has confirmed in writing that such exercise will not
               result in the reduction, qualification or withdrawal of the
               credit rating then assigned by it to the Class [ ] Notes (but
               nothing in this clause is to be construed as requiring the Note
               Trustee to obtain such confirmation).

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

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

          (s)  (CLASS [ ] NOTEHOLDERS RESPONSIBLE): Each Class [ ] Noteholder is
               solely responsible for making its own independent appraisal of
               and investigation into the financial condition, creditworthiness,
               condition, affairs, status and, nature of the Issuer Trustee and
               the PUMA Trust and the Note Trustee does not at any time have any
               responsibility for the same and no Class [ ] Noteholder may rely
               on the Note Trustee in respect of such appraisal and
               investigation.

                                                                             24.
<PAGE>

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

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

          (v)  (NO LIABILITY FOR BREACH): The Note Trustee is not to be under
               any liability whatsoever for a failure to take any action in
               respect of any breach by the Issuer Trustee of its duties as
               trustee of the PUMA Trust of which the Note Trustee is not aware
               or in respect of any Event of Default or Potential Event of
               Default of which the Note Trustee is not aware.

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

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

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

          (z)  (RATINGS): Except as otherwise provided in this Deed or any other
               Transaction Document, the Note Trustee has no responsibility for
               the maintenance of any rating of the Class [ ] Notes by any
               Current Rating Authority or any other person.

          (aa) (NO LIABILITY FOR TAX ON PAYMENTS): The Note Trustee has no
               responsibility whatsoever to any Class [ ] Noteholder or any
               other person in relation to any deficiency in a payment by the
               Note Trustee to any Class [ ] Noteholders if that deficiency
               arises as a result of the Note Trustee or the Issuer Trustee
               being subject

                                                                             25.
<PAGE>

               to any Tax in respect of that payment, the Charged Property, the
               Security Trust Deed, this Deed or any income or proceeds from
               them.

8.2       WAIVERS

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

8.3       NOTE TRUSTEE'S LIABILITY

          Nothing in this Deed or any other Transaction Document will in any
          case in which the Note Trustee has failed to show the degree of care
          and diligence required of it as trustee having regard to the
          provisions of this Deed and the mandatory provisions of the TIA
          conferring on it any trusts, powers, authorities or discretions exempt
          the Note Trustee from or indemnify it against any liability for breach
          of trust or any liability which by virtue of any rule of law would
          otherwise attach to it in respect of fraud or wilful default of which
          it may be guilty in relation to its duties under this Deed.

8.4       DEALINGS WITH THE PUMA TRUST

          Subject to clause [9.7], none of the:

          (a)  (NOTE TRUSTEE): Note Trustee in its personal or any other
               capacity;

          (b)  (RELATED BODIES CORPORATE): Related Bodies Corporate of the Note
               Trustee;

          (c)  (DIRECTORS ETC.): directors or officers of the Note Trustee or
               its Related Bodies Corporate; or

          (d)  (SHAREHOLDERS): shareholders of the Note Trustee or its Related
               Bodies Corporate,

          is prohibited from:

          (e)  (SUBSCRIBING FOR): subscribing for, purchasing, holding, dealing
               in or disposing of Class [ ] Notes;

          (f)  (CONTRACTING WITH): at any time:

               (i)   contracting with;

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

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

               any other of them, the Issuer Trustee, the Manager or any Secured
               Creditor (including any Class [ ] Noteholder); or

                                                                             26.
<PAGE>

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

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

8.5       DELEGATION OF DUTIES OF NOTE TRUSTEE

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

          (a)  (RELATED BODY CORPORATE): to a Related Body Corporate of the Note
               Trustee; or

          (b)  (AS OTHERWISE PERMITTED): in accordance with the provisions of
               this Deed or otherwise as agreed by the Manager.

8.6       RELATED BODY CORPORATE OF THE NOTE TRUSTEE

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

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9.        DUTIES OF THE NOTE TRUSTEE

9.1       NOTE TRUSTEE'S GENERAL DUTIES

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

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

          (b)  (HAVE REGARD TO THE INTERESTS OF CLASS [ ] NOTEHOLDERS): in the
               exercise of all discretions vested in it by this Deed and all
               other Transaction Documents, except where expressly provided
               otherwise, have regard to the interest of the Class [ ]
               Noteholders as a class.

9.2       DUTIES OF THE NOTE TRUSTEE PRIOR TO EVENT OF DEFAULT

          Prior to an Event of Default:

          (a)  (NOTE TRUSTEE NOT LIABLE): the Note Trustee shall not be liable
               except for the performance of such duties as are specifically set
               out in this Deed, the Class [ ] Notes (including the Note
               Conditions) or any other Transaction Document to which it is a
               party and no implied covenants or obligations on the part of the
               Note Trustee are to be read into this Deed; and

          (b)  (RELIANCE ON CERTIFICATES): subject to the requirements of the
               TIA, the Note Trustee may conclusively rely, as to the truth of
               the statements and the correctness of the opinions expressed
               therein, in the absence of bad faith on the part of the Note
               Trustee, upon certificates or opinions furnished to the Note
               Trustee and conforming

                                                                             27.
<PAGE>

               to the requirements of this Deed provided that the Note Trustee
               shall examine, where applicable, the evidence furnished to it
               pursuant to any provision of this Deed to determine whether or
               not such evidence conforms to the requirements of this Deed.

9.3       DUTIES OF THE NOTE TRUSTEE FOLLOWING AN EVENT OF DEFAULT

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

9.4       CERTAIN LIMITATIONS OF LIABILITY WHERE ACTING IN GOOD FAITH

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

9.5       NOTE TRUSTEE NOT RELIEVED OF LIABILITY FOR NEGLIGENCE ETC.

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

9.6       PREFERRED COLLECTION OF CLAIMS AGAINST THE ISSUER TRUSTEE

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

9.7       COMPLIANCE WITH SECTION 310 OF TIA

          (a)  (SECTION 310(A) OF TIA): The Note Trustee must ensure that it at
               all times satisfies the requirements of section 310(a) of the
               TIA.

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

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

9.8       VOTING AT MEETINGS UNDER TRUST DEED OR SECURITY TRUST DEED

          If the Note Trustee is entitled under the Trust Deed (as varied by
          clause [3.6] of the Sub-Fund Notice) or the Security Trust Deed to
          vote at any meeting on behalf of Class [ ] Noteholders the Note
          Trustee must vote in accordance, where applicable, with the directions
          of the Class [ ] Noteholders (whether or not solicited and whether or
          not all Class [] Noteholders have provided such directions) and
          otherwise in its absolute discretion. In acting in accordance with the
          directions of Class [ ] Noteholders the Note Trustee must exercise its
          votes for or against any proposal to be put to a meeting in the same
          proportion as that of the aggregate Principal Balance of the Class [ ]
          Notes held by the Class [ ] Noteholders who have directed the Note
          Trustee to vote for or against such a proposal.

                                                                             28.
<PAGE>

9.9       TRANSACTION DOCUMENTS

          The Note Trustee must make available at the Note Trustee's offices in
          New York and London for inspection by Class [ ] Noteholders a copy of
          each Transaction Document in accordance with condition [3] of the Note
          Conditions (provided that the Note Trustee will not be in default of
          its obligations pursuant to this clause [9.9] in respect of any
          Transaction Document, other than a Transaction Document to which the
          Note Trustee is a party, a copy of which has not been provided to the
          Note Trustee).

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10.       APPLICATION OF MONEYS

10.1      MONEYS RECEIVED

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

          (a)  (FEES AND EXPENSES): first, towards all amounts owing to the Note
               Trustee under this Deed (other than under clause [6.1]); and

          (b)  (CLASS [ ] NOTEHOLDERS): secondly, to the Class [ ] Noteholders:

               (i)  prior to enforcement of the Charge, in the order as set out
                    in clauses [5.1] and [5.5] of the Sub-Fund Notice and
                    Conditions [6.9] and [7.2] of the Note Conditions; and

               (ii) after the enforcement of the Charge, in the order set out in
                    clause [13.1] of the Security Trust Deed,

               towards repayment of principal and payment of interest and all
               other amounts owing to them by the Issuer Trustee in respect of
               the Class [ ] Notes; and

               (c)  (BALANCE): thirdly, dealing with any balance remaining after
                    satisfying (a) and (b) above to the Issuer Trustee in
                    accordance with the written direction of the Manager.

10.2      INVESTMENT OF MONEYS HELD

          An amount which under this Deed ought to or may be invested by the
          Note Trustee may be invested in the name or control of the Note
          Trustee at the written direction of the Manager in:

          (a)  (AUTHORISED INVESTMENTS): Authorised Investments; or

          (b)  (US$ INVESTMENTS): any investment denominated in US dollars
               including, without limiting the generality thereof:

               (i)   demand and open time deposits; or

               (ii)  certificates of deposit issued by any depository
                     institution; or

               (iii) units of money market funds, including money market funds
                     managed by the Note Trustee (or its Related Bodies
                     Corporate), or to which the Note Trustee (or its Related
                     Bodies Corporate) act as professional advisors,

               which has assigned to it the highest short-term credit rating
               from each Current Rating Authority or which is otherwise approved
               by that Current Rating Authority.

          If the Note Trustee does not receive, or it is reasonably foreseeable
          that the Note Trustee will not receive, such direction within 24 hours
          of requesting the Manager for such direction, the Note Trustee may
          invest the relevant amount in investments of the type described in
          clause [10.2(b)(iii)]. Neither the Note Trustee nor the Manager is
          responsible for any loss resulting

                                                                             29.
<PAGE>

          from such investments whether due to depreciation in value,
          fluctuations in exchange rates or otherwise.

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11.       CONTINUING SECURITY AND RELEASES

11.1      ISSUER TRUSTEE'S LIABILITY NOT AFFECTED

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

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

          (b)  (DELAY IN RECOVERY): subject to condition [8.5] of the Note
               Conditions, the Note Trustee failing or neglecting to recover any
               amounts owing in respect of the Class [ ] Notes;

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

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

11.2      WAIVER BY THE ISSUER TRUSTEE

          The Issuer Trustee waives in favour of the Note Trustee:

          (a)  (ALL RIGHTS NECESSARY TO GIVE EFFECT TO DEED): all rights
               whatsoever against the Note Trustee and any other person estate
               or assets to the extent necessary to give effect to anything in
               this Deed;

          (b)  (ALL RIGHTS INCONSISTENT WITH DEED): all rights inconsistent with
               the provisions of this Deed.

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12.       REMUNERATION AND EXPENSES OF NOTE TRUSTEE

12.1      PAYMENT OF FEE

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

12.2      PAYMENT OF EXPENSES

          The Issuer Trustee must pay or reimburse to the Note Trustee all
          reasonable costs, expenses, charges, stamp duties and other Taxes and
          liabilities properly incurred by the Note Trustee, or its properly
          appointed agents or delegates, in the performance of the obligations
          of the Note Trustee under this Deed or any other Transaction Document
          including, without limitation, all costs and expenses (including legal
          costs and expenses) incurred by the Note Trustee in the enforcement of
          any obligations under this Deed or any other Transaction Documents.
          Without limiting any right of indemnity available by law to the Note
          Trustee, the Note Trustee is entitled to be indemnified from the Note
          Trust Fund from and against all such costs, expenses,

                                                                             30.
<PAGE>

          charges, stamp duties and other Taxes and liabilities. Nothing in this
          clause [12.2] entitles or permits the Note Trustee to be reimbursed or
          indemnified for general overhead costs and expenses of the Note
          Trustee (including, without limitation, rents and any amounts payable
          by the Note Trustee to its employees in connection with their
          employment) incurred directly or indirectly in connection with the
          business activities of the Note Trustee or in the exercise of its
          rights, powers and discretions or the performance of its duties and
          obligations under this Deed or any Transaction Document.

