Document:

Exhibit 10.3

 

Confirmation for Class A
Currency Swap

ARMS II Global Fund 2

 

	
  [*] October 2003

  
	
   

  
	
  Australian
  Securitisation Management Pty

  Limited and Permanent Custodians Limited

  Level 6

  12 Castlereagh Street

  Sydney NSW 2000

  
	
   

  
	
  Attention:  Treasurer

  

 

 

Confirmation - Class A Currency Swap

 

The purpose of
this letter is to confirm the terms and conditions of the Transaction entered
into between us (the Transaction). 
This letter constitutes a Confirmation as referred to in the Master Agreement
specified below.

 

This
Confirmation supplements, forms part of, and is subject to, the ISDA Master
Agreement dated as of [*] October 2003, as amended, novated or
supplemented from time to time (the Master Agreement), between ABN AMRO Bank N.V., London
Branch (Party A),
Permanent Custodians Limited in its capacity as trustee of ARMS II Global Fund
2 (and in no other capacity) (Party B) and Australian Securitisation Management Pty
Limited (the Trust Manager).  All provisions contained in the Master
Agreement govern this Confirmation except as expressly modified below.

 

Words and
expressions defined in the Master Agreement, the Master Trust Deed, the Bond
Trust Deed or the Conditions (as set out in the Schedule 3 to the Bond Trust
Deed) have the same meaning when used in this Confirmation.

 

The terms of
the particular Transaction to which this Confirmation relates are specified
below:

	
  1.

  	
   

  	
  Our Reference:

  	
   

  	
  To be
  advised by Party A

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Trade Date:

  	
   

  	
  [*] October 2003

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  Effective Date:

  	
   

  	
  The Initial
  Issue Date, being [*] October 2003

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  Class of Currency Swap:

  	
   

  	
  This
  Transaction is a Class A Currency Swap for the purposes of the Conditions and
  as defined in the Bond Trust Deed

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5.

  	
   

  	
  Specified Percentage:

  	
   

  	
  100%

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6.

  	
   

  	
  Termination Date:

  	
   

  	
  The earlier
  of:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (a)     the date upon which the aggregate Face
  Value of all Class A Bonds is reduced to zero in accordance with the Bond
  Trust Deed and the Conditions; and

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (b)     the Maturity Date,

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  adjusted in
  accordance with the Modified Following Business Day Convention.

  

 

 

Australian Securitisation Management Pty Limited and
Permanent

Custodians Limited

 

	
  7.

  	
   

  	
  Floating Amounts

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  7.1

  	
   

  	
  Floating Amounts Payable by
  Party A

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating
  Rate Payer:

  	
   

  	
  Party A

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Calculation
  Amount

  	
   

  	
  For each
  Payment Date, the aggregate Face Value of the Class A Bonds on the
  immediately preceding Payment Date (after taking account of any payment made
  in redemption of the Face Value of the Class A Bonds on that date)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating
  Rate Payer Payment Dates:

  	
   

  	
  Each Payment
  Date for the Class A Bonds

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating
  Amount

  	
   

  	
  The
  Specified Percentage of the Class A Currency Swap Receipts for the Floating
  Rate Payer Payment Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Designated
  Maturity:

  	
   

  	
  Each
  Interest Accrual Period

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating
  Rate Day Count Fraction:

  	
   

  	
  Actual/360

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Reset Dates:

  	
   

  	
  The first
  day of each Interest Accrual Period

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Compounding:

  	
   

  	
  Not
  Applicable

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  7.2

  	
   

  	
  Floating Amounts Payable by
  Party B

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating
  Rate Payer:

  	
   

  	
  Party B

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Calculation
  Amount:

  	
   

  	
  For each
  Payment Date, the A$ Equivalent of the aggregate Face Value of the Class A
  Bonds on the immediately preceding Payment Date (after taking account of any
  payment made in redemption of the Face Value of the Class A Bonds on that
  date)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating
  Rate Payer Payment Dates:

  	
   

  	
  Each Payment
  Date for the Class A Bonds

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  The lesser
  of:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating
  Amount:

  	
   

  	
  (a)the Specified Percentage of the Class A Currency
  Swaps Payment Amount; and

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (b)the amount available to Party B on that Floating
  Rate Payer Payment Date for payment to Party A under Condition 4.4(e)(i)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Designated
  Maturity:

  	
   

  	
  Each
  Interest Accrual Period

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating
  Rate Day Count Fraction

  	
   

  	
  Actual/365
  (Fixed)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Reset Dates:

  	
   

  	
  The first
  day of each Interest Accrual Period

  

 

2

 

	
   

  	
   

  	
  Compounding:

  	
   

  	
  Not
  Applicable

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  8.

  	
   

  	
  Exchanges

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  8.1

  	
   

  	
  Initial Exchange

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Initial
  Exchange Date:

  	
   

  	
  Initial
  Issue Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Party A
  Initial Exchange Amount

  	
   

  	
  The A$
  Equivalent of the Party B Initial Exchange Amount, being A$[*]

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Party B
  Initial Exchange Amount:

  	
   

  	
  The
  Specified Percentage of the aggregate Subscription Amount of the Class A
  Bonds, being US$1,000,000,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  8.2

  	
   

  	
  Instalment Exchange

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Instalment
  Exchange Date:

  	
   

  	
  Each Payment
  Date (other than the Final Exchange Date)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Party A
  Instalment Exchange Amount:

  	
   

  	
  The
  Specified Percentage of the US$ Equivalent of the Party B Instalment Exchange
  Amount for the Instalment Exchange Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Party B
  Instalment Exchange Amount:

  	
   

  	
  The lesser
  of:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (a)the Specified Percentage of the Class A A$
  Exchange Amount for the Instalment Exchange Date; and

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (b)the amount available to Party B on that
  Instalment Exchange Date for payment to Party A under Condition 5.1(b)(i).

  
	
  8.3

  	
   

  	
  Final Exchange

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Final
  Exchange Date:

  	
   

  	
  Termination
  Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Party A
  Final Exchange Amount:

  	
   

  	
  The
  Specified Percentage of the aggregate Face Value of the Class A Bonds on the
  Final Exchange Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Party B
  Final Exchange Amount:

  	
   

  	
  The
  Specified Percentage of the A$ Equivalent of the aggregate Face Value of the
  Class A Bonds on the Final Exchange Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  9.

  	
   

  	
  Business Days

  	
   

  	
  Melbourne,
  Sydney, New York and London.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  10.

  	
   

  	
  Exchange Rate

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  For the
  purpose of the definitions of A$ Equivalent and US$ Equivalent.

  	
   

  	
  A$1.00:  US$0.[*]

  

 

3

 

	
  11.

  	
   

  	
  Account Details

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  11.1

  	
   

  	
  Payments to Party A

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Account for
  payments in US$:

  	
   

  	
  ABN AMRO
  Bank New York

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  CHIPS 007535

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ABA
  026009580

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ABNAUS33

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Favour ABN
  AMRO Bank London 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  A/C
  661001036741

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  REF DCM

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Account for
  payments in A$:

  	
   

  	
  Westpac
  Banking Corporation Sydney

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  WPACAU2F

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Favour ABN
  AMRO Bank London

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  A/C NO
  ALG0022970

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  REF DCM

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  11.2

  	
   

  	
  Payments to Party B

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Account for
  payments in US$:

  	
   

  	
  To be
  advised

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Account for
  payments in A$

  	
   

  	
  To be
  advised

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  12

  	
   

  	
  Offices:

  	
   

  	
  The Office
  of Party A for each Transaction is London

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  The Office
  of Party B for each Transaction is Sydney

  

 

Please confirm
that the above correctly sets out the terms of our agreement in respect of each
Transaction to which this Confirmation relates by signing and returning this
Confirmation to us by facsimile today.

