Document:

<PAGE>

                                               SECURITY TRUST DEED

                           PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                                                         (Chargor)

                                                      P.T. LIMITED
                                                (Security Trustee)

                                          WILMINGTON TRUST COMPANY
                                                    (Note Trustee)

                                        CRUSADE MANAGEMENT LIMITED
                                                         (Manager)

                                Crusade Global Trust No. 2 of 2001

                                            ALLENS ARTHUR ROBINSON
                                                 The Chifley Tower
                                                  2 Chifley Square
                                                 Sydney  NSW  2000
                                                         Australia
                                              Tel  61  2 9230 4000
                                              Fax  61  2 9230 5333

                         (C) Copyright Allens Arthur Robinson 2001

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SECURITY TRUST DEED                                       Allens Arthur Robinson

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<TABLE>
<CAPTION>
<S>                                                                                                        <C>
1.       DEFINITIONS AND INTERPRETATION                                                                    1
         1.1    Definitions                                                                                1
         1.2    Master Trust Deed definitions and Trust Document amendments                                5
         1.3    Interpretation                                                                             5
         1.4    Determination, statement and certificate sufficient evidence                               5
         1.5    Document or agreement                                                                      6
         1.6    Rights and obligations of Mortgagees                                                       6
         1.7    Transaction Document                                                                       6
         1.8    Chargor as trustee                                                                         6
         1.9    Knowledge of the Chargor                                                                   6
         1.10   Knowledge of Security Trustee                                                              7

2.       APPOINTMENT OF SECURITY TRUSTEE                                                                   7
         2.1    The Security Trustee                                                                       7
         2.2    Resolution of Conflicts                                                                    7
         2.3    Duration of Trust                                                                          8
         2.4    Covenant                                                                                   8

3.       CHARGE                                                                                            8
         3.1    Charge                                                                                     8
         3.2    Security                                                                                   8
         3.3    Prospective liability                                                                      8

4.       NATURE OF CHARGE                                                                                  9
         4.1    Priority                                                                                   9
         4.2    Nature of Charge                                                                           9
         4.3    Dealing with Mortgaged Property                                                            9
         4.4    Crystallisation                                                                            9
         4.5    De-crystallisation                                                                        10

5.       COVENANTS AND WARRANTIES                                                                         10
         5.1    Covenant                                                                                  10
         5.2    Negative covenants                                                                        11
         5.3    Warranty                                                                                  11
         5.4    Manager's undertakings                                                                    12

6.       FURTHER ASSURANCES                                                                               12
         6.1    Further assurances                                                                        12

7.       NOTE TRUSTEE                                                                                     13
         7.1    Capacity                                                                                  13
         7.2    Exercise of rights                                                                        13
         7.3    Instructions or directions                                                                13
         7.4    Payments                                                                                  13
         7.5    Notices                                                                                   13

8.       EVENTS OF DEFAULT                                                                                13
         8.1    Events of Default                                                                         13
</TABLE>

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<TABLE>
<CAPTION>
<S>                                                                                                       <C>
         8.2    Rights of the Security Trustee upon Event of Default                                      14
         8.3    Notify Events of Default                                                                  15

9.       ENFORCEMENT                                                                                      15
         9.1    Power to enforce                                                                          15
         9.2    No obligation to enforce                                                                  15
         9.3    Obligation to convene meeting                                                             15
         9.4    Security Trustee to act in accordance with directions                                     16
         9.5    Security Trustee must receive indemnity                                                   16
         9.6    Limitation on rights of Mortgagees                                                        17
         9.7    Immaterial waivers                                                                        17
         9.8    Acts pursuant to resolutions                                                              17
         9.9    Overriding provision                                                                      18

10.      APPOINTMENT OF RECEIVER                                                                          18
         10.1   Appointment                                                                               18
         10.2   Agent of Chargor                                                                          18
         10.3   Receiver's powers                                                                         18
         10.4   Receiver appointed after commencement of winding up                                       21
         10.5   Powers exercisable by the Security Trustee                                                21
         10.6   Withdrawal                                                                                21

11.      REMUNERATION OF SECURITY TRUSTEE                                                                 21
         11.1   Costs                                                                                     21
         11.2   Fee                                                                                       21
         11.3   Cessation of Fee                                                                          22

12.      POWER OF ATTORNEY                                                                                22

13.      COMPLETION OF BLANK SECURITIES                                                                   22

14.      PERFORMANCE OF CHARGOR'S OBLIGATIONS                                                             23

15.      STATUTORY POWERS                                                                                 23
         15.1   Powers in augmentation                                                                    23
         15.2   Notice not required                                                                       23

16.      APPLICATION OF MONEYS RECEIVED                                                                   23
         16.1   Priorities                                                                                23
         16.2   Moneys actually received                                                                  24
         16.3   Amounts contingently due                                                                  25
         16.4   Notice of subsequent Security Interests                                                   25
         16.5   Satisfaction of debts                                                                     25
         16.6   Payments into US$ Account                                                                 25
         16.7   Payments out of US$ Account                                                               26
         16.8   Excluded amounts                                                                          26
         16.9   Proportionate Sharing                                                                     26

17.      OTHER SECURITY INTERESTS OVER MORTGAGED PROPERTY                                                 27

18.      PROTECTION OF MORTGAGEES, RECEIVER AND ATTORNEY                                                  27

19.      PROTECTION OF THIRD PARTIES                                                                      28
</TABLE>

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<TABLE>
<CAPTION>
<S>                                                                                                       <C>
         19.1   No enquiry                                                                                28
         19.2   Receipt                                                                                   28

20.      EXPENSES, INDEMNITY                                                                              28
         20.1   Expenses                                                                                  28
         20.2   Indemnity                                                                                 29

21.      CURRENCY INDEMNITY                                                                               29

22.      STAMP DUTIES                                                                                     29

23.      INTEREST ON OVERDUE AMOUNTS                                                                      30
         23.1   Accrual                                                                                   30
         23.2   Payment                                                                                   30
         23.3   Rate                                                                                      30

24.      CERTIFICATE AS TO AMOUNT OF SECURED MONEYS, ETC.                                                 30

25.      SURVIVAL OF REPRESENTATIONS                                                                      31

26.      INDEMNITY AND REIMBURSEMENT OBLIGATIONS                                                          31

27.      CONTINUING SECURITY                                                                              31

28.      OTHER SECURITIES                                                                                 31

29.      DISCHARGE OF THE CHARGE                                                                          31
         29.1   Release                                                                                   31
         29.2   Contingent liabilities                                                                    32
         29.3   Charge reinstated                                                                         32

30.      AMENDMENT                                                                                        32
         30.1   Approval of Manager                                                                       32
         30.2   Extraordinary Resolution of Voting Mortgagees                                             33
         30.3   Distribution of amendments                                                                33

31.      CHARGOR'S LIABILITY                                                                              33
         31.1   Limitation of liability                                                                   33
         31.2   Rights against Mortgaged Property preserved                                               34
         31.3   Obligation Express                                                                        34

32.      WAIVERS, REMEDIES CUMULATIVE                                                                     35

33.      CONSENTS AND OPINION                                                                             35

34.      SEVERABILITY OF PROVISIONS                                                                       35

35.      MORATORIUM LEGISLATION                                                                           35

36.      ASSIGNMENTS                                                                                      36

37.      NOTICES                                                                                          36

38.      RELATIONSHIP OF MORTGAGEES TO SECURITY TRUSTEE                                                   36
         38.1   Instructions; extent of discretion                                                        36
         38.2   No obligation to investigate authority                                                    37
         38.3   Delegation                                                                                37
         38.4   Reliance on documents and experts                                                         37
</TABLE>

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<TABLE>
<CAPTION>
<S>                                                                                                       <C>
         38.5   Notice of transfer                                                                        37
         38.6   Notice of default                                                                         38
         38.7   Security Trustee as Mortgagee                                                             38
         38.8   Indemnity to Security Trustee                                                             38
         38.9   Independent investigation                                                                 40
         38.10  No monitoring                                                                             40
         38.11  Information                                                                               40
         38.12  Conflicts                                                                                 40
         38.13  No Liability                                                                              41

39.      RETIREMENT AND REMOVAL OF SECURITY TRUSTEE                                                       41
         39.1   Retirement                                                                                41
         39.2   Removal                                                                                   41
         39.3   Replacement                                                                               42
         39.4   Rating Agencies Approval                                                                  42

40.      MEETINGS OF MORTGAGEES                                                                           42
         40.1   Limitation on Security Trustee's powers                                                   42
         40.2   Convening of meetings                                                                     42
         40.3   Notice of meetings                                                                        43
         40.4   Chairman                                                                                  44
         40.5   Quorum                                                                                    44
         40.6   Adjournment                                                                               44
         40.7   Voting procedure                                                                          45
         40.8   Right to attend and speak                                                                 46
         40.9   Appointment of Proxies                                                                    46
         40.10  Corporate Representatives                                                                 46
         40.11  Rights of Representatives                                                                 47
         40.12  Extraordinary Resolutions                                                                 47
         40.13  Extraordinary Resolution binding on Mortgagees                                            48
         40.14  Minutes and records                                                                       48
         40.15  Written resolutions                                                                       48
         40.16  Further procedures for meetings                                                           48
         40.17  Note Trustee rights                                                                       49

41.      AUTHORISED SIGNATORIES                                                                           50

42.      GOVERNING LAW AND JURISDICTION                                                                   50

43.      COUNTERPARTS                                                                                     50

44.      SET-OFF                                                                                          50

45.      ACKNOWLEDGEMENT BY CHARGOR                                                                       50

46.      INFORMATION MEMORANDUM                                                                           50

47.      SECURITY TRUSTEE'S LIMITED LIABILITY                                                             51
         47.1   Reliance on certificate                                                                   51
         47.2   Security Trustee's reliance on Manager, Note Trustee or Servicer                          51
         47.3   Compliance with laws                                                                      51
         47.4   Reliance on experts                                                                       52
</TABLE>

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<TABLE>
<CAPTION>
<S>                                                                                                       <C>
         47.5   Oversights of others                                                                      52
         47.6   Powers, authorities and discretions                                                       52
         47.7   Impossibility or impracticability                                                         52
         47.8   Legal and other proceedings                                                               52
         47.9   No liability except for negligence etc.                                                   53
         47.10  Further limitations on Security Trustee's liability                                       53
         47.11  Conflicts                                                                                 55
         47.12  Information                                                                               55
         47.13  Investigation by Security Trustee                                                         55
</TABLE>

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SECURITY TRUST DEED                                       Allens Arthur Robinson

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DATE                                         2001
----------

PARTIES
----------
       1.       PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841) of
                Level 7, 39 Hunter Street, Sydney, New South Wales 2000 in its
                capacity as trustee of the Crusade Global Trust No. 2 of 2001
                (the CHARGOR);

       2.       P.T. LIMITED (ABN 67 004 454 666) of Level 7, 39 Hunter Street,
                Sydney, NSW  2000 (the SECURITY TRUSTEE);

       3.       CRUSADE MANAGEMENT LIMITED (ABN 90 072 715 916) of 4-16
                Montgomery Street, Kogarah, New South Wales 2217 (the MANAGER);
                and

       4.       WILMINGTON TRUST COMPANY of Rodney Square North, 1100 North
                Market Street, Wilmington, Delaware, 19890-0001 (the NOTE
                TRUSTEE, which expression shall, wherever the context requires,
                include any other person or company for the time being a note
                trustee under the Note Trust Deed).
RECITALS
----------
         A      The Chargor is the trustee, and the Manager is the manager, of
                the Trust.

         B      Under the terms of the Master Trust Deed, the Chargor is
                authorised to enter into this deed to charge the Trust Assets to
                secure the due and punctual performance of the obligations of
                the Chargor under the Trust Documents and the payment in full of
                the Secured Moneys to the Mortgagees.

         C      The Security Trustee enters into this deed for itself and as
                trustee for each other Mortgagee.

         D      The Note Trustee enters into this deed for itself and as trustee
                for each Noteholder.

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IT IS AGREED as follows.

1.       DEFINITIONS AND INTERPRETATION
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1.1      DEFINITIONS

         The following definitions apply unless the context requires otherwise.

         ATTORNEY means any attorney appointed under this deed or any Collateral
         Security.

         CHARGE means the charge created by this deed.

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         CHARGOR'S INDEMNITY means:

         (a)      the Chargor's right of indemnity under the Master Trust Deed
                  from the Trust Assets in respect of liabilities incurred by
                  the Chargor acting in its capacity as trustee of the Trust;
                  and

         (b)      all equitable liens and other Security Interests which the
                  Chargor has over the Trust Assets.

         CHARGE RELEASE DATE means, subject to clause 29.3, the date the
         Security Trustee discharges the Charge and this deed under clause 29.1.

         COLLATERAL SECURITY means any Security Interest, Guarantee or other
         document or agreement at any time created or entered into in favour of
         the Security Trustee as security for any Secured Moneys.

         EVENT OF DEFAULT means any of the events specified in clause 8.

         EXTRAORDINARY RESOLUTION means in relation to the Voting Mortgagees:

         (a)      a resolution passed at a meeting of the Voting Mortgagees duly
                  convened and held in accordance with the provisions contained
                  in this deed by a majority consisting of not less than three
                  quarters of the votes capable of being cast at that meeting by
                  Voting Mortgagees present in person or by proxy; or

         (b)      a resolution in writing pursuant to clause 40.15 signed by all
                  the Voting Mortgagees, and

         (c)      otherwise has the meaning given to it in the Master Trust
                  Deed.

         GUARANTEE means any guarantee, indemnity, letter of credit, legally
         binding letter of comfort or suretyship, or any other obligation or
         irrevocable offer (whatever called and of whatever nature):

         (a)      to pay or to purchase;

         (b)      to provide funds (whether by the advance of money, the
                  purchase of or subscription for shares or other securities,
                  the purchase of assets, rights or services, or otherwise) for
                  the payment or discharge of;

         (c)      to indemnify against the consequences of default in the
                  payment of; or

         (d)      to be responsible otherwise for,

         an obligation or indebtedness of another person, a dividend,
         distribution, capital or premium on shares, stock or other interests,
         or the insolvency or financial condition of another person.

         LIQUIDATION includes receivership, compromise, arrangement,
         amalgamation, administration, reconstruction, winding up, dissolution,
         assignment for the benefit of creditors, bankruptcy or death.

         MASTER TRUST DEED means the Master Trust Deed dated 14 March 1998
         between the Chargor as Trustee, the Manager and St.George.

         MORTGAGED PROPERTY means the property and rights mortgaged or charged
         by this deed or any Collateral Security.

         MORTGAGEE means:

         (a)      the Security Trustee in relation to its rights (held in its
                  own right or for the benefit of other Mortgagees) under this
                  deed;

         (b)      any Class A Noteholder, in relation to its rights under the
                  Class A Notes held by it;

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         (c)      any Class B Noteholder in relation to its rights under the
                  Class B Notes held by it;

         (d)      any Class C Noteholder in relation to its rights under the
                  Class C Notes held by it;

         (e)      any Approved Seller in relation to any relevant Accrued
                  Interest Adjustment and Redraws;

         (f)      the Manager in relation to its rights as Manager under the
                  Trust Documents for the Trust;

         (g)      the Servicer in relation to its rights as Servicer under the
                  Trust Documents for the Trust;

         (h)      any Support Facility Provider in relation to its rights under
                  each Support Facility for the Trust (other than a Mortgage
                  Insurance Policy) to which it is a party;

         (i)      the Note Trustee in relation to its rights (held on its own
                  right or for the benefit of any Class A Noteholders) under the
                  Transaction Documents;

         (j)      each Paying Agent in relation to its rights under the
                  Transaction Documents; or

         (k)      each Note Manager in relation to its rights under the Trust
                  Documents.