12.3      ADDITIONAL DUTIES

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

12.4      DISPUTE AS TO ADDITIONAL DUTIES

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

          (a)  (AMOUNT OF REMUNERATION): upon the amount of any additional
               remuneration referred to in clause [12.3]; or

          (b)  (SCOPE OF DUTIES): upon whether duties of the Note Trustee are of
               an exceptional nature or otherwise outside the scope of the
               normal duties of the Note Trustee for the purposes of clause
               [12.3],

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

12.5      CURRENCY AND VAT

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

12.6      NO OTHER FEES OR EXPENSES

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

12.7      ISSUER TRUSTEE PERSONALLY LIABLE FOR FEES

          Notwithstanding any other provision of this Deed, the Issuer Trustee
          must pay to the Note Trustee the fees referred to in clause [12.1],
          and any value added tax on such fees, from its own personal funds and
          will not be entitled to be indemnified from the assets of the PUMA
          Trust with respect to such fees or value added taxes provided that if
          [The Bank of New York, New York Branch] retires or is removed as Note
          Trustee 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

                                                                             31.
<PAGE>

          personal funds, to the extent that such fees and value added tax do
          not exceed the amount that would have been payable to [The Bank of New
          York, New York Branch] if it had remained as Note Trustee. The balance
          of such fees and value added tax, if any, will be 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.

12.8      TIMING OF PAYMENTS

          Except as referred to in clause [12.7], all payments by the Issuer
          Trustee to the Note Trustee under this clause [12] are payable on the
          [ ] [Quarterly] Payment Date following demand by the Note Trustee from
          funds available for this purpose in accordance with the Sub-Fund
          Notice.

12.9      NON-DISCHARGE

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

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13.       ADDITIONAL NOTE TRUSTEES

13.1      APPOINTMENT AND REMOVAL

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

          (a)  (INTERESTS OF CLASS [ ] NOTEHOLDERS): if the Note Trustee
               considers such appointment to be in the interests of the Class
               [ ] Noteholders;

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

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

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

13.2      JOINT EXERCISE OF POWERS

          All rights, powers, duties and obligations conferred or imposed upon
          an Additional Note Trustee are conferred or imposed upon and exercised
          or performed by the Note Trustee and the Additional Note Trustee
          jointly (it being understood that an Additional Note Trustee is not

                                                                             32.
<PAGE>

          authorised to act separately without the Note Trustee joining in such
          act), except to the extent that under any law of any jurisdiction in
          which any particular act or acts are to be performed the Note Trustee
          shall be incompetent or unqualified to perform such act or acts, in
          which event such rights, powers, duties and obligations shall be
          exercised and performed singly by such Additional Note Trustee (but
          subject to the direction of the Note Trustee).

13.3      NOTICE

          The Note Trustee must promptly notify the Principal Paying Agent, the
          Class [ ] Noteholders and the Current Rating Authorities of each
          appointment or removal of an Additional Note Trustee pursuant to this
          clause [13].

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14.       RETIREMENT OR REMOVAL OF NOTE TRUSTEE

14.1      RETIREMENT OF NOTE TRUSTEE

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

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

          (b)  (CEASES TO CARRY ON BUSINESS): it ceases to carry on business;

          (c)  (CEASES TO BE AN ELIGIBLE TRUST CORPORATION): it ceases to be an
               Eligible Trust Corporation;

          (d)  (CLASS [ ] NOTEHOLDERS REQUIRE RETIREMENT): it is so directed by
               a Special Majority of Class [ ] Noteholders;

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

          (f)  (CHANGE IN OWNERSHIP): there is a change in ownership of 50% or
               more of the issued equity share capital of the Note Trustee from
               the position as at the date of this Deed or effective control of
               the Note Trustee alters from the position as at the date of this
               Deed unless in either case approved by the Manager (whose
               approval must not be unreasonably withheld).

14.2      REMOVAL BY MANAGER

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

          (a)  (NOTIFY CURRENT RATING AUTHORITIES): the Manager must promptly
               notify the Current Rating Authorities of such retirement or
               removal; and

          (b)  (APPOINT SUBSTITUTE NOTE TRUSTEE): subject to any approval
               required by law, the Manager is entitled to and must use
               reasonable endeavours to appoint in writing some other Eligible
               Trust Corporation that is approved by the Current Rating
               Authorities to be the Substitute Note Trustee.

                                                                             33.
<PAGE>

14.3      NOTE TRUSTEE MAY RETIRE

          The Note Trustee may retire at any time as trustee under this Deed
          upon giving [3] months (or such lesser time as the Manager, the Issuer
          Trustee and the Note Trustee agree) notice in writing to the Issuer
          Trustee, the Manager and the Current Rating Authorities, without
          giving any reason and without being responsible for any liabilities
          incurred by reason of such retirement provided that such retirement is
          in accordance with this Deed, provided that no such period of notice
          of retirement may expire within the period of [30] days preceding each
          [Quarterly] Payment Date. Upon such retirement the Note Trustee,
          subject to any approval required by law, may appoint in writing any
          other Eligible Trust Corporation that is approved by the Current
          Rating Authorities and the Manager, which approval must not be
          unreasonably withheld by the Manager, as Note Trustee in its stead. If
          the Note Trustee does not appoint a replacement by the date which is 1
          month prior to the date of its proposed retirement, the Manager is
          entitled to appoint a Substitute Note Trustee, which must be an
          Eligible Trust Corporation that is approved by the Current Rating
          Authorities, as of the date of the proposed retirement. The Note
          Trustee must not seek reimbursement for any costs incurred by it which
          are associated with its retirement under this clause [14.3] or any
          costs incurred by it associated with the appointment of a Substitute
          Note Trustee as a result of such retirement.

14.4      APPOINTMENT OF SUBSTITUTE NOTE TRUSTEE BY CLASS [ ] NOTEHOLDERS

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

14.5      RELEASE OF NOTE TRUSTEE

          Upon retirement or removal of the Note Trustee as trustee of the Note
          Trust, the Note Trustee is released from all obligations under this
          Deed arising after the date of the retirement or removal except for
          its obligation to vest the Note Trust Fund in the Substitute Note
          Trustee and to deliver all books and records relating to the Note
          Trust to the Substitute Note Trustee. The Manager and the Issuer
          Trustee may settle with the Note Trustee the amount of any sums
          payable by the Note Trustee to the Manager or the Issuer Trustee or by
          the Manager or the Issuer Trustee to the Note Trustee and may give to
          or accept from the Note Trustee a discharge in respect of those sums
          which will be conclusive and binding as between the Manager, the
          Issuer Trustee and the Note Trustee but not as between the Note
          Trustee and the Class [ ] Noteholders.

14.6      VESTING OF NOTE TRUST FUND IN SUBSTITUTE NOTE TRUSTEE

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

14.7      SUBSTITUTE NOTE TRUSTEE TO EXECUTE DEED

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

                                                                             34.
<PAGE>

14.8      CURRENT RATING AUTHORITIES ADVISED

          The Manager must promptly:

          (a)  (RETIREMENT): approach and liaise with each Current Rating
               Authority in respect of any consents required from it to the
               replacement of the Note Trustee pursuant to clauses [14.2] or
               [14.3];

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

          (c)  (APPROVAL FOR CHANGE IN OWNERSHIP): notify the Current Rating
               Authorities of any approvals given by the Manager pursuant to
               clause [14.1(f)].

14.9      RETENTION OF LIEN

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

14.10     ISSUER TRUSTEE AND MANAGER CANNOT BE APPOINTED

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

14.11     NO LIMITATION OF TIA

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

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15.       AMENDMENT

15.1      AMENDMENT BY NOTE TRUSTEE

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

          (a)  (NECESSARY OR EXPEDIENT): in the opinion of the Note Trustee is
               necessary or expedient to comply with the provisions of any
               Statute or regulation or with the requirements of any
               Governmental Agency;

          (b)  (MANIFEST ERROR): in the opinion of the Note Trustee is made to
               correct a manifest error or ambiguity or is of a formal,
               technical or administrative nature only;

          (c)  (AMENDMENT TO LAW): in the opinion of the Note Trustee is
               appropriate or expedient as a consequence of an amendment to any
               Statute or regulation or altered requirements of any Governmental
               Agency or any decision of any court (including, without
               limitation, an alteration, addition or modification which is in
               the opinion of the Note Trustee appropriate or expedient as a
               consequence of the enactment of a Statute or regulation or an
               amendment to any Statute or regulation or ruling by the
               Australian Commissioner or Deputy Commissioner of Taxation or any

                                                                             35.
<PAGE>

               governmental announcement or statement or any decision of any
               court, in any case which has or may have the effect of altering
               the manner or basis of taxation of trusts generally or of trusts
               similar to the PUMA Trust or the Note Trust); or

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

               (i)  is not in the opinion of the Note Trustee likely, upon
                    coming into effect, to be materially prejudicial to the
                    interests of Class [ ] Noteholders; or

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

          provided that the Note Trustee, the Manager and the Issuer Trustee may
          not alter, add to or revoke any provision of this Deed or the Class
          [ ] Notes unless the Manager has notified the Current Rating
          Authorities [5] Business Days in advance.

15.2      AMENDMENTS REQUIRING CONSENT OF CLASS [ ] NOTEHOLDERS

          The Note Trustee, the Manager and the Issuer Trustee may together
          agree by way of supplemental deed to make or effect a Payment
          Modification, in relation to all the Class [ ] Notes, to this Deed or
          the Class [ ] Notes (including the Note Conditions) if, and only if,
          the consent has first been obtained of each corresponding Class [ ]
          Noteholder to such Payment Modification.

15.3      COMPLIANCE WITH TIA

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

15.4      NO CURRENT RATING AUTHORITY DOWNGRADE

          The Note Trustee will be entitled to assume that any proposed
          alteration, addition or revocation, other than a Payment Modification,
          will not be materially prejudicial to the interests of Class [ ]
          Noteholders if each of the Current Rating Authorities confirms in
          writing that if the alteration, addition or revocation is effected
          this will not lead to a reduction, qualification or withdrawal of the
          then rating given to the Class [ ] Notes by the Current Rating
          Authority.

15.5      DISTRIBUTION OF AMENDMENTS

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

15.6      AMENDMENTS BINDING ON CLASS [ ] NOTEHOLDERS

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

                                                                             36.
<PAGE>

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16.       REPORTS

16.1      REPORTS BY NOTE TRUSTEE

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

16.2      REPORTS BY ISSUER TRUSTEE

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

          (a)  (COPY SECURITIES EXCHANGE ACT REPORTS TO NOTE TRUSTEE): file:

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

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

               copies of the annual reports and of the information, documents
               and other reports (or copies of such portions of any of the
               foregoing as the Commission may from time to time by rules and
               regulations prescribe), if any, which it may be required to file
               with the Commission pursuant to section 13 or 15(d) of the
               Exchange Act or, if it is not required to file information,
               documents or reports pursuant to either of such sections, then to
               file with the Note Trustee and the Commission, in accordance with
               the rules and regulations prescribed by the Commission, such of
               the supplementary and periodic information, documents and reports
               which may be required pursuant to section 13 of the Exchange Act,
               in respect of a security listed and registered on a national
               securities exchange as may be prescribed in such rules and
               regulations;

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

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

16.3      RESTRICTED SECURITIES

          The Issuer Trustee and the Manager each severally covenants that it
          will forthwith notify the Note Trustee, if, at any time, after the
          Closing Date, any Class [ ] Notes become "restricted securities" (as
          defined in Rule 144(a)(3) of Securities Act of 1933 of the United
          States of America (the "SECURITIES ACT")) and during any period during
          which the Issuer Trustee or the Manager is neither subject to Sections
          13 or 15(d) of the Exchange Act nor exempt from reporting pursuant to
          Rule 12g3-2(d) under the Exchange Act, make available to each holder

                                                                             37.
<PAGE>

          of the Class [ ] Notes in connection with any resale of the Class [ ]
          Notes and to any prospective purchaser of the Class [ ] Notes from
          that holder, in each case upon request, the information specified in
          and meeting the requirements of Rule 144(A)(d)(4) under the Securities
          Act.