 

	
  Executed
  documents will follow by mail.

  
	
   

  
	
   

  
	
  Yours
  sincerely

  

 

4

 

 

	
  SIGNED for and on behalf of

  ABN
  AMRO Bank N.V., London Branch

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  (Authorised Officer)

  	
   

  
	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  (Authorised Officer)

  	
   

  
	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
					

 

Confirmed as at the date first written above:

 

	
  SIGNED by

  
	
   

  
	
  Australian Securitisation
  Management Pty Limited

  as Trust Manager for and on behalf

  of Permanent
  Custodians Limited

  as trustee of ARMS II Global Fund 2

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  (Authorised Officer)

  	
   

  
	
   

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
					

 

5

 

Confirmation for Class B Currency Swap

ARMS II Global Fund 2

 

[*] October 2003

 

Australian Securitisation Management Pty

Limited and Permanent Custodians Limited

Level 6

12 Castlereagh Street

Sydney 
NSW  2000

 

Attention:  Treasurer

 

 

Confirmation - Class B Currency Swap

 

The purpose of this letter is to confirm the terms and
conditions of the Transaction entered into between us (the Transaction).  This letter constitutes a Confirmation as referred to in the Master Agreement
specified below.

 

This Confirmation supplements, forms part of, and is
subject to, the ISDA Master Agreement dated as of [*] October 2003, as amended,
novated or supplemented from time to time (the Master Agreement), between ABN AMRO Bank
N.V., London Branch (Party A), Permanent Custodians Limited in its capacity
as trustee of ARMS II Global Fund 2 (and in no other capacity) (Party B) and
Australian Securitisation Management Pty Limited (the Trust Manager).  All provisions contained in the Master Agreement govern this
Confirmation except as expressly modified below.

 

Words and expressions defined in the Master Agreement,
the Master Trust Deed, the Bond Trust Deed or the Conditions (as set out in the
Schedule 3 to the Bond Trust Deed) have the same meaning when used in this
Confirmation.

 

The terms of the particular Transaction to which this
Confirmation relates are specified below:

	
  1.

  	
   

  	
  Our Reference:

  	
   

  	
  To be advised by Party A

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Trade Date:

  	
   

  	
  [*] October 2003

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  Effective Date:

  	
   

  	
  The Initial Issue Date, being [*] October 2003

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  Class of Currency Swap:

  	
   

  	
  This Transaction is a Class B Currency Swap for the
  purposes of the Conditions and as defined in the Bond Trust Deed

  
	
                  

  	
   

  	
   

  	
   

  	
   

  
	
  5.

  	
   

  	
  Specified Percentage:

  	
   

  	
  100%

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6.

  	
   

  	
  Termination Date:

  	
   

  	
  The earlier of:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (a)           the
  date upon which the aggregate Face Value of all Class B Bonds is reduced to
  zero in accordance with the Bond Trust Deed and the Conditions; and

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (b)           the Maturity Date,

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  adjusted in accordance with the Modified Following
  Business Day Convention.

  

 

 

Australian Securitisation Management Pty Limited and
Permanent

Custodians Limited

 

	
  7.

  	
   

  	
  Floating Amounts

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  7.1

  	
   

  	
  Floating Amounts Payable by Party A

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating Rate Payer:

  	
   

  	
  Party A

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Calculation Amount:

  	
   

  	
  For each Payment Date, the aggregate Face Value of
  the Class B Bonds on the immediately preceding Payment Date (after taking
  account of any payment made in redemption of the Face Value of the Class B
  Bonds on that date)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating Rate Payer Payment Dates:

  	
   

  	
  Each Payment Date for the Class B Bonds

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating Amount:

  	
   

  	
  The Specified Percentage of the Class B Currency
  Swap Receipts for the Floating Rate Payer Payment Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Designated Maturity:

  	
   

  	
  Each Interest Accrual Period

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating Rate Day Count Fraction:

  	
   

  	
  Actual/360

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Reset Dates:

  	
   

  	
  The first day of each Interest Accrual Period

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Compounding:

  	
   

  	
  Not Applicable

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  7.2

  	
   

  	
  Floating Amounts Payable by Party B

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating Rate Payer:

  	
   

  	
  Party B

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Calculation Amount:

  	
   

  	
  For each Payment Date, the A$ Equivalent of the
  aggregate Face Value of the Class B Bonds on the immediately preceding
  Payment Date (after taking account of any payment made in redemption of the
  Face Value of the Class B Bonds on that date)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating Rate Payer Payment Dates:

  	
   

  	
  Each Payment Date for the Class B Bonds

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating Amount:

  	
   

  	
  The lesser of:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (a)           the
  Specified Percentage of the Class B Currency Swaps Payment Amount; and

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (b)           the
  amount available to Party B on that Floating Rate Payer Payment Date for
  payment to Party A under Condition 4.4(f)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Designated Maturity:

  	
   

  	
  Each Interest Accrual Period

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Floating Rate Day Count Fraction:

  	
   

  	
  Actual/365 (Fixed)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Reset Dates:

  	
   

  	
  The first day of each Interest Accrual Period

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Compounding:

  	
   

  	
  Not Applicable

  

 

2

 

	
  8.

  	
   

  	
  Exchanges

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  8.1

  	
   

  	
  Initial Exchange

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Initial Exchange Date:

  	
   

  	
  Initial Issue Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Party A Initial Exchange Amount:

  	
   

  	
  The A$ Equivalent of the Party B Initial Exchange
  Amount, being A$[*]

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Party B Initial Exchange Amount:

  	
   

  	
  The Specified Percentage of the aggregate
  Subscription Amount of the Class B Bonds, being US$33,500,000

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  8.2

  	
   

  	
  Instalment Exchange

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Instalment Exchange Date:

  	
   

  	
  Each Payment Date (other than the Final Exchange
  Date)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Party A Instalment Exchange Amount:

  	
   

  	
  The Specified Percentage of the US$ Equivalent of
  the Party B Instalment Exchange Amount for the Instalment Exchange Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Party B Instalment Exchange Amount:

  	
   

  	
  The lesser of:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (a)           the
  Specified Percentage of the Class B A$ Exchange Amount for the Instalment
  Exchange Date; and

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (b)           the
  amount available to Party B on that Instalment Exchange Date for payment to
  Party A under Condition 5.1(c)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  8.3

  	
   

  	
  Final Exchange

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Final Exchange Date:

  	
   

  	
  Termination Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Party A Final Exchange Amount:

  	
   

  	
  The Specified Percentage of the aggregate Face Value
  of the Class B Bonds on the Final Exchange Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Party B Final Exchange Amount:

  	
   

  	
  The Specified Percentage of the A$ Equivalent of the
  aggregate Face Value of the Class B Bonds on the Final Exchange Date

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  9.

  	
   

  	
  Business Days

  	
   

  	
  Melbourne, Sydney, New York and London.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  10.

  	
   

  	
  Exchange Rate

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  For the purpose of the definitions of A$ Equivalent and US$ Equivalent.

  	
   

  	
  A$1.00: 
  US$0.[*]

  

 

3

 

	
  11.