         NOTEHOLDER MORTGAGEES means, together:

         (d)      the Note Trustee on behalf of the Class A Noteholders save
                  that where the Note Trustee has become bound to take steps
                  and/or proceed hereunder and fails to do so within a
                  reasonable time and such failure is continuing, the Class A
                  Noteholders and then only if and to the extent permitted by
                  Australian law; and

         (e)      each A$ Noteholder.

         NOTICE OF CREATION OF TRUST means the Notice of Creation of Trust dated
         on or about the date of this deed issued under the Master Trust Deed in
         relation to the Trust.

         POWER means a power, right, authority, discretion or remedy which is
         conferred on the Security Trustee, a Mortgagee or a Receiver or
         Attorney:

         (a)      by this deed or any Collateral Security; or

         (b)      by law in relation to this deed or any Collateral Security.

         RECEIVER means a receiver or receiver and manager appointed under this
         deed or any Collateral Security.

         RELEVANT TRUST means a trust other than the Trust, constituted under
         the Master Trust Deed and the Supplementary Terms Notice for the Trust,
         of which the Chargor is a trustee.

         REPRESENTATIVE means:

         (a)      in the case of a Class A Noteholder, the Note Trustee (as its
                  representative or any other person appointed as a proxy for
                  the Noteholders in accordance within this deed);

         (b)      in the case of any other Mortgagee, a person who is appointed
                  as a proxy for that Mortgagee pursuant to clause 40.9; and

         (c)      without limiting the generality of paragraph (a), in the case
                  of a Voting Mortgagee which is a body corporate, a person who
                  is appointed pursuant to clause 40.10 by that Mortgagee.

         SECURED MONEYS means all money which the Chargor (whether alone or with
         another person) is or at any time may become actually or contingently
         liable to pay to or for the account of any Mortgagee

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         (whether alone or with another person) for any reason whatever under or
         in connection with a Trust Document. Additionally:

         (a)      it includes money by way of principal, interest, fees, costs,
                  indemnities, Guarantee, charges, duties or expenses, or
                  payment of liquidated or unliquidated damages under or in
                  connection with a Trust Document, or as a result of any breach
                  of or default under or in connection with, a Trust Document;
                  and

         (b)      where the Chargor would have been liable but for its
                  Liquidation, it will be taken still to be liable.

         SETTLOR means Andrew Jinks.

         ST.GEORGE means St.George Bank Limited (ABN 92 055 513 070) of 4-16
         Montgomery Street, Kogarah, New South Wales 2000.

         SUPPLEMENTARY TERMS NOTICE means the Supplementary Terms Notice dated
         on or after the date of this deed relating to the Trust.

         TRUST means the trust known as the Crusade Global Trust No. 2 of 2001
         established under the Notice of Creation of Trust, the Master Trust
         Deed and the Supplementary Terms Notice.

         TRUST ASSETS means the Assets of the Trust from time to time as defined
         in the Master Trust Deed, and includes the rights of the Chargor under
         the Trust Documents in respect of the Trust and under the Collection
         Account, the Liquidity Account and the US$ Account.

         TRUST DOCUMENT means each of:

         (a)      this deed;

         (b)      the Master Trust Deed;

         (c)      the Supplementary Terms Notice;

         (d)      the Notice of Creation of Trust;

         (e)      the Servicing Agreement in respect of the Trust;

         (f)      the Custodian Agreement in respect of the Trust;

         (g)      each Note;

         (h)      each Support Facility for the Trust;

         (i)      the Agency Agreement;

         (j)      the Note Trust Deed; or

         (k)      the Subscription Agreements.

         VESTING DATE means the day preceding the earliest of:

         (a)      the 80th anniversary of the date of this deed;

         (b)      the 21st anniversary of the date of the death of the last
                  survivor of the lineal descendants of King George V living on
                  the date of this deed; and

         (c)      the day after the Charge Release Date.

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SECURITY TRUST DEED                                       Allens Arthur Robinson

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         VOTING MORTGAGEE means:

         (a)      with respect only to the enforcement of the security under
                  this deed, for so long as the Secured Moneys of the Class A
                  Noteholders and the A$ Noteholders represent 75% or more of
                  total Secured Moneys, the Noteholder Mortgagees alone; and

         (b)      at any other time (subject to clause 40.17):

                  (i)      the Note Trustee, acting on behalf of the Class A
                           Noteholders under the Note Trust Deed and clause 7
                           and, if the Note Trustee has become bound to take
                           steps and/or to proceed hereunder and fails to do so
                           within a reasonable time and such failure is
                           continuing, the Class A Noteholders and then only if
                           and to the extent the Class A Noteholders are able to
                           do so under Australian law; and

                  (ii)     each other Mortgagee (other than a Class A
                           Noteholder).

1.2      MASTER TRUST DEED DEFINITIONS AND TRUST DOCUMENT AMENDMENTS

         (a)      Words and expressions which are defined in the Master Trust
                  Deed (as amended by the Supplementary Terms Notice) and the
                  Supplementary Terms Notice (including in each case by
                  reference to another agreement) have the same meanings when
                  used in this deed unless the context otherwise requires or
                  unless otherwise defined in this deed.

         (b)      Subject to Clause 30, no change to the Master Trust Deed or
                  any other document (including the order of payment set out in
                  the Supplementary Terms Notice) after the date of this deed
                  will change the meaning of terms used in this deed or
                  adversely affect the rights of the Security Trustee under this
                  deed unless the Security Trustee (subject to clause 40.17(d),
                  with the prior written consent of the Noteholder Mortgagees)
                  has agreed in writing to the changes.

1.3      INTERPRETATION

         Clause 1.2 of the Master Trust Deed applies to this deed as if set out
         in full and:

         (a)      a reference to an ASSET includes any real or personal, present
                  or future, tangible or intangible property or asset and any
                  right, interest, revenue or benefit in, under or derived from
                  the property or asset;

         (b)      an Event of Default SUBSISTS until it has been waived in
                  writing by the Security Trustee provided that no such waiver
                  will be capable of taking effect unless the Security Trustee
                  has first, subject to clause 40.17(d), obtained the prior
                  written consent of the Noteholder Mortgagees; and

         (c)      a reference to an amount for which a person is CONTINGENTLY
                  LIABLE includes an amount which that person may become
                  actually or contingently liable to pay if a contingency
                  occurs, whether or not that liability will actually arise.

1.4      DETERMINATION, STATEMENT AND CERTIFICATE SUFFICIENT EVIDENCE

         Except where otherwise provided in this deed any determination,
         statement or certificate by the Security Trustee or an Authorised
         Signatory of the Security Trustee provided for in this deed is

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         sufficient evidence of each thing determined, stated or certified in
         the absence of manifest error or proof to the contrary.

1.5      DOCUMENT OR AGREEMENT

         A reference to:

         (a)      an AGREEMENT includes a Security Interest, Guarantee,
                  undertaking, deed, agreement or legally enforceable
                  arrangement whether or not in writing; and

         (b)      a DOCUMENT includes an agreement (as so defined) in writing or
                  a certificate, notice, instrument or document.

         A reference to a specific agreement or document includes it as amended,
         novated, supplemented or replaced from time to time, except to the
         extent prohibited by this deed.

1.6      RIGHTS AND OBLIGATIONS OF MORTGAGEES

         (a)      Each Mortgagee is entitled to the benefit of the obligations
                  (including warranties) of each of the Security Trustee, the
                  Chargor and any other person under this deed and any
                  Collateral Security.

         (b)      Subject to clause 9.5, no Mortgagee is entitled to enforce
                  this deed or any Collateral Security other than through the
                  Security Trustee.

         (c)      Each Mortgagee is bound by this deed and each Collateral
                  Security.

         (d)      No Mortgagee is responsible for the obligations of the
                  Security Trustee or any other Mortgagee.

         (e)      The provisions of this deed are binding on the Security
                  Trustee, the Chargor and the Mortgagees and all persons
                  claiming through them, respectively.

1.7      TRANSACTION DOCUMENT

         This deed is a TRANSACTION DOCUMENT for the purposes of the Master
         Trust Deed.

1.8      CHARGOR AS TRUSTEE

         In this deed, except where provided to the contrary:

         (a)      a reference to the Chargor is a reference to the Chargor in
                  its capacity as trustee of the Trust only, and in no other
                  capacity; and

         (b)      a reference to the assets, business, property or undertaking
                  of the Chargor is a reference to the assets, business,
                  property or undertaking of the Chargor only in the capacity
                  described in paragraph (a) above.

1.9      KNOWLEDGE OF THE CHARGOR

         In relation to the Trust, the Chargor will be considered to have
         knowledge or notice of or be aware of any matter or thing if the
         Chargor has knowledge, notice or awareness of that matter or thing by
         virtue of the actual notice or awareness of the officers or employees
         of the Chargor who have day to day responsibility for the
         administration of the Trust.

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1.10     KNOWLEDGE OF SECURITY TRUSTEE

         For the purposes of this deed, the Security Trustee will only be
         considered to have knowledge, notice of or to be aware of any thing if
         the Security Trustee has knowledge, notice or awareness of that thing
         by virtue of the actual knowledge, notice or awareness of the officers
         or employees of the Security Trustee who have day to day responsibility
         for the administration of the security trust established by this deed.

2.       APPOINTMENT OF SECURITY TRUSTEE
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2.1      THE SECURITY TRUSTEE

         The Security Trustee:

         (a)      is appointed to act as trustee on behalf of the Mortgagees on
                  the terms and conditions of this deed; and

         (b)      acknowledges and declares that it:

                  (i)      holds the sum of A$10.00 received on the date of this
                           deed from the Settlor; and

                  (ii)     will hold the benefit of the Charge, the Mortgaged
                           Property and the benefit of each of the Trust
                           Documents to which the Security Trustee is a party,

         in each case, on trust for each Mortgagee, in accordance with the terms
         and conditions of this deed.

2.2      RESOLUTION OF CONFLICTS

         (a)      The Security Trustee shall, as regards 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 Mortgagees.

         (b)      Subject to the provisions of this deed, if there is at any
                  time, with respect to enforcement, a conflict between a duty
                  owed by the Security Trustee to any Mortgagee or class of
                  Mortgagees, and a duty owed by it to another Mortgagee or
                  class of Mortgagees, the Security Trustee must give priority
                  to the interests of the Noteholders (which, in the case of
                  Class A Noteholders shall be determined by the Note Trustee
                  acting on their behalf (as provided in clause 40.17) or the
                  Class A Noteholders, as provided herein and in the Note Trust
                  Deed and which, in the case of:

                  (i)      Class B Noteholders shall be determined by the Class
                           B Noteholders;

                  ii)      the Class C Noteholders shall be determined by the
                           Class C Noteholders,

                  (iii)    in each case as provided herein).

         (c)      Subject to the provisions of this deed (other than paragraph
                  (b)), the Security Trustee must give priority to the interests
                  only of the Class A Noteholders if, in the Security Trustee's
                  opinion (in relation to which in determining the interests of
                  the Class A Noteholders, the Security Trustee may rely on the
                  instructions given in a resolution passed in a meeting held in
                  accordance with clause 40, by Class A Noteholders or their
                  Representatives holding Class A Notes representing at least
                  75% of the aggregate Invested Amount of all Class A

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                  Notes) there is a conflict between the interests of the Class
                  A Noteholders and the interests of the Class B Noteholders,
                  the Class C Noteholders or the other Mortgagees.

         (d)      Provided that the Security Trustee acts in accordance with
                  clause 40 and in good faith, it shall not incur any liability
                  to any Mortgagee for giving effect to paragraph (b) or (c).

2.3      DURATION OF TRUST

         The Trust established under this deed commences on the date of this
         deed and ends on the Vesting Date unless determined earlier.

2.4      COVENANT

         The Security Trustee covenants for the benefit of the Approved Seller
         that it will comply with clause 12.4(l)(i) of the Master Trust Deed in
         relation to any Receivable Security or Related Security which the
         Chargor or the Approved Seller has notified in writing to the Security
         Trustee is affected by a Trust Back.

3.       CHARGE
--------------------------------------------------------------------------------

3.1      CHARGE

         (a)      Subject to paragraph (b) the Chargor charges to the Security
                  Trustee, for the Security Trustee and as trustee for the
                  Mortgagees, all of the present and future Trust Assets and
                  undertaking of the Trust.

         (b)      The Charge does not charge:

                  (i)      any Trust Assets as at the date of this deed which at
                           the time of execution of this deed are, or are taken
                           under the applicable stamp duties legislation of the
                           relevant jurisdiction to be, situated in any State or
                           Territory of Australia other than the Australian
                           Capital Territory or the Northern Territory; or

                  (ii)     any Trust Assets which are at any time located in
                           Tasmania, unless the Chargor, the Security Trustee
                           and the Manager agree otherwise in writing.

3.2      SECURITY

         (a)      Subject to paragraph (b), the security created by this deed
                  secures the due and punctual payment of the Secured Moneys.

         (b)      This deed is given in consideration of the Security Trustee
                  and the Mortgagees entering into the Trust Documents and for
                  other valuable consideration received.

3.3      PROSPECTIVE LIABILITY

         For the purpose of the Corporations Act 2001 (Cth) the maximum
         prospective liability (as defined in the Corporations Act 2001 (Cth))
         secured by this deed at any time is A$5,000,000,000,000 and the total
         amount recoverable under this deed is limited to A$5,000,000,000,000 or
         its equivalent in another currency.

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4.       NATURE OF CHARGE
--------------------------------------------------------------------------------

4.1      PRIORITY

         The Charge is a first charge and takes priority over all Security
         Interests that have been granted over the Mortgaged Property.

4.2      NATURE OF CHARGE

         The Charge operates, subject to clause 4.4, as a floating charge only,
         over all the Mortgaged Property.

4.3      DEALING WITH MORTGAGED PROPERTY

         (a)      Except as expressly permitted in any Trust Document, the
                  Chargor shall not, and the Manager shall not direct the
                  Chargor to:

                  (i)      create or allow to exist any Security Interest over
                           any Mortgaged Property; or

                  (ii)     in any other way:

                           (A)      dispose of;

                           (B)      create or allow any interest in; or

                           (C)      part with possession of, any Mortgaged
                                    Property, except, subject to the Trust
                                    Documents, any disposal of or dealing with
                                    any asset for the time being subject to the
                                    floating charge in the ordinary course of
                                    its ordinary business.

         (b)      Where by law a Mortgagee may not restrict the creation of any
                  Security Interest over an asset ranking after the Charge,
                  paragraph (a) will not restrict that creation. However, the
                  Chargor shall ensure that before that Security Interest is
                  created the holder of that Security Interest enters into a
                  deed of priority in form and substance specified by the
                  Security Trustee.

4.4      CRYSTALLISATION

         The floating charge referred to in clause 4.2 will automatically and
         immediately crystallise and operate as a fixed charge:

         (a)      in respect of any asset:

                  (i)      upon the occurrence of an Event of Default;

                  (ii)     if the Chargor:

                           (A)      creates or allows any Security Interest
                                    over;

                           (B)      sells, leases or otherwise disposes of;

                           (C)      creates or allows any interest in; or

                           (D)      parts with possession of,

                           that asset in breach of a Trust Document, or agrees
                           or attempts to do so or takes any step towards doing
                           so;

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                  (iii)    on the Commissioner of Taxation or his delegate or
                           successor signing a notice under:

                           (A)      s218 or s255 of the Income Tax Assessment
                                    Act 1936;

                           (B)      260-5 of the Taxation Administration Act
                                    1953; or

                           (C)      any similar legislation,

                           which will affect that asset; or

                  (iv)     on a Government Agency taking any step which may
                           result in an amount of Tax or an amount owing to a
                           Government Agency ranking ahead of the floating
                           charge with respect to that asset; or

         (b)      in respect of all the Mortgaged Property:

                  (i)      if an Insolvency Event occurs with respect to the
                           Chargor;

       3          (ii)     on the security constituted by this deed being
                           enforced in any way.