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17.       CURRENCY INDEMNITY

17.1      IMPROPER CURRENCY RECEIPTS

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

17.2      CURRENCY INDEMNITY

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

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

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

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

17.3      FAILURE TO PAY PROPER CURRENCY

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

                                                                             38.
<PAGE>

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18.       EXPENSES AND STAMP DUTIES

18.1      EXPENSES

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

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

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

          (c)  (GOVERNMENTAL AGENCY): any enquiry by a Governmental Agency
               concerning the Issuer Trustee or the assets of the PUMA Trust or
               a transaction or activity the subject of the Transaction
               Documents.

18.2      STAMP DUTIES AND OTHER TAXES

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

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

          (b)  (ISSUE OF CLASS [ ] NOTES): the constitution and original issue
               and delivery of the Class [ ] Notes; and

          (c)  (PROCEEDINGS): any action taken by the Note Trustee or (where in
               accordance with this Deed or the Security Trust Deed the Class [
               ] Noteholders are entitled to do so) the Class [ ] Noteholders to
               enforce the provisions of the Class [ ] Notes, this Deed, the
               Trust Deed, the Sub-Fund Notice or the Security Trust Deed.

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

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19.       TRUST INDENTURE ACT

19.1      CERTIFICATES AND OPINIONS

          (a)  (CONDITIONS PRECEDENT): Upon any application or request by the
               Issuer Trustee to the Note Trustee to take any action under any
               provision of this Deed, the Issuer Trustee must furnish to the
               Note Trustee:

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

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

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

                                                                             39.
<PAGE>

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

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

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

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

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

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

          (c)  (FORM OF CERTIFICATES AND OPINIONS): Every certificate or opinion
               with respect to compliance with a condition or covenant provided
               for in this Deed (other than the certificate referred to in
               clause [6.3(c)(i)]) shall include:

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

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

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

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

19.2      UNDERTAKING FOR COSTS

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

          (b)  (EXCEPTIONS): The provisions of clause [19.2(a)] shall not apply
               to:

                                                                             40.
<PAGE>

               (i)   any suit instituted by the Note Trustee;

               (ii)  any suit instituted by any Class [ ] Noteholder, or group
                     of Class [ ] Noteholders, in each case holding in the
                     aggregate Class [ ] Notes with a Principal Balance of more
                     than 10% of the then aggregate a Principal Balance of all
                     Class [ ] Notes; or

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

19.3      EXCLUSION OF SECTION 316(A)(1)

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

19.4      UNCONDITIONAL RIGHTS OF CLASS [ ] NOTEHOLDERS TO RECEIVE PRINCIPAL AND
          INTEREST

          Notwithstanding any other provisions in this Deed, any Class [ ]
          Noteholder shall have the right, which is absolute and unconditional,
          to receive payment of the principal of and interest, if any, on each
          Class [ ] Note held by it on or after the respective due dates thereof
          expressed in such Class [ ] Note or in this Deed or to institute suit
          for the enforcement of any such payment, and such right shall not be
          impaired without the consent of such Class [ ] Noteholder, except to
          the extent that this Deed or the Security Trust Deed contain
          provisions limiting or denying the right of any Class [ ] Noteholder
          to institute any such suit, if and to the extent that the institution
          or prosecution thereof or the entry of judgment therein would, under
          applicable law, result in the surrender, impairment, waiver, or loss
          of the Security Interest created by the Security Trust Deed upon any
          property subject to such Security Interest.

19.5      CONFLICT WITH TRUST INDENTURE ACT

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

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20.       GOVERNING LAW AND JURISDICTION

20.1      GOVERNING LAW

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

20.2      JURISDICTION

          (a)  (SUBMISSION TO JURISDICTION): The Issuer Trustee, the Note
               Trustee, the Manager and each of the Class [ ] Noteholders each
               irrevocably submits to and accepts generally and unconditionally
               the non-exclusive jurisdiction of both:

               (i)  the courts and appellate courts of the State of New South
                    Wales; and

               (ii) the Federal and state courts in the Borough of Manhattan in
                    the City of New York,

               with respect to any legal action or proceedings which may be
               brought at any time relating in any way to this Deed.

                                                                             41.
<PAGE>

          (b)  (WAIVER OF INCONVENIENT FORUM): The Issuer Trustee, the Note
               Trustee, the Manager and each of the Class [ ] Noteholders each
               irrevocably waives any objection it may now or in the future have
               to the venue of any such action or proceedings brought in such
               courts and any claim it may now or in the future have that any
               such action or proceedings have been brought in an inconvenient
               forum.

          (c)  (SERVICE OF NOTICE): The Issuer Trustee, the Note Trustee, the
               Manager and each of the Class [ ]Noteholders agree, 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 [21].

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21.       NOTICES

21.1      METHOD OF DELIVERY

          Subject to clause [21.6], any notice, request, certificate, approval,
          demand, consent or other communication to be given under this Deed
          other than to or by a Class [ ] Noteholder must:

          (a)  (AUTHORISED OFFICER): except in the case of communications by
               e-mail, be signed by an Authorised Officer of the party giving
               the same;

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

          (c)  (DELIVERY): be:

               (i)   left at the address of the addressee;

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

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

               (iv)  sent by e-mail by an Authorised Officer of the party giving
                     the same to the addressee's specific e-mail address,

               with the address details described in paragraphs (i) to (iv)
               above being notified by that addressee from time to time to the
               other parties to this Deed as its address for service pursuant to
               this Deed.

21.2      DEEMED RECEIPT

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

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

          (b)  (POST): where sent by post, on the 3rd (or 7th if posted to or
               from a place outside of 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)  (E-MAIL): subject to clause [21.6], where sent by e-mail, on the
               date that the e-mail is received.

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

                                                                             42.
<PAGE>

21.3      NOTICES TO CLASS [ ] NOTEHOLDERS

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

          (a)  (DELIVERY): will be effectively given if it is given in
               accordance with condition [11] of the Note Conditions; and

          (b)  (TIME): is deemed to have been given at the time specified in
               condition [11] of the Note Conditions.

21.4      NOTICES FROM CLASS [ ] NOTEHOLDERS

          Subject to clause [21.6], any notice, request, certificate, approval,
          document, consent, direction or other communication to be given under
          this Deed by a Class [ ] Noteholder to any person must:

          (a)  (SIGNED): be signed by the Class [ ] Noteholder or an attorney of
               the Class [ ] Noteholder;

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

          (c)  (DELIVERY): be:

               (i)  left at the address of the addressee;

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

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

               as set out in the Note Conditions or otherwise as notified by
               that addressee to the Class [ ] Noteholders from time to time;

          (d)  (EVIDENCE): be accompanied by such evidence as to its proper
               execution by the Class [ ] Noteholder as the addressee may
               reasonably require,

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

21.5      ISSUER TRUSTEE AND MANAGER

          Each of the Issuer Trustee and the Manager must maintain an office or
          an agency in New York where any legal proceedings in respect of this
          Deed or the Class [ ] Notes may be served on it. The Issuer Trustee
          initially appoints [C.T. Corporation, 111 8th Avenue, New York, New
          York 10011] as its agent for this purpose. The Manager initially
          appoints [Macquarie Bank Limited, New York office, Rockefeller Centre,
          600 Fifth Avenue, 21st Floor, New York, New York 10020] as its agent
          for this purpose.

                                                                             43.
<PAGE>

21.6      EMAIL

          Notwithstanding any other provision in this clause [21], a notice,
          request, certificate, approval, demand, consent or other communication
          to be given under this Deed may only be given by email where the
          recipient has expressly agreed with the sender that that
          communication, or communications of that type, may be given by email
          and subject to such conditions as may be required by the recipient.

--------------------------------------------------------------------------------
22.       ISSUER TRUSTEE'S LIMITED LIABILITY

22.1      LIMITATION ON THE ISSUER TRUSTEE'S LIABILITY

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

22.2      CLAIMS AGAINST THE ISSUER TRUSTEE

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

22.3      BREACH OF TRUST

          The provisions of this clause [22] 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 [12.7].

22.4      ACTS OR OMISSIONS

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

22.5      NO AUTHORITY

          No attorney or agent appointed in accordance with this Deed has
          authority to act on behalf of the Issuer Trustee in a way which
          exposes the Issuer Trustee to any personal liability and no

                                                                             44.
<PAGE>

          act or omission of any such person will be considered fraud,
          negligence or wilful default of the Issuer Trustee for the purposes of
          clause [22.3].

22.6      NO OBLIGATION

          The Issuer Trustee is not obliged to enter into any commitment or
          obligation under this Deed or any Transaction Document (including
          incur any further liability) unless the Issuer Trustee's liability is
          limited in a manner which is consistent with this clause [22] or
          otherwise in a manner satisfactory to the Issuer Trustee in its
          absolute discretion.

--------------------------------------------------------------------------------
23.       MISCELLANEOUS

23.1      ASSIGNMENT BY THE ISSUER TRUSTEE

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

23.2      ASSIGNMENT BY MANAGER

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

23.3      ASSIGNMENT BY NOTE TRUSTEE

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

23.4      CERTIFICATE OF NOTE TRUSTEE

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

23.5      CONTINUING OBLIGATION

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

23.6      SETTLEMENT CONDITIONAL

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

23.7      INTEREST ON JUDGMENT

          If a liability under this Deed (other than a liability for negligence,
          fraud or wilful default of the Issuer Trustee under the Transaction
          Documents) becomes merged in a judgment or order then the Issuer
          Trustee as an independent obligation will pay interest to the Note
          Trustee on the

                                                                             45.
<PAGE>

          amount of that liability at a rate being the higher of the rate
          payable pursuant to the judgment or order and the highest rate payable
          on the Class [ ] Notes from the date it becomes payable until it is
          paid.

23.8      SEVERABILITY OF PROVISIONS

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

23.9      REMEDIES CUMULATIVE

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

23.10     WAIVER

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

23.11     WRITTEN WAIVER, CONSENT AND APPROVAL

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

23.12     MORATORIUM LEGISLATION

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

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

          (b)  (DELAY EXERCISE OF POWERS): to delay or otherwise prevent or
               prejudicially affect the exercise of any powers conferred on the
               Note Trustee under this Deed,

          are expressly waived negatived and excluded.

23.13     BINDING ON EACH SIGNATORY

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

23.14     COUNTERPARTS

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

                                                                             46.
<PAGE>

EXECUTED as a deed.

EXECUTED AS A DEED by [THE BANK OF NEW YORK] acting by its Authorised Officer in
the presence of:

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

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

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

SIGNED SEALED AND DELIVERED for and on behalf of MACQUARIE SECURITISATION
LIMITED, ABN 16 003 297 336 by and its Attorneys under a Power of Attorney dated
and each Attorney declares that he or she has not received any notice of the
revocation of such Power of Attorney in the presence of:

                                              ------------------------------
                                              Signature of Attorney

                                              ------------------------------
                                              Signature of Attorney

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

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

                                                                             47.
<PAGE>

SIGNED SEALED AND DELIVERED for and on behalf of [PERPETUAL TRUSTEES AUSTRALIA
LIMITED, ABN 86 000 431 827] by its Attorney under a Power of Attorney dated and
who declares that he or she has not received any notice of the revocation of
such Power of Attorney in the presence of:

                                                  -----------------------------
                                                  Signature of Attorney

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

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

                                                                             48.
<PAGE>

SCHEDULE 1
FORM OF CLASS [ ] NOTE

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

UNLESS THIS CLASS [ ] NOTE IS PRESENTED BY AN AUTHORISED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION, ("DTC") TO THE ISSUER TRUSTEE
(AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY CLASS [ ] NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORISED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORISED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE OF
THE CLASS [ ] NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST IN THIS
CLASS [ ] NOTE.

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

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

THE PRINCIPAL OF THIS CLASS [ ] NOTE IS PAYABLE IN INSTALLMENTS AND MAY BE
SUBJECT TO EXCHANGE AS SET FORTH BELOW, IN THE NOTE TRUST DEED AND IN THE NOTE
CONDITIONS. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS CLASS [ ] NOTE
AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE OF THIS CLASS [ ]
NOTE.