  	
   

  	
  Account Details

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  11.1

  	
   

  	
  Payments to Party A

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Account for payments in US$:

  	
   

  	
  ABN AMRO Bank New York

  CHIPS 007535

  ABA 026009580

  ABNAUS33

  Favour ABN AMRO Bank London

  A/C 661001036741

  REF DCM

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Account for payments in A$:

  	
   

  	
  Westpac Banking Corporation Sydney

  WPACAU2F

  Favour ABN AMRO Bank London

  A/C NO ALG0022970

  REF DCM

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  11.2

  	
   

  	
  Payments to Party B

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Account for payments in US$:

  	
   

  	
  To be advised

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Account for payments in A$:

  	
   

  	
  To be advised

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  12

  	
   

  	
  Offices:

  	
   

  	
  The Office of Party A for each Transaction is London

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  The Office of Party B for each Transaction is Sydney

  

 

Please confirm that the above correctly sets out the
terms of our agreement in respect of each Transaction to which this
Confirmation relates by signing and returning this Confirmation to us by
facsimile today.

 

Executed documents will follow by mail.

 

Yours sincerely

 

4

 

	
  SIGNED for and on behalf of

  ABN
  AMRO Bank N.V., London Branch

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  (Authorised
  Officer)

  	
   

  	
   

  
	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  (Authorised
  Officer)

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  

 

Confirmed as at the date first written above:

 

	
  SIGNED by

  
	
   

  
	
  Australian Securitisation Management Pty

  Limited as Trust Manager for and on behalf

  of Permanent
  Custodians Limited as

  trustee of ARMS II Global Fund 2

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  (Authorised
  Officer)

  	
   

  
	
   

  
	
  Name:

  	
   

  	
   

  
	
   

  
	
  Title:

  	
   

  	
   

  

 

5Exhibit 10.4

 

	
   

  	
  Paying Agency Agreement

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Permanent Custodians Limited  

  Australian
  Securitisation Management Pty Limited  

  The
  Bank of New York

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ARMS II Global Fund 2

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Allens Arthur Robinson  

  The Chifley Tower  

  2 Chifley Square  

  Sydney  NSW  2000  

  Australia  

  Tel  61  2 9230 4000  

  Fax  61  2 9230 5333  

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  © Copyright Allens Arthur Robinson 2003

  

 

 

	
  Paying Agency Agreement

  	
  

  

 

	
  Table of Contents

  
	
   

  	
   

  	
   

  
	
  1.

  	
  Definitions and Interpretation

  
	
   

  	
   

  	
   

  
	
   

  	
  1.1

  	
  Definitions

  
	
   

  	
  1.2

  	
  Bond Trust Deed Definitions

  
	
   

  	
  1.3

  	
  Interpretation

  
	
   

  	
  1.4

  	
  Status of this Agreement

  
	
   

  	
  1.5

  	
  Liability of Issuer

  
	
   

  	
  1.6

  	
  Liability of Bond Trustee

  
	
   

  	
   

  	
   

  
	
  2.

  	
  Appointment of Paying Agents

  
	
   

  	
   

  	
   

  
	
  3.

  	
  Payment

  
	
   

  	
   

  	
   

  
	
   

  	
  3.1

  	
  Payment by Issuer

  
	
   

  	
  3.2

  	
  Confirmation and Information

  
	
   

  	
  3.3

  	
  Payments by Paying Agents

  
	
   

  	
  3.4

  	
  Method of Payment - Global Bonds

  
	
   

  	
  3.5

  	
  Method of payment - Definitive Bonds

  
	
   

  	
  3.6

  	
  Late
  payment

  
	
   

  	
  3.7

  	
  Payment Obligation

  
	
   

  	
  3.8

  	
  Notice of non-receipt

  
	
   

  	
  3.9

  	
  Reimbursement

  
	
   

  	
  3.10

  	
  Method of payment

  
	
   

  	
  3.11

  	
  Trust

  
	
   

  	
  3.12

  	
  No
  Liability

  
	
   

  	
   

  	
   

  
	
  4.

  	
  Repayment

  
	
   

  	
   

  	
   

  
	
  5.

  	
  Appointment of the Calculation Agent

  
	
   

  	
   

  	
   

  
	
  6.

  	
  Duties of the Calculation Agent

  
	
   

  	
   

  	
   

  
	
  7.

  	
  Payments to Bond Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  7.1

  	
  Bond Trustee’s requirements following an
  Event of Default

  
	
   

  	
  7.2

  	
  Discharge

  
	
   

  	
   

  	
   

  
	
  8.

  	
  Early redemption of US$ Bonds

  
	
   

  	
   

  	
   

  
	
  9.

  	
  Redemption and Cancellation of Bonds

  
	
   

  	
   

  	
   

  
	
  10.

  	
  Notices to US$ Bondholders

  
	
   

  	
   

  	
   

  
	
  11.

  	
  Documents and forms

  
	
   

  	
   

  	
   

  
	
  12.

  	
  Authentication

  
	
   

  	
   

  	
   

  
	
  13.

  	
  Indemnity

  
	
   

  	
   

  	
   

  
	
   

  	
  13.1

  	
  Indemnity

  
	
   

  	
  13.2

  	
  Survival of Indemnity

  
	
   

  	
   

  	
   

  
	
  14.

  	
  The US$ Register

  
	
   

  	
   

  	
   

  
	
   

  	
  14.1

  	
  Appointment
  of US$ Registrar

  
	
   

  	
  14.2

  	
  Details to be kept on the US$ Register

  
	
   

  	
  14.3

  	
  Correctness of US$ Register

  

 

i

 

	
  15.

  	
  General

  
	
   

  	
   

  	
   

  
	
   

  	
  15.1

  	
  Meetings
  of US$ Bondholders

  
	
   

  	
  15.2

  	
  Agency

  
	
   

  	
  15.3

  	
  Identity

  
	
   

  	
  15.4

  	
  No
  set-off

  
	
   

  	
  15.5

  	
  Reliance

  
	
   

  	
  15.6

  	
  Entitled to deal

  
	
   

  	
  15.7

  	
  Consultation

  
	
   

  	
  15.8

  	
  Duties

  
	
   

  	
   

  	
   

  
	
  16.

  	
  Changes in Paying Agents and Calculation
  Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  16.1

  	
  Removal

  
	
   

  	
  16.2

  	
  Resignation

  
	
   

  	
  16.3

  	
  Limitation

  
	
   

  	
  16.4

  	
  Delivery of amounts

  
	
   

  	
  16.5

  	
  Successor Agents

  
	
   

  	
  16.6

  	
  Notice
  to US$ Bondholders

  
	
   

  	
  16.7

  	
  Change in Paying Office or Specified Office

  
	
   

  	
   

  	
   

  
	
  17.

  	
  Fees and expenses

  
	
   

  	
   

  	
   

  
	
  18.

  	
  Waivers, remedies cumulative

  
	
   

  	
   

  	
   

  
	
  19.

  	
  Severability of provisions

  
	
   

  	
   

  	
   

  
	
  20.

  	
  Assignments

  
	
   

  	
   

  	
   

  
	
  21.

  	
  Notices

  
	
   

  	
   

  	
   

  
	
   

  	
  21.1

  	
  Notices generally

  
	
   

  	
  21.2

  	
  Communication through Principal Paying
  Agent

  
	
   

  	
   

  	
   

  
	
  22.

  	
  Counterparts

  
	
   

  	
   

  	
   

  
	
  23.

  	
  Governing law

  
	
   

  	
   

  	
   

  
	
  24.

  	
  Successor trustee

  

 

ii

 

	
  Date

  	
   

  	
   

  	
  2003

  
	
   

  	
   

  	
   

  	
   

  
	
  Parties

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  1.