                  Except where expressly stated, no notice or action by any
                  Mortgagee is necessary for the charge to crystallise.

4.5      DE-CRYSTALLISATION

         The Security Trustee must, at the direction of the Manager, at any time
         release any asset which has become subject to a fixed charge under
         clause 4.4 from the fixed charge by notice to the Chargor. That asset
         will then again be subject to the floating charge and to the further
         operation of that clause. The Security Trustee must notify the
         Designated Rating Agency for each Class of Notes of any such release.

5.       COVENANTS AND WARRANTIES
--------------------------------------------------------------------------------

5.1      COVENANT

         (a)      The Chargor acknowledges its indebtedness to each Mortgagee in
                  respect of the relevant Secured Moneys. The Chargor shall duly
                  and punctually pay the Secured Moneys when due in accordance
                  with the Transaction Documents, including in accordance with
                  Clause 8.2.

         (b)      Subject to the limitations on the obligations and liability of
                  the Chargor under the Master Trust Deed and the other
                  Transaction Documents, the Chargor shall use its reasonable
                  endeavours to ensure that no Event of Default occurs.

         (c)      The Chargor will ensure that it complies with its obligations
                  under the Trust Documents.

         (d)      The Chargor will give to the Note Trustee a copy of the
                  Register, and to the Security Trustee any information in the
                  power or possession of the Chargor relating to the Trust that
                  the Security Trustee reasonably requests in connection with
                  the exercise and performance of its powers and obligations
                  under this deed, including without limitation:

                  (i)      the identity, and notice details of, each Mortgagee
                           and Beneficiary;

                  (ii)     the amount and details of the Secured Moneys owing to
                           each Mortgagee; and

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                  (iii)    the amount and details of any Excluded Advances owing
                           to any Mortgagee.

         (e)      The Manager shall cause this deed to be duly stamped and
                  lodged for registration with the Australian Securities and
                  Investments Commission before it issues a Note.

5.2      NEGATIVE COVENANTS

         The Chargor shall not do, nor shall the Manager direct or cause the
         Chargor to do, any of the following without the prior written consent
         of the Security Trustee (and, subject to clause 40.17(d), the
         Noteholder Mortgagees) and without prior written confirmation from the
         Designated Rating Agency for each Class of Notes of the rating assigned
         to the Notes except as permitted by this deed, the Master Trust Deed or
         the Supplementary Terms Notice for the Trust:

         (a)      (NO FINANCIAL INDEBTEDNESS) create, incur, assume, permit or
                  suffer to exist any Financial Indebtedness except for:

                  (i)      the Notes;

                  (ii)     Financial Indebtedness arising under the Trust
                           Documents in relation to the Trust (including under a
                           Support Facility); or

                  (iii)    Financial Indebtedness which is fully subordinated to
                           the Secured Moneys or is non-recourse other than with
                           respect to proceeds in excess of those needed to pay
                           the Secured Moneys, and which does not constitute a
                           claim against the Chargor in the event that those
                           excess proceeds are insufficient to pay that
                           subordinated Financial Indebtedness; or

                  (iv)     Financial Indebtedness when the Chargor has received
                           written confirmation from the Designated Rating
                           Agencies for each Class of Notes that it will not
                           result in any reduction or withdrawal of the ratings
                           assigned to the Notes by the Designated Rating
                           Agencies;

         (b)      (NO RELEASE UNDER TRUST DOCUMENTS) give any release or
                  discharge (whether full, partial or conditional) to any person
                  in respect of their obligations under any of the Trust
                  Documents relating to the Trust, except as permitted by the
                  Trust Documents;

         (c)      (BANK ACCOUNTS) not open any bank account not permitted in the
                  Trust Documents; and

         (d)      (SECURITY INTEREST) not create or permit or suffer to exist
                  any other Security Interest over the Mortgaged Property.

5.3      WARRANTY

         The Chargor makes the following representations and warranties.

         (a)      (TRUST DOCUMENTS REPRESENTATIONS AND WARRANTIES) All
                  representations and warranties of the Chargor in the Trust
                  Documents are true or, if not yet made, will be true when
                  made.

         (b)      (GOOD TITLE) The Chargor is the sole equitable owner of the
                  Mortgaged Property and has the power under the Master Trust
                  Deed to enter into this deed and to charge in the manner
                  provided in this deed the Mortgaged Property. Subject only to
                  the Master Trust Deed and this deed, the Mortgaged Property is
                  free of all other Security Interests as far as the Chargor is
                  aware.

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         (c)      (TRUST VALIDLY CREATED) The Trust has been validly created and
                  is in existence at the date of this deed.

         (d)      (SOLE TRUSTEE) The Chargor has been validly appointed as
                  trustee of the Trust and is presently the sole trustee of the
                  Trust.

         (e)      (MASTER TRUST DEED) The Trust is constituted pursuant to the
                  Master Trust Deed, the Notice of Creation of Trust and the
                  Supplementary Terms Notice.

         (f)      (RIGHT OF INDEMNITY) As far as the Chargor is aware, except as
                  expressly provided in the Master Trust Deed or the
                  Supplementary Terms Notice or statute the Chargor has not
                  limited in any way, and the Chargor has no liability which may
                  be set off against, the Chargor's Indemnity.

         (g)      (NO PROCEEDINGS TO REMOVE) As far as the Chargor is aware, no
                  notice has been given to the Chargor and, to the Chargor's
                  knowledge, no resolution has been passed or direction has been
                  given, removing the Chargor as trustee of the Trust.

5.4      MANAGER'S UNDERTAKINGS

         The Manager undertakes to the Security Trustee when requested promptly
         to give to the Security Trustee:

         (a)      a copy of each custody audit relating to the Trust given under
                  the Custodian Agreement;

         (b)      a copy of each Manager's Report given in relation to the
                  Trust;

         (c)      each audit report issued by the Auditor in relation to the
                  Trust; and

         (d)      a copy of each Trust Document and details and information
                  relating to:

                  (i)      the identity, and notice details of, each Support
                           Facility Provider; and

                  (ii)     the Secured Moneys owing to each Support Facility
                           Provider.

6.       FURTHER ASSURANCES
--------------------------------------------------------------------------------

6.1      FURTHER ASSURANCES

         Whenever the Security Trustee reasonably requests the Chargor to do
         anything:

         (a)      more satisfactorily mortgaging, assuring or securing the
                  Mortgaged Property to the Mortgagees or the Security Trustee's
                  nominee in a manner not inconsistent with this deed or any
                  Trust Document; or

         (b)      aiding in the execution or exercise of any Power,

         the Chargor shall do it immediately, subject to any liability it incurs
         other than from its own negligence, fraud or Default being covered by
         the Chargor's Indemnity. It may include registering this deed,
         executing or registering any other document or agreement, delivering
         Trust Documents or evidence of title and executing and delivering blank
         transfers.

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7.       NOTE TRUSTEE
--------------------------------------------------------------------------------

7.1      CAPACITY

         The Note Trustee is a party to this deed in its capacity as trustee for
         the Class A Noteholders from time to time under the Note Trust Deed.

7.2      EXERCISE OF RIGHTS

         Except as otherwise provided in this deed and in the Note Trust Deed:

         (a)      the rights, remedies and discretions of the Class A
                  Noteholders under this deed including all rights to vote or
                  give instructions or consent to the Security Trustee and to
                  enforce any undertakings or warranties under this deed, may
                  only be exercised by the Note Trustee on behalf of the Class A
                  Noteholders in accordance with the Note Trust Deed; and

         (b)      the Class A Noteholders may only exercise enforcement rights
                  in respect of the Mortgaged Property through the Note Trustee
                  and only in accordance with this deed and the Note Trust Deed.

7.3      INSTRUCTIONS OR DIRECTIONS

         The Security Trustee may rely on any instructions or directions given
         to it by the Note Trustee as being given on behalf of all Class A
         Noteholders from time to time and need not inquire 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.

7.4      PAYMENTS

         Any payment to be made to a Class A Noteholder under this deed may be
         made to the Note Trustee or a Paying Agent on behalf of that Noteholder
         and shall constitute a good discharge.

7.5      NOTICES

         Any notice to be given to a Class A Noteholder under this deed may be
         given to the Note Trustee on behalf of that Class A Noteholder. Any
         costs to the Note Trustee of publishing such notice to the Noteholders
         will be reimbursed by the Chargor to the Note Trustee.

8.       EVENTS OF DEFAULT
--------------------------------------------------------------------------------

8.1      EVENTS OF DEFAULT

         Each of the following is an Event of Default (whether or not it is
         within the control of the Chargor).

         (a)      (FAILURE TO PAY) The Chargor fails to pay:

                  (i)      any Interest Entitlement within 10 Business Days of
                           the Quarterly Payment Date on which the Interest
                           Entitlement was due to be paid, together with all
                           interest accrued and payable on that Interest
                           Entitlement; or

                  (ii)     any other Secured Moneys, within 10 Business Days of
                           the due date for payment (or within any applicable
                           grace period agreed with the Mortgagees, or where the

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                           Mortgagee is a Class A Noteholder, with the Note
                           Trustee, to whom the Secured Moneys relate).

         (b)      (BREACH OF OBLIGATION) The Chargor fails to perform or observe
                  any other provisions (other than an obligation referred to in
                  paragraph (a)) of this deed or a Trust Document where such
                  failure will have a Material Adverse Effect and that default
                  (if in the opinion of the Security Trustee capable of remedy)
                  is not remedied within 30 days after written notice (or such
                  longer period as may be specified in the notice) from the
                  Security Trustee requiring the failure to be remedied.

         (c)      (INSOLVENCY) An Insolvency Event occurs in relation to the
                  Chargor.

         (d)      (PRIORITY OF CHARGE) The Charge is not or ceases to be a first
                  ranking charge over the Trust Assets, or any other obligation
                  of the Chargor (other than as mandatorily preferred by law)
                  ranks ahead of or pari passu with any of the Secured Moneys.

         (e)      (ENFORCEMENT OF SECURITY) Any Security Interest over the Trust
                  Assets is enforced.

         (f)      (Vitiation of Trust Documents)

                  (i)      All or any part of any Trust Document (other than the
                           Basis Swap, the Redraw Facility Agreement or, where
                           the Currency Swap is terminated by the provider of
                           the Currency Swap as a result of a call exercised by
                           the Trustee under Condition 5(j), the Currency Swap)
                           is terminated or is or becomes void, illegal,
                           invalid, unenforceable or of limited force and
                           effect; or

                  (ii)     a party becomes entitled to terminate, rescind or
                           avoid all or part of any Trust Document (other than
                           the Basis Swap, the Redraw Facility or, where the
                           Currency Swap is terminated by the provider of the
                           Currency Swap as a result of a call exercised by the
                           Trustee under Condition 5(j), the Currency Swap)

                  where that event has or will have a Material Adverse Effect.

         (g)      (TRUST) Without the prior consent of the Security Trustee
                  (such consent, subject to clause 40.17(d), having been
                  approved by the Noteholder Mortgagees):

                  (i)      the Trust is wound up, or the Chargor is required to
                           wind up the Trust under the Master Trust Deed or
                           applicable law, or the winding up of the Trust
                           commences;

                  (ii)     the Trust is held or is conceded by the Chargor not
                           to have been constituted or to have been imperfectly
                           constituted; or

                  (iii)    unless another trustee is contemporaneously and
                           immediately appointed to the Trust under the Trust
                           Documents, the Chargor ceases to be authorised under
                           the Trust to hold the property of the Trust in its
                           name and to perform its obligations under the Trust
                           Documents.

8.2      RIGHTS OF THE SECURITY TRUSTEE UPON EVENT OF DEFAULT

         At any time after an Event of Default occurs, the Security Trustee may,
         and shall (subject to clauses 9.2, 9.3, 9.4 and 9.5) if so directed by
         an Extraordinary Resolution:

         (a)      declare the Charge immediately enforceable;

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         (b)      declare the Secured Moneys immediately due and payable;

         (c)      give a notice crystallising the charge in relation to any or
                  all of the Mortgaged Property under clause 4.4; and/or

         (d)      appoint a Receiver over the Trust Assets, or exercise the
                  powers that a Receiver would otherwise have if appointed under
                  this deed.

         The Security Trustee may exercise its rights under this clause
         notwithstanding any delay or previous waiver.

8.3      NOTIFY EVENTS OF DEFAULT

         Each of the Chargor and the Manager must promptly notify the Noteholder
         Mortgagees, the Security Trustee, and each of the Designated Rating
         Agencies if, to the knowledge of its officers who are responsible for
         the administration of the Trust, it becomes aware of the occurrence of
         an Event of Default, Trustee's Default, Servicer Transfer Event,
         Custodial Transfer Event (as defined in the Custodian Agreement), Title
         Perfection Event or Manager's Default including full details of that
         Event of Default, Trustee's Default, Servicer Transfer Event, Title
         Perfection Event, Custodial Transfer Event or Manager's Default (as the
         case may be).

9.       ENFORCEMENT
--------------------------------------------------------------------------------
9.1      POWER TO ENFORCE

         At any time after the Charge becomes enforceable, the Security Trustee
         may, at its discretion and without further notice (subject to the terms
         of this deed including, without limitation, clause 8.2) take such
         proceedings as it may think fit to enforce any of the provisions of
         this deed.

9.2      NO OBLIGATION TO ENFORCE

         Subject to clause 9.3, pending the receipt of directions from the
         Voting Mortgagees as contemplated by clauses 9.3 and 9.4, the Security
         Trustee shall not be bound to take any action or give any consent or
         waiver or make any determination under this deed (including, without
         limiting the generality of the above, to appoint any Receiver, to
         declare the Charge enforceable or the Secured Moneys immediately due
         and payable pursuant to clause 8.2 or to take any other proceedings
         referred to in clause 9.1). Nothing in this clause shall affect the
         operation of clause 4.4 or the Charge becoming enforceable prior to the
         Security Trustee receiving directions from the Voting Mortgagees.

9.3      OBLIGATION TO CONVENE MEETING

         (a)      Prior to the Security Trustee becoming actually aware of the
                  occurrence of an Event of Default and provided that it has
                  been indemnified to its satisfaction in accordance with this
                  deed, the Security Trustee may enforce this deed without an
                  Extraordinary Resolution of the Voting Mortgagees if it
                  believes (in its absolute discretion) that it is necessary to
                  do so to protect the interests of the Mortgagees.

         (b)      Following the Security Trustee becoming actually aware of the
                  occurrence of an Event of Default in accordance with clause
                  1.10, it shall, subject to clause 9.7, promptly convene a
                  meeting of the Voting Mortgagees in accordance with this deed,
                  at which it shall seek

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                  directions from the Voting Mortgagees by way of an
                  Extraordinary Resolution of the Voting Mortgagees regarding
                  the action it should take as a result of that Event of Default
                  including whether to do any of the things referred to in
                  clauses 8.2(a) to (d) inclusive.