[PERPETUAL TRUSTEES AUSTRALIA LIMITED, ABN 86 000 431 827] (a limited liability
company incorporated in Australia and registered in New South Wales) in its
capacity as trustee of the PUMA Global Trust No. [ ] (the "PUMA TRUST") (the
"ISSUER TRUSTEE")

                                 CLASS [ ] NOTE

This Class [ ] Note is issued by the Issuer Trustee in an initial aggregate
principal amount of [US] $[ ] the ("CLASS [ ] NOTE") and is:

(a)  constituted by a Note Trust Deed (the "NOTE TRUST DEED") dated [ ] made
     between the Issuer Trustee, Macquarie Securitisation Limited, ABN 16 003
     297 336, (the "MANAGER") and [The Bank of New York, New York Branch] (the
     "NOTE TRUSTEE"); and

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

     (i)  a Trust Deed (the "TRUST DEED") dated 13 July 1990 (as amended) made
          between the person referred to therein as the Founder and the Issuer
          Trustee, as amended from time to time;

                                                                             49.
<PAGE>

     (ii)  a Sub-Fund Notice (the "SUB-FUND NOTICE") dated [ ] from the Manager
           to the Issuer Trustee;

     (iii) a Security Trust Deed (the "SECURITY TRUST DEED") dated [ ] made
           between the Issuer Trustee, the Manager, the Note Trustee and
           [Perpetual Trustee Company Limited, ABN 42 001 001 007];

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

     (v)   the Note Trust Deed; and

     (vi)  the Note Conditions as set out in the Annexure to this Class [ ] Note
           (the " NOTE CONDITIONS").

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

If this Class [ ] Note is a Book-Entry Note and the Issuer Trustee is obliged to
issue Definitive Notes under clause [3.4(a)] of the Note Trust Deed, this Class
[ ] Note will be exchangeable in whole upon its surrender at the offices of the
Note Registrar as specified in the Note Conditions or notified to Class [ ]
Noteholders from time to time (or such other place as the Note Trustee may
agree) for Definitive Notes and the Issuer Trustee shall execute and procure
that the Note Trustee authenticates and delivers in full exchange for this Class
[ ] Note, Definitive Notes in aggregate principal amount equal to the then
Principal Balance of this Class [ ] Note subject to and in accordance with
clause [3.4(b)] of the Note Trust Deed and in accordance with the Agency
Agreement. The Issuer Trustee is not obliged to issue Definitive Notes until 30
days after the occurrence of an event set out in clause [3.4(a)] of the Note
Trust Deed. The Definitive Notes to be issued on that exchange will be in
registered form each in the denomination of [ ] or integral multiples thereof.

The Issuer Trustee, in its capacity as trustee of the PUMA Trust, subject to and
in accordance with this Class [ ] Note, the Note Conditions, the Agency
Agreement, the Trust Deed, the Sub-Fund Notice and the Note Trust Deed, promises
to pay to [ ] as the registered holder of this Class [ ] Note, or to registered
assigns of this Class [ ] Note, the principal sum of [] [ ] (or such part of
that amount as may become repayable under the Note Conditions, the Sub-Fund
Notice and the Note Trust Deed) on such date(s) as that principal sum (or any
part of it) becomes repayable in accordance with the Note Conditions, the
Sub-Fund Notice and the Note Trust Deed and to pay interest in arrear on each
[Quarterly] Payment Date on the Principal Balance of this Class [ ] Note at
rates determined in accordance with condition [6] of the Note Conditions. If the
Issuer Trustee fails to meet its obligations to issue Definitive Notes, this
shall be without prejudice to the Issuer Trustee's obligations with respect to
the Class [ ] Notes under the Note Trust Deed, the Trust Deed, the Sub-Fund
Notice, the Agency Agreement and this Class [ ] Note.

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

On any payment of principal and/or interest on the Class [ ] Notes details of
that payment shall be endorsed by or on behalf of the Issuer Trustee in the Note
Register and, in the case of payments of principal, the Principal Balance of the
Class [ ] Notes shall be reduced for all purposes by the amount so

                                                                             50.
<PAGE>

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

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

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

If this Class [ ] Note is a Book-Entry Note, this Class [ ] Note is a global
note.

IN WITNESS the Issuer Trustee has caused this Class [ ] Note to be signed
manually by a person duly authorised on its behalf

[PERPETUAL TRUSTEES AUSTRALIA LIMITED] by:

.................................................
Authorised Officer/duly appointed representative

IMPORTANT NOTES:

Neither the Manager nor the Issuer Trustee is under any obligation at any time
to repurchase any Class [ ] Notes from Class [ ] Noteholders.

This Class [ ] Note is not a certificate of title and the Note Register on which
these Class [] Notes are registered is the only conclusive evidence of the title
of the abovementioned person to the Class [] Notes.

The Issuer Trustee issues this Class [ ] Note only in its role as trustee of the
PUMA Trust. Any obligation or liability of the Issuer Trustee arising under or
in any way connected with the PUMA Trust under the Trust Deed, the Sub-Fund
Notice, the Note Trust Deed, this Class [ ] Note or any other Transaction
Document to which the Issuer Trustee is a party is limited 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 obligation or liability. This
limitation will not apply to any obligation or liability of the Issuer Trustee
only to the extent that it is not so satisfied because of any fraud, negligence
or wilful default on the part of the Issuer Trustee. The Issuer Trustee will
have no liability for any act or omission of the Manager or of any other person
(other than a person whose acts or omissions the Issuer Trustee is liable for in
accordance with any Transaction Document).

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

None of the Manager or any other member of the Macquarie Bank group or the
Issuer Trustee in its personal capacity or as trustee of any other trust
guarantees the payment or repayment of any principal, interest or other amounts
owing in respect of the Class [ ] Notes.

The Class [ ] Notes do not represent deposits or other liabilities of the
Manager or any other member of the Macquarie Bank group. The holding of the
Class [ ] Notes is subject to investment risk, including possible delays in
payment and loss of income and principal invested. None of the Manager or any
other member of the Macquarie Bank group stand in any way behind the capital
value and/or performance of the Class [ ] Notes, or the assets held by the PUMA
Trust.

[There is a risk that, for the purposes of ERISA and the Code, the Class [ ]
Notes may be recharacterised as equity interests in the PUMA Trust after their
initial issuance].

                                                                             51.
<PAGE>

CERTIFICATE OF AUTHENTICATION

This Class [ ] Note is authenticated by [The Bank of New York, New York Branch]
as Class [ ] Note Trustee and until so authenticated shall not be valid for any
purpose.

[THE BANK OF NEW YORK, NEW YORK BRANCH] by:

..........................................................
Authorised Officer/duly appointed representative

Dated:...................................................

                                                                             52.
<PAGE>

ASSIGNMENT

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

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

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

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

Dated: ____________________               ___________________________________ *
                                          Signature Guaranteed:

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

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

                                                                             53.
<PAGE>

ANNEXURE

[Insert completed Note Conditions]

                                                                             54.<PAGE>

SCHEDULE 2
FORM OF NOTE TERMS AND CONDITIONS

                   TERMS AND CONDITIONS OF THE CLASS [ ] NOTES

The following, subject to amendments, are the terms and conditions of the Class
[ ] Notes, substantially as they will appear on the reverse of any Class [ ]
Note. Class [ ] Notes will initially be issued in book entry form. Class [ ]
Notes in definitive form will only be issued in limited circumstances. While the
Class [ ] Notes remain in book entry form, the same terms and conditions govern
them, except to the extent that they are appropriate only to the Class [ ] Notes
in definitive form.

1.          GENERAL

            The issue of the [ ] Class [ ] Mortgage Backed Floating Rate Notes
            due [ ] (the "CLASS [ ] NOTES") and [insert similar definition for
            any other notes denominated in a currency other than Australian
            dollars] by [Perpetual Trustees Australia Limited, ABN 86 000 431
            827],[("PERPETUAL")] in its capacity as trustee of the PUMA Global
            Trust No. [ ] (the "PUMA TRUST") ([Perpetual] in such capacity, the
            "ISSUER TRUSTEE") was authorised by a resolution of the board of
            directors of [Perpetual Trustee Company Limited, ABN 86 001 001 007
            (as delegate of Perpetual) passed on 15 January 2003].

            The Class [ ] Notes: (a) are constituted by a Note Trust Deed (the
            "NOTE TRUST DEED") dated on or prior to [ ] made between the Issuer
            Trustee, Macquarie Securitisation Limited, ABN 16 003 297 336, (the
            "MANAGER") and [The Bank of New York, New York Branch] (the "NOTE
            TRUSTEE") as trustee for the several persons who are for the time
            being registered holders of the Class [ ] Notes (each a "CLASS [ ]
            NOTEHOLDER" and together the "CLASS [ ] NOTEHOLDERS"); and (b) are
            issued subject to, and with the direct or indirect benefit of,
            amongst other things (i) a Trust Deed (the "TRUST DEED") dated 13
            July 1990 made between the person referred to therein as the Founder
            and Perpetual, as amended from time to time; (ii) a Sub-Fund Notice
            (the "SUB-FUND NOTICE") dated [ ] from the Manager to the Issuer
            Trustee; (iii) a Security Trust Deed (the "SECURITY TRUST DEED")
            dated [ ] made between the Issuer Trustee, the Manager, the Note
            Trustee and [Perpetual Trustee Company Limited, ABN 86 001 001 007]
            (the "SECURITY TRUSTEE"); (iv) the Note Trust Deed; (v) these terms
            and conditions (the "Conditions"); and (vi) the Agency Agreement (as
            defined below).

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

            Payments of interest and principal, and the calculation of certain
            amounts and rates, under these Conditions in respect of the Class [
            ] Notes will be made pursuant to an Agency Agreement (the "AGENCY
            AGREEMENT") dated on or prior to [ ] made between the Issuer
            Trustee, the Note Trustee, the Manager, [The Bank of New York, New
            York Branch], as the initial principal paying agent (the "PRINCIPAL
            PAYING AGENT") (together with any other paying agent appointed from
            time to time under the Agency Agreement, the "PAYING AGENTS"), as
            the initial agent bank (the "AGENT BANK") and as the initial note
            registrar (the "NOTE REGISTRAR") and [The Bank of New York, London
            Branch] as an initial paying agent.

            The Issuer Trustee has entered into an ISDA Master Agreement
            together with a schedule (the "ISDA MASTER AGREEMENT") with [ ] and
            the Manager. Pursuant to the ISDA Master Agreement, [ ] (the
            "CURRENCY SWAP PROVIDER") has entered into a currency swap
            transaction relating to the Class [ ] Notes with the Issuer Trustee
            and the Manager (the "CURRENCY SWAP").

            ["US$"] and ["US DOLLARS"] means the lawful currency for the time
            being of the [United States of America] and "A$" means the lawful
            currency for the time being of the Commonwealth of Australia.

2.          DEFINITIONS AND INTERPRETATION

2.1         INCORPORATED DEFINITIONS AND OTHER PROVISIONS

            Where in these Conditions a word or expression is defined by
            reference to its meaning in another Transaction Document or there is
            a reference to another Transaction Document or to a provision of
            another Transaction Document, any amendment to the meaning of that
            word or expression, to that other Transaction Document or to that
            provision (as the case may be) will be of no effect for the purposes
            of these Conditions unless and until the amendment: (a) if it does
            not effect a Payment Modification (as

                                                                             1.
<PAGE>

            defined in CONDITION [10.3]) in relation to the Class [ ] Notes
            is either: (i) if the Note Trustee is of the opinion that the
            amendment will not be materially prejudicial to the interests of
            the Class [ ] Noteholders, consented to by the Note Trustee; or
            (ii) otherwise, approved by a Special Majority (as defined in
            CONDITION [10.3]) of the Class [ ] Noteholders under the Note
            Trust Deed; or (b) if the amendment does effect a Payment
            Modification (as defined in CONDITION [10.3]) in relation to the
            Class [ ] Notes, is consented to by each Class [ ] Noteholder.