  	
   

  	
  Permanent
  Custodians Limited (ACN 001 426 384) of 35 Clarence
  Street, Sydney, NSW 2000 (the Issuer);

  
	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Australian
  Securitisation Management Pty Limited (ACN 103 852
  428) of Level 6, 12 Castlereagh Street, Sydney, NSW 2000 (the Trust Manager); and

  
	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  The Bank of New York, a New York banking corporation,  as
  principal paying agent for the US$ Bonds described below (the Principal Paying Agent, which
  expression shall, wherever the context requires, include any successor
  principal paying agent from time to time under this Agreement) and as trustee
  for the US$ Bondholders (the Bond Trustee, which expression shall, wherever the
  context requires, include any other trustee or trustees from time to time
  under the Bond Trust Deed) and as calculation agent in relation to the US$
  Bonds described below (the Calculation Agent, which expression shall, wherever
  the context requires, include any successor reference agent from time to
  time) and as US$ Registrar in relation to the US$ Bonds described below (the US$ Registrar,
  which expression shall, wherever the context requires, include any successor
  US$ Registrar from time to time under this Agreement).

  
	
   

  	
   

  	
   

  
	
  Recitals

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  A

  	
   

  	
  The Issuer proposes to issue
  US$ 1,000,000,000 of Class A Mortgage Backed Floating Rate Bonds and US$
  33,500,000 of Class B Mortgage Backed Floating Rate Bonds (the US$ Bonds).

  
	
   

  	
   

  	
   

  
	
  B

  	
   

  	
  The US$ Bonds, upon original issue, will be issued in the form of
  Global Bonds.  The Issuer shall, on
  the date of this Agreement, deliver or arrange the delivery on its behalf of
  each Global Bond to the Principal Paying Agent, as agent for the Clearing
  Agency.  Each Global Bond shall
  initially be registered on the US$ Register in the name of the Common
  Depository, as nominee of the Clearing Agency, and no Bond Owner will receive
  a Definitive Bond representing such Bond Owner’s interest in such US$ Bond,
  except as provided in the Bond Trust Deed.

  
	
   

  	
   

  	
   

  
	
  C

  	
   

  	
  The US$ Bonds will be constituted by the Bond
  Trust Deed, the Conditions and the Master Trust Deed.

  
	
   

  	
   

  	
   

  
	
  D

  	
   

  	
  The US$ Bonds will be secured on the terms of
  the Security Trust Deed.

  

 

1

 

	
  E

  	
   

  	
  The Issuer wishes to appoint
  the Principal Paying Agent as principal paying agent in respect of the US$
  Bonds and has entered
  into this Agreement to provide for the terms and conditions of that
  appointment.

  
	
   

  	
   

  	
   

  
	
  F

  	
   

  	
  The Issuer wishes to appoint
  the Calculation Agent as its reference agent in respect of the US$
  Bonds and has entered
  into this Agreement to provide for the terms and conditions of that
  appointment.

  
	
   

  	
   

  	
   

  
	
  G

  	
   

  	
  The Issuer wishes to appoint the US$ Registrar as bond registrar in
  respect of the US$ Bonds and has entered into this Agreement to provide for
  the terms and conditions of that appointment.

  

 

IT IS AGREED as follows.

 

1.                                     Definitions and Interpretation

 

1.1                              Definitions

 

The following definitions apply
unless the context requires otherwise.

 

Agent means each Paying Agent, the
Calculation Agent and the US$ Registrar.

 

Bond Trust Deed means the deed, so entitled, dated
on or about the date of this Agreement between the parties to this Agreement,
Australian Mortgage Securities Ltd and Permanent Registry Limited.

 

Paying Agent means any person for the time being
appointed as a paying agent under this Agreement, including the Principal
Paying Agent.

 

Paying Office means, in relation to a Paying
Agent, the office of the Paying Agent specified in clause 21.1(e), being the
office at which payments in respect of the US$ Bonds will be made, as changed from time to time in
accordance with this Agreement.

 

Specified Office means, in relation to the
Calculation Agent, the office of the Calculation Agent specified under this
Agreement as the office at which the Calculation Agent will carry out its
duties under this Agreement.

 

1.2                              Bond Trust Deed Definitions

 

Words and expressions which are
defined in the Bond Trust Deed (including by incorporation by reference) have
the same meanings when used in this Agreement unless the context otherwise
requires or unless otherwise defined in this Agreement.

 

2

 

1.3                              Interpretation

 

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

 

(a)                                  person includes an
individual, a body politic, a corporation and a statutory or other authority or
association (incorporated or unincorporated);

 

(b)                                 references
to a party include that party’s executors, administrators, successors,
substitutes and assigns, including any person taking by way of novation;

 

(c)                                  references
to any legislation 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;

 

(d)                                 corporation means any
body corporate wherever formed or incorporated, including any public authority
or any instrumentality of the Crown;

 

(e)                                  the
expression certified
means:

 

(i)                                    in
the case of The Bank of New York, certified in writing by an Authorised
Signatory of The Bank of New York; or

 

(ii)                                 in
the case of any other corporation or person, certified in writing by 2 Authorised
Signatories of the corporation or by that person respectively,

 

and certify
and like expressions shall be construed accordingly;

 

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

 

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

 

(h)                                 references
to a clause or a Schedule are to a clause or a Schedule of this
Agreement;

 

(i)                                     where
any word or phrase is given a defined meaning, any other part of speech or
other grammatical form of that word or phrase has a corresponding meaning;

 

(j)                                     if
the due date for payment of any amount, or the doing of any thing, in respect
of this Agreement is not a Business Day, then the Modified Following Business
Day Convention (as defined in the ISDA Definitions) shall apply to the making
of that payment or the doing of that thing;

 

(k)                                  all
accounting terms shall be interpreted in accordance with the Approved
Accounting Standards;

 

(l)                                     month means calendar
month; and

 

(m)                               a
reference to any document or agreement is to such document or agreement as
amended, varied, supplemented or novated from time to time.

 

3

 

1.4                              Status of this Agreement

 

This Agreement is:

 

(a)                                  the Initial Paying Agency Agreement
for the purposes of the Bond Trust Deed; and

 

(b)                                 a Transaction Document in relation
to the Fund.

 

1.5                              Liability of Issuer

 

Clause 1.5 of the Bond Trust
Deed is incorporated into this Agreement as if set out in full in this
Agreement except that references to this Deed shall be construed as references to this Agreement.

 

1.6                              Liability of Bond Trustee

 

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

 

(b)                                 Notwithstanding
any other provision of this Agreement or any other Transaction Document, the
Bond Trustee’s rights and obligations under this Agreement only apply to the
US$ Bonds and the Bond Trustee is not in any way responsible for the Fast
Prepayment Bonds.

 

2.                                     Appointment of Paying Agents

 

(a)                                  Subject to the terms of this
Agreement, the Issuer (acting on the direction of the Trust Manager) appoints
the Principal Paying Agent as its principal paying agent for making payments at
its Paying Office in respect of the US$ Bonds in accordance with the
Transaction Documents in relation to the Fund. 
The Principal Paying Agent accepts such appointment.

 

(b)                                 If at any time there is more than
one Paying Agent, the obligations of the Paying Agents under this Agreement
shall be several and not joint.

 

(c)                                  It is acknowledged and agreed that:

 

(i)                                    subject to clause 7, each
Paying Agent is the agent of the Issuer in its capacity as trustee of the Fund
only; and

 

(ii)                                  despite anything else in this
Agreement, any other Transaction Document or at law, the Issuer in its personal
capacity is not responsible for any act or omission of any Paying Agent.

 

4

 

3.                                     Payment

 

3.1                              Payment by Issuer

 

(a)                                  The Issuer must, at the direction of
the Trust Manager, by not later than 10.00 am (New York time) on each Payment
Date on which a payment is due in respect of the US$ Bonds, in accordance with
the Conditions, pay to or to the order of, or procure payment to or to the
order of, the Principal Paying Agent the amount in immediately available funds
in US$ as is required to be paid on that date for the purposes of such payment.