9.4      SECURITY TRUSTEE TO ACT IN ACCORDANCE WITH DIRECTIONS

         (a)      Subject to sub-clause (b), the Security Trustee shall take all
                  action necessary to give effect to any Extraordinary
                  Resolution of the Voting Mortgagees and shall comply with all
                  directions contained in or given pursuant to any Extraordinary
                  Resolution of the Voting Mortgagees.

         (b)      The obligation of the Security Trustee pursuant to sub-clause
                  (a) is subject to:

                  (i)      this deed; and

                  (ii)     the Security Trustee being adequately indemnified
                           from the property held on trust under clause 2.1(b)
                           or the Security Trustee receiving from the Voting
                           Mortgagees (other than the Note Trustee) an indemnity
                           in a form reasonably satisfactory to the Security
                           Trustee (which may be by way of an Extraordinary
                           Resolution of the Voting Mortgagees) against all
                           actions, proceedings, claims and demands to which it
                           may render itself liable, and all costs, charges,
                           damages and expenses which it may incur, in giving
                           effect to an Extraordinary Resolution of the Voting
                           Mortgagees.

                  The Security Trustee shall first claim on its indemnity from
                  the property held on trust under clause 2.1(b) before it
                  claims on any indemnity from the Mortgagees other than the
                  Note Trustee, including any indemnity provided under clause
                  9.5. The Note Trustee is in no circumstance required to give
                  any indemnity to the Security Trustee.

         (c)      If an Event of Default is a payment default in respect of a
                  subordinated Class of Notes, as long as there are Class A
                  Notes outstanding that rank prior to those subordinated Notes,
                  the Security Trustee shall not take any action without the
                  consent of the Class A Noteholders contained in or given
                  pursuant to an Extraordinary Resolution of Class A
                  Noteholders.

         (d)      If the Security Trustee becomes bound to take steps and/or
                  proceed under this deed and it fails to do so within a
                  reasonable time and such failure is continuing, the Voting
                  Mortgagees may exercise such powers as they determine by
                  Extraordinary Resolution and then only if and to the extent
                  the Voting Mortgagees are able to do so under Australian law.

9.5      SECURITY TRUSTEE MUST RECEIVE INDEMNITY

         If:

                  (i)      the Security Trustee convenes a meeting of the Voting
                           Mortgagees, or is required by an Extraordinary
                           Resolution to take any action under this deed, and
                           advises the Voting Mortgagees that the Security
                           Trustee will not act in relation to the enforcement
                           of this deed unless it is personally indemnified by
                           the Voting Mortgagees (other than the Note Trustee)
                           to its reasonable satisfaction against all actions,
                           proceedings, claims and demands to which it may
                           render itself liable, and all costs, charges, damages
                           and expenses which it may incur, in relation to the
                           enforcement of this deed and put in funds to the

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                           extent to which it may become liable (including costs
                           and expenses); and

                  (ii)     those Voting Mortgagees refuse to grant the requested
                           indemnity, and put it in funds,

                  then the Security Trustee will not be obliged to act in
                  relation to that enforcement. In those circumstances, the
                  Voting Mortgagees may exercise such Powers as they determine
                  by Extraordinary Resolution. The Note Trustee is in no
                  circumstance required to give any indemnity to the Security
                  Trustee.

9.6      LIMITATION ON RIGHTS OF MORTGAGEES

         Subject to this deed (including, without limitation, clauses 9.4(b) and
         9.5), the powers, rights and remedies conferred on the Security Trustee
         by this deed are exercisable by the Security Trustee only, and no
         Mortgagee is entitled without the written consent of the Security
         Trustee to exercise the same or any of them. Without limiting the
         generality of the foregoing, subject to clause 9.5, no Mortgagee is
         entitled to enforce the Charge or the provisions of this deed or to
         appoint or cause to be appointed a Receiver to any of the Mortgaged
         Property or otherwise to exercise any power conferred by the terms of
         any applicable law on charges except as provided in this deed.

9.7      IMMATERIAL WAIVERS

         (a)      The Security Trustee may (subject to clauses 40.17(d), with
                  the prior written consent of the Noteholder Mortgagees) agree,
                  on any terms and conditions as it may deem expedient, having
                  first given notice to any Designated Rating Agency for each
                  Class of Notes, but without the consent of the other
                  Mortgagees and without prejudice to its rights in respect of
                  any subsequent breach, to any waiver or authorisation of any
                  breach or proposed breach of any of the terms and conditions
                  of the Trust Documents or any of the provisions of this deed
                  which is not, in the reasonable opinion of the Security
                  Trustee, materially prejudicial to the interests of the
                  Mortgagees and may determine that any event that would
                  otherwise be an Event of Default shall not be treated as an
                  Event of Default for the purpose of this deed.

         (b)      No such waiver, authorisation or determination shall be made
                  in contravention of any directions contained in an
                  Extraordinary Resolution of Voting Mortgagees.

         (c)      Any such waiver, authorisation or determination shall, if the
                  Security Trustee so requires, be notified to the Voting
                  Mortgagees by the Manager as soon as practicable thereafter in
                  accordance with this deed.

9.8      ACTS PURSUANT TO RESOLUTIONS

         The Security Trustee shall not be responsible for having acted in good
         faith upon any resolution purporting to have been passed at any meeting
         of the Voting Mortgagees in respect of which minutes have been made and
         signed, even though it may subsequently be found that there was some
         defect in the constitution of that meeting or the passing of that
         resolution or that for any reason that resolution was not valid or
         binding upon the Voting Mortgagees.

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9.9      OVERRIDING PROVISION

         Notwithstanding any other provision of this deed:

         (a)      the Security Trustee is not obliged to do or omit to do
                  anything including entering into any transaction or incurring
                  any liability unless the Security Trustee's liability is
                  limited in a manner satisfactory to the Security Trustee in
                  its absolute discretion; and

         (b)      the Security Trustee will not be under any obligation to
                  advance or use its own funds for the payment of any costs,
                  expenses or liabilities, except in respect of its own fraud,
                  negligence or breach of trust.

10.      APPOINTMENT OF RECEIVER
--------------------------------------------------------------------------------
10.1     APPOINTMENT

         To the extent permitted by law and subject to clause 9, at any time
         after the Charge becomes enforceable under this deed the Security
         Trustee or any Authorised Signatory of the Security Trustee may:

         (a)      appoint any person or any 2 or more persons jointly or
                  severally or both to be a Receiver of all or any of the
                  Mortgaged Property;

         (b)      remove any Receiver;

         (c)      appoint another Receiver in addition to or in place of a
                  Receiver; or

         (d)      fix or vary the remuneration of a Receiver.

10.2     AGENT OF CHARGOR

         (a)      Subject to clauses 10.2(b) and 10.4, every Receiver is the
                  agent of the Chargor. The Chargor alone is responsible for the
                  Receiver's acts and defaults.

         (b)      Each Mortgagee acknowledges that:

                  (i)      any Receiver will be the agent of the Chargor in its
                           capacity as trustee of the Trust only; and

                  (ii)     notwithstanding anything else in this deed or at law,
                           the Chargor in its personal capacity is not
                           responsible for any negligent act or negligent
                           omission of the Receiver.

10.3     RECEIVER'S POWERS

         In addition to any powers granted by law, and except to the extent
         specifically excluded by the terms of his appointment and in accordance
         with the interests of the Mortgagees in accordance with this deed,
         every Receiver has power to do anything in respect of the Mortgaged
         Property that the Chargor could do (including, without limitation,
         having regard to its powers under the Master Trust Deed). However,
         every Receiver acknowledges that the Chargor's liability in relation to
         the Receiver's exercise of those powers is limited to the assets of the
         Trust. His powers include the following.

         (a)      (TAKE POSSESSION AND MANAGE) He may take possession of, get in
                  and manage the Mortgaged Property.

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         (b)      (LEASE) He may lease any of the Mortgaged Property for any
                  term (whether or not the Receiver has taken possession).

         (c)      (CARRY ON BUSINESS) He may carry on or concur in carrying on
                  any business.

         (d)      (ACQUIRE ANY ASSET) He may acquire in any manner any asset
                  (including to take it on lease). After that acquisition it
                  will be included in the Mortgaged Property.

         (e)      (MAINTAIN AND IMPROVE THE MORTGAGED PROPERTY) He may do
                  anything to maintain, protect or improve any of the Mortgaged
                  Property or to obtain income or returns from any of the
                  Mortgaged Property (including by development, sub-division,
                  construction, alteration, or repair, of any property or by
                  pulling down, dismantling or scrapping, any property).

         (f)      (LEND) He may lend money or provide financial accommodation.

         (g)      (Sell)

                  (i)      He may sell any of the Mortgaged Property (whether or
                           not the Receiver has taken possession).

                  (ii)     Without limitation, any sale may be made:

                           (A)      by public auction, private treaty or tender;

                           (B)      for cash or on credit;

                           (C)      in one lot or in parcels;

                           (D)      either with or without special conditions or
                                    stipulations as to title or time or mode of
                                    payment of purchase money or otherwise;

                           (E)      with power to allow the whole or any part of
                                    the purchase money to be deferred (whether
                                    with or without any security); and

                           (F)      whether or not in conjunction with the sale
                                    of any property by any person.

         (h)      (OPTIONS) He may grant or take put or call options.

         (i)      (SEVER FIXTURES) He may sever fixtures.

         (j)      (EMPLOY) He may employ or discharge any person as employee,
                  contractor, agent, professional adviser, consultant or
                  auctioneer for any purpose.

         (k)      (COMPROMISE) He may make or accept any arrangement or
                  compromise.

         (l)      (GIVE RECEIPTS) He may give receipts for money and other
                  assets.

         (m)      (Perform and enforce agreements) He may:

                  (i)      perform or enforce;

                  (ii)     exercise or refrain from exercising the Chargor's
                           rights and powers under; or

                  (iii)    obtain the benefit in other ways of,

                  any documents or agreements or rights which form part of the
                  Mortgaged Property and any documents or agreements entered
                  into in exercise of any Power.

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         (n)      (VARY AND TERMINATE AGREEMENTS) He may vary, rescind or
                  terminate any document or agreement (including surrender or
                  accept the surrender of leases).

         (o)      (AUTHORISATIONS) He may apply for, take up, transfer or
                  surrender any Authorisation or any variation of any
                  Authorisation.

         (p)      (TAKE INSOLVENCY PROCEEDINGS) He may make, commence and pursue
                  insolvency proceedings against any person and do any thing in
                  relation to any actual or contemplated Liquidation (including
                  attend and vote at meetings of creditors and appoint proxies).

         (q)      (TAKE PROCEEDINGS) He may commence, defend, conduct, settle,
                  discontinue or compromise proceedings in the name of the
                  Chargor or otherwise.

         (r)      (EXECUTE DOCUMENTS) He may enter into and execute documents or
                  agreements on behalf of himself or the Chargor.

         (s)      (OPERATE BANK ACCOUNTS) He may operate any bank account
                  comprising part of the Mortgaged Property and open and operate
                  any further bank account.

         (t)      (SURRENDER MORTGAGED PROPERTY) He may surrender, release or
                  transfer any of the Mortgaged Property.

         (u)      (EXCHANGE MORTGAGED PROPERTY) He may exchange with any person
                  any of the Mortgaged Property for other property.

         (v)      (PROMOTE COMPANIES) He may promote the formation of companies
                  with a view to purchasing any of the Mortgaged Property or
                  assuming the obligations of the Chargor or otherwise.

         (w)      (DELEGATE) He may delegate to any person approved by the
                  Security Trustee any of his Powers (including delegation).

         (x)      (HAVE ACCESS) He may exercise all the rights of the Chargor
                  under the Trust Documents with respect to the Trust Assets.

         (y)      (VOTE) He may exercise any voting or other rights or powers in
                  respect of any of the Mortgaged Property and do anything in
                  relation to shares or marketable securities.

         (z)      (OTHER OUTGOINGS) He may pay any outgoing or indebtedness of
                  the Chargor or any other person.

         (aa)     (SECURITY INTERESTS) He may redeem any Security Interest or
                  acquire it and any debt secured by it.

         (bb)     (INSURE) He may take out insurance.

         (cc)     (INSURANCE CLAIMS) He may make, enforce, compromise and settle
                  all claims in respect of insurance.

         (dd)     (INCIDENTAL POWER) He may do anything incidental to the
                  exercise of any other Power.

         All of the above paragraphs are to be construed independently. None
         limits the generality of any other.

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10.4     RECEIVER APPOINTED AFTER COMMENCEMENT OF WINDING UP

         The power to appoint a Receiver may be exercised even though:

         (a)      an order may have been made or a resolution may have been
                  passed for the Liquidation of the Chargor; and

         (b)      a receiver appointed in those circumstances may not, or may
                  not in some respects specified by the Receiver, act as the
                  agent of the Chargor.

10.5     POWERS EXERCISABLE BY THE SECURITY TRUSTEE

         Whether or not a Receiver has been appointed, the Security Trustee may
         exercise any Power of a Receiver at any time after the Charge becomes
         enforceable under this deed in addition to any Power of the Mortgagees
         and without giving notice. It may exercise those Powers and its Powers
         without taking possession or being liable as mortgagee in possession.
         Without limitation, it may exercise those Powers and its Powers
         directly or through one or more agents. In the latter event, anything
         done or incurred by such an agent will be taken to be done or incurred
         by the Security Trustee provided that the Security Trustee will have no
         liability in respect of the negligence or default of any agent
         appointed by the Security Trustee with reasonable care for the purpose
         of performing functions of a type which are not reasonably capable of
         supervision by the Security Trustee.

10.6     WITHDRAWAL

         The Security Trustee may at any time (provided it does not have a
         Material Adverse Effect) give up possession of any Mortgaged Property
         and may at any time withdraw any receivership.

11.      REMUNERATION OF SECURITY TRUSTEE
--------------------------------------------------------------------------------
11.1     COSTS

         In accordance with the Supplementary Terms Notice, the Chargor as
         trustee of the Trust shall reimburse the Security Trustee for all costs
         and expenses of the Security Trustee properly incurred in acting as
         Security Trustee.

11.2     FEE

         (a)      The Security Trustee shall be entitled to a fee from the
                  proceeds of the Mortgaged Property at the rate agreed from
                  time to time by the Chargor, the Security Trustee and the
                  Manager. This fee shall accrue from day to day.

         (b)      If the Security Trustee is required at any time to undertake
                  duties which relate to the enforcement of the terms of any
                  Transaction Document by the Security Trustee upon a default by
                  any other party under the terms of that Transaction Document,
                  the Security Trustee is entitled to such additional
                  remuneration as may be agreed between the Security Trustee and
                  the Manager or, failing agreement, such amount as is
                  determined by a merchant bank (acting as an expert and not as
                  an arbitrator) selected by the Security Trustee. The
                  determination of such merchant bank shall be conclusive and
                  binding on the Manager and the Security Trustee so far as the
                  law allows.

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         (c)      The Security Trustee's fee under sub-clause (a) shall be
                  payable in arrears for the relevant period on the same dates
                  as the Chargor's fee under the Master Trust Deed for the Trust
                  or as agreed from time to time by the Chargor, the Security
                  Trustee and the Manager.

11.3     CESSATION OF FEE

         The Security Trustee shall not be entitled to remuneration under
         clauses 11.1 or 11.2 in respect of any period after the Charge Release
         Date or after it has resigned or been removed as Security Trustee.

12.      POWER OF ATTORNEY
--------------------------------------------------------------------------------
         (a)      For valuable consideration and by way of security the Chargor
                  irrevocably appoints each Receiver and Authorised Signatory of
                  the Security Trustee severally its attorney to do anything,
                  following the occurrence of an Event of Default, which:

                  (i)      the Chargor is obliged to do under or in relation to
                           any Trust Document; or

                  (ii)     any Mortgagee or any Receiver is authorised or
                           empowered to do under any Trust Document or any law
                           but only at the times that Mortgagee or a Receiver
                           (if a Receiver had been appointed) would have been
                           able to do it.