2.2         INTERPRETATION

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

2.3         CALCULATIONS

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

3.          CLASS [ ] NOTEHOLDERS BOUND

            The Class [ ] Noteholders are bound by, and are deemed to have
            notice of, all the provisions of the Transaction Documents. A copy
            of each Transaction Document is available for inspection upon
            reasonable prior notice and during normal business hours on New York
            business days at the [New York office, and on London business days
            at the London office, for the time being of the Note Trustee (which
            are, at the date of these Conditions, 101 Barclay Street, 21W, New
            York, New York, 10286 and One Canada Square, 48th Floor, London E14
            5AL, United Kingdom, respectively)].

            "TRANSACTION DOCUMENTS" means the Trust Deed in so far as it relates
            to the PUMA Trust, the Sub-Fund Notice, the ISDA Master Agreement,
            the Currency Swap, each master agreement under which Interest Rate
            Swaps are entered into by the Issuer Trustee and any relevant swap
            confirmations entered into under any such master agreement, the
            Redraw Facility Agreement, the Security Trust Deed, the Underwriting
            Agreement, the Note Trust Deed, these Conditions, the Agency
            Agreement and any other document which is agreed by the Manager and
            the Issuer Trustee to be a Transaction Document in relation to the
            PUMA Trust.

            "INTEREST RATE SWAP" has the same meaning as in the Security Trust
            Deed and "REDRAW FACILITY AGREEMENT" and "UNDERWRITING AGREEMENT"
            have the same respective meanings as in the Sub-Fund Notice.

4.          FORM, DENOMINATION AND TITLE OF AND TO, AND THE ISSUE OF DEFINITIVE,
            CLASS [ ] NOTES

4.1         FORM AND DENOMINATION

            The Class [ ] Notes will be issued in registered form, without
            interest coupons, in minimum denominations of [ ] or integral
            multiples thereof. The initial principal amount of each Class [ ]
            Note (the "ORIGINAL PRINCIPAL BALANCE" in relation to that Class [ ]
            Note) will be stated on its face.

4.2         TITLE

            Title to the Class [ ] Notes will only be shown on, and will only
            pass by registration in, the register (the "NOTE REGISTER")
            maintained by the Note Registrar in accordance with the Agency
            Agreement. Class [ ] Notes may be transferred, or may be exchanged
            for other Class [ ] Notes in any authorised denominations and a like
            Principal Balance (as defined in CONDITION [6.4]), upon the
            surrender of the Class [ ] Notes to be transferred or exchanged duly
            endorsed with or accompanied by a written instrument of transfer and
            exchange duly executed (with such execution guaranteed by an
            eligible guarantor institution) and the provision of such other
            documents as the Note Registrar may reasonably

                                                                             2.
<PAGE>

            require, to a specified office of the Note Registrar (as set out
            at the end of these Conditions or otherwise notified to Class [ ]
            Noteholders) subject to and in accordance with the Agency
            Agreement. No service charge may be made for any transfer or
            exchange, but the Note Registrar may require payment by the Class
            [] 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 [ ] Notes. The Note Registrar need
            not register transfers or exchanges of Class [ ] Notes for a
            period of 30 days preceding the due date for any payment with
            respect to the Class [ ] Notes or for a period, not exceeding 30
            days, specified by the Note Trustee prior to any meeting, which
            includes Class [ ] Noteholders, under the Trust Deed or the
            Security Trust Deed. The Issuer Trustee, the Note Trustee, the
            Manager, the Agent Bank and each Paying Agent 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, the Agent Bank, any Paying Agent or 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.          STATUS, SECURITY AND RELATIONSHIP BETWEEN THE CLASS [ ] NOTES, THE
            A$ REDRAW NOTES AND THE A$ CLASS [ ] NOTES

5.1         STATUS OF THE NOTES

            The A$ Redraw Notes (as defined in CONDITION [5.5]) [and the A$
            Class [ ] Notes and [insert same definition for any other notes
            denominated in Australian dolars] (as defined in CONDITION [5.6])]
            ([together with the A$ Redraw Notes], the "A$ NOTES") and the Class
            [] Notes (together with the A$ Notes, the "NOTES") are direct,
            secured (as described in CONDITION [5.2]) limited recourse (as
            described in CONDITION [5.3]) obligations of the Issuer Trustee.

5.2         SECURITY

            The obligations of the Issuer Trustee under the Notes are (amongst
            the other payment obligations of the Issuer Trustee comprising the
            Secured Moneys (as defined below)) secured, pursuant to the Security
            Trust Deed, in favour of the Security Trustee as trustee for the
            Secured Creditors (as defined below), by a floating charge (the
            "CHARGE") over all of the assets and property, real and personal
            (including choses in action and other rights), tangible and
            intangible, present or future, of the PUMA Trust (the "CHARGED
            PROPERTY"). The Charged Property includes certain housing loans, and
            related mortgages, originated by Perpetual Trustees Australia
            Limited under the Trust Deed. The Charge is a first ranking
            security, subject only to the Prior Interest in the Charged
            Property.

            "NOTEHOLDERS" means the Class [ ] Noteholders (as defined in the
            Note Trust Deed) and the A$ Redraw Noteholders and A$ Class [ ]
            Noteholders (each as defined in the Sub-Fund Notice).

            "PRINCIPAL BALANCE" in relation to a Class [ ] Note is defined in
            CONDITION [6.4] and in relation to an A$ Note means A$[ ] less the
            aggregate of all amounts previously paid in relation to that A$ Note
            on account of principal pursuant to clause [5.1] or [5.5] of the
            Sub-Fund Notice.

            "PRIOR INTEREST" means the lien over, and right of indemnification
            from, the Charged Property held by the Issuer Trustee under, and
            calculated in accordance with, the Trust Deed for the fees, costs,
            charges and expenses incurred by or payable to the Issuer Trustee
            (in its capacity as trustee of the PUMA Trust) in accordance with
            the Trust Deed and the Sub-Fund Notice (other than the Secured
            Moneys and the Subordinated Fee Amount) which are unpaid or paid by
            the Issuer Trustee but not reimbursed to the Issuer Trustee from the
            assets of the PUMA Trust.

            "SECURED CREDITORS" means the Note Trustee (in its personal capacity
            and as trustee of the Note Trust established under the Note Trust
            Deed), each Agent, each Noteholder, each Interest Rate Swap Provider
            (as defined in the Security Trust Deed), the Currency Swap Provider
            (as defined in the Sub-Fund Notice), the Redraw Facility Provider
            (as defined in the Sub-Fund Notice) and any other Stand-by
            Arrangement Provider (as defined in the Security Trust Deed).

            "SECURED MONEYS" means, without double counting, the aggregate of
            all moneys owing to the Security Trustee or to a Secured Creditor
            under any of the Transaction Documents provided that the Secured
            Moneys do not include any fees or value added tax payable to the
            Note Trustee or an Agent referred to in clause [12.7] of the Note
            Trust Deed or clause [12.6] of the Agency Agreement.

            "SUBORDINATED FEE AMOUNT" has the same meaning as in the Security
            Trust Deed.

                                                                             3.
<PAGE>

5.3       LIMITED RECOURSE

          The liability of the Issuer Trustee to make interest and principal
          payments on the Class [ ] Notes is limited, except in certain
          circumstances described in CONDITION [12], to the assets and property
          of the PUMA Trust available for this purpose in accordance with, and
          subject to the order of priority of payments in, the Sub-Fund Notice
          (prior to enforcement of the Charge) or the Security Trust Deed
          (following enforcement of the Charge).

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

          None of the Manager, the Note Trustee, the Security Trustee, any
          Agent, the Currency Swap Provider, the Redraw Facility Provider, any
          other Stand-by Arrangement Provider, the Unitholders or the
          Underwriters (as defined in the Underwriting Agreement), amongst
          others, has any obligation to any Class [ ] Noteholder for payment of
          any amount owed by the Issuer Trustee in respect of the Class [ ]
          Notes.

5.4       [NO PREFERENCE

          The Class [ ] Notes rank equally and rateably and without any
          preference or priority among themselves.]

5.5       [ISSUE OF A$ REDRAW NOTES

          Under the Sub-Fund Notice, the Issuer Trustee is entitled to issue
          certain debt securities ("A$ REDRAW NOTES") from time to time at the
          direction of the Manager. The Manager must not direct the Issuer
          Trustee to issue A$ Redraw Notes unless the Manager has received
          written confirmation from each Current Rating Authority that this will
          not result in a downgrading, withdrawal or qualification of any rating
          assigned by them to the Notes.]

5.6       [ISSUE OF A$ CLASS [ ] NOTES

          Under the Sub-Fund Notice, the Issuer Trustee is entitled to issue
          certain debt securities ("A$ CLASS [ ] NOTES") from time to time at
          the direction of the Manager. The Manager must not direct the Issuer
          Trustee to issue A$ Class [ ] Notes after [] (the "CLOSING DATE")
          unless the Manager has received written confirmation from each Current
          Rating Authority that this will not result in a downgrading,
          withdrawal or qualification of any rating assigned by them to the
          Notes.]

5.7       RANKING OF INTEREST PAYMENTS OF NOTES PRIOR TO ENFORCEMENT

          Prior to the enforcement of the Charge, under the Sub-Fund Notice the
          payment of the relevant A$ amount by the Issuer Trustee to the
          Currency Swap Provider which in turn will be applied under the
          Currency Swap to meet the payment of interest on the Class [ ] Notes
          as explained in CONDITION [6.9], will rank equally and rateably with
          the payment of interest on the A$ Redraw Notes and will rank ahead of
          the payment of interest on the A$ Class [ ] Notes.

5.8       RANKING OF PRINCIPAL PAYMENTS OF NOTES PRIOR TO ENFORCEMENT

          Prior to the enforcement of the Charge, under the Sub-Fund Notice:

          (a)  the repayment of principal on the A$ Redraw Notes will rank ahead
               of the payment of the relevant A$ amounts by the Issuer Trustee
               to the Currency Swap Provider which in turn will be applied under
               the Currency Swap to meet the repayment of principal on the Class
               [ ] Notes as explained in CONDITION [7.2] (and will rank ahead of
               repayment of principal on the A$ Class [ ] Notes); and

          (b)  the payment of the relevant A$ amounts by the Issuer Trustee to
               the Currency Swap Provider which in turn will be applied under
               the Currency Swap to meet the repayment of

                                                                             4.
<PAGE>

               principal on the Class A Notes will rank ahead of, only to the
               extent and in the circumstances set out in the Sub-Fund Notice,
               the repayment of principal on the A$ Class [ ] Notes.

5.9       RANKING OF NOTES FOLLOWING ENFORCEMENT

          Following the enforcement of the Charge, under the Security Trust Deed
          the payment of amounts owing in relation to the Class [ ] Notes will
          rank rateably with the payment of amounts owing in respect of the A$
          Redraw Notes, and ahead of amounts owing in respect of the A$ Class
          [ ] Notes.

          However, for the purposes of determining distributions to, and
          allocations between, the Class [ ] Noteholders and other Secured
          Creditors, amounts owing in respect of the Class [ ] Notes will be
          converted into A$ in accordance with the Security Trust Deed.

          The Security Trust Deed contains provisions requiring the Security
          Trustee, subject to other provisions of the Security Trust Deed, to
          give priority to the interests of the Class [ ] Noteholders and the A$
          Redraw Noteholders if there is a conflict between the interests of the
          Class [ ] Noteholders and the A$ Redraw Noteholders (on the one hand)
          and any other Secured Creditor, including the A$ Class [ ]Noteholders
          (on the other hand). In determining the interests of the Class [ ]
          Noteholders, the Security Trustee may rely on a determination of the
          Note Trustee.