 

(b)                                 The Principal Paying Agent
acknowledges that the Issuer may comply with its payment obligations under
paragraph (a) by procuring that the relevant Currency Swap Counterparty pays
the relevant amount direct to the Principal Paying Agent.

 

3.2                              Confirmation and Information

 

(a)                                  Not later than 4.00 pm (Sydney time)
on each Determination Date, the Trust Manager on behalf of the Issuer must
notify, or procure notification to, the Principal Paying Agent and the Bond
Trustee of the amount of interest and principal payable in respect of the US$
Bonds on the Payment Date following that Determination Date.  The Issuer, or the Trust Manager on its
behalf, must also forward to the Principal Paying Agent at that time
confirmation that the payments provided for in clause 3.1(a) will be made
unconditionally and irrevocably.

 

(b)                                 The Trust Manager agrees to provide
to the Principal Paying Agent such other information as the Principal Paying
Agent may reasonably request from time to time in order to enable the Principal
Paying Agent to comply with its obligations under this Agreement.

 

3.3                              Payments by Paying Agents

 

Subject to clause 7 and to
payment being duly made as provided in clause 3.1 (or the Principal Paying
Agent otherwise being satisfied that the payment will be duly made on the due
date), the Paying Agents must pay or cause to be paid on behalf of the Issuer
on each Payment Date the relevant amounts of principal and interest due in
respect of the US$ Bonds in accordance with the Conditions.

 

3.4                              Method of Payment - Global Bonds

 

The Principal Paying Agent must
cause all payments of principal and interest due and received by it in respect
of US$ Bonds represented by a Global Bond to be made to the Common Depository
in accordance with Condition 10.8 for credit to the account of the persons
appearing from time to time in the records of the Common Depository as
registered account holders with respect to, and whilst any of the US$ Bonds are
represented by, a Global Bond.

 

5

 

3.5                              Method of payment - Definitive Bonds

 

Payments of principal and
interest on the Definitive Bonds must be made in accordance with the
Conditions.

 

3.6                              Late payment

 

(a)                                  If any payment under clause 3.1 is
made late but otherwise in accordance with the provisions of this Agreement,
each Paying Agent must:

 

(i)                                    in the case of any payment made on
or prior to 1.00pm (New York time) on a Payment Date, make the payments
required to be made by it in respect of the US$ Bonds as provided in this
clause 3 (other than clauses 3.6(a)(ii) and 3.6(a)(iii));

 

(ii)                                 in the case of any payment made
after 1.00pm (New York time) on a Payment Date, make the payments required to
be made by it in respect of the US$ Bonds by 9.00am (New York time) the next
Business Day occurring after that Payment Date and otherwise as provided in
this clause 3; and

 

(iii)                              in the case of any payment made
after a Payment Date, make the payments required to be made by it in respect of
the US$ Bonds as soon as reasonably practicable and otherwise as provided in
this clause 3.

 

(b)                                 If the Principal Paying Agent has
not received on a Payment Date the full amount of principal and interest then
payable on any US$ Bond in accordance with the Conditions, but receives the
full amount later, it shall:

 

(i)                                    forthwith upon full receipt notify
the other Paying Agents (if any), the Issuer, the Bond Trustee, the Security
Trustee and the Trust Manager; and

 

(ii)                                 as soon as practicable after such
full receipt, give due notice, in accordance with Condition 15 (unless the Bond
Trustee agrees otherwise), to the US$ Bondholders that it has received the full
amount.

 

3.7                              Payment Obligation

 

Unless and until the full amount
of any payment in respect of the US$ Bonds required to be made under the Transaction
Documents has been made to or to the order of the Principal Paying Agent in
accordance with clause 3.1, no Paying Agent shall be bound to make any payment
under this clause 3.

 

3.8                              Notice of non-receipt

 

The Principal Paying Agent must
immediately notify by facsimile the other Paying Agents (if any), the Bond
Trustee, the Issuer, the Security Trustee and the Trust Manager if the full
amount of any payment of principal or interest required to be made by the
Conditions in respect of a US$ Bond is not unconditionally received by it or to
its order in accordance with this Agreement.

 

6

 

3.9                              Reimbursement

 

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

 

3.10                       Method of payment

 

(a)                                  The Principal Paying Agent must,
promptly after each Payment Date, confirm in writing to the Issuer, in
accordance with clause 21, that the Principal Paying Agent has paid the
relevant amount to the Common Depository or the relevant Bond Owners (as the
case may be).

 

(b)                                 Except as otherwise provided under
the terms of this Agreement, the Principal Paying Agent shall be entitled to
deal with moneys paid to it under this Agreement in the same manner as other
moneys paid to it as a banker by its customers except that it may not exercise
any lien, right of set-off or similar claim in respect of such moneys.  The Principal Paying Agent shall be entitled
to retain for its own account any interest earned on the sums held by it under
this Agreement and it need not segregate such sums from other amounts held by
it, except as required by law.

 

3.11                       Trust

 

The Principal Paying Agent shall hold on trust for the Bond Trustee and
the US$ Bondholders all sums held by it for the payment of principal and
interest with respect to the US$ Bonds until all relevant sums are paid to the
Bond Trustee or the US$ Bondholders or otherwise disposed of in accordance with
the Bond Trust Deed.

 

3.12                       No Liability

 

The Principal Paying Agent shall not be liable for acting upon any
written instruction of the Issuer.

 

4.                                     Repayment

 

(a)                                  Immediately on any entitlement to
receive principal or interest under any US$ Bond becoming void under the Conditions, the
Principal Paying Agent must repay to the Issuer the amount which would have
been due in respect of that principal or interest if it had been paid before
the entitlement under any US$ Bond became void.

 

(b)                                 Despite paragraph (a), the Principal
Paying Agent shall not be obliged to make any repayment to the Issuer so long
as any amount which should have been paid to or to 

 

7

 

the
order of the Principal Paying Agent or, if applicable, the Bond Trustee by the
Issuer remains unpaid.

 

5.                                     Appointment of the Calculation Agent

 

(a)                                  The Issuer (acting on the direction
of the Trust Manager) appoints the Calculation Agent as its reference agent in
respect of the US$ Bonds
upon the terms and conditions set forth in this Agreement.  The Calculation Agent accepts that
appointment.

 

(b)                                 It is acknowledged and agreed that:

 

(i)                                     the Calculation Agent is the agent
of the Issuer in its capacity as trustee of the Fund only; and

 

(ii)                                 despite anything else in this
Agreement, any other Transaction Document or at law, the Issuer in its personal
capacity is not responsible for any act or omission of the Calculation Agent.

 

6.                                     Duties of the Calculation Agent

 

(a)                                  The Calculation Agent must, until
the US$ Bonds have been finally redeemed in accordance with Condition 10.10:

 

(i)                                    perform such duties at its Specified
Office as are set forth in this Agreement and in the Conditions and any other
duties which are reasonably incidental to those duties at the request of the
Issuer, the Trust Manager, the Bond Trustee or the Principal Paying Agent;

 

(ii)                                 as
soon as practicable on each Determination Date:

 

(A)                             determine
the Interest Rate for all US$ Bonds for the Interest Accrual Period commencing
on the next Payment Date; and

 

(B)                               notify
the Issuer, the Trust Manager, the Bond Trustee, each of the relevant US$
Bondholders (in accordance with Condition 15) and each of the Paying Agents of
the Interest Rate so determined specifying to the Trust Manager the basis of
such determination.

 

(b)                                 If
for any reason the Calculation Agent does not make the determination under
paragraph (a)(ii), the Trust Manager must request the Bond Trustee to make, and
the Bond Trustee must make, that determination as if it were the Calculation
Agent.  Any such determination will be
deemed to have been made by the Calculation Agent.

 

8

 

7.                                     Payments to Bond Trustee

 

7.1                              Bond Trustee’s requirements
following an Event of Default

 

At any time after an Event of Default or a Potential Event of Default
has occurred and is continuing unremedied, the Bond Trustee may, so far as
permitted by applicable law:

 

(a)                                  by
notice in writing to the Issuer and each Paying Agent require the Paying
Agents, until notified by the Bond Trustee to the contrary, to:

 

(i)                                    act
as agents of the Bond Trustee and the US$ Bondholders on the terms of this
Agreement; and

 

(ii)                                 hold
all US$ Bonds and all moneys, documents and records held by them in respect of
the Bonds to the order of the Bond Trustee; and

 

(b)                                 by
notice in writing to the Issuer, require it to make all subsequent payments in
respect of the US$ Bonds to or to the order of the Bond Trustee and not to the
Paying Agents.

 

7.2                              Discharge

 

Any payment made by the Issuer in accordance with clause 7.1(b) will to
that extent be a good discharge to the Issuer.

 

8.                                     Early redemption of US$ Bonds

 

(a)                                  If the Issuer (at the direction of
the Trust Manager) intends to redeem the US$ Bonds under Condition 8 prior to
their Final Maturity Date, the Issuer (or the Trust Manager on its behalf)
must, at least 14 days prior to the latest date for giving the notice of
redemption required to be given to Bondholders under Condition 8.3(d), give
notice of its intention to the Principal Paying Agent (who must promptly give
notice to the other Paying Agents (if any)) and the Bond Trustee stating the
date on which such US$ Bonds are to be redeemed and the Face Value of the US$
Bonds to be redeemed.

 

(b)                                 The Principal Paying Agent must, on
receipt of a notice under paragraph (a):

 

(i)                                    if any of the US$ Bonds are Global
Bonds:

 

(A)                             notify the Common Depository of the
proposed redemption, specifying:

 

(1)                                 the aggregate Face Value of US$
Bonds to be redeemed; and

 

(2)                                 the date on which the US$ Bonds are
to be redeemed; and

 

(B)                               direct the Common Depository to
record the details referred to in sub-paragraphs (A)(1) and (A)(2) above on the
schedule to the relevant Global Bonds; and

 

9

 

(ii)                                 promptly and in accordance with
Conditions 8.3(d) and 15, on behalf of and at the expense of the Issuer, give
the notices required in connection with that redemption.

 

9.                                     Redemption and Cancellation of Bonds

 

(a)                                  If any US$ Bonds are redeemed in
whole or in part in accordance with the Conditions or the other Transaction
Documents, the Principal Paying Agent must cause the US$ Registrar to record
all relevant details in the US$ Register.

 

(b)                                 The Principal Paying Agent must as
soon as practicable, and in any event within three months after the date of any
such redemption, furnish to each of the Issuer and the Bond Trustee a
certificate setting out the aggregate Face Value of US$ Bonds which have been
so redeemed.

 

(c)                                  If the Face Value of a Global Bond
surrendered to it is reduced to nil, the Principal Paying Agent must:

 

(i)                                    destroy the relevant Global Bond;

 

(ii)                                 issue a destruction certificate to
the Bond Trustee; and

 

(iii)                              send a copy of that certificate to
the Issuer, the Trust Manager and the Bond Trustee.

 

10.                              Notices to US$ Bondholders

 

(a)                                  Each of the Principal Paying Agent
and the US$ Registrar must, at the request of the Trust Manager, arrange for
the publication of all notices to US$ Bondholders in accordance with the
Conditions.  The cost of any
arrangements so made will be an Expense of the Fund.

 

(b)                                 Each of the Principal Paying Agent
and the US$ Registrar must promptly send to the Bond Trustee one copy of the
form of every notice given to US$ Bondholders in accordance with Condition 15.

 

(c)                                  None of the Principal Paying Agent
or the US$ Registrar will be responsible for, or liable to any person in
respect of, the contents of any notices published by it at the request of the
Trust Manager in accordance with this clause 10.

 

11.                              Documents and forms

 

(a)                                  The Trust Manager must provide to
the Principal Paying Agent for distribution to each Paying Agent:

 

10

 

(i)                                    sufficient copies of all documents
required by the Conditions or the Bond Trust Deed to be available to US$
Bondholders for issue or inspection (and the Paying Agents must make them so
available to the US$ Bondholders);

 

(ii)                                 in the event of a meeting of US$
Bondholders being called, forms of voting certificates and block voting
instructions, together with instructions from the Issuer (those instructions
having previously been approved by the Bond Trustee) as to the manner of
completing, dealing with and recording the issue of such forms (and the Paying
Agents must make them so available to the US$ Bondholders); and

 

(iii)                              if Definitive Bonds are issued,
specimens of those Definitive Bonds.

 

(b)                                 The Trust Manager and the Issuer
must provide to the Calculation Agent such documents as the Calculation Agent
may reasonably require from the Trust Manager or the Issuer in order for the
Calculation Agent properly to fulfil its duties in respect of the US$ Bonds.

 

12.                              Authentication

 

The Principal Paying Agent must
authenticate or cause to be authenticated the Global Bonds and (if required)
the Definitive Bonds (whether on initial issue or on replacement).

 

13.                              Indemnity

 

13.1                       Indemnity

 

The Issuer will, on demand, indemnify each Agent and its directors,
officers, employees, agents and delegates against any loss, liability, cost,
claim, action, demand or expense (including, but not limited to, all reasonable
costs, charges and expenses paid or incurred in disputing or defending any of
the foregoing) which the Agent may incur or which may be made against it as a
result of:

 

(a)                                  a
breach by the Issuer of this Agreement; or

 

(b)                                 the
exercise by that Agent of its powers or its acceptance of or the performance of
its obligations under this Agreement,

 

except to the extent such losses, liabilities, costs, claims, actions,
demands or expenses are a result of a breach of this Agreement by that Agent or
the fraud, negligence or wilful misconduct of that Agent.

 

13.2                       Survival of Indemnity

 

The indemnity in clause 13.1 shall survive the termination of this
Agreement and the resignation or removal of an Agent in accordance with this
Agreement.

 

11

 

14.                               The
US$ Register

 

14.1                       Appointment of US$ Registrar

 

As contemplated by clause 11.8
of the Bond Trust Deed, the Issuer appoints The Bank of New York to be the
initial US$ Registrar in accordance with the Transaction Documents. The Bank of
New York accepts that appointment.

 

14.2                       Details to be kept on the US$ Register

 

The US$ Registrar must keep the
US$ Register in accordance with the Bond Trust Deed.

 

14.3                       Correctness of US$ Register

 

The US$ Registrar shall not be
liable for
any mistake, error or omission on the US$ Register or in any purported copy
except to the extent that the mistake, error or omission is attributable to a
breach by the US$ Registrar of its obligations under this Agreement or the Bond
Trust Deed or its fraud, negligence or wilful misconduct.

 

15.                              General

 

15.1                       Meetings of US$ Bondholders

 

In the event of a meeting of the
US$ Bondholders (including an adjourned meeting), the Principal Paying Agent
must issue voting certificates and block voting instructions and otherwise act
as provided in the Bond Trust Deed. Each Paying Agent must:

 

(a)                                  keep a full and complete record of
all voting certificates and/or block voting instructions issued by it; and

 

(b)                                 deliver to the Issuer, the Trust
Manager and the Bond Trustee not later than 48 hours before the time appointed
for holding that meeting, full particulars of all voting certificates and block
voting instructions issued by it in respect of that meeting.

 

15.2                       Agency

 

Subject to any other provision
of this Agreement, each Agent shall:

 

(a)                                  act solely for, and as agent of, the
Issuer;

 

(b)                                 not have any obligation towards or relationship
of agency or trust with any person entitled to receive payments of principal
and/or interest on the US$ Bonds; and

 

(c)                                  be responsible only for performance
of the duties and obligations expressly imposed upon it in this Agreement.

 

15.3                       Identity

 

Each Paying Agent shall (except
as ordered by a court of competent jurisdiction or as required by law) be
entitled to treat the person:

 

12

 

(a)                                  who is, while a Global Bond remains
outstanding, the registered owner of that Global Bond as the person entitled to
receive payments of principal and interest in respect of that US$ Bond and each
person shown in the records of the Common Depository as the holder of any US$
Bond represented by a Global Bond shall be entitled to receive from the Common
Depository any payment so made in accordance with the respective rules and
procedures of the Common Depository and on the terms and subject to the
conditions of that Global Bond;

 

(b)                                 who is the registered owner of any
Definitive Bond as the absolute owner of that Definitive Bond (whether or not
that Definitive Bond is overdue and despite any notice of ownership or writing
on it or any notice of previous loss or theft or of any trust or other interest
in it),

 

despite any notice to the
contrary and shall not be liable for so doing.

 

15.4                       No set-off

 

No Paying Agent shall exercise
any right of set-off, withholding, counterclaim or lien against, or make any
deduction from any moneys payable by it to any US$ Bondholder under this
Agreement.

 

15.5                       Reliance

 

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

 

15.6                       Entitled to deal

 

No Agent or director or officer of any Agent shall:

 

(a)                                  be precluded from acquiring, holding
or dealing in any US$ Bonds or from engaging or being interested in any
contract or other financial or other transaction or arrangement with the Issuer
or the Trust Manager as freely as if it were not an agent of the Issuer under
this Agreement; and

 

(b)                                 be liable to account to the Issuer
or any person entitled to receive principal or interest on the US$ Bonds for
any profit made or fees or commissions received in connection with this
Agreement or any US$ Bonds.

 

15.7                       Consultation

 

Each Agent may consult as to legal matters with lawyers
selected by it, who may be employees of or lawyers to the Issuer, the Trust
Manager or any other Agent.

 

13

 

15.8                       Duties

 

Each Agent shall perform the
duties, and only the duties, contained in or reasonably incidental to this
Agreement, the Bond Trust Deed and the Conditions and no implied duties or
obligations (other than general laws as to agency) shall be read into this
Agreement or the US$ Bonds against any Agent. 
No Agent shall be required to take any action under this Agreement which
would require it to incur any expense or liability in respect of which it has
not been indemnified to its satisfaction.

 

16.                              Changes in Paying Agents and
Calculation Agent

 

16.1                       Removal

 

The Issuer (or the Trust Manager
with the consent of the Issuer (such consent not to be unreasonably withheld))
may at any time:

 

(a)                                  appoint:

 

(i)                                    additional or alternative Paying
Agents; or

 

(ii)                                 an alternative Calculation Agent;

 

(b)                                 subject to this clause 16, terminate
the appointment of any Agent by giving written notice to that effect to each
Designated Rating Agency, the Agent and the Principal Paying Agent:

 

(i)                                    with effect immediately on that
notice, if:

 

(A)                             an Insolvency Event has occurred in
relation to the Agent;

 

(B)                               the Agent has ceased its business;

 

(C)                               the Agent fails to comply with any
of its obligations under this Agreement and, if capable of remedy, such failure
is not remedied within five days after the earlier of:

 

(1)                                 the Agent becoming aware of that
failure; and

 

(2)                                 the receipt by the Agent of written
notice from the Issuer or Trust Manager requiring the Agent to remedy that
failure; or

 

(ii)                                 with effect not less than 60 days’
from that notice, which date shall be not less than 10 days before nor 10 days
after any due date for payment of any US$ Bonds.

 

16.2                       Resignation

 

Subject to this clause 16, an
Agent may resign its appointment under this Agreement at any time by giving to
the Issuer, the Trust Manager, each Designated Rating Agency and (where a
Paying Agent is resigning and the Paying Agent is not the Principal Paying
Agent) the Principal Paying Agent, not less than 60 days’ written notice to that
effect, which notice shall

 

14

 

expire not less than 10 days
before or 10 days after any due date for payment of any US$ Bonds.

 

16.3                       Limitation

 

Despite clauses 16.1 and 16.2:

 

(a)                                  no resignation by or termination of
the appointment of the Principal Paying Agent shall take effect until a new
Principal Paying Agent has been appointed;

 

(b)                                 subject to clause 16.3(a), if any
Agent resigns in accordance with clause 16.2, but by the day falling 15 days
before the expiry of any notice under clause 16.2 the Issuer or the Trust
Manager has not appointed a new Agent then the Agent may appoint in its place
any reputable bank or trust company of good standing;

 

(c)                                  no appointment or termination of the
appointment of any Agent shall take effect unless and until notice has been
given to the US$ Bondholders in accordance with Condition 15;

 

(d)                                 the appointment of any additional
Paying Agent shall be on the terms and subject to the conditions of this
Agreement and each of the parties to this Agreement shall co-operate fully to
do all acts and things and execute all documents as may be necessary or
desirable to give effect to the appointment of that additional Paying Agent
(which shall not, except in the case of an appointment under clause 16.1(a), a
termination under clause 16.1(b)(ii) or a resignation under clause 16.2,
be at the cost of the Issuer); and

 

(e)                                  the Issuer, at the direction of the
Trust Manager, must immediately appoint and maintain a Paying Agent with a Paying
Office in New York City if, at any time, there is no Paying Agent with a Paying
Office in new York City.

 

16.4                       Delivery of amounts

 

If the appointment of the Principal Paying Agent is terminated in
accordance with this Agreement, the Principal Paying Agent must, on the date on
which that termination takes effect:

 

(a)                                  pay to the successor Principal
Paying Agent any amount held by it for payment of principal or interest in
respect of any US$ Bond; and

 

(b)                                 deliver to the successor Principal
Paying Agent all records maintained by it pursuant to this Agreement and all
documents (including any Definitive Bonds) held by it pursuant to this
Agreement.

 

16.5                       Successor Agents

 

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

 

15

 

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

 

(b)                                 Any corporation:

 

(i)                                    into which a Agent is merged;

 

(ii)                                 with which an Agent is consolidated;

 

(iii)                              resulting from any merger or
consolidation to which an Agent is a party;

 

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

 

shall, on the date when that merger,
conversion, consolidation, sale or transfer becomes effective and to the extent
permitted by applicable law, become a successor Agent under this Agreement
without the execution or filing of any agreement or document or any further act
on the part of the parties to this Agreement, unless otherwise required by the
Issuer or the Trust Manager, and after that effective date all references in this
Agreement to an Agent (or in the case of a successor Principal Paying Agent, to
the Principal Paying Agent) shall be references to that corporation.

 

16.6                       Notice to US$ Bondholders

 

The Trust Manager on behalf of
the Issuer must, within 14 days of:

 

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

 

(b)                                 the appointment of a new Agent; or

 

(c)                                  the resignation of any Agent,

 

give to the US$ Bondholders
notice of the termination, appointment or resignation in accordance with
Condition 15  (in the case of a termination under clause 16.1(b)(i), at the
cost of the outgoing Agent).

 

16.7                       Change in Paying Office or Specified Office

 

(a)                                  If any Paying Agent proposes to
change its Paying Office or to nominate a further Paying Office (which must be
within the same city as its previous Paying Office), it must give to the
Issuer, the Trust Manager, the Bond Trustee and, in the case of a change in the
Paying Office of a Paying Agent other than the Principal Paying Agent, the
Principal Paying Agent, not less than 30 days’ prior written notice of that
change, giving the address of the new Paying Office and stating the date on
which the change is to take effect.

 

16

 

(b)                                 If the Calculation Agent proposes to
change its Specified Office (which must be in New York City or such other
jurisdiction as the Calculation Agent, the Issuer and the Trust Manager agree
from time to time) or to nominate a further Specified Office, it must give to
the Issuer, the Trust Manager and the Bond Trustee, not less than 30 days’
prior written notice of that change, giving the address of the new Specified
Office and stating the date on which the change is to take effect.

 

(c)                                  The Trust Manager, on behalf of the
Issuer, must, within 14 days of receipt of a notice under paragraph (a) or (b)
(unless the appointment is to terminate pursuant to clause 16.1 on or prior to
the date of that change) give to the US$ Bondholders notice in accordance with
Condition 15 of that change and of the address of the new Paying Office or
Specified Office (as the case may be).

 

17.                              Fees and expenses

 

(a)                                  The Issuer must pay to each Agent
during the period when any of the US$ Bonds remain outstanding, the
administration fee separately agreed by that Agent and the Trust Manager, on
behalf of the Issuer, together with any out-of-pocket expenses properly
incurred by that Agent in the performance of its obligations under this
Agreement (including any legal fees and expenses).  If the appointment of an Agent is terminated or an Agent resigns
in accordance with this Agreement, that Agent must refund to the Issuer that
proportion of the fee (if any) which relates to the period after such
termination or resignation.

 

(b)                                 Save as provided in paragraph (a) or
as expressly provided elsewhere in this Agreement, neither the Issuer nor the
Trust Manager shall have any liability in respect of any fees or expenses of
any Agent in connection with this Agreement.

 

(c)                                  The above fees, payments and
expenses must be paid in US$ and the Issuer must in addition pay any GST which
may be applicable. The Principal Paying Agent must arrange for payment of
commissions to the other Paying Agents (if any) and arrange for the
reimbursement of their expenses promptly upon demand, supported by evidence of
that expenditure and, provided that payment is made to the Principal Paying
Agent, the Issuer shall not be concerned with or liable in respect of that
payment.

 

18.                              Waivers, remedies cumulative

 

(a)                                  No failure to exercise and no delay
in exercising any right, power or remedy under this Agreement operates as a
waiver.  Nor does any single or partial
exercise of any right, power or remedy preclude any other or further exercise
of that or any other right, power or remedy.

 

17

 

(b)                                 The rights, powers and remedies
provided to a party in this Agreement are in addition to, and do not exclude or
limit, any right, power or remedy provided by law.

 

19.                              Severability of provisions

 

Any provision of this Agreement
which is prohibited or unenforceable in any jurisdiction is ineffective as to
that jurisdiction to the extent of the prohibition or unenforceability.  That does not invalidate the remaining
provisions of this Agreement nor affect the validity or enforceability of that provision
in any other jurisdiction.

 

20.                              Assignments

 

Subject to clause 16.5(b), no
party other than the Bond Trustee acting in accordance with clause 14 of the
Bond Trust Deed or the Issuer creating a charge under the Security Trust Deed,
may assign or transfer any of its rights or obligations under this Agreement
without the prior written consent of the other parties and confirmation from
each Designated Rating Agency that the rating of any US$ Bond will not be
downgraded to less than the Designated Rating, qualified or withdrawn as a
result of the assignment.

 

21.                              Notices

 

21.1                       Notices generally

 

Subject to clause 21.2, every notice to be served, given or made under
the terms of this Agreement on or to a party to this Agreement:

 

(a)                                  must
be in writing in order to be valid;

 

(b)                                 must
be deemed to have been duly served, given or made in relation to a party if it
is:

 

(i)                                    delivered
to the address of that party set out in paragraph (e) (or at such other address
as may be notified in writing by that party to the other party from time to
time); or

 

(ii)                                 posted
by prepaid registered post to such address; or

 

(iii)                              sent
by facsimile to the facsimile number set out in sub-paragraph (e) (or to
such other number as may be notified in writing by that party to the other
party from time to time);

 

(c)                                  shall
be sufficient if executed by the party giving, serving or making the same or on
its behalf by a then Authorised Signatory of such party;

 

(d)                                 shall
be deemed to be given, served or made:

 

(i)                                    (in
the case of prepaid registered post) within 5 Business Days after posting;

 

18

 

(ii)                                 (in
the case of facsimile) on receipt of a transmission report confirming
successful transmission; and

 

(iii)                              (in
the case of delivery by hand) on delivery;

 

(e)                                  the
addresses and facsimile numbers for service of notices as referred to in
sub-paragraph (b) of this clause are as follows:

 

The
Issuer

 

35 Clarence Street

SYDNEY  NSW  2000

AUSTRALIA

 

By fax: (02) 8295 8675

 

Attention: Senior Manager, Securitisation Trusts

 

The
Trust Manager

 

Level 6

12 Castlereagh Street

SYDNEY  NSW  2000

AUSTRALIA

 

By fax: (02) 9225 0864

 

Attention: Financial Controller

 

The
Principal Paying Agent

 

101 Barclay Street

Floor 21 West

NEW YORK  NY  10286 

USA

By fax: (212) 815 5915

 

Attention:  Global Structured
Finance Unit

 

The
Calculation Agent

 

101 Barclay Street

Floor 21 West

NEW YORK  NY  10286 

USA

By fax: (212) 815 5915

 

Attention:  Global Structured
Finance Unit

 

The US$ Registrar

 

101 Barclay Street

Floor 21 West

 

19

 

NEW YORK  NY  10286 

USA

By fax: (212) 815 5915

 

Attention:  Global Structured
Finance Unit

 

21.2                       Communication through
Principal Paying Agent

 

All communications relating to
this Agreement between the Issuer or the Trust Manager and any Agent or between
the Paying Agents shall, save as otherwise provided in this Agreement, be made
through the Principal Paying Agent.

 

22.                              Counterparts

 

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

 

23.                              Governing law

 

This agreement is governed by the laws of New South
Wales.  Each party submits to the
non-exclusive jurisdiction of the courts exercising jurisdiction there.

 

24.                              Successor trustee

 

Each Agent must do all things
reasonably necessary to enable any successor trustee appointed under clause 17
of the Master Trust Deed to become the Issuer under this Agreement.

 

EXECUTED as an agreement.

 

Each attorney executing this
Agreement states that he or she has no notice of revocation or suspension of
his or her power of attorney.

 

	
  Signed
  for Permanent
  Custodians Limited

  by its attorneys under power of attorney 

  	
   

  	
   

  	
   

  
	
  in the presence of:

  	
   

  	
   

  	
  Attorney Signature

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Print Name

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Witness Signature

  	
   

  	
   

  	
  Attorney Signature

  
					

 

20

 

	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Print Name

  	
   

  	
   

  	
  Print Name

  

 

21

 

	
  Signed for
  Australian
  Securitisation 

  Management Pty Limited by its attorney 

  under power of attorney in the presence of:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness Signature

  	
   

  	
  Attorney Signature

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Print Name

  	
   

  	
  Print Name

  

 

 

	
  Signed by
  The
  Bank of New York in the 

  presence of:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness Signature

  	
   

  	
  Signature

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Print Name

  	
   

  	
  Print Name

  

 

22

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}]]