         (b)      Without limitation, the Attorney may, following the occurrence
                  of an Event of Default, at any time:

                  (i)      do anything which in the opinion of the Security
                           Trustee or Attorney is necessary or expedient to
                           secure, preserve, perfect, or give effect to the
                           security contained in this deed (including anything
                           under clauses 13 or 14). For this purpose, without
                           limitation, he may execute any legal mortgage,
                           transfer, assignment and other assurance of any of
                           the Mortgaged Property in favour of any Mortgagee,
                           any purchaser or any nominee; and

                  (ii)     delegate his powers (including delegation).

         (c)      No Attorney appointed under this deed may act inconsistently
                  with this deed or any other Trust Document.

13.      COMPLETION OF BLANK SECURITIES
--------------------------------------------------------------------------------
         The Security Trustee, any Authorised Signatory of the Security Trustee,
         any Receiver or any Attorney may complete any document which at any
         time is executed by or on behalf of the Chargor and deposited with the
         Security Trustee. It may complete it in favour of any Mortgagee, any
         purchaser or any nominee. It may not do so inconsistently with this
         deed or any other Trust Document.

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14.      PERFORMANCE OF CHARGOR'S OBLIGATIONS
--------------------------------------------------------------------------------

         If at any time the Chargor fails duly to perform any obligation in any
         Trust Document the Security Trustee or any person it authorises may do
         anything which in its opinion is necessary or expedient to make good or
         to attempt to make good that failure to its satisfaction.

15.      STATUTORY POWERS
--------------------------------------------------------------------------------
15.1     POWERS IN AUGMENTATION

         The powers conferred on a mortgagee by law:

         (a)      are in addition to the Powers conferred by this deed;

         (b)      (to the extent permitted by law and, subject to clause
                  40.17(d), and provided there is sufficient time to do so, with
                  the prior written consent of the Noteholder Mortgagees) may be
                  exercised by the Security Trustee immediately after the Charge
                  becomes enforceable under this deed and at any time
                  subsequently; and

         (c)      are excluded or varied only so far as they are inconsistent
                  with the express terms of this deed or any Collateral
                  Security.

15.2     NOTICE NOT REQUIRED

         To the extent permitted by law:

         (a)      the Chargor dispenses with any notice or lapse of time
                  required by any law before enforcing this deed or any
                  Collateral Security or exercising any Power; and

         (b)      subject to this deed, no Mortgagee is required to give notice
                  to any person before enforcement or exercise; and

         (c)      any law requiring the giving of notice or the compliance with
                  a procedure or the lapse of time before enforcement or
                  exercise is excluded.

16.      APPLICATION OF MONEYS RECEIVED
--------------------------------------------------------------------------------
16.1     PRIORITIES

         (a)      The proceeds from the enforcement of the Charge over the
                  Mortgaged Property (the AVAILABLE FUND POOL) are to be applied
                  (notwithstanding any order of payment in the Supplementary
                  Terms Notice) in the following order of priority, subject to
                  any other priority which may be required by statute or law:

                  (i)      first, to pay (pari passu and rateably):

                           (A)      any fees and other expenses due to the
                                    Security Trustee or the Note Trustee;

                           (B)      any fees and other expenses due to the
                                    Principal Paying Agent;

                           (C)      any Expenses then due and unpaid with
                                    respect to the Trust; and

                           (D)      the Receiver's remuneration;

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                  (ii)     second, to pay all costs, charges, expenses and
                           disbursements properly incurred in the exercise of
                           any Power by the Security Trustee, the Note Trustee,
                           a Receiver or an Attorney or other amounts payable to
                           the Security Trustee or the Note Trustee under this
                           deed;

                  (iii)    third, to pay any unpaid Accrued Interest Adjustment
                           due to the Approved Seller;

                  (iv)     fourth, to pay to the Swap Provider under the
                           Interest Rate Swap any Break Payments received by or
                           on behalf of the Trustee from a Borrower or any
                           Mortgage Insurer and which have not previously been
                           paid to that Swap Provider.

                  (v)      fifth, to pay (pari passu and rateably):

                           (A)      all Secured Moneys owing to the Support
                                    Facility Providers (other than the Currency
                                    Swap Provider);

                           (B)      all Secured Moneys owing to the Class A
                                    Noteholders (as at the date of payment);

                           (C)      all Secured Moneys owing in relation to any
                                    Redraws made by the Approved Seller for
                                    which it has not been reimbursed under the
                                    Trust Documents; and

                           (D)      all Secured Moneys owing to the Currency
                                    Swap Provider specified in a Confirmation
                                    relating to Class A Notes (but without
                                    double counting with payments under
                                    sub-paragraph (ii));

                  (vi)     sixth, all Secured Moneys owing to the Class B
                           Noteholders (as at the date of payment);

                  (vii)    seventh, all Secured Moneys owing to the Class C
                           Noteholders (as at the date of payment);

                  (viii)   eighth, to pay (pari passu and rateably) any amounts
                           not covered above owing to any Mortgagee under any
                           Trust Document;

                  (ix)     ninth, to pay (pari passu and rateably) all monies
                           owing to any Mortgage Insurer;

                  (x)      tenth, to pay the holder of any subsequent Security
                           Interest over Trust Assets of which the Security
                           Trustee has notice of the amount properly secured by
                           the Security Interest;

                  (xi)     eleventh, to pay any surplus to the Chargor to be
                           distributed in accordance with the Master Trust Deed
                           and the Supplementary Terms Notice.

         (b)      The surplus will not carry interest. If the Security Trustee
                  or a Receiver, Mortgagee or Attorney pays the surplus to the
                  credit of an account in the name of the Chargor with any bank
                  carrying on business in Australia, the Security Trustee,
                  Receiver, Mortgagee or Attorney (as the case may be) will be
                  under no further liability in respect of it.

16.2     MONEYS ACTUALLY RECEIVED

         In applying any moneys towards satisfaction of the Secured Moneys, the
         Chargor will be credited only with the money available for that purpose
         which is actually received by the relevant Mortgagee

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         or, where the Mortgagee is a Class A Noteholder, the Note Trustee. The
         credit will date from the time of receipt.

16.3     AMOUNTS CONTINGENTLY DUE

         If any of the Secured Moneys is contingently owing to any Mortgagee at
         the time of a distribution of an amount under clause 16.1, the Security
         Trustee may retain any of that amount. If it does, it shall place the
         amount retained on short term interest bearing deposit until the
         relevant Secured Moneys become actually due or cease to be contingently
         owing, or it becomes reasonably apparent that the relevant contingency
         will not occur and the Security Trustee shall then:

         (a)      pay to that Mortgagee, or (where the Mortgagee is a Class A
                  Noteholder) to the Note Trustee, the amount which becomes
                  actually due to it; and

         (b)      apply the balance of the amount retained (together with
                  interest earned on the deposit) in accordance with clause
                  16.1.

16.4     NOTICE OF SUBSEQUENT SECURITY INTERESTS

         (a)      If any Mortgagee receives actual or constructive notice of a
                  subsequent Security Interest affecting any of the Mortgaged
                  Property it may open a separate account in the name of the
                  Chargor in the books of that Mortgagee.

         (b)      If that Mortgagee does not open a new account it will be
                  treated as if it had done so at the time it received actual or
                  constructive notice of the Security Interest.

         (c)      From the time the new account is opened or is taken to be
                  opened:

                  (i)      all advances and accommodation made available by that
                           Mortgagee to the Chargor;

                  (ii)     all payments and repayments made by the Chargor to
                           that Mortgagee; and

                  (iii)    moneys to be applied towards the Secured Moneys under
                           clause 16.1,

                  will be or will be taken to be debited or credited, as
                  appropriate, to the new account. Payments, repayments and
                  other moneys will only be applied in reduction of other
                  Secured Moneys owing to that Mortgagee to the extent that
                  there is no debit balance in that account.

16.5     SATISFACTION OF DEBTS

         Without limiting clause 31, each Mortgagee shall accept the
         distribution of moneys under this clause in full and final satisfaction
         of all Secured Moneys owing to it, and any debt represented by any
         shortfall that exists after any final distribution under this clause is
         extinguished.

16.6     PAYMENTS INTO US$ ACCOUNT

         (a)      The Chargor shall direct the Currency Swap Provider to pay all
                  amounts denominated in US$ payable to the Chargor by the
                  Currency Swap Provider under the Currency Swap into the US$
                  Account.

         (b)      If the Chargor receives any amount denominated in US$ from the
                  Currency Swap Provider under the Currency Swap it will
                  promptly pay that amount to the credit of the US$ Account.

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16.7     PAYMENTS OUT OF US$ ACCOUNT

         (a)      The Chargor shall, or shall require that the Paying Agent, on
                  its behalf, pay all amounts credited to the US$ Account as
                  follows and in accordance with the Supplementary Terms Notice,
                  the Note Trust Deed and the Agency Agreement.

         (b)      All amounts credited to the US$ Account by the Currency Swap
                  Provider in relation to a payment by the Chargor under clause
                  16.1(a)(v)(D) or clause 16.1(c), will be applied pari passu to
                  pay all Secured Moneys owing to Class A Noteholders.

16.8     EXCLUDED AMOUNTS

         For the avoidance of doubt, the following amounts shall not be treated
         as assets of the Trust available for distribution under clause 16.1.

         (a)      Any amounts required by law to be paid to the holder of any
                  prior ranking Security Interest over Trust Assets of which the
                  Security Trustee has notice which amounts are properly secured
                  by the Security Interest.

         (b)      Any of:

                  (i)      the proceeds of cash collateral lodged by the
                           provider of an Hedge Agreement which are payable to
                           that person under that Hedge Agreement; and

                  (ii)     the proceeds of any other cash collateral lodged by a
                           Support Facility Provider under a Support Facility,
                           which are payable to the Support Facility Provider.

                  This paragraph (b) shall not apply to the extent that the
                  relevant moneys are applied in accordance with the relevant
                  document to satisfy any obligation owed to the Chargor by the
                  relevant Support Facility Provider.

16.9     PROPORTIONATE SHARING

         (a)      SHARING

                  Whenever any Mortgagee receives or recovers any money in
                  respect of any sum due from the Chargor under a Trust Document
                  in any way (including without limitation by set-off) except
                  those referred to in clause 16.8 or through distribution by
                  the Security Trustee under this deed (the RECEIVED MONEYS).

                  (i)      the Mortgagee shall immediately notify the Security
                           Trustee;

                  (ii)     the Mortgagee shall immediately pay that money to the
                           Security Trustee (unless the Security Trustee directs
                           otherwise). As between each Class of Class A
                           Noteholders, such payments (if any) are to be made
                           pari passu and rateably;

                  (iii)    the Security Trustee shall treat the payment as if it
                           were a payment by the Chargor on account of all sums
                           then payable to the Mortgagees; and

                  (iv)     (A) the payment or recovery will be taken to have
                           been a payment for the account of the Security
                           Trustee and not to the Mortgagee for its own account,
                           and to that extent the liability of the Chargor to
                           the Mortgagee will not be reduced by the recovery or
                           payment, other than to the extent of any distribution
                           received by the Mortgagee under paragraph (iii); and

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                           (B)      (without limiting sub-paragraph (A))
                                    immediately on the Mortgagee making or
                                    becoming liable to make a payment under
                                    paragraph (ii), the Chargor shall indemnify
                                    the Mortgagee against the payment to the
                                    extent that (despite sub-paragraph (A)) its
                                    liability has been discharged by the
                                    recovery or payment.

         (b)      NETTING

                  If a Mortgagee receives or recovers any Received Moneys, and
                  does not pay that amount to the Security Trustee under
                  paragraph (a) above, the Security Trustee may retain out of
                  amounts which would otherwise be payable to the Mortgagee
                  under this deed any amounts which the Security Trustee
                  considers necessary to put all Mortgagees in the same position
                  as if that Mortgagee had complied with, or been required to
                  comply with, paragraph (a) above and the Security Trustee's
                  obligation to apply monies to such Mortgagee shall be
                  discharged to the extent of such retention.

17.      OTHER SECURITY INTERESTS OVER MORTGAGED PROPERTY
--------------------------------------------------------------------------------
         (a)      Any Mortgagee and any Receiver or Attorney may rely on the
                  certificate of a holder of another Security Interest affecting
                  or purporting to affect the Mortgaged Property as to the
                  amount and property secured by the Security Interest.

         (b)      The Security Trustee or any Receiver may at any time pay or
                  agree to pay the amount certified by the holder of a Security
                  Interest or purported Security Interest to be necessary to
                  discharge it or some indebtedness secured by it, or to acquire
                  it. From the date of payment that amount will be part of the
                  Secured Moneys and the Chargor shall indemnify the Security
                  Trustee (and if other Mortgagees indemnify the Security
                  Trustee, those other Mortgagees) and the Receiver against that
                  amount. This applies whether or not that Security Interest or
                  purported Security Interest was valid or prior, equal or
                  subsequent ranking, or the property or moneys stated in the
                  certificate were secured by it.

18.      PROTECTION OF MORTGAGEES, RECEIVER AND ATTORNEY
--------------------------------------------------------------------------------
         To the extent permitted by law, neither any Mortgagee nor any Receiver
         or Attorney will be liable:

         (a)      in respect of any conduct, delay, negligence or breach of duty
                  in the exercise or non-exercise of any Power; nor

         (b)      for any loss (including consequential loss) which results,

         except where it arises from fraud, negligence or wilful default on the
         part of any Mortgagee, Receiver or Attorney.

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19.      PROTECTION OF THIRD PARTIES
--------------------------------------------------------------------------------
19.1     NO ENQUIRY

         No party to any Dealing (as defined below) and no person asked to
         register a Dealing:

         (a)      is bound to enquire:

                  (i)      whether an Event of Default has occurred or whether
                           this deed has become enforceable;

                  (ii)     whether a person who is, or purports or is purported
                           to be, a Receiver or Attorney is duly appointed;

                  (iii)    as to the amount of Secured Moneys or whether Secured
                           Moneys are due and payable; or

                  (iv)     in any other way as to the propriety or regularity of
                           the Dealing; or

         (b)      is affected by express notice that the Dealing is unnecessary
                  or improper.

         For the protection of any party to a Dealing or a person registering a
         Dealing, the Dealing will be taken to be authorised by this deed and
         will be valid accordingly, even if there is any irregularity or
         impropriety in the Dealing.

         In this clause a DEALING is:

         (a)      any payment or any delivery or handing over of an asset to; or

         (b)      any acquisition, incurring of Financial Indebtedness, receipt,
                  sale, lease, disposal or other dealing, by,

         any Mortgagee or any Receiver or Attorney, or any person who purports
         or is purported to be a Receiver or Attorney.

19.2     RECEIPT

         The receipt of any Authorised Signatory of any Mortgagee or any
         Receiver or Attorney (or person who purports, or is purported, to be a
         Receiver or Attorney) for any moneys or assets payable to, or
         receivable or received by it, exonerates the person paying those moneys
         or handing over that asset from being concerned as to their
         application, or from being liable or accountable for their loss or
         misapplication.