5.10      THE NOTES RANK EQUALLY EXCEPT AS PROVIDED IN THE TRANSACTION DOCUMENTS

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

6.        INTEREST

6.1       PERIOD OF ACCRUAL

          Each Class [ ] Note accrues interest from (and including) the Closing
          Date and ceases to accrue interest on (but excluding) the earliest of:

          (a)  the date on which the Principal Balance of the Class [ ] Note is
               reduced to zero and all accrued but previously unpaid interest,
               is paid in full;

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

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

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

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

6.2       ACCRUAL PERIODS

          The period that a Class [ ] Note accrues interest in accordance with
          CONDITION [6.1] is divided into periods (each an "ACCRUAL PERIOD").
          The first Accrual Period for a Class [ ] Note commences on (and
          includes) the Closing Date and ends on (but does not include) the
          first [Quarterly] Payment Date thereafter. Each succeeding Accrual
          Period for a Class [ ] Note commences on (and includes) a [Quarterly]
          Payment Date and ends on (but does not include) the next [Quarterly]
          Payment Date. The final Accrual Period for a Class [ ] Note ends on
          (but does not include) the date on which interest ceases to accrue on
          the Class [ ] Note pursuant to CONDITION [6.1].

                                                                             5.
<PAGE>

          "[QUARTERLY] PAYMENT DATE" means [ ] and each following [ ], [ ], [ ]
          and [ ] of each year until the Final Maturity Date (as defined in
          CONDITION [7.1]) and the Final Maturity Date provided that where any
          of these dates is not a Business Day the [Quarterly] Payment Date will
          be the next following Business Day.

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

6.3       INTEREST RATE FOR THE CLASS [ ] NOTES

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

          ["USD-LIBOR-BBA" for an Accrual Period will be calculated by the Agent
          Bank in accordance with paragraphs (a), (b) and (c), as applicable,
          below.

          (a)  on the second London/New York Business Day before the beginning
               of the Accrual Period (a "RATE SET DATE") the Agent Bank will
               determine the rate "USD-LIBOR-BBA", as the applicable Floating
               Rate Option under the 2000 ISDA Definitions of the International
               Swaps and Derivatives Association, Inc. (the "ISDA DEFINITIONS"),
               as modified herein, being the rate applicable to any Accrual
               Period for three month deposits in US dollars in the London inter
               bank market which appears on the Rate Page as of 11.00am, (London
               time) on the Rate Set Date;

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

          (c)  if the first quarterly Accrual Period is less than or greater
               than three months, USD-LIBOR-BBA for that first quarterly Accrual
               Period will be the rate determined by Linear Interpolation (as
               defined in the ISDA Definitions) calculated in accordance with
               paragraph (a) or, if applicable, paragraph (b), above, in each
               case with reference to two rates one of which will be based upon
               deposits for a period of time for which such rate is available
               next shorter than the length of the first Accrual Period and the
               other of which will be based upon deposits for a period of time
               for which such rate is available next longer than the length of
               the first Accrual Period.]

          "LONDON/NEW YORK BUSINESS DAY" means any day on which banks are open
          for business in London and New York City, other than a Saturday, a
          Sunday or a public holiday in London or New York City.

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

                                                                             6.
<PAGE>

          "ISSUE MARGIN" means in relation to a Class [ ] Note:

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

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

          There is no maximum or minimum Interest Rate for the Class [ ] Notes.

6.4       CALCULATION OF INTEREST ON THE CLASS [ ] NOTES

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

          "PRINCIPAL BALANCE" in relation to a Class [ ] Note means the Original
          Principal Balance of that Class [ ] Note less the aggregate of all
          amounts previously paid in relation to that Class [ ] Note on account
          of principal pursuant to CONDITION [7.2(C)].

6.5       DETERMINATION OF INTEREST RATE AND INTEREST AMOUNT

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

6.6       NOTIFICATION AND PUBLICATION OF INTEREST RATE AND INTEREST AMOUNT

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

6.7       DETERMINATION OR CALCULATION BY THE NOTE TRUSTEE

          If the Agent Bank for any reason does not determine by close of
          business on the relevant Rate Set Date the Interest Rate in respect of
          the Class [ ] Notes, or calculate the Interest Amount, in accordance
          with this CONDITION [6], the Note Trustee will do so and each such
          determination or calculation by the Note Trustee will be as if made by
          the Agent Bank. In doing so, the Note Trustee will apply the foregoing
          provisions of this CONDITION [6], with any necessary consequential
          amendments, to the extent that it can and in all other respects it
          will do so in such a manner as it considers to be fair and reasonable
          in all the circumstances.

                                                                             7.
<PAGE>

6.8       AGENT BANK

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

6.9       PAYMENT OF THE INTEREST AMOUNT

          The Interest Amount for each Accrual Period in relation to a Class
          [ ] Note is payable in arrears in [US$] on the [Quarterly] Payment
          Date which is the day on which the Accrual Period ends. On each
          [Quarterly] Payment Date prior to the enforcement of the Charge, the
          Issuer Trustee must:

          (a)  to the extent that there are funds available for this purpose in
               accordance with the Sub-Fund Notice pay, in accordance with the
               directions of the Manager, the A$ Class [ ] Interest Amount and
               any Unpaid A$ Class [ ] Interest Amount in relation to that
               [Quarterly] Payment Date to the Currency Swap Provider in
               accordance with the Currency Swap;

          (b)  direct the Currency Swap Provider (which direction may be
               contained in the Currency Swap) to pay the Class [ ] Interest
               Payment on each [Quarterly] Payment Date to the Principal Paying
               Agent in accordance with the Agency Agreement; and

          (c)  direct the Principal Paying Agent (which direction may be
               contained in the Agency Agreement) to pay the Class [ ] Interest
               Payment received by it from the Currency Swap Provider on a
               [Quarterly] Payment Date rateably amongst the Class [ ] Notes
               towards the Interest Amount in relation to each Class [ ] Note in
               relation to the Accrual Period ending on that [Quarterly] Payment
               Date and any then Unpaid Interest Amount (as defined in CONDITION
               [6.10]) in relation to each Class [ ] Note, based on those
               Interest Amounts and Unpaid Interest Amounts, in accordance with,
               and subject to, these Conditions and the Agency Agreement.

          "A$ CLASS [ ] INTEREST AMOUNT" and "UNPAID A$ CLASS [ ] INTEREST
          AMOUNT" and [insert similar definition for any other notes denominated
          in a currency other than Australian dollars] have the same respective
          meanings as in the Sub-Fund Notice. "CLASS [ ] INTEREST PAYMENT" has
          the same meaning as in the Currency Swap.

6.10      INTEREST ON UNPAID INTEREST AMOUNTS

          If interest is not paid in respect of a Class [ ] Note on the date
          when due and payable, that unpaid interest will itself bear interest
          at the Interest Rate in relation to that Class [ ] Note applicable
          from time to time until (but excluding the date of payment) the unpaid
          interest, and interest on it, is paid in accordance with CONDITION
          [6.9] (the unpaid interest and interest on that unpaid interest, in
          relation to a Class [ ] Note, is an "UNPAID INTEREST AMOUNT").

7.        REDEMPTION OF THE CLASS [ ] NOTES

7.1       FINAL REDEMPTION OF THE CLASS [ ] NOTES

          Unless previously redeemed (or deemed to be redeemed) in full, the
          Issuer Trustee will redeem the Class [ ] Notes at their then Principal
          Balance, together with all then accrued but unpaid interest, on the
          [Quarterly] Payment Date occurring in [ ] (the "FINAL MATURITY DATE").

7.2       PART REDEMPTION OF CLASS [ ] NOTES

                                                                             8.
<PAGE>

          Subject to CONDITIONS [7.3],[ 7.4] and [7.6], on each [Quarterly]
          Payment Date prior to the enforcement of the Charge until the
          Principal Balance of the Class [ ] Notes is reduced to zero the Issuer
          Trustee must:

          (a)  pay, in accordance with the directions of the Manager, the A$
               Class [ ] Principal Amount (if any) in relation to that
               [Quarterly] Payment Date to the Currency Swap Provider in
               accordance with the Currency Swap;

          (b)  direct the Currency Swap Provider (which direction may be
               contained in the Currency Swap) to pay on each [Quarterly]
               Payment Date to the Principal Paying Agent in accordance with the
               Agency Agreement the [US$] Equivalent of the amount of the A$
               Class [ ] Principal Amount (such [US$] Equivalent of the A$ Class
               [ ] Principal Amount being the "CLASS [ ] PRINCIPAL AMOUNT")
               received by the Currency Swap Provider from the Issuer Trustee on
               that [Quarterly] Payment Date; and

          (c)  direct the Principal Paying Agent (which direction may be
               contained in the Agency Agreement) to pay the Class [ ] Principal
               Amount received from the Currency Swap Provider amongst the Class
               [ ] Notes rateably towards the repayment of the Principal
               Balances of the Class [ ] Notes in accordance with, and subject
               to, these Conditions and the Agency Agreement until the Principal
               Balances of the Class [ ] Notes are reduced to zero. Such a
               payment of the Principal Balance on a Class [ ] Note will
               constitute a redemption of the Class [ ] Note in part to the
               extent of such repayment and, upon such repayment, the obligation
               of the Issuer Trustee with respect to the Class [ ] Note will be
               discharged to the extent of such repayment.

          "A$ CLASS [ ] PRINCIPAL AMOUNT" has the same meaning as in the
          Sub-Fund Notice. ["US$] EQUIVALENT" has the same meaning as in the
          Currency Swap.

7.3       CALL OPTION

          The Issuer Trustee will, subject to the other provisions of this
          CONDITION [7] and prior to the enforcement of the Charge, when
          directed by the Manager (at the Manager's option), redeem all, but not
          some only, of the Notes at their then Principal Balance, together with
          all accrued but unpaid interest in respect of the Notes to (but
          excluding) the date of redemption, on any [Quarterly] Payment Date
          falling on or after the earlier of:

          (a)  the [Quarterly] Payment Date in relation to which the Manager
               reasonably expects (on a date not more than [60] days nor less
               than [30] days prior to that [Quarterly] Payment Date) that the
               aggregate Principal Balances of all the Class [ insert the name
               of notes denominated in US dollars or other applicable currency]
               Notes and the [US$] Equivalent of the then Principal Balances of
               all the A$ Class [insert the name of note denominated in a
               currency other than US dollars or other applicable currency]
               Notes issued on the Closing Date expressed as a percentage of the
               aggregate of the Original Principal Balances of all the Class [
               insert the name of notes denominated in US dollars or other
               applicable currency] Notes and the [US$] Equivalent of the
               Original Principal Balances of all the Class [ insert the name of
               notes denominated in a currency other than US dollars or other
               applicable currency] Notes issued on the Closing Date, will be
               less than or equal to [10]%; and

          (b)  the [Quarterly] Payment Date falling in [ ] (the "CALL DATE").

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

          The Issuer Trustee will give not more than [60] nor less than [30]
          days' notice (which will be irrevocable) of the [Quarterly] Payment
          Date on which a proposed redemption under this CONDITION [7.3] will
          occur to the Note Trustee, the Principal Paying Agent, the Agent Bank
          and to the Class [ ] Noteholders in accordance with CONDITION [11.1].

          "ORIGINAL PRINCIPAL BALANCE" in relation to an Class [ ] Note has the
          same meaning as in the Sub-Fund Notice.

                                                                             9.
<PAGE>

7.4       REDEMPTION FOR TAXATION OR OTHER REASONS

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

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

          (b)  the total amount payable in respect of interest in relation to
               any of the Approved Mortgages (as defined in the Trust Deed)
               which are assets of the PUMA Trust for a [Quarterly] Period
               ceases to be receivable (whether or not actually received) by the
               Issuer Trustee during such [Quarterly] Period by reason of any
               present or future taxes, duties, assessments or governmental
               charges of whatever nature imposed, levied, collected, withheld
               or assessed by a Relevant Jurisdiction,

          and, in each case, such obligation cannot be avoided by the Issuer
          Trustee taking reasonable measures available to it, the Issuer Trustee
          must, when so directed by the Manager (at the Manager's option),
          redeem all, but not some only, of the Notes on any subsequent
          [Quarterly] Payment Date at their then Principal Balance, subject to
          the following, together with accrued but unpaid interest in respect of
          the Notes to (but excluding) the date of redemption. The Manager will
          not direct the Issuer Trustee to, and the Issuer Trustee will not, so
          redeem the Notes unless the Issuer Trustee is in a position on such
          [Quarterly] Payment Date to repay in respect of the Notes their then
          Principal Balance, together with all accrued but unpaid interest to
          (but excluding) the date of redemption and to discharge all its
          liabilities in respect of amounts which are required under the
          Security Trust Deed to be paid in priority to or equally with the
          Notes of all classes if the Charge were enforced.

          The Issuer Trustee will give not more than [60] nor less than [30]
          days' notice (which will be irrevocable) of the [Quarterly] Payment
          Date on which a proposed redemption under this CONDITION [7.4] will
          occur to the Note Trustee, the Principal Paying Agent, the Note
          Registrar, the Agent Bank and the Class [ ] Noteholders in accordance
          with CONDITION [11.1].

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

          In order to assist the Issuer Trustee to fund such a redemption the
          Issuer Trustee has vested in it the power to sell Approved Mortgages
          (as defined in the Trust Deed) to the trustee of any other PUMA trust.
          This power may only be exercised if all Noteholders are paid the
          Principal Balance and all accrued but unpaid interest on their Notes.

7.5       CERTIFICATION

          For the purpose of any redemption made under CONDITION [7.3] or [7.4],
          the Issuer Trustee and the Note Trustee may rely on any certificate of
          an Authorised Signatory (as defined in the Trust Deed) of the Manager
          that the Issuer Trustee will be in a position to repay in respect of
          the Notes their then Principal Balance, together with all accrued but
          unpaid interest to (but excluding) the date of redemption and to
          discharge all its liabilities in respect of amounts required under the
          Security Trust Deed to be paid in priority to or equally with the
          Notes if the Charge were enforced.

                                                                             10.
<PAGE>

7.6       REDEMPTION ON FINAL PAYMENT

          Upon a final distribution being made in respect of the Class [ ] Notes
          under the Sub-Fund Notice and these Conditions or clause [13.1] of the
          Security Trust Deed, the Class [ ] Notes will thereupon be deemed to
          be redeemed and discharged in full and any obligation to pay any
          accrued but then unpaid Interest Amount or any Unpaid Interest Amount
          or any then unpaid Principal Balance or other amounts in relation to
          the Class [ ] Notes will be extinguished in full.

7.7       CANCELLATION

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

7.8       NO PAYMENT IN EXCESS OF FACE VALUE

          No amount of principal will be repaid in respect of a Class [ ] Note
          in excess of the face value of the Class [ ] Note.

7.9       CALCULATION OF PRINCIPAL AMOUNTS AND OTHER AMOUNTS

          (a)  No later than [five] Business Days prior to each [Quarterly]
               Payment Date, the Manager will determine: (i) the amount of any
               Class [ ] Principal Amount payable in respect of each Class [ ]
               Note on the [Quarterly] Payment Date; (ii) the Principal Balance
               of each Class [ ] Note as at that [Quarterly] Payment Date (after
               deducting any Class [ ] Principal Amounts due to be paid in
               respect of such Class [ ] Note on that [Quarterly] Payment Date);
               (iii) the Note Factor (as defined below) as at that [Quarterly]
               Payment Date in relation to the Class [ ] Notes (after deducting
               any Class [ ] Principal Amounts due to be paid in respect of such
               Class [ ] Note on that [Quarterly] Payment Date); and (iv) the
               amount of the Class [ ] Interest Payment to be made on the
               [Quarterly] Payment Date applicable to each Class [ ] Note.

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

          (c)  If the Manager does not at any time for any reason make one or
               more of the determinations referred to in CONDITION [7.9(A)] the
               Agent Bank (or, failing the Agent Bank, the Note Trustee) must
               make such determinations in accordance with this Condition (but
               based on the information in its possession) and each such
               determination will be deemed to have been made by the Manager.

          "NOTE FACTOR" in relation to a class of Notes at a given time means
          the percentage calculated as follows:

                                    A
                              NF = ---
                                    B

          where:

          NF = the Note Factor;

          A  = the aggregate Principal Balance of that class of Notes at that
               time; and

          B  = the aggregate Original Principal Balance of that class of
               Notes.

                                                                             11.
<PAGE>

8.        PAYMENTS

8.1       METHOD OF PAYMENT

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

          "RECORD DATE" in relation to a [Quarterly] Payment Date or any other
          date for any payment to be made in respect of a Class [ ] Note means:

          (a)  if the Class [ ] Note is issued in book entry form, [2] Business
               Days prior to that [Quarterly] Payment Date or date; and

          (b)  if the Class [ ] Note is issued in definitive form, [30] days
               prior to that [Quarterly] Payment Date or date.

8.2       SURRENDER ON FINAL PAYMENT

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

8.3       PAYING AGENTS

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

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

8.4       TAXATION

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

                                                                             12.
<PAGE>

8.5       PRESCRIPTION

          A Class [ ] Note will become void in its entirety unless surrendered
          for payment within a period of [10] years from the Relevant Date in
          respect of any payment thereon the effect of which would be to reduce
          the Principal Balance of that Class [ ] Note to zero. After the date
          on which a Class [ ] Note becomes void in its entirety, no claim can
          be made in respect of it.

          "RELEVANT DATE" in respect of a Class [ ] Note means the date on which
          any payment in respect thereof first becomes due or (if the full
          amount of the moneys payable in respect of the Class [ ] Note due on
          or before that date has not been duly received by the Principal Paying
          Agent or the Note Trustee on or prior to such date) the date on which
          the full amount of such moneys have been so received and notice to
          that effect is duly given to the Class [ ] Noteholders in accordance
          with CONDITION [11.1].

8.6       NOTIFY LATE PAYMENTS

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

8.7       ROUNDING OF PAYMENTS

          All payments in respect of the Class [ ] Notes will be rounded down to
          the nearest cent.

9.        ENFORCEMENT FOLLOWING OCCURRENCE OF EVENT OF DEFAULT

9.1       ENFORCEMENT

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

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

          "EVENT OF DEFAULT", "EXTRAORDINARY RESOLUTION" and "VOTING SECURED
          CREDITORS" have the same respective meanings as in the Security Trust
          Deed.

9.2       SECURITY TRUSTEE MAY ENFORCE CHARGE WITHOUT DIRECTION

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

9.3       PRIORITY OF PAYMENTS FROM PROCEEDS FROM THE ENFORCEMENT OF THE CHARGE

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

                                                                             13.
<PAGE>

9.4       SECURITY TRUSTEE AND NOTE TRUSTEE NOT LIABLE FOR LOSS ON ENFORCEMENT

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

          "TRUST INDENTURE ACT" means the Trust Indenture Act 1939 of the United
          States of America as in force at the date of the Note Trust Deed.

9.5       DIRECTIONS FROM CLASS [ ] NOTEHOLDERS TO NOTE TRUSTEE FOLLOWING EVENT
          OF DEFAULT

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

          If any of the Class [ ] Notes remain outstanding and are due and
          payable otherwise than by reason of a default in payment of any amount
          due on the Class [ ] Notes, the Note Trustee must not vote at a
          meeting of Voting Secured Creditors under the Security Trust Deed, or
          otherwise direct the Security Trustee, to dispose of the Charged
          Property unless: (a) a sufficient amount would be realised to
          discharge in full all amounts owing to the Class [ ] Noteholders in
          respect of the Class [ ] Notes and any other amounts owing by the
          Issuer Trustee to any other person ranking in priority to or with the
          Class [ ] Notes; (b) the Note Trustee is of the opinion, reached after
          considering at any time and from time to time the advice of an
          investment bank or other financial adviser selected by the Note
          Trustee, that the cash flow receivable by the Issuer Trustee (or the
          Security Trustee under the Security Trust Deed) will not (or that
          there is a significant risk that it will not) be sufficient, having
          regard to any other relevant actual, contingent or prospective
          liabilities of the Issuer Trustee, to discharge in full in due course
          all the amounts referred to in paragraph (a); or (c) the Note Trustee
          is so directed by a Special Majority (as defined in CONDITION [10.3])
          of Class [ ] Noteholders.

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

                                                                             14.
<PAGE>

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

9.6         ONLY SECURITY TRUSTEE MAY ENFORCE CHARGE

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

9.7         EXERCISE OF CLASS [ ] NOTEHOLDER RIGHTS BY NOTE TRUSTEE

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

10.         MEETINGS OF VOTING SECURED CREDITORS, DIRECTIONS OF CLASS [ ]
            NOTEHOLDERS, MODIFICATIONS, CONSENTS, WAIVERS AND INDEMNITIES

10.1        MEETINGS OF VOTING SECURED CREDITORS

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

10.2        DIRECTIONS OF CLASS [ ] NOTEHOLDERS

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

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

            For the purposes of seeking any consent, direction or authorisation
            from Class [ ] Noteholders the Note Trustee may by notice to the
            Class [ ] Noteholders specify a date, not earlier than the date of
            the notice, upon which the persons who are the Class [ ] Noteholders
            and the Principal Balance of the Class [ ] Notes held by them will
            be determined based upon the details recorded in the Note Register
            as at 5.00 pm on that date.

                                                                             15.
<PAGE>

10.3      AMENDMENTS TO NOTE TRUST DEED AND THE CLASS [ ] NOTES

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

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

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

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

          (d)  and the Issuer Trustee is otherwise desirable for any reason and:

               (i)  is not in the opinion of the Note Trustee likely, upon
                    coming into effect, to be materially prejudicial to the
                    interests of Class [ ] Noteholders; or

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

          For the purpose of determining whether a Special Majority of Class [ ]
          Noteholders has consented to a modification, Class [ ] Notes which are
          beneficially owned by the Issuer Trustee or the Manager or by any
          person directly or indirectly controlling or controlled by or under
          direct or indirect common control with the Issuer Trustee or the
          Manager, will be disregarded. The Manager must give the Current Rating
          Authorities and the Note Trustee 5 Business Days' prior notice of any
          such modification. The Note Trustee will be entitled to assume that
          any proposed modification, other than a Payment Modification, will not
          be materially prejudicial to the interest of Class [ ] Noteholders if
          each of the Current Rating Authorities confirms in writing that the
          proposed modification, if effected, will not lead to a reduction,
          qualification or withdrawal of the then rating given to the Class [ ]
          Notes by that Current Rating Authority.

          Pursuant to the Note Trust Deed, the Note Trustee may concur with the
          Issuer Trustee and the Manager in making or effecting any Payment
          Modification in relation to the Class [ ] Notes if and only if the
          consent has first been obtained of the Class [ ] Noteholders to such
          Payment Modification.

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

          "PAYMENT MODIFICATION" means, in relation to the Class [ ] Notes, any
          alteration, addition or revocation of any provision of the Note Trust
          Deed, the Class [ ] Notes (including the Conditions), the Trust Deed
          to the extent it applies to the PUMA Trust, the Sub-Fund Notice or the
          Security Trust Deed which modifies: (a) the amount, timing, place,
          currency or manner of payment of principal or interest in respect of
          the Class [ ] Notes including, without limitation, any modification to
          the Principal Balance, interest rate or Final Maturity Date of the
          Class [ ] Notes or to CONDITIONS[ 6.9] and [7.2], clauses [5.1, 5.2 or
          5.5] of the Sub-Fund Notice or clause [13] of the Security Trust Deed
          or which would impair the rights of the Class [ ] Noteholders to
          institute suit for enforcement of such payment on or after the due
          date for such payment; (b) the definition of the term "Special
          Majority", clause [21.4] of the Note Trust

                                                                             16.
<PAGE>

            Deed or the circumstances in which the consent or direction of a
            Special Majority of the Class [ ] Noteholders is required; (c)
            clause [6.1(a)] of the Security Trust Deed; or (d) the
            requirements for altering, adding to or revoking any provision of
            the Note Trust Deed or the Class [ ] Notes (including the
            Conditions).

            "CURRENT RATING AUTHORITY" has the same meaning as in the Trust
            Deed.

            "SPECIAL MAJORITY" in relation to the Class [ ] Noteholders [and
            insert name of any other notes offered under the prospectus
            supplement] means Class [ ] Noteholders holding Class [] Notes with
            an aggregate Principal Balance of no less than [75]% of the
            aggregate Principal Balance of all the Class [ ] Notes.

10.4        WAIVERS ETC

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

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

            "MAJORITY" in relation to the Class [ ] Noteholders[and insert name
            of any other notes offered under the prospectus supplement] means
            Class [ ] Noteholders holding Class [ ] Notes with an aggregate
            Principal Balance of greater than 50% of the aggregate Principal
            Balance of all the Class [] Notes.

10.5        INDEMNIFICATION AND EXONERATION OF THE NOTE TRUSTEE AND THE SECURITY
            TRUSTEE

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

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

            Except in the case of fraud, negligence (except as specifically
            provided in the Trust Indenture Act), wilful default or breach of
            trust, and subject to the mandatory provisions of the Trust
            Indenture Act, the Note Trustee may act on the opinion or advice of,
            or information obtained from, any lawyer, valuer,

                                                                             17.
<PAGE>

            banker, broker, accountant or other expert appointed by the Note
            Trustee, or by a person other than Note Trustee, where that
            opinion, advice or information is addressed to the Note Trustee
            or by its terms is expressed to be capable of being relied upon
            by the Note Trustee. Except as provided above, the Note Trustee
            will not be responsible to any Class [ ] Noteholder, amongst
            others, for any loss occasioned by so acting in reliance on such
            advice. Any such opinion, advice or information may be sent or
            obtained by letter, telex or facsimile transmission and the Note
            Trustee will not be liable to any Class [ ] Noteholder, amongst
            others, for acting on any opinion, advice or information
            conforming with any applicable requirements of the Note Trust
            Deed or the Trust Indenture Act and purporting to be conveyed by
            such means even though it contains some error which is not a
            manifest error or is not authentic.

11.         NOTICES

11.1        GENERAL

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

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

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

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

11.2        NOTE INFORMATION

            Any notice specifying a [Quarterly] Payment Date, an Interest Rate
            in relation to the Class [ ] Notes, an Interest Amount, a Principal
            Amount (or the absence of a Principal Amount), a Principal Balance,
            a Note Factor in relation to the Class [ ] Notes, or any other
            matter permitted to be given in accordance with this CONDITION
            [11.2], will be deemed to have been duly given if the information
            contained in the notice appears on the relevant page of the Reuters
            Screen or the electronic information system made available to its
            subscribers by Bloomberg, L.P. or another similar electronic
            reporting service approved by the Note Trustee in writing and
            notified to Class [ ] Noteholders pursuant to CONDITION [11.1] (the
            "RELEVANT SCREEN"). Any such notice will be deemed to have been
            given on the first date on which such information appeared on the
            Relevant Screen. If it is impossible or impracticable to give notice
            in accordance with this paragraph then notice of the matters
            referred to in this Condition will be given in accordance with
            CONDITION [11.1].

11.3        QUARTERLY SERVICING AND OTHER REPORTS

            The Manager must deliver a [Quarterly] Servicing Report in relation
            to a [Quarterly] Payment Date to the Note Trustee, the Principal
            Paying Agent, the Issuer Trustee and each Class [ ] Noteholder no
            later than [5] Business Days preceding that [Quarterly] Payment Date
            in accordance with CONDITION [11.1].

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

                                                                             18.
<PAGE>

          "[QUARTERLY] SERVICING REPORT" in relation to a [Quarterly] Payment
          Date means a report which contains the following information:

          (a)  the aggregate Principal Balance of each class of Notes at the end
               of the immediately preceding [Quarterly] Payment Date;

          (b)  the amounts to be applied towards payment of interest and
               principal on each class of Notes on that [Quarterly[ Payment
               Date;

          (c)  the amounts, if any, which were applied towards payment of
               interest and principal on any A$ Redraw Notes and/or under the
               Redraw Facility Agreement on any [Monthly] Payment Dates
               occurring after the end of the immediately preceding [Quarterly]
               Payment Date;

          (d)  only in relation to the [first] [Quarterly] Servicing Report
               after the Closing Date:

               (i)   [the amount withdrawn from the Pre-Funding Pool during the
                     Pre-Funding Period and applied towards the acquisition of
                     Approved Mortgages (as defined in the Trust Deed)];

               (ii)  [the number of Approved Mortgages (as defined in the Trust
                     Deed) acquired as assets of the PUMA Trust during the
                     Pre-Funding Period and details of the aggregate principal
                     balance and the weighted average rate of interest payable
                     on those Approved Mortgages];

               (iii) the housing loan information in relation to the Approved
                     Mortgages which are assets of the PUMA Trust provided in
                     the table on page [15] of the prospectus supplement in
                     relation to the Class [ ] Notes [which shall be updated to
                     reflect the characteristics of the housing loan pool at the
                     end of the Pre-Funding Period];

               (iv)  [if applicable the amount remaining in the Pre-Funding Pool
                     at the end of the Pre-Funding Period];

          (e)  only in relation to the first [two Quarterly] Servicing Reports,
               the aggregate amount of Senior Further Advances made during the
               period from the close of business on the [] Business Day prior to
               the immediately preceding [Quarterly] Payment Date (or with
               respect to the first [Quarterly] Payment Date, the Closing Date)
               to the close of business on the [ ] Business Day prior to the
               relevant [Quarterly] Payment Date;

          (f)  the Collections in relation to that [Quarterly] Payment Date;

          (g)  the Principal Collections in relation to that [Quarterly] Payment
               Date;

          (h)  the Income Reserve at the commencement and at the end of that
               [Quarterly] Payment Date;

          (i)  [the Principal Cash Balance at the commencement and at the end of
               that Quarterly Payment Date];

          (j)  the Collections other than Principal Collections, [Principal Cash
               Balance] and Income Reserve at the end of that [Quarterly]
               Payment Date;

          (k)  the Redraw Facility Principal at the commencement and at the end
               of that [Quarterly] Payment Date;

          (l)  the aggregate of the Subordinate Further Advance Amounts in
               relation to the Approved Mortgages which are assets of the PUMA
               Trust at the end of the [ ] Business Day preceding that
               [Quarterly] Payment Date;

          (m)  the Note Factor for the Class [ ] Notes and the Note Factor for
               the A$ Class [ ] Notes at the end of that [Quarterly] Payment
               Date;

          (n)  the aggregate outstanding principal balance of the Approved
               Mortgages forming part of the

                                                                             19.
<PAGE>

               assets of the PUMA Trust being charged a fixed rate of interest
               and the aggregate outstanding principal balance of the Approved
               Mortgages forming part of the assets of the PUMA Trust being
               charged a variable rate of interest as at opening of business on
               the [ ] Business Day immediately preceding the [Quarterly]
               Payment Date; and

          (o)  delinquency and loss statistics, as determined by the Manager,
               with respect to the Approved Mortgages forming part of the assets
               of the PUMA Trust as at opening of business on the first Business
               Day of the calendar month that includes that [Quarterly] Payment
               Date.

          "COLLECTIONS", "FURTHER ADVANCE", "INCOME RESERVE", "[MONTHLY] PAYMENT
          DATE", ["PRE-FUNDING PERIOD"], ["PRE-FUNDING POOL"], "PRINCIPAL
          COLLECTIONS", ["PRINCIPAL CASH BALANCE"], "REDRAW FACILITY PRINCIPAL",
          "SENIOR FURTHER ADVANCE" and "SUBORDINATE FURTHER ADVANCE AMOUNT" have
          the same meaning as in the Sub-Fund Notice.

11.4      CONSENTS IN WRITING

          All consents and approvals in these Conditions must be given in
          writing.

12.       LIMITATION OF LIABILITY OF THE ISSUER TRUSTEE

          (a)  The Issuer Trustee enters into the Transaction Documents, and
               issues the Class [ ] Notes, only in its capacity as trustee of
               the PUMA Trust and in no other capacity (except where the
               Transaction Documents provide otherwise). A liability arising
               under or in connection with the Class [ ] Notes, the Transaction
               Documents or the PUMA Trust 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 and property 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 the Transaction Documents
               (other than paragraph (c) below) 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 the Transaction Documents, the Class [ ]
               Notes or the PUMA Trust.

          (b)  No person may sue the Issuer Trustee in respect of liabilities
               incurred by the Issuer Trustee in its capacity as trustee of the
               PUMA Trust other than as trustee of the PUMA Trust or seek the
               appointment of a receiver (except under the Security Trust Deed),
               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 or property of the PUMA Trust).

          (c)  The provisions of this CONDITION [12] will not apply to any
               obligation or liability of the Issuer Trustee to the extent that
               it is not satisfied because under a Transaction Document or by
               operation of law there is a reduction in the extent of the Issuer
               Trustee's indemnification or exoneration out of the assets or
               property of the PUMA Trust as a result of the Issuer Trustee's
               fraud, negligence or wilful default.

          (d)  The Relevant Parties are responsible under the Transaction
               Documents for performing a variety of obligations relating to the
               PUMA Trust. No act or omission of the Issuer Trustee (including
               any related failure to satisfy its obligations under the
               Transaction Documents or the Class [ ] Notes) will be considered
               fraud, negligence or wilful default of the Issuer Trustee for the
               purpose of paragraph (c) to the extent to which the act or
               omission was caused or contributed to by any failure by any
               Relevant Party or any other person appointed by the Issuer
               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.

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

                                                                             20.
<PAGE>

          (f)  The Issuer Trustee is not obliged to enter into any commitment or
               obligation under these Conditions or any other Transaction
               Document (including incur any further liability) unless the
               Issuer Trustee's liability is limited in a manner which is
               consistent with this CONDITION [12] or otherwise.

          "RELEVANT PARTIES" means each of the Manager, the Originators (as
          defined in the Trust Deed), the providers of Support Facilities, the
          Security Trustee, the Agents, the Note Trustee and any other person
          (other than the Issuer Trustee) who is a party to any Transaction
          Document (as those parties, which are not defined in these Conditions,
          are defined in the Sub-Fund Notice).

          The expression "FRAUD, NEGLIGENCE OR WILFUL DEFAULT" is to be
          construed in accordance with the Security Trust Deed.

13.       GOVERNING LAW

          The Class [ ] Notes and the Transaction Documents are governed by, and
          will be construed in accordance with, the laws of the State of New
          South Wales of the Commonwealth of Australia, except for the
          Underwriting Agreement which is governed by, and will be construed in
          accordance with, New York law. Each of the Issuer Trustee and the
          Manager has in the Note Trust Deed irrevocably agreed for the benefit
          of the Note Trustee and the Class [ ] Noteholders that both the courts
          of the State of New South Wales and the Federal and state courts in
          the Borough of Manhattan in the City of New York are to have
          non-exclusive jurisdiction to settle any disputes which may arise out
          of or in connection with the Note Trust Deed and the Class [ ] Notes.

                                                                             21.
<PAGE>

                                     AGENTS

PRINCIPAL PAYING AGENT:              [The Bank of New York, New York Branch
                                     101 Barclay Street, 21W
                                     New York, New York, 10286]

NOTE REGISTRAR:                      [The Bank of New York, New York Branch
                                     101 Barclay Street, 21W
                                     New York, New York, 10286]

                                     or

                                     [c/- The Bank of New York, London Branch
                                     48th Floor
                                     One Canada Square
                                     London  E14  5AL]

AGENT BANK:                          [The Bank of New York, New York Branch
                                     101 Barclay Street, 21W
                                     New York, New York, 10286]

PAYING AGENT:                        [The Bank of New York, London Branch
                                     48th Floor
                                     One Canada Square
                                     London  E14  5AL]

                                                                             22.

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