Document:

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                                                      [CLAYTON UTZ LOGO]

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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. 2

                               [CLAYTON UTZ LOGO]
          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 - 801/706/21719285 CONTACT - NINIAN LEWIS

            SYDNEY o MELBOURNE o BRISBANE o PERTH o CANBERRA o DARWIN

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

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TABLE OF CONTENTS

<TABLE>
<CAPTION>
<S>        <C>                                                                                                 <C>
1.          DEFINITIONS AND INTERPRETATION........................................................................2

            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
</TABLE>

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<TABLE>
<CAPTION>
<S>        <C>                                                                                                 <C>
            8.5         Delegation of duties of Note Trustee.....................................................27
            8.6         Related Body Corporate of the Note Trustee...............................................27

9.          DUTIES OF THE NOTE TRUSTEE...........................................................................27

            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
</TABLE>
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<TABLE>
<CAPTION>
<S>        <C>                                                                                                 <C>
            15.5        Distribution of amendments...............................................................36
            15.6        Amendments binding on Class A Noteholders................................................36

16.         REPORTS..............................................................................................36

            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
</TABLE>

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<TABLE>
<CAPTION>
<S>        <C>                                                                                                 <C>
            23.12       Moratorium legislation...................................................................46
            23.13       Binding on each signatory................................................................46
            23.14       Counterparts.............................................................................46

SCHEDULE 1 FORM OF CLASS A NOTE..................................................................................49

SCHEDULE 2 NOTE CONDITIONS.......................................................................................55
</TABLE>

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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

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NOTE TRUST DEED MADE ON | 2002

PARTIES                 THE BANK OF NEW YORK, NEW YORK BRANCH, a New York
                        banking corporation acting through its New York Branch
                        at 101 Barclay Street, 21W, New York, New York, 10286
                        (hereinafter included in the expression the "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 A Notes, 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 A Noteholders on the terms of this Deed.

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

THIS DEED PROVIDES

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1.          DEFINITIONS AND INTERPRETATION

1.1         DEFINITIONS

            In this Deed, unless the contrary intention appears:

            "ADDITIONAL NOTE TRUSTEE" means each person from time to time
            appointed under clause 13.1 to act as a co-trustee with the 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 A 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

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            subsequently transferred to a replacement Depository or its nominee.

            "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 A 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 A
            Note.

            "CLASS A 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).

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

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

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

            "COUNSEL'S OPINION" means one or more written opinions of legal
            counsel (who may, except as otherwise expressly provided in this
            Deed, be employees or counsel of the Issuer 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 A 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 A 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.

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            "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 A Noteholders, the Class A 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 A Noteholders means Class A
            Noteholders holding Class A Notes with an aggregate Principal
            Balance of greater than 50% of the aggregate Principal Balance of
            all the Class A 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 A
            Notes in the form set out in Schedule 2, as completed and attached
            to each Class A 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 A 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 A Notes means any
            alteration, addition or revocation of any provision of this Deed,
            the Class A 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 A Notes
                  including, without limitation, any modification to the

                                                                               4
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                  Principal Balance, interest rate or Final Maturity Date of the
                  Class A Notes or to clauses 5.1, 5.2 or 5.5 of the Sub-Fund
                  Notice, conditions 6.9 and 7.2 of the Note Conditions or
                  clause 13 of the Security Trust Deed or which would impair the
                  rights of the Class A 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 A
                  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 A 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. 2
            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 A Noteholders means
            Class A Noteholders holding Class A Notes with an aggregate
            Principal Balance of no less than 75% of the aggregate Principal
            Balance of all the Class A 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 |, 2002 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 A 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.

                                                                               5
<PAGE>

            "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.

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;

                                                                               6
<PAGE>

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

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

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

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

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

            (q)   if an act prescribed under this Deed to be done by a party on
                  or by a given day is done after 5 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 A
                         Noteholders given in accordance with this Deed; or

                                                                               7
<PAGE>

                  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);

            (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 A Noteholders on the terms and
            conditions of this Deed.

                                                                               8
<PAGE>

1.6         OBLIGATIONS SEVERAL

            The obligations of the parties under this Deed are several.

1.7         INCORPORATED DEFINITIONS AND OTHER PROVISIONS

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

            (a)   (NO PAYMENT MODIFICATION): if it does not effect a Payment
                  Modification in relation to the Class A 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 A Noteholders, consented to by
                         the Note Trustee; or

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

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

1.8         INTERPRETATION OF PROVISIONS INCORPORATED FROM TIA

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

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

            "DEFAULT" means an Event of Default.

            "INDENTURE SECURITIES" means the Class A Notes.

            "INDENTURE SECURITY HOLDER" means a Class A 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.

                                                                               9
<PAGE>

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.

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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 A 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 A 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 A 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 A 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 A Notes (including the Note
            Conditions), the Trust Deed, the Sub-Fund Notice and the Security
            Trust Deed are binding upon every Interested Person.

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3.          AMOUNT, FORM AND ISSUE OF CLASS A NOTES

3.1         AGGREGATE AMOUNT AND DENOMINATION

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

            (b)   (DENOMINATIONS): The Definitive Notes will be issued in
                  minimum denominations of US$100,000 or integral multiples
                  thereof.

3.2         DESCRIPTION AND FORM OF CLASS A NOTES

            (a)   (FORM OF CLASS A NOTES): The Class A 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.

                                                                              10
<PAGE>

            (b)   (SIGNING OF CLASS A NOTES): Each Class A 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.

            (c)   (AUTHENTICATION OF CLASS A NOTES): Each Class A 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 A Note will be valid for any purpose unless
                  and until so authenticated.

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

3.3         INITIAL ISSUE AS BOOK-ENTRY NOTES

            (a)   (ISSUE AS BOOK-ENTRY NOTES): The Class A 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 A
                         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 A
                         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 A Note Owners;

                  (iii)  the rights of Class A Note Owners in relation to
                         Book-Entry Notes may be exercised only through the
                         Depository and are limited to those

                                                                              11
<PAGE>

                         established by law and agreements between such Class A
                         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 Clearing Agency Participant
                         as to the votes, instructions or directions it has
                         received from Class A 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 A 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 A Note Owners representing beneficial
                         interests aggregating to at least a Majority of the
                         aggregate Principal Balance of the Class A 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 A 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 A Note Owners of the occurrence of any such
                  event and of the availability of Definitive Notes to such
                  Class A 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 A Note Owner will be entitled
                  to receive a Definitive Note representing such Class A Note
                  Owner's interest in a Class A Note, except as provided in this
                  clause 3.4.

                                                                              12
<PAGE>

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 A Noteholders and
            Class A Note Owners, and keep them indemnified, against any loss or
            damage incurred by any of them if the amount received by the Note
            Trustee, the Class A Noteholders or Class A 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 A Noteholders and the Class A 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.

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4.          NOTE REGISTER

4.1         MAINTENANCE OF NOTE REGISTRAR

            The Issuer Trustee must procure that the Note Register is
            maintained, and that Class A Notes are transferred, exchanged,
            replaced, redeemed and cancelled, all in accordance with the
            provisions of the Class A 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 A Noteholders,
                  provided that the Issuer Trustee will not have any obligations
                  pursuant to this clause 4.2(a) while the Class A 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 A 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 A Note is not a certificate of title and the Note Register
            is the only conclusive evidence of title to Class A Notes.

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5.          REPRESENTATIONS AND WARRANTIES

5.1         BY THE ISSUER TRUSTEE

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

                                                                              13
<PAGE>

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

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

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

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

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

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

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

            (h)   (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;

                                                                              14
<PAGE>

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

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

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

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

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

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

            (h)   (INVESTMENT COMPANY): the 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

                                                                              15
<PAGE>

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

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

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

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

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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 A
                  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 A 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 A 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 A 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 A Notes (as
                  if the provisions of the Class A 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.

                                                                              16
<PAGE>

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 A 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 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 30 September
                  2003):

                  (i)    in accordance with section 314(a)(4) of the TIA, a
                         brief certificate from its principal executive officer,
                         principal financial officer or principal accounting
                         officer as to his or her knowledge of the activities of
                         the Issuer 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 A
                  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 A NOTEHOLDERS): provide, or procure
                  that there is provided, to the Note Trustee:

                  (i)    a copy of each notice given to Class A Noteholders by
                         the Issuer Trustee

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<PAGE>

                         (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 clause13.3 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, 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
                         30 September 2003), Counsel's Opinion either stating
                         that such action has been taken with respect to the
                         recording, filing, re-recording and re-filing of the
                         Security Trust Deed as is necessary to maintain the
                         Security Interest created by the Security Trust Deed
                         and reciting the details of such action or stating that
                         no such action is necessary to maintain such Security
                         Interest;

            (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 A 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 A Noteholders or the Note Trustee all sums held by
                  such Paying Agent for the payment of the principal of or
                  interest on the Class A 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 A Notes become listed) by the
                  Issuer Trustee

                                                                              18
<PAGE>

                  in relation to the Class A 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 A
                  Notes become listed) in relation to the Class A 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 A 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 A Notes become listed) in relation to the Class A
                  Notes, the PUMA Trust or this Deed.

--------------------------------------------------------------------------------
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 A NOTEHOLDERS): notify each Class A 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 A 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 A
                  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 A Noteholders;

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

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

7.2         RESTRICTIONS ON ENFORCEMENT

            (a)   (CLASS A NOTES OUTSTANDING): If any of the Class A Notes
                  remain outstanding and are due and payable otherwise than by
                  reason of a default in payment of any amount due on the Class
                  A 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:

                                                                              19
<PAGE>

                  (i)    a sufficient amount would be realised to discharge in
                         full all amounts owing to the Class A Noteholders in
                         respect of the Class A Notes and any other amounts
                         owing by the Issuer Trustee to any other person ranking
                         in priority to or equally with the Class A 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 A 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, 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 A 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 A 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 A Noteholders
                  allowed in any judicial proceedings in relation to the Issuer
                  Trustee upon the Class A 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 A 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 A Noteholders and has been
            indemnified or put in funds to its satisfaction by the Class A
            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 A Notes proof that as regards any
            Class A

                                                                              20
<PAGE>

            Note the Issuer Trustee has not paid any principal or interest due
            in respect of that Class A 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 A 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 A Noteholders under the Class A Notes, this Deed or any other
            Transaction Document. No Class A Noteholder is entitled to proceed
            directly against the Issuer Trustee or the Manager in respect of the
            Class A 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 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 A NOTES): The Note Trustee is not responsible for the
                  receipt or application of the proceeds of issue of any of the
                  Class A 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 A 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 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

                                                                              21
<PAGE>

                  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 A
                  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 A Noteholders have given a direction which
                  the Note Trustee may rely upon in accordance with this clause,
                  Class A 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 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 A Notes, the Class A Noteholders or the
                         Class A 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.

                                                                              22
<PAGE>

            (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 A 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 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 A 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

                                                                              23
<PAGE>

                  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 A
                  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.

            (m)   (APPLY TO COURT): The Note Trustee may, whenever it thinks it
                  expedient in the interests of the Class A 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 A 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
                  A 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 A 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 A 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 A Notes, this Deed or any other Transaction Document,
                  that such exercise will not be materially prejudicial to the
                  interests of the Class A 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 A Notes
                  (but nothing in this clause is to be construed as requiring
                  the Note Trustee to obtain such confirmation).

                                                                              24
<PAGE>

            (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 A NOTEHOLDERS RESPONSIBLE): Each Class A 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 A Noteholder may rely on the Note Trustee in respect
                  of such appraisal and investigation.

            (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 A 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 A
                  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 A 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.

                                                                              25
<PAGE>

            (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 A 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
                  A 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 A Noteholder or any
                  other person in relation to any deficiency in a payment by the
                  Note Trustee to any Class A Noteholders if that deficiency
                  arises as a result of the Note Trustee or the Issuer Trustee
                  being subject to any Tax in respect of that payment, the
                  Charged Property, the Security Trust Deed, this Deed or any
                  income or proceeds from them.

8.2         WAIVERS

            Subject to clause 7.1(a), the Note Trustee may, and if directed to
            do so by a Majority of Class A Noteholders must, on such terms and
            conditions as it may deem reasonable, without the consent of any of
            the Class A 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 A Noteholders, is
            not, in the opinion of the Note Trustee, materially prejudicial to
            the interests of the Class A Noteholders as a class. No such waiver,
            authorisation or determination may be made in contravention of any
            prior direction by a Majority of the Class A Noteholders. No
            direction of the Class A 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 A 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

                                                                              26
<PAGE>

            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 A 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 A Noteholder); or

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

            None of the persons mentioned is liable to account to the Class A
            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 A
            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

                                                                              27
<PAGE>

            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 A 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 A NOTEHOLDERS): in the
                  exercise of all discretions vested in it by this Deed and all
                  other Transaction Documents, except where expressly provided
                  otherwise, have regard to the interest of the Class A
                  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 A 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 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.

                                                                              28
<PAGE>

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 A Noteholders the Note
            Trustee must vote in accordance, where applicable, with the
            directions of the Class A Noteholders (whether or not solicited and
            whether or not all Class A Noteholders have provided such
            directions) and otherwise in its absolute discretion. In acting in
            accordance with the directions of Class A 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 A Notes held by the Class A
            Noteholders who have directed the Note Trustee to vote for or
            against such a proposal.

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 A 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:

                                                                              29
<PAGE>

            (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 A NOTEHOLDERS): secondly, to the Class A 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 A 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 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;

                                                                              30
<PAGE>

            (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 A 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 A 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, 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.

                                                                              31
<PAGE>

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 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.

                                                                              32
<PAGE>

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
            first 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 A 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 A NOTEHOLDERS): if the Note Trustee
                  considers such appointment to be in the interests of the Class
                  A 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 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).

                                                                              33
<PAGE>

13.3        NOTICE

            The Note Trustee must promptly notify the Principal Paying Agent,
            the Class A 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 A NOTEHOLDERS REQUIRE RETIREMENT): it is so directed by
                  a Special Majority of Class A 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.

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

                                                                              34
<PAGE>

            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 A 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 A 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 A 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 A Noteholders to be bound
            by all the covenants on the part of the Note Trustee under this Deed
            from the date of such appointment.

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;

                                                                              35
<PAGE>

            (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 A 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 A Noteholder, by way of
            supplemental deed to alter, add to or revoke any provision of this
            Deed or the Class A 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 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:

                                                                              36
<PAGE>

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

                  (ii)   if it is in the opinion of the Note Trustee likely,
                         upon coming into effect, to be materially prejudicial
                         to Class A Noteholders, the consent of a Special
                         Majority of Class A Noteholders to the alteration,
                         addition or resolution has been obtained. For the
                         purpose of determining whether a Special Majority of
                         Class A Noteholders has consented to an alteration,
                         addition or revocation, Class A 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 A Notes unless the Manager has notified the Current Rating
            Authorities 5 Business Days in advance.

15.2        AMENDMENTS REQUIRING CONSENT OF CLASS A 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 A Notes, to this Deed or
            the Class A Notes (including the Note Conditions) if, and only if,
            the consent has first been obtained of each corresponding Class A
            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 A 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 A 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 A Notes by the
            Current Rating Authority.

15.5        DISTRIBUTION OF AMENDMENTS

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

15.6        AMENDMENTS BINDING ON CLASS A NOTEHOLDERS

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

                                                                              37
<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 A 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 A
            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 A
            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 A 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 A NOTEHOLDERS): transmit to Class A
                  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 A 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

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<PAGE>

               Manager is neither subject to Sections 13 or 15(d) of the
               Exchange Act nor exempt from reporting pursuant to Rule 12g3-2(d)
               under the Exchange Act, make available to each holder of the
               Class A Notes in connection with any resale of the Class A Notes
               and to any prospective purchaser of the Class A 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 A Notes or if the Note Trustee or any Class A Noteholder
            receives or recovers any money under or pursuant to this Deed or the
            Class A Notes in a currency ("RECEIPT CURRENCY") other than the
            currency in which the money was payable pursuant to the terms of
            this Deed or the Class A 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 A 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 A Notes or for the payment of damages in respect
            of any breach by the Issuer Trustee of this Deed or the Class A
            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 A 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 A Note in a currency other than the currency in which it is
            required to be paid will not discharge or satisfy the relevant
            obligation of the payer to make the payment except to the extent
            that, and insofar as, the currency in which the payment is required
            to be made is acquired by sale of the currency in which the payment
            was actually made.

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<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 A NOTES): the constitution and original issue
                  and delivery of the Class A 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 A Noteholders are entitled to do so) the Class A
                  Noteholders to enforce the provisions of the Class A 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

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<PAGE>

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

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

            (b)   (FAIR VALUE): The Issuer 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 A Noteholder by such Class A
                  Noteholder's acceptance of the Class A 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

                                                                              41
<PAGE>

                  reasonable attorneys' fees, against any party litigant in such
                  suit, having due regard to the merits and good faith of the
                  claims or defences made by such party litigant.

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

                  (i)    any suit instituted by the Note Trustee;

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

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

19.3        EXCLUSION OF SECTION 316(A)(1)

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

19.4        UNCONDITIONAL RIGHTS OF CLASS A NOTEHOLDERS TO RECEIVE PRINCIPAL AND
            INTEREST

            Notwithstanding any other provisions in this Deed, any Class A
            Noteholder shall have the right, which is absolute and
            unconditional, to receive payment of the principal of and interest,
            if any, on each Class A Note held by it on or after the respective
            due dates thereof expressed in such Class A Note or in this Deed or
            to institute suit for the enforcement of any such payment, and such
            right shall not be impaired without the consent of such Class A
            Noteholder, except to the extent that this Deed or the Security
            Trust Deed contain provisions limiting or denying the right of any
            Class A 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 A 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

                                                                              42
<PAGE>

                  (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.

            (b)   (WAIVER OF INCONVENIENT FORUM): The Issuer Trustee, the Note
                  Trustee, the Manager and each of the Class A 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 A 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 A 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 A
            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;

                                                                              43
<PAGE>

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

21.3        NOTICES TO CLASS A NOTEHOLDERS

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

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

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

21.4        NOTICES FROM CLASS A 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 A Noteholder to any person must:

            (a)   (SIGNED): be signed by the Class A Noteholder or an attorney
                  of the Class A 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 A Noteholders from time to time;

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

            and will only be effective upon actual receipt by the addressee. For
            the purposes of seeking any consent, direction or authorisation from
            Class A Noteholders or a class of Class A 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 A Noteholders specify a date (not earlier than the date of the
            notice) upon which the relevant Class A 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 A Noteholders
            and the Principal Balance of the Class A 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.

                                                                              44
<PAGE>

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 A 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.

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

                                                                              45
<PAGE>

            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 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.

                                                                              46
<PAGE>

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 amount of that liability at a rate being the
            higher of the rate payable pursuant to the judgment or order and the
            highest rate payable on the Class A 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

                                                                              47
<PAGE>

            (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.

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

                                                                              48
<PAGE>

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

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

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

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

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

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

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

                                                                              49
<PAGE>

SCHEDULE 1
FORM OF CLASS A NOTE

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

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

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

Each Class A Noteholder represents, warrants and covenants (and by its
acquisition of a Book-Entry Note, each Class A Noteholder shall be deemed to
represent) that it is either (i) not acquiring such Class A 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 A Note will not result in a non-exempt
prohibited transaction under ERISA or Section 4975 of the Code or any
substantially similar applicable law.

THE PRINCIPAL OF THIS CLASS A 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 A NOTE
AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE OF THIS CLASS A 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. 2 (the "PUMA TRUST") (the "ISSUER TRUSTEE")

                                  CLASS A NOTE

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

(a)  constituted by a Note Trust Deed (the "NOTE TRUST DEED") dated [ ] 2002
     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

                                                                              50
<PAGE>

            the person referred to therein as the Founder and the Issuer
            Trustee, as amended from time to time;

     (ii)   a Sub-Fund Notice (the "SUB-FUND NOTICE") dated |, 2002 from the
            Manager to the Issuer Trustee;

     (iii)  a Security Trust Deed (the "SECURITY TRUST DEED") dated |, 2002 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 |, 2002 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 A Note
            (the " NOTE CONDITIONS").

Unless defined in this Class A 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 A 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 A 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 A
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 A 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 A Note,
Definitive Notes in aggregate principal amount equal to the then Principal
Balance of this Class A 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 US$100,000 or integral multiples thereof.

The Issuer Trustee, in its capacity as trustee of the PUMA Trust, subject to and
in accordance with this Class A 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 A Note, or to registered assigns of
this Class A Note, the principal sum of US$ [ ] (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 A 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 A Notes under the Note
Trust Deed, the Trust Deed, the Sub-Fund Notice, the Agency Agreement and this
Class A Note.

Payments of interest on this Class A 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 A 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 A Note will be entitled to receive
any payment so made in respect of that Class A 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 A Notes which
must be made by the holder of this Class A Note, for so long as this Class A
Note is outstanding.

                                                                              51
<PAGE>

On any payment of principal and/or interest on the Class A 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 A Notes shall be reduced for all purposes by the amount so 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 A 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 A Note is governed by, and shall be construed in accordance with, the
laws of New South Wales, Australia.

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

IN WITNESS the Issuer Trustee has caused this Class A 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 A Notes from Class A Noteholders.

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

The Issuer Trustee issues this Class A 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 A 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 A 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 A Notes.

The Class A 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 A
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 A Notes, or the assets held by the PUMA Trust.

                                                                              52
<PAGE>

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

CERTIFICATE OF AUTHENTICATION

This Class A Note is authenticated by The Bank of New York, New York Branch as
Class A 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:................................

                                                                              53
<PAGE>

ASSIGNMENT

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

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

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

the within Class A Note and all rights thereunder, and hereby irrevocably
constitutes and appoints _________________________, attorney, to transfer said
Class A 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 A Note in every
particular without alteration, enlargement or any change whatsoever.

                                                                              54
<PAGE>

ANNEXURE

[Insert completed Note Conditions]

                                                                              55
<PAGE>

SCHEDULE 2
NOTE CONDITIONS

                                                                              56<PAGE>

SCHEDULE 2
FORM OF NOTE CONDITIONS

                    TERMS AND CONDITIONS OF THE CLASS A NOTES

The following, subject to amendments, are the terms and conditions of the Class
A Notes, substantially as they will appear on the reverse of any Class A Note.
Class A Notes will initially be issued in book entry form. Class A Notes in
definitive form will only be issued in limited circumstances. While the Class A
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 A Notes in
definitive form.

1.          GENERAL

            The issue of the US$| Class A Mortgage Backed Floating Rate Notes
            due 2034 (the "CLASS A NOTES") by Perpetual Trustees Australia
            Limited, ABN 86 000 431 827, ("PERPETUAL") in its capacity as
            trustee of the PUMA Global Trust No. 2 (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 |,
            2002.

            The Class A Notes: (a) are constituted by a Note Trust Deed (the
            "NOTE TRUST DEED") dated on or prior to |, 2002 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 A Notes (each a "CLASS A
            NOTEHOLDER" and together the "CLASS A 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 |, 2002 from the Manager to the Issuer
            Trustee; (iii) a Security Trust Deed (the "SECURITY TRUST DEED")
            dated |, 2002 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 A
            Notes will be made pursuant to an Agency Agreement (the "AGENCY
            AGREEMENT") dated on or prior to |, 2002 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 (the
            "CURRENCY SWAP AGREEMENT") with Deutsche Bank AG, New York Branch
            (the "CURRENCY SWAP PROVIDER") and the Manager, together with a
            schedule and a confirmation relating to the Class A Notes (the
            "CURRENCY SWAP").

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

                                                                               1
<PAGE>

            Transaction Document or to that provision (as the case may be) will
            be of no effect for the purposes of these Conditions unless and
            until the amendment: (a) if it does not effect a Payment
            Modification (as defined in CONDITION 10.3) in relation to the Class
            A 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 A Noteholders, consented to by the Note Trustee; or (ii)
            otherwise, approved by a Special Majority (as defined in CONDITION
            10.3) of the Class A 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 A Notes, is consented to by
            each Class A 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 A NOTEHOLDERS BOUND

            The Class A 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 Currency Swap 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 A NOTES

4.1         FORM AND DENOMINATION

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

4.2         TITLE

            Title to the Class A 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 A
            Notes may be transferred, or may be exchanged for other Class A
            Notes in any authorised

                                                                               2
<PAGE>

            denominations and a like Principal Balance (as defined in CONDITION
            6.4), upon the surrender of the Class A 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
            require, to a specified office of the Note Registrar (as set out at
            the end of these Conditions or otherwise notified to Class A
            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 A Noteholder of a
            sum sufficient to cover any tax or other governmental charge that
            may be imposed in connection with any transfer or exchange of Class
            A Notes. The Note Registrar need not register transfers or exchanges
            of Class A Notes for a period of 30 days preceding the due date for
            any payment with respect to the Class A Notes or for a period, not
            exceeding 30 days, specified by the Note Trustee prior to any
            meeting, which includes Class A 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 A NOTES, THE A$
            REDRAW NOTES AND THE A$ CLASS B NOTES

5.1         STATUS OF THE NOTES

            The A$ Redraw Notes (as defined in CONDITION 5.5) and the A$ Class B
            Notes (as defined in CONDITION 5.6) (together with the A$ Redraw
            Notes, the "A$ NOTES") and the Class A 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 A Noteholders (as defined in the Note
            Trust Deed) and the A$ Redraw Noteholders and A$ Class B Noteholders
            (each as defined in the Sub-Fund Notice).

            "PRINCIPAL BALANCE" in relation to a Class A Note is defined in
            CONDITION 6.4 and in relation to an A$ Note means A$100,000 less the
            aggregate of all amounts previously paid in relation to that A$ 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).

                                                                               3
<PAGE>

            "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.

5.3         LIMITED RECOURSE

            The liability of the Issuer Trustee to make interest and principal
            payments on the Class A 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 A Noteholders and
            any other amounts ranking in priority to or equally with amounts due
            to the Class A 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 A 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 A Noteholder for payment of
            any amount owed by the Issuer Trustee in respect of the Class A
            Notes.

5.4         NO PREFERENCE

            The Class A 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 B NOTES

            Under the Sub-Fund Notice, the Issuer Trustee is entitled to issue
            certain debt securities ("A$ CLASS B NOTES") from time to time at
            the direction of the Manager. The Manager must not direct the Issuer
            Trustee to issue A$ Class B Notes after |, 2002 (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 A 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 B Notes.

5.8         RANKING OF PRINCIPAL PAYMENTS OF NOTES PRIOR TO ENFORCEMENT

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

                                                                               4
<PAGE>

            (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 A Notes as
                        explained in CONDITION 7.2 (and will rank ahead of
                        repayment of principal on the A$ Class B 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 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 B 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 A 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 B Notes.

            However, for the purposes of determining distributions to, and
            allocations between, the Class A Noteholders and other Secured
            Creditors, amounts owing in respect of the Class A 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 A Noteholders and the A$
            Redraw Noteholders if there is a conflict between the interests of
            the Class A Noteholders and the A$ Redraw Noteholders (on the one
            hand) and any other Secured Creditor, including the A$ Class B
            Noteholders (on the other hand). In determining the interests of the
            Class A 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 A Note accrues interest from (and including) |, 2002 (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 A
                        Note is reduced to zero and all accrued but previously
                        unpaid interest, is paid in full;

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

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

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

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

                                                                               5
<PAGE>

6.2         ACCRUAL PERIODS

            The period that a Class A Note accrues interest in accordance with
            CONDITION 6.1 is divided into periods (each an "ACCRUAL PERIOD").
            The first Accrual Period for a Class A 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 A 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 A Note ends on
            (but does not include) the date on which interest ceases to accrue
            on the Class A Note pursuant to CONDITION 6.1.

            "QUARTERLY PAYMENT DATE" means | September 2002 and each following
            25 December, 25 March, 25 June and 25 September 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 A NOTES

            The rate of interest ("INTEREST RATE") payable from time to time in
            respect of a Class A 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 A 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

                                                                               6
<PAGE>

                        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.

            "ISSUE MARGIN" means in relation to a Class A 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 A Note
                        ceases to accrue interest in accordance with CONDITION
                        6.1, |% per annum.

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

6.4         CALCULATION OF INTEREST ON THE CLASS A NOTES

            Interest on each Class A Note for an Accrual Period (the "INTEREST
            AMOUNT") is calculated by applying the Interest Rate for that Class
            A Note for that Accrual Period to the Principal Balance of that
            Class A Note on the first day of the Accrual Period (after taking
            into account any reductions in the Principal Balance of that Class A
            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 A Note means the Original
            Principal Balance of that Class A Note less the aggregate of all
            amounts previously paid in relation to that Class A 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 A 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 A Notes are immediately due and payable, the
            Interest Amount and the Interest Rate in respect of the Class A
            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.

                                                                               7
<PAGE>

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 A 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.

6.8         AGENT BANK

            The Issuer Trustee will procure that, for so long as any of the
            Class A 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 A 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 A
            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 A
            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 A Interest Amount and any Unpaid A$ Class A
                        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 A
                        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 A
                        Interest Payment received by it from the Currency Swap
                        Provider on a Quarterly Payment Date rateably amongst
                        the Class A Notes towards the Interest Amount in
                        relation to each Class A 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 A Note, based on those
                        Interest Amounts and Unpaid Interest Amounts, in
                        accordance with, and subject to, these Conditions and
                        the Agency Agreement.

            "A$ CLASS A INTEREST AMOUNT" and "UNPAID A$ CLASS A INTEREST AMOUNT"
            have the same respective meanings as in the Sub-Fund Notice. "CLASS
            A 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 A Note on the date
            when due and payable, that unpaid interest will itself bear interest
            at the Interest Rate in relation to that Class A 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 A Note, is an "UNPAID INTEREST
            AMOUNT").

                                                                               8
<PAGE>

7.          REDEMPTION OF THE CLASS A NOTES

7.1         FINAL REDEMPTION OF THE CLASS A NOTES

            Unless previously redeemed (or deemed to be redeemed) in full, the
            Issuer Trustee will redeem the Class A Notes at their then Principal
            Balance, together with all then accrued but unpaid interest, on the
            Quarterly Payment Date occurring in [| June 2034] (the "FINAL
            MATURITY DATE").

7.2         PART REDEMPTION OF CLASS A NOTES

            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 A Notes is reduced to zero the Issuer Trustee
            must:

            (a)         pay, in accordance with the directions of the Manager,
                        the A$ Class A 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 instruction 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 A Principal Amount (such
                        US$ Equivalent of the A$ Class A Principal Amount being
                        the "CLASS A 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 A
                        Principal Amount received from the Currency Swap
                        Provider amongst the Class A Notes rateably towards the
                        repayment of the Principal Balances of the Class A Notes
                        in accordance with, and subject to, these Conditions and
                        the Agency Agreement until the Principal Balances of the
                        Class A Notes are reduced to zero. Such a payment of the
                        Principal Balance on a Class A Note will constitute a
                        redemption of the Class A Note in part to the extent of
                        such repayment and, upon such repayment, the obligation
                        of the Issuer Trustee with respect to the Class A Note
                        will be discharged to the extent of such repayment.

            "A$ CLASS A 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 date on which the aggregate of the then Principal
                        Balances of all the Class A Notes and the US$ Equivalent
                        of the then Principal Balances of all the A$ Class B
                        Notes issued on the Closing Date expressed as a
                        percentage of the aggregate of the Original Principal
                        Balances of all the Class A Notes and the US$ Equivalent
                        of the Original Principal Balances of all the A$ Class B
                        Notes issued on the Closing Date, falls below 10%; and

            (b)         the Quarterly Payment Date falling in [| June 2009] (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.

                                                                               9
<PAGE>

            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 A Noteholders in accordance with CONDITION 11.1.

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

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 A 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 A Noteholders in accordance with
            CONDITION 11.1.

            If an event referred to in paragraph (a) of this CONDITION 7.4
            occurs in respect of only the Class A 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 A 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 A Notes.
            If the Class A 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 A 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

                                                                              10
<PAGE>

            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.

7.6         REDEMPTION ON FINAL PAYMENT

            Upon a final distribution being made in respect of the Class A Notes
            under the Sub-Fund Notice and these Conditions or clause 13.1 of the
            Security Trust Deed, the Class A 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 A Notes will be extinguished in full.

7.7         CANCELLATION

            All Class A 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 A Note
            in excess of the face value of the Class A 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 A Principal Amount payable in respect of
                        each Class A Note on the Quarterly Payment Date; (ii)
                        the Principal Balance of each Class A Note as at that
                        Quarterly Payment Date (after deducting any Class A
                        Principal Amounts due to be paid in respect of such
                        Class A Note on that Quarterly Payment Date); (iii) the
                        Note Factor (as defined below) as at that Quarterly
                        Payment Date in relation to the Class A Notes (after
                        deducting any Class A Principal Amounts due to be paid
                        in respect of such Class A Note on that Quarterly
                        Payment Date); and (iv) the amount of the Class A
                        Interest Payment to be made on the Quarterly Payment
                        Date applicable to each Class A 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 A
                        Principal Amount is due to be paid on the Class A 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:

                                                                              11
<PAGE>

            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.

8.          PAYMENTS

8.1         METHOD OF PAYMENT

            Any instalment on account of interest or principal payable on any
            Class A 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 A 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 A Note means:

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

            (b)         if the Class A 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 A
            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 A 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 A Note to a Paying Agent at its specified office. No such
            final distribution will be made other than upon the surrender of the
            relevant Class A 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 A Noteholder as a result of
            any delay in payment due to a Class A 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 A 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 A 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 A Noteholders
            in accordance with CONDITION 11.1, thereof.

                                                                              12
<PAGE>

8.5         PRESCRIPTION

            A Class A 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 A Note to zero. After the
            date on which a Class A Note becomes void in its entirety, no claim
            can be made in respect of it.

            "RELEVANT DATE" in respect of a Class A 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 A 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 A 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 A
            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 A Noteholders in accordance with CONDITION
            11.1 that such payment has been made.

8.7         ROUNDING OF PAYMENTS

            All payments in respect of the Class A 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 A 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.

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

                                                                              13
<PAGE>

            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 A
            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 A 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 A Noteholder of the Event of Default or Potential Event
            of Default, as the case may be, within 10 days (or such shorter
            period as may be required by the rules of any stock exchange on
            which the Class A Notes are listed) after becoming aware of the
            Event of Default or Potential Event of Default, provided that except
            in the case of a default in payment of principal or interest on any
            Class A 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 A Noteholders; (b) if a meeting of
            Voting Secured Creditors is to be held under the Security Trust
            Deed, determine whether it proposes to seek directions from Class A
            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 A
            Noteholders; and (c) vote at any meeting of Voting Secured Creditors
            held under the Security Trust Deed in accordance, where applicable,
            with the directions of the Class A Noteholders (whether or not
            solicited and whether or not all Class A Noteholders have provided
            such directions) and otherwise in its absolute discretion. In acting
            in accordance with the directions of Class A 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 A Notes held by Class A Noteholders who have
            directed the Note Trustee to vote for or against such a proposal.

            If any of the Class A Notes remain outstanding and are due and
            payable otherwise than by reason of a default in payment of any
            amount due on the Class A 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 A Noteholders in
            respect of the Class A Notes and any other amounts owing by the
            Issuer Trustee to any other person ranking in priority to or with
            the Class A 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 A 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 A 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 A 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 A NOTEHOLDER RIGHTS BY NOTE TRUSTEE

            The rights, remedies and discretions of the Class A 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 A 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 A 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 A 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 A
            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 A NOTEHOLDERS

            Under the Note Trust Deed the Note Trustee may seek directions from
            the Class A 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 A Noteholders holding Class A Notes
            with a Principal Balance of greater than 50% of the aggregate
            Principal Balances of all the Class A Notes.

            If the Note Trustee is entitled under the Trust Deed or the Security
            Trust Deed to vote at any meeting on behalf of Class A Noteholders,
            the Note Trustee must vote in accordance with the directions of the
            Class A Noteholders and otherwise in its absolute discretion. In
            acting in accordance with the directions of Class A 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 A Notes held by Class A 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 A Noteholders the Note Trustee may by notice to the Class
            A Noteholders specify a date, not earlier than the date of the
            notice, upon which the persons who are the Class A Noteholders and
            the Principal Balance of the Class A 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 A 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 A 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 A 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 A
                              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 A Noteholders, the
                              consent of a Special Majority (as hereinafter
                              defined) of Class A Noteholders is obtained.

            For the purpose of determining whether a Special Majority of Class A
            Noteholders has consented to a modification, Class A 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 A 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 A 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 A Notes if and only if
            the consent has first been obtained of the Class A 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 A 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 A Notes, any
            alteration, addition or revocation of any provision of the Note
            Trust Deed, the Class A 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 A Notes including, without limitation, any
            modification to the Principal Balance, interest rate or Final
            Maturity Date of the Class A 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

                                                                              16
<PAGE>

            the Class A 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 Deed or the circumstances in which the consent or direction of
            a Special Majority of the Class A 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 A Notes (including the Conditions).

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

            "SPECIAL MAJORITY" in relation to the Class A Noteholders means
            Class A Noteholders holding Class A Notes with an aggregate
            Principal Balance of no less than 75% of the aggregate Principal
            Balance of all the Class A 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 A Noteholders must, on such terms and conditions as it may
            deem reasonable, without the consent of any of the Class A
            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 A Noteholders, is not, in the
            opinion of the Note Trustee, materially prejudicial to the interests
            of the Class A Noteholders as a class. No such waiver, authorisation
            or determination may be made in contravention of any prior
            directions by a Majority (as hereinafter defined) of the Class A
            Noteholders. Any such waiver, authorisation or determination will,
            if the Note Trustee so requires, be notified to the Class A
            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 A Noteholders means Class A
            Noteholders holding Class A Notes with an aggregate Principal
            Balance of greater than 50% of the aggregate Principal Balance of
            all the Class A 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.

                                                                              17
<PAGE>

            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, 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 A 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 A
            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 A Noteholders will
            be deemed given if in writing and mailed, first-class, postage
            prepaid to each Class A 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 A Noteholders is
            given by mail, neither the failure to mail such notice nor any
            defect in any notice so mailed to any particular Class A 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 A
            Noteholder, either before or after the event, and such waiver will
            be the equivalent of such notice. Waivers of notice by Class A
            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 A 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 A Notes, an Interest Amount, a Principal
            Amount (or the absence of a Principal Amount), a Principal Balance,
            a Class A Note Factor in relation to the Class A 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 A
            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 A 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

                                                                              18
<PAGE>

            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.

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

            o           the aggregate Principal Balance of each class of Notes
                        at the end of the immediately preceding Quarterly
                        Payment Date;

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

            o           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;

            o           only in relation to the first Quarterly Servicing Report
                        after the Closing Date:

                        o     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);

                        o     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;

                        o     the housing loan information in relation to the
                              Approved Mortgages which are assets of the PUMA
                              Trust provided in the table on page [13] of the
                              prospectus in relation to the Class A Notes which
                              shall be updated to reflect the characteristics of
                              the housing loan pool at the end of the
                              Pre-Funding Period;

                        o     if applicable the amount remaining in the
                              Pre-Funding Pool at the end of the Pre-Funding
                              Period;

            o           only in relation to the first two Quarterly Servicing
                        Reports, the aggregate amount of Further Advances (other
                        than Subordinate Funded Further Advances) made during
                        the period from the close of business on the seventh
                        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 seventh Business Day prior to the
                        relevant Quarterly Payment Date;

            o           the Collections in relation to that Quarterly Payment
                        Date;

            o           the Principal Collections in relation to that Quarterly
                        Payment Date;

            o           the Income Reserve at the commencement and at the end of
                        that Quarterly Payment Date;

            o           the Principal Cash Balance at the commencement and at
                        the end of that Quarterly Payment Date;

            o           the Collections other than Principal Collections,
                        Principal Cash Balance and Income Reserve at the end of
                        that Quarterly Payment Date;

            o           the Redraw Facility Principal at the commencement and at
                        the end of that Quarterly Payment Date;

            o           the aggregate of the Subordinate Funded Further Advance
                        Amounts in relation to the Approved Mortgages which are
                        assets of the PUMA Trust at the end of the seventh
                        Business Day preceding that Quarterly Payment Date;

                                                                              19
<PAGE>

            o           the Note Factor for the Class A Notes and the Note
                        Factor for the A$ Class B Notes at the end of that
                        Quarterly Payment Date;

            o           the aggregate outstanding principal balance of the
                        Approved Mortgages forming part of the 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 sixth 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"
            and "SUBORDINATE FUNDED 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 A 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 A 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 A 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 A 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.

                                                                              20
<PAGE>

            (e)         In exercising their powers under the Transaction
                        Documents, each of the Security Trustee, the Note
                        Trustee and the Class A 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).

            (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 A 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 A 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
            A 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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