20.      EXPENSES, INDEMNITY
--------------------------------------------------------------------------------
20.1     EXPENSES

         In accordance with the Supplementary Terms Notice and this deed, the
         Chargor shall reimburse each Mortgagee or (where the Mortgagee is a
         Class A Noteholder who is not a Voting Mortgagee) the Note Trustee,
         Receiver and Attorney for its expenses in relation to:

         (a)      any consent, agreement, approval, waiver or amendment under or
                  in relation to the Trust Documents; and

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         (b)      (i)        any actual or contemplated enforcement of the Trust
                  Documents or the actual or contemplated exercise, preservation
                  or consideration of any Powers under the Trust Documents or in
                  relation to the Mortgaged Property; and

                  (ii)     any enquiry by a Government Agency concerning the
                           Chargor or the Mortgaged Property or a transaction or
                           activity the subject of the Trust Documents, or in
                           connection with which, financial accommodation or
                           funds raised under a Trust Document are used or
                           provided.

         This includes legal costs and expenses (including in-house lawyers
         charged at their usual rates) on a full indemnity basis, expenses
         incurred in any review or environmental audit, in reimbursing or
         indemnifying any Receiver or Attorney or in retaining consultants to
         evaluate matters of material concern to that Mortgagee and
         administrative costs including time of its executives (whose time and
         costs are to be charged at reasonable rates). This does not limit the
         generality of clause 20.2.

20.2     INDEMNITY

         Subject to Clause 16.1, on demand the Chargor shall indemnify each
         Mortgagee and each Receiver and Attorney against any loss, cost,
         charge, liability or expense that Mortgagee (or any officer or employee
         of that Mortgagee) or any Receiver or Attorney may sustain or incur as
         a direct or indirect consequence of:

         (a)      the occurrence of any Event of Default; or

         (b)      any exercise or attempted exercise of any Power or any failure
                  to exercise any Power.

21.      CURRENCY INDEMNITY
--------------------------------------------------------------------------------

         The Chargor shall indemnify each Mortgagee against any deficiency which
         arises whenever, for any reason (including as a result of a judgment,
         order or Liquidation):

         (a)      that Mortgagee receives or recovers an amount in one currency
                  (the PAYMENT CURRENCY) in respect of an amount denominated
                  under a Trust Document in another currency (the DUE CURRENCY);
                  and

         (b)      the amount actually received or recovered by that Mortgagee in
                  accordance with its normal practice when it converts the
                  Payment Currency into the Due Currency is less than the
                  relevant amount of the Due Currency.

22.      STAMP DUTIES
--------------------------------------------------------------------------------

         (a)      The Chargor shall pay (and reimburse each Mortgagee for) all
                  stamp, transaction, registration and similar Taxes (including
                  fines and penalties) in relation to the execution, delivery,
                  performance or enforcement of any Trust Document or any
                  payment or receipt or any other transaction contemplated by
                  any Trust Document.

         (b)      Those Taxes include financial institutions duty, debits tax or
                  other Taxes payable by return and Taxes passed on to any
                  Mortgagee (other than the Note Trustee and the Class A
                  Noteholders) by any bank or financial institution other than
                  interest withholding tax.

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         (c)      The Chargor shall indemnify each Mortgagee against any
                  liability resulting from delay or omission to pay those Taxes
                  except to the extent the liability results from failure by the
                  Mortgagee to pay any Tax after having been put in funds to do
                  so by the Chargor.

23.      INTEREST ON OVERDUE AMOUNTS
--------------------------------------------------------------------------------
23.1     ACCRUAL

         Interest accrues on each unpaid amount which is due and payable by the
         Chargor under or in respect of this deed or any Trust Document
         (including interest payable under this clause):

         (a)      on a daily basis up to the date of actual payment from (and
                  including) the due date or, in the case of an amount payable
                  by way of reimbursement or indemnity, the date of disbursement
                  or loss, if earlier;

         (b)      both before and after judgment (as a separate and independent
                  obligation); and

         (c)      at the rate provided in clause 23.3,

         except where the Trust Document provides otherwise.

23.2     PAYMENT

         The Chargor shall pay interest accrued under this clause on demand by
         the Security Trustee and on each Payment Date. That interest is payable
         in the currency of the unpaid amount on which it accrues.

23.3     RATE

         The rate applicable under this clause is the sum of 2% per annum plus
         the higher of the following, each as determined by the Security
         Trustee:

         (a)      the rate (if any) applicable to the amount immediately before
                  the due date; and

         (b)      the sum of 2% and the Three Month Bank Bill Rate.

24.      CERTIFICATE AS TO AMOUNT OF SECURED MONEYS, ETC.
--------------------------------------------------------------------------------

         A certificate signed by an Authorised Signatory of the Security Trustee
         will be sufficient evidence against the Chargor and the Mortgagees, in
         the absence of manifest error or proof to the contrary:

         (a)      as to the amount of Secured Moneys stated in the certificate;

         (b)      that a person specified in that certificate is a Mortgagee;

         (c)      that a document specified in that certificate is a Trust
                  Document;

         (d)      that the Security Trustee is of the opinion stated in the
                  certificate; and

         (e)      as to the amount and details of Excluded Advances stated in
                  the certificates.

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25.      SURVIVAL OF REPRESENTATIONS
--------------------------------------------------------------------------------

         All representations and warranties in a Trust Document survive the
         execution and delivery of the Trust Documents and the provision of
         advances and accommodation.

26.      INDEMNITY AND REIMBURSEMENT OBLIGATIONS
--------------------------------------------------------------------------------

         Each indemnity, reimbursement and similar obligation in a Trust
         Document:

         (a)      is a continuing obligation;

         (b)      is a separate and independent obligation;

         (c)      is payable on demand;

         (d)      survives termination or discharge of the Trust Document; and

         (e)      is subject to the order of payment contained in the
                  Supplementary Terms Notice and clause 16 of this deed and the
                  restriction on remedies contained in clause 31.

27.      CONTINUING SECURITY
--------------------------------------------------------------------------------

         Each of this deed and each Collateral Security is a continuing security
         despite any settlement of account, intervening payment or anything else
         until a final discharge of this deed and each Collateral Security has
         been given to the Chargor.

28.      OTHER SECURITIES
--------------------------------------------------------------------------------

         No Power and nothing in this deed or any Collateral Security merges in,
         or in any other way prejudicially affects or is prejudicially affected
         by:

         (a)      any other Security Interest; or

         (b)      any judgment, right or remedy against any person,

         which any Mortgagee or any person claiming through any Mortgagee may
         have at any time.

29.      DISCHARGE OF THE CHARGE
--------------------------------------------------------------------------------
29.1     RELEASE

         (a)      Upon the Manager providing a certificate to the Security
                  Trustee (upon which certificate the Security Trustee may rely
                  conclusively) (with a copy of that certificate to the Note
                  Trustee) stating that:

                  (i)      all Secured Moneys (actually or contingently owing)
                           have been paid in full; and

                  (ii)     the obligations of the Chargor under the Trust
                           Documents have been performed, observed and
                           fulfilled,

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                  (iii)    the Security Trustee shall, subject to clause 29.2,
                           at the request of the Manager or the Chargor, and at
                           the cost of the Chargor, release the Mortgaged
                           Property from the Charge and this deed.

29.2     CONTINGENT LIABILITIES

         The Security Trustee shall be under no obligation to release the Charge
         in respect of the Trust unless at the time such release is sought the
         Security Trustee has no contingent or prospective liabilities in
         respect of the Trust or otherwise in connection with this deed whether
         or not there is any reasonable likelihood of such liabilities, becoming
         actual liabilities, including without limitation, in respect of any
         bills, notes drafts, cheques, guarantees, letters of credit or other
         notes or documents issued, drawn, endorsed or accepted by the Security
         Trustee for the account or at the request of the Chargor for the Trust.

29.3     CHARGE REINSTATED

         If any claim is made by any person that any moneys applied in payment
         or satisfaction of the Secured Moneys must be repaid or refunded under
         any law (including, without limit, any law relating to preferences,
         bankruptcy, insolvency or the winding up of bodies corporate) and the
         Charge has already been discharged, the Chargor shall, at the expense
         of the Trust, promptly do, execute and deliver, and cause any relevant
         person to do, execute and deliver, all such acts and notes as the
         Security Trustee may require to reinstate this Charge unless the
         Security Trustee agrees otherwise in writing.

30.      AMENDMENT
--------------------------------------------------------------------------------
30.1     APPROVAL OF MANAGER

         The Security Trustee and the Chargor may, following the giving of at
         least 10 Business Days prior written notice to each Designated Rating
         Agency, and with the written approval of the Manager and (subject to
         Clause 40.17(d)) the Noteholder Mortgagees and, by way of supplemental
         deed alter, add to or modify this deed (including this clause 30) so
         long as such alteration, addition or modification is:

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

         (b)      in the opinion of the Security Trustee necessary to comply
                  with the provisions of any law or regulation or with the
                  requirements of any Government Agency;

         (c)      in the opinion of the Security Trustee appropriate or
                  expedient as a consequence of an amendment to any law or
                  regulation or altered requirements of any Government Agency
                  (including, without limitation, an alteration, addition or
                  modification which is in the opinion of the Security Trustee
                  appropriate or expedient as a consequence of the enactment of
                  a law or regulation or an amendment to any law or regulation
                  or ruling by the Commissioner or Deputy Commissioner of
                  Taxation or any governmental announcement or statement, 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 Trust); or

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         (d)      in the opinion of the Security Trustee and in accordance with
                  this deed neither prejudicial nor likely to be prejudicial to
                  the interest of the Mortgagees as a whole or any class of
                  Mortgagees.

30.2     EXTRAORDINARY RESOLUTION OF VOTING MORTGAGEES

         Where in the opinion of the Security Trustee and in accordance with
         this deed, a proposed alteration, addition or modification to this
         deed, other than an alteration, addition or modification referred to in
         clause 30.1, is prejudicial or likely to be prejudicial to the interest
         of Mortgagees as a whole or any class of Mortgagees, the Security
         Trustee and the Chargor may make such alteration, addition or
         modification if sanctioned by an Extraordinary Resolution of the Voting
         Mortgagees or that class of Voting Mortgagees.

30.3     DISTRIBUTION OF AMENDMENTS

         The Manager shall distribute to all Voting Mortgagees and each
         Designated Rating Agency, a copy of any amendments made pursuant to
         clause 30.1 or 30.2 as soon as reasonably practicable after the
         amendment has been made.

31.      CHARGOR'S LIABILITY
--------------------------------------------------------------------------------
31.1     LIMITATION OF LIABILITY

         (a)      General

                  Clause 30 of the Master Trust Deed applies to the obligations
                  and liabilities of the Chargor and the Manager under this
                  deed.

         (b)      Limitation of Chargor's Liability

                  (i)      The Chargor enters into this deed only in its
                           capacity as trustee of the Trust and in no other
                           capacity (except where the Transaction Documents
                           provide otherwise). Subject to paragraph (iii) below,
                           a liability arising under or in connection with this
                           deed or the Trust can be enforced against the Chargor
                           only to the extent to which it can be satisfied out
                           of the assets and property of the Trust which are
                           available to satisfy the right of the Chargor to be
                           exonerated or indemnified for the liability. This
                           limitation of the Chargor's liability applies despite
                           any other provision of this deed and extends to all
                           liabilities and obligations of the Chargor in any way
                           connected with any representation, warranty, conduct,
                           omission, agreement or transaction related to this
                           deed or the Trust.

                  (ii)     Subject to paragraph (iii) below, no person
                           (including any Relevant Party) may take action
                           against the Chargor in any capacity other than as
                           trustee of the Trust or seek the appointment of a
                           receiver (except under this deed), or a liquidator,
                           an administrator or any similar person to the Chargor
                           or prove in any liquidation, administration or
                           arrangements of or affecting the Chargor.

                  (iii)    The provisions of this clause 31.1(b) shall not apply
                           to any obligation or liability of the Chargor 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 Chargor's
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                           indemnification or exoneration out of the Assets of
                           the Trust as a result of the Chargor's fraud,
                           negligence, or Default.

                  (iv)     It is acknowledged that the Relevant Parties are
                           responsible under the Transaction Documents for
                           performing a variety of obligations relating to the
                           Trust. No act or omission of the Chargor (including
                           any related failure to satisfy its obligations under
                           this deed) will be considered fraud, negligence or
                           Default of the Chargor for the purpose of paragraph
                           (iii) above to the extent to which the act or
                           omission was caused or contributed to by any failure
                           by any Relevant Party or any person who has been
                           delegated or appointed by the Chargor in accordance
                           with this deed or any other Transaction Document to
                           fulfil its obligations relating to the Trust or by
                           any other act or omission of a Relevant Party or any
                           such person.

                  (v)      In exercising their powers under the Transaction
                           Documents, each of the Chargor, the Security Trustee
                           and the Noteholders must ensure that no attorney,
                           agent, delegate, receiver or receiver and manager
                           appointed by it in accordance with this deed has
                           authority to act on behalf of the Chargor in a way
                           which exposes the Chargor to any personal liability
                           and no act or omission of any such person will be
                           considered fraud, negligence, or Default of the
                           Chargor for the purpose of paragraph (iii) above.

                  (vi)     In this clause, RELEVANT PARTIES means each of the
                           Manager, the Servicer, the Calculation Agent, each
                           Paying Agent, the Note Trustee, and the provider of a
                           Support Facility.

                  (vii)    Nothing in this clause limits the obligations
                           expressly imposed on the Chargor under the
                           Transaction Documents.

31.2     RIGHTS AGAINST MORTGAGED PROPERTY PRESERVED

         The Mortgaged Property shall secure to the Security Trustee, and the
         Security Trustee shall have recourse to the Mortgaged Property for, all
         of the liabilities of the Chargor to the Mortgagees under the Trust
         Documents notwithstanding that at general law, under statute or under
         the Master Trust Deed the Chargor has not properly incurred such
         liability as Chargor or does not have a right of indemnity in relation
         to that liability from the Mortgaged Property or has failed to execute
         that degree of care, diligence and prudence required of a trustee
         (including, without limiting the generality of the foregoing any fraud,
         negligence or breach of trust).

31.3     OBLIGATION EXPRESS

         The Chargor, is not obliged to enter into any commitment or obligation
         under this deed, unless:

         (a)      in the case of commitments or obligations that are expressly
                  contemplated by a Transaction Document and are between parties
                  to a Transaction Document, the Chargor's liability is limited
                  in the same manner as set out in this clause 31; or

         (b)      in the case of any other commitments or obligations, the
                  Chargor's liability is limited in a manner satisfactory to the
                  Chargor in its absolute discretion.

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32.      WAIVERS, REMEDIES CUMULATIVE
--------------------------------------------------------------------------------

         (a)      No failure to exercise and no delay in exercising any Power
                  operates as a waiver. No single or partial exercise of any
                  Power precludes any other or further exercise of that Power or
                  any other Power.

         (b)      The Powers in this deed and each Collateral Security are in
                  addition to, and do not exclude or limit, any right, power or
                  remedy provided by law.

33.      CONSENTS AND OPINION
--------------------------------------------------------------------------------
         Except where expressly stated any Mortgagee may give or withhold, or
         give conditionally, approvals and consents, may be satisfied or
         unsatisfied, may form opinions, and may exercise its Powers, at its
         absolute discretion.

34.      SEVERABILITY OF PROVISIONS
--------------------------------------------------------------------------------

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

         (b)      Without limiting the generality of paragraph (a):

                  (i)      the definition of Secured Moneys does not include any
                           liability so long as and to the extent that the
                           inclusion of that liability would avoid, invalidate
                           or render ineffective clause 3 or 4 or the security
                           constituted by this deed; and

                  (ii)     the definition of the Mortgaged Property does not
                           include any asset so long as and to the extent that
                           the inclusion of that asset would invalidate, avoid
                           or render ineffective clause 3 or 4 or the security
                           constituted by this deed.

                  The Chargor shall use its reasonable endeavours to satisfy any
                  condition or obtain any Authorisation which relates to it as
                  trustee of the Trust, but not in respect of the Trust
                  generally which may be necessary to include that liability or
                  asset validly under the Charge or this deed.

35.      MORATORIUM LEGISLATION
--------------------------------------------------------------------------------

         To the full extent permitted by law all legislation which at any time
         directly or indirectly:

         (a)      lessens, varies or affects in favour of the Chargor any
                  obligation under this deed or any Collateral Security; or

         (b)      delays, prevents or prejudicially affects the exercise by any
                  Mortgagee, any Receiver or Attorney, of any Power,

         is excluded from this deed and any Collateral Security.

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36.      ASSIGNMENTS
--------------------------------------------------------------------------------
         (a)      Subject to the other Trust Documents, a Mortgagee may assign
                  its rights under this deed and each Collateral Security. If
                  this deed or any Mortgagee's interest in it is assigned, the
                  Secured Moneys will include all actual and contingent
                  liability of the Chargor to the assignee, whether or not it
                  was incurred before the assignment or in contemplation of it.

         (b)      The Chargor may only assign or transfer any of its rights or
                  obligations under this deed or any Collateral Security in
                  accordance with the Transaction Documents and if prior notice
                  has been given to each Designated Rating Agency and such
                  assignment or transfer has no adverse effect on the ratings of
                  the Notes.

37.      NOTICES
--------------------------------------------------------------------------------

         (a)      All notices, requests, demands, consents, approvals,
                  agreements or other communications to or by a party to this
                  deed:

                  (i)      must be in writing;

                  (ii)     must be signed by an Authorised Signatory of the
                           sender; and

                  (iii)    will be taken to be duly given or made (in the case
                           of delivery in person, by post, or by facsimile
                           transmission) when delivered, received or left at the
                           address of the recipient shown in this deed, to any
                           other address it may have notified the sender, or as
                           provided in clause 37(b) but if delivery or receipt
                           is on a day on which business is not generally
                           carried on in the place to which the communication is
                           sent or is later than 4 pm (local time), it will be
                           taken to have been duly given or made at the
                           commencement of business on the next day on which
                           business is generally carried on in that place.

         (b)      The Security Trustee may give notice to a Mortgagee at the
                  address notified to the Security Trustee by the Chargor or the
                  Manager as that Mortgagee's address for notice or, where the
                  Mortgagee is a Noteholder, at the address of the Note Trustee.

38.      RELATIONSHIP OF MORTGAGEES TO SECURITY TRUSTEE
--------------------------------------------------------------------------------

38.1     INSTRUCTIONS; EXTENT OF DISCRETION

         (a)      The Security Trustee will have no duties or responsibilities
                  except those expressly set out in this deed or any Collateral
                  Security.

         (b)      Subject to this deed, in the exercise of all its Powers the
                  Security Trustee shall act in accordance with any
                  Extraordinary Resolution of the Voting Mortgagees.

         (c)      In the absence of an Extraordinary Resolution of the Voting
                  Mortgagees, the Security Trustee need not act but, if it does
                  act, it must act (with prior written notice to the Noteholder
                  Mortgagees) in the best interests of the Mortgagees in
                  accordance with this deed.

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         (d)      Any action taken by the Security Trustee under this deed or
                  any Collateral Security binds all the Mortgagees.

38.2     NO OBLIGATION TO INVESTIGATE AUTHORITY

         (a)      Neither the Chargor nor the Security Trustee need enquire
                  whether any Extraordinary Resolution has been passed or as to
                  the terms of any Extraordinary Resolution.

         (b)      As between the Chargor on the one hand and the Security
                  Trustee and the Mortgagees on the other, all action taken by
                  the Security Trustee under this deed or any Collateral
                  Security will be taken to be authorised.

38.3     DELEGATION

         (a)      The Security Trustee may employ agents and attorneys, and,
                  provided that the Security Trustee exercises reasonable care
                  in selecting them, providing the Security Trustee and the
                  agent or attorney, as the case may be, are not related bodies
                  corporate (as defined in the Corporations Act 2001 (Cth)) the
                  Security Trustee will not be liable for the acts or omissions
                  of any such agent or delegate. The Security Trustee may at the
                  expense of the Chargor obtain such advice and information from
                  lawyers, accountants, bankers and other consultants and
                  experts as it considers desirable to allow it to be properly
                  advised and informed in relation to its powers and
                  obligations. Before obtaining such advice or information
                  (unless the advice or information relates to the Manager)
                  before the occurrence of an Event of Default, the Security
                  Trustee shall first inform the Manager of the need for the
                  advice or information and obtain the approval of the Manager,
                  which approval shall not be unreasonably withheld or delayed.

         (b)      Notwithstanding other provisions in this clause 38.3, where
                  the Security Trustee employs a related body corporate as agent
                  or attorney, the Security Trustee shall be liable for all acts
                  or omissions of the agent or attorney done or omitted whilst
                  acting in its capacity as such.

38.4     RELIANCE ON DOCUMENTS AND EXPERTS

                  The Security Trustee may rely on:

         (a)      any document (including any facsimile transmission, telegram
                  or telex) it reasonably believes to be genuine and correct
                  including any document given by the Chargor under clause
                  5.1(d) or by the Manager under clause 5.4; and

         (b)      advice and statements of lawyers, accountants, bankers and
                  other consultants and experts, whether or not retained by it.

38.5     NOTICE OF TRANSFER

         The Security Trustee may treat each Mortgagee as the holder of the
         Mortgagee's rights under the Trust Documents until the Security Trustee
         has received a substitution certificate or an instrument of transfer in
         a form approved by the Security Trustee.

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38.6     NOTICE OF DEFAULT

         (a)      The Security Trustee will be taken not to have knowledge of
                  the occurrence of an Event of Default unless the Security
                  Trustee has received notice from a Mortgagee or the Chargor
                  stating that an Event of Default has occurred and describing
                  it.

         (b)      If the Security Trustee receives notice of, or becomes aware
                  of, the occurrence of events or circumstances constituting an
                  Event of Default and that those events or circumstances do
                  constitute an Event of Default, the Security Trustee shall
                  notify the Mortgagees.

38.7     SECURITY TRUSTEE AS MORTGAGEE

         (a)      The Security Trustee in its capacity as a Mortgagee has the
                  same rights and powers under the Trust Documents as any other
                  Mortgagee. It may exercise them as if it were not acting as
                  the Security Trustee.

         (b)      The Security Trustee and its Associates may engage in any kind
                  of business with the Chargor, Manager and any Mortgagee or
                  other person as if it were not the Security Trustee. It may
                  receive consideration for services in connection with any
                  Trust Document and otherwise without having to account to the
                  Mortgagees.

38.8     INDEMNITY TO SECURITY TRUSTEE

         (a)      Subject to clause 38.8(b) and to the order of payment
                  contained in the Supplementary Terms Notice and clause 16 of
                  this deed, the Chargor shall indemnify the Security Trustee
                  (to the extent not reimbursed by the Chargor) against any
                  loss, cost, liability, expense or damage the Security Trustee
                  may sustain or incur directly or indirectly under or in
                  relation to the Trust Documents. This does not limit the
                  Chargor's liability under any other provision.

         (b)      The Chargor is not liable under this sub-clause for any of the
                  above to the extent that they arise from the Security
                  Trustee's fraud, negligence or breach of trust.

         (c)      (i)   Subject to paragraph (c)(iii) below, a liability arising
                  under or in connection with this deed or the trust constituted
                  under this deed can be enforced against the Security Trustee
                  only to the extent to which it can be satisfied out of the
                  assets and property of the trust constituted under this deed
                  which are available to satisfy the right of the Security
                  Trustee to be exonerated or indemnified for the liability.
                  This limitation of the Security Trustee's liability applies
                  despite any other provision of this deed and extends to all
                  liabilities and obligations of the Security Trustee in any way
                  connected with any representation, warranty, conduct,
                  omission, agreement or transaction related to this deed or the
                  trust constituted under this deed.

                  (ii)     Subject to paragraph (c)(iii) below, no person
                           (including any Relevant Party) may take action
                           against the Security Trustee in any capacity other
                           than as trustee of the trust constituted under this
                           deed or seek the appointment of a receiver (except
                           under this deed), or a liquidator, an administrator
                           or any similar person to the Security Trustee or
                           prove in any liquidation, administration or
                           arrangements of or affecting the Security Trustee.

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                  (iii)    The provisions of this clause 38.8(c) shall not apply
                           to any obligation or liability of the Security
                           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
                           Security Trustee's indemnification or exoneration out
                           of the assets as a result of the Security Trustee's
                           fraud, negligence or breach of trust.

                  (iv)     It is acknowledged that the Relevant Parties are
                           responsible under the Transaction Documents for
                           performing a variety of obligations relating to the
                           Trust and the trust constituted under this deed. No
                           act or omission of the Security Trustee (including
                           any related failure to satisfy its obligations under
                           this deed) will be considered fraud, negligence or
                           breach of trust of the Security Trustee for the
                           purpose of paragraph (c)(iii) above to the extent to
                           which the act or omission was caused or contributed
                           to by any failure by any Relevant Party or any person
                           who has been delegated or appointed by the Security
                           Trustee in accordance with this deed or any other
                           Transaction Document to fulfil its obligations
                           relating to the Trust or the trust constituted under
                           this deed or by any other act or omission of a
                           Relevant Party or any such person.

                  (v)      In exercising their powers under the Transaction
                           Documents, each of the Chargor, the Security Trustee
                           and the Noteholders must ensure that no attorney,
                           agent, delegate, receiver or receiver and manager
                           appointed by it in accordance with this deed has
                           authority to act on behalf of the Security Trustee in
                           a way which exposes the Security Trustee to any
                           personal liability and no act or omission of any such
                           person will be considered fraud, negligence or breach
                           of trust of the Security Trustee for the purpose of
                           paragraph (c)(iii) above.

                  (vi)     The Security Trustee is not obliged to enter into any
                           commitment or obligation under this deed, unless:

                           (A)      in the case of commitments or obligations
                                    that are expressly contemplated by a
                                    Transaction Document and are between parties
                                    to a Transaction Document, the Security
                                    Trustee's liability is limited in the same
                                    manner as set out in this subclause (c); or

                           (B)      in the case of any other commitments or
                                    obligations, the Security Trustee's
                                    liability is limited in a manner
                                    satisfactory to the Security Trustee in its
                                    absolute discretion.

                  (vii)    A failure by the Security Trustee to act because it
                           has not received instructions (or proper
                           instructions) from the Mortgagees is not fraud,
                           negligence or breach of trust.

                  (viii)   In this clause, RELEVANT PARTIES means each of the
                           Manager, the Servicer, the Calculation Agent, each
                           Paying Agent, the Note Trustee, and the provider of a
                           Support Facility.

                  (ix)     Nothing in this clause limits the obligations
                           expressly imposed on the Security Trustee under the
                           Transaction Documents.

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38.9     INDEPENDENT INVESTIGATION

         Each Mortgagee confirms that it has made and will continue to make,
         independently and without reliance on the Security Trustee, the Chargor
         or any other Mortgagee (including the Manager) unless otherwise
         provided in the Transaction Documents and based on the Trust Documents,
         agreements and information which it regards appropriate:

         (a)      its own investigations into the Trust, the Notes and other
                  Mortgagee (including the Manager); and

         (b)      its own analyses and decisions whether to take or not take
                  action under any Trust Document.

38.10    NO MONITORING

         The Security Trustee is not required to keep itself informed as to the
         compliance by the Chargor or the Manager with any Trust Document or any
         other document or agreement or to inspect any property or book of the
         Chargor or the Manager.

38.11    INFORMATION

         The Chargor authorises:

         (a)      the Security Trustee to provide any Mortgagee; and

         (b)      the Note Trustee and any Paying Agent to provide any Class A
                  Noteholder,

         with any information concerning the Trust and Notes which may come into
         the possession of the Security Trustee or the Note Trustee (as the case
         may be). Save for the information which is required by any Transaction
         Document to be provided by it to the respective persons referred to in
         paragraph (a) or (b) (as the case may be), none of the Security
         Trustee, Note Trustee or any Paying Agent need otherwise provide any
         other person with such information.

38.12    CONFLICTS

         (a)      Subject to clause 2.2, in the event of any dispute, ambiguity
                  or doubt as to the construction or enforceability of this deed
                  or of any other document or the Security Trustee's powers or
                  obligations under or in connection with this deed or the
                  determination or calculation of any amount or thing for the
                  purpose of this deed or the construction or validity of any
                  direction from the Mortgagees, the Security Trustee may:

                  (i)      obtain and rely on advice from any person referred to
                           in clause 38.3 and may comply with such direction or
                           order; and/or

                  (ii)     apply to a court or similar body for any direction or
                           order the Security Trustee considers appropriate,

                  and provided the Security Trustee is using reasonable
                  endeavours to resolve such ambiguity, dispute or doubt, the
                  Security Trustee, in its absolute discretion, may refuse to
                  act or refrain from acting in relation to matters affected by
                  such dispute, ambiguity or doubt.

         (b)      Neither the Security Trustee nor the Note Trustee has any
                  responsibility for the form or contents of this deed or any
                  other Trust Document and will have any liability (except, in

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                  each case, with respect to itself) arising as a result of or
                  in connection with any inadequacy, invalidity or
                  unenforceability of any provision of this deed or the other
                  Trust Documents.

38.13    NO LIABILITY

         Without limitation the Security Trustee shall not be liable for:

         (a)      any decline in the value or loss realised upon any sale or
                  other disposition made under this deed of any Mortgaged
                  Property or any other property charged to the Security Trustee
                  by any other person in respect of or relating to the
                  obligations of the Chargor or any person in respect of the
                  Chargor or the Secured Moneys or relating in any way to the
                  Mortgaged Property;

         (b)      any decline or loss directly or indirectly arising from the
                  Security Trustee acting or failing to act as a consequence of
                  an opinion reached by it; and

         (c)      any loss, expense or liability which may be suffered as a
                  result of any assets secured by this deed, Mortgaged Property
                  or any deeds or documents of title thereto being uninsured or
                  inadequately insured or being held by or to the order of the
                  Servicer or any of its affiliates or by clearing organisations
                  or their operator or by any person on behalf of the Note
                  Trustee,

         except to the extent caused by the fraud, negligence or breach of trust
         of the Security Trustee.

39.      RETIREMENT AND REMOVAL OF SECURITY TRUSTEE
--------------------------------------------------------------------------------
39.1     RETIREMENT

         Subject to any Trust Document to which the Security Trustee is a party,
         and subject also to the appointment of a successor Security Trustee as
         provided in this clause, the Security Trustee may retire at any time
         upon giving not less than three months' notice (or such shorter period
         as the parties may agree) in writing to the Chargor, the Manager, the
         Note Trustee and each Designated Rating Agency without assigning any
         reason and without being responsible for any costs occasioned by such
         retirement.

39.2     REMOVAL

         Subject to any Trust Document to which the Security Trustee is a party,
         the appointment of a successor Security Trustee as provided in this
         clause, and prior notice being given to each Designated Rating Agency,
         the Security Trustee may be removed:

         (a)      by the Manager if any of the following occurs in relation to
                  the Security Trustee:

                  (i)      an Insolvency Event occurring in relation to the
                           Security Trustee in its personal capacity;

                  (ii)     the cessation by the Security Trustee of its
                           business;

                  (iii)    the Security Trustee fails to comply with any of its
                           obligations under any Transaction Document and such
                           action has had, or, if continued will have, a
                           Material Adverse Effect, and, if capable of remedy,
                           that failure is not remedied within 14 days after the
                           earlier of (i) the Security Trustee having become
                           actually

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                           aware of that failure and (ii) the Security Trustee
                           having received written notice with respect thereto
                           from the Manager; or

                  (iv)     there is a change in effective control of the
                           Security Trustee from that subsisting as at the date
                           of this deed unless approved by the Manager; or

         (b)      at any time by an Extraordinary Resolution of the Voting
                  Mortgagees.

39.3     REPLACEMENT

         (a)      Upon notice of resignation or removal the Manager shall have
                  the right to appoint a successor Security Trustee who has been
                  previously approved by an Extraordinary Resolution of the
                  Voting Mortgagees and who accepts the appointment.

         (b)      If no successor Security Trustee is appointed within 30 days
                  after notice, the retiring Security Trustee may on behalf of
                  the Mortgagees appoint a successor Security Trustee (other
                  than St.George or a Related Body Corporate of St.George) who
                  accepts the appointment. If no such person is willing to
                  accept this appointment, the Voting Mortgagees may elect a
                  Security Trustee from among the Voting Mortgagees.

         (c)      On its appointment the successor Security Trustee will have
                  all the rights, powers and obligations of the retiring
                  Security Trustee. The retiring Security Trustee will be
                  discharged from its rights, powers and obligations, subject to
                  paragraph (e).

         (d)      The retiring Security Trustee shall execute and deliver all
                  Documents or agreements which are necessary or desirable in
                  its opinion to transfer to the successor Security Trustee this
                  deed and each Collateral Security or to effect the appointment
                  of the successor Security Trustee.

         (e)      After any retiring Security Trustee's resignation or removal,
                  this deed will continue in effect in respect of anything done
                  or omitted to be done by it while it was acting as Security
                  Trustee.

39.4     RATING AGENCIES APPROVAL

         Any resignation or removal of the Security Trustee and appointment of a
         successor security trustee will not become effective until acceptance
         of the appointment of that successor Security Trustee and confirmation
         by the Designated Rating Agencies that such appointment will not cause
         a downgrading, qualification or withdrawal of the then current ratings
         of the Notes.

40.      MEETINGS OF MORTGAGEES
--------------------------------------------------------------------------------
40.1     LIMITATION ON SECURITY TRUSTEE'S POWERS

         Except as provided for in this deed, the Security Trustee shall not
         assent or give effect to any matter which a meeting of Voting
         Mortgagees is empowered by Extraordinary Resolution to do, unless the
         Security Trustee has previously been authorised to do so by an
         Extraordinary Resolution of Voting Mortgagees.

40.2     CONVENING OF MEETINGS

         (a)      (Generally)

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                  (i)      Subject to clause 40.17, the Security Trustee or the
                           Manager at any time may convene a meeting of the
                           Voting Mortgagees.

                  (ii)     Subject to clause 40.17, and subject to the Security
                           Trustee being adequately indemnified out of the
                           property held on trust under clause 2.1(b) against
                           all costs and expenses occasioned as a result, the
                           Security Trustee shall convene a meeting of the
                           Voting Mortgagees if requested to do so:

                           (A)      by the Chargor; or

                           (B)      by Voting Mortgagees being holders of not
                                    less than 30% of the then Secured Moneys.

         (b)      (Time and place)

                  (i)      Every meeting of Voting Mortgagees shall be held at
                           such time and place as the Security Trustee approves,
                           provided (subject to sub-paragraph (ii) and clause
                           40.3(b)) that any such meeting shall not be held
                           until the Class A Noteholders have held a meeting in
                           accordance with the Note Trust Deed and determined
                           how to vote or how to direct the Note Trustee to vote
                           (as the case may be) in the meeting of Voting
                           Mortgagees.

                  (ii)     Upon receiving notice of a meeting of the Voting
                           Mortgagees, the Note Trustee shall as soon as
                           practicable call a meeting of the Class A Noteholders
                           in accordance with the terms of the Note Trust Deed.

                  (iii)    The proviso in sub-paragraph (i) shall not apply if:

                           (A)      the meeting of Class A Noteholders called in
                                    accordance with sub-paragraph (ii) is
                                    adjourned more than once; and

                           (B)      the Class A Noteholders' determination under
                                    sub-paragraph (i) is not made at the meeting
                                    or adjourned meeting (as the case may be).

40.3     NOTICE OF MEETINGS

         (a)      (PERIOD OF NOTICE) Subject to clause 40.3(b), at least 7 days'
                  notice (inclusive of the day on which the notice is given and
                  of the day on which the meeting is held) shall be given to the
                  Voting Mortgagees, the Beneficiary and all the Designated
                  Rating Agencies.

         (b)      (SHORT NOTICE) Notwithstanding that a meeting is convened upon
                  shorter notice than as specified in clause 40.3(a), or a
                  meeting or details of that meeting are not notified, advised
                  or approved in accordance with this clause 40, it shall be
                  deemed to be duly convened if it is so agreed by the Voting
                  Mortgagees representing a quorum (which quorum must include
                  the Note Trustee or the Class A Noteholders, as the case
                  maybe).

         (c)      (COPIES) A copy of the notice shall in all cases be given by
                  the party to this deed convening the meeting to the other
                  parties to this deed.

         (d)      (METHOD OF GIVING NOTICE) Notice of a meeting shall be given
                  in the manner provided in this deed.

         (e)      (CONTENTS OF A NOTICE) Notice of a meeting of Voting
                  Mortgagees shall specify, unless in any particular case the
                  Security Trustee otherwise agrees:

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                  (i)      the day, time and place of the proposed meeting; and

                  (ii)     the nature of the resolutions to be proposed.

         (f)      (FAILURE TO GIVE NOTICE) The accidental omission to give
                  notice to or the non-receipt of notice by any person entitled
                  to receive it shall not invalidate the proceedings at any
                  meeting.

40.4     CHAIRMAN

         A person (who need not be a Voting Mortgagee and who may be a
         Representative of the Security Trustee) nominated in writing by the
         Security Trustee shall be entitled to take the chair at every such
         meeting but if no such nomination is made or if at any meeting the
         person nominated is not present within 15 minutes after the time
         appointed for the holding of that meeting the Voting Mortgagees present
         shall choose one of their number to be chairman.

40.5     QUORUM

         At any such meeting any two or more persons present in person holding,
         or being Representatives holding or representing, in the aggregate not
         less than 51% of the then Secured Moneys shall form a quorum for the
         transaction of business (other than passing an Extraordinary Resolution
         in which case the quorum shall be not less than 67.5% of the then
         Secured Moneys) and no business (other than the choosing of a chairman)
         shall be transacted at any meeting unless the requisite quorum is
         present at the commencement of business.

40.6     ADJOURNMENT

         (a)      (QUORUM NOT PRESENT) If within 15 minutes from the time
                  appointed for any such meeting a quorum is not present the
                  meeting shall, if convened on the requisition of the Voting
                  Mortgagees be dissolved. In any other case it shall stand
                  adjourned (unless the Security Trustee agrees that it be
                  dissolved) for such period, not being less than 7 days nor
                  more than 42 days, as may be appointed by the chairman. At the
                  adjourned meeting two or more persons present in person
                  holding, or being Representatives holding or representing 15%
                  of the then Secured Moneys shall (except for the purpose of
                  passing an Extraordinary Resolution) form a quorum and shall
                  have the power to pass any resolution and to decide upon all
                  matters which could properly have been dealt with at the
                  meeting from which the adjournment took place had a quorum
                  been present at that meeting. The quorum at any such adjourned
                  meeting for passing a Extraordinary Resolution shall be 20% of
                  the then Secured Moneys.

         (b)      (ADJOURNMENT OF MEETING) The chairman may with the consent of
                  (and shall if directed by) any meeting adjourn the same from
                  time to time and from place to place but no business shall be
                  transacted at any adjourned meeting except business which
                  might lawfully have been transacted at the meeting from which
                  the adjournment took place.

         (c)      (NOTICE OF ADJOURNED MEETING) At least 5 days' notice of any
                  meeting adjourned through want of a quorum shall be given in
                  the same manner as of an original meeting and such notice
                  shall state the quorum required at such adjourned meeting. It
                  shall not, however, otherwise be necessary to give any notice
                  of an adjourned meeting.

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40.7     VOTING PROCEDURE

         (a)      (SHOW OF HANDS) Every question submitted to a meeting shall be
                  decided in the first instance by a show of hands and in case
                  of equality of votes the chairman shall, both on a show of
                  hands and on a poll, have a casting vote in addition to the
                  vote or votes (if any) to which he may be entitled as a Voting
                  Mortgagee or as a Representative.

         (b)      (DECLARATION) At any meeting, unless a poll is (before or on
                  the declaration of the result of the show of hands) demanded
                  by the chairman, the Chargor, the Manager, the Note Trustee or
                  the Security Trustee or by one or more persons holding, or
                  being a Representative or Representatives holding or
                  representing, in aggregate not less than 15% of the then
                  Secured Moneys, a declaration by the chairman that a
                  resolution has been carried by a particular majority or lost
                  or not carried by any particular majority shall be conclusive
                  evidence of the fact without proof of the number or proportion
                  of the votes recorded in favour of or against that resolution.

         (c)      (POLL) If at any meeting a poll is so demanded, it shall be
                  taken in such manner and (subject as provided below) either at
                  once or after such an adjournment as the chairman directs and
                  the result of such poll shall be deemed to be the resolution
                  of the meeting at which the poll was demanded as at the date
                  of the taking of the poll. The demand for a poll shall not
                  prevent the continuance of the meeting for the transaction of
                  any business other than the question on which the poll has
                  been demanded.

         (d)      (NO ADJOURNMENT) Any poll demanded at any meeting on the
                  election of a chairman or on any question of adjournment shall
                  be taken at the meeting without adjournment.

         (e)      (VOTES) Subject to clause 40.7(a), at any meeting:

                  (i)      on a show of hands, every person holding, or being a
                           Representative holding or representing other persons
                           who hold, Secured Moneys shall have one vote except
                           that the Note Trustee shall represent each Class A
                           Noteholder who has directed the Note Trustee to vote
                           on its behalf under the Note Trust Deed; and

                  (ii)     on a poll, every person who is present shall have one
                           vote for each US$100 or, in the case of A$
                           Noteholders for each A$ Equivalent of US$100 (but, in
                           each case, not part thereof) of the Secured Moneys
                           that he holds or in respect of which he is a
                           Representative. Any person entitled to more than one
                           vote need not use or cast all of the votes to which
                           he is entitled in the same way.

         (f)      (EVIDENCE) A certificate from the Note Trustee to the Security
                  Trustee that the Note Trustee is entitled to vote on behalf of
                  a Class A Noteholder will be satisfactory evidence to the
                  Security Trustee that the Note Trustee is so entitled to vote.

         For the purpose of determining the amount of Secured Moneys at any
         time, the Security Trustee may rely on the Accounts of the Chargor and
         any information provided by the Auditor of the Chargor. Clause 24 will
         apply to any determination of Secured Moneys for the definition of
         VOTING MORTGAGEE and this Clause 40.

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40.8     RIGHT TO ATTEND AND SPEAK

         The Chargor, the Manager, the Security Trustee and the Beneficiary
         (through their respective Representatives) and their respective
         financial and legal advisers shall be entitled to attend and speak at
         any meeting of Voting Mortgagees (and, to the extent that they are also
         a Voting Mortgagee, to vote at that meeting). No person shall otherwise
         be entitled to attend or vote at any meeting of the Voting Mortgagees
         or to join with others in requesting the convening of such a meeting
         unless he is a Voting Mortgagee or a Representative.

40.9     APPOINTMENT OF PROXIES

         (a)      (REQUIREMENTS) Each appointment of a proxy shall be in writing
                  and shall be deposited at the registered office of the
                  Security Trustee or in such other place as the Security
                  Trustee shall designate or approve, together with proof
                  satisfactory to the Security Trustee of its due execution (if
                  so required by the Security Trustee), not less than 24 hours
                  before the time appointed for holding the meeting or adjourned
                  meeting at which the named proxy proposes to vote, and in
                  default, the appointment of proxy shall not be treated as
                  valid unless the chairman of the meeting decides otherwise
                  before that meeting or adjourned meeting proceeds to business.
                  A notarially certified copy proof of due execution as
                  specified above (if applicable) shall, if required by the
                  Security Trustee, be produced by the proxy at the meeting or
                  adjourned meeting, but the Security Trustee shall not thereby
                  be obliged to investigate or be concerned with the validity or
                  the authority of the proxy named in any such appointment. The
                  proxy named in any appointment of proxy need not be a Voting
                  Mortgagee.

         (b)      (PROXY REMAINS VALID) Any vote given in accordance with the
                  terms of an appointment of proxy set out in clause 40.9(a)
                  shall be valid notwithstanding the previous revocation or
                  amendment of the appointment of proxy or of any of the Voting
                  Mortgagee's instructions pursuant to which it was executed,
                  provided that no intimation in writing of such revocation or
                  amendment has been received by the Security Trustee at its
                  registered office, or by the chairman of the meeting, in each
                  case within the 24 hours before the commencement of the
                  meeting or adjourned meeting at which the appointment of proxy
                  is used.

40.10    CORPORATE REPRESENTATIVES

         A person authorised pursuant to section 250D of the Corporations Act
         2001 (Cth) by a Voting Mortgagee being a body corporate to act for that
         Voting Mortgagee at any meeting shall, in accordance with his authority
         until his authority is revoked by the body corporate concerned, be
         entitled to exercise the same powers on behalf of that body corporate
         as that body corporate could exercise if it were an individual Voting
         Mortgagee and shall be entitled to produce evidence of his authority
         (together with, if required by the Security Trustee, evidence
         satisfactory to the Security Trustee of the due execution of the
         authority) to act at any time before the time appointed for the holding
         of or at the meeting or adjourned meeting or for the taking of a poll
         at which he proposes to vote.

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40.11    RIGHTS OF REPRESENTATIVES

         A Representative shall have the right to demand or join in demanding a
         poll and shall (except and to the extent to which the Representative is
         specifically directed to vote for or against any proposal) have power
         generally to act at a meeting for the Voting Mortgagee concerned. The
         Security Trustee and any officer of the Security Trustee may be
         appointed a Representative.

40.12    EXTRAORDINARY RESOLUTIONS

         (a)      (POWERS) A meeting of Voting Mortgagees shall, without
                  prejudice to any rights or powers conferred on other persons
                  by this deed, have power exercisable by Extraordinary
                  Resolution:

                  (i)      to direct the Security Trustee in the action that
                           should be taken by it following the occurrence of an
                           Event of Default or the Charge or this deed becoming
                           enforceable;

                  (ii)     to sanction any action that the Security Trustee or a
                           Receiver proposes to take to enforce the provisions
                           of this deed;

                  (iii)    to sanction any proposal by the Manager, the Chargor
                           or the Security Trustee for any modification,
                           abrogation, variation or compromise of, or
                           arrangement in respect of, the rights of the
                           Mortgagees against the Chargor or the Manager whether
                           such rights shall arise under this deed, the Trust
                           Documents or otherwise;

                  (iv)     to sanction the exchange or substitution of the
                           Secured Moneys for, or the conversion of the Secured
                           Moneys into, bonds or other obligations or securities
                           of the Chargor or any body corporate formed or to be
                           formed;

                  (v)      to assent to any modification of the provisions
                           contained in this deed which may be proposed by the
                           Chargor, the Note Trustee, the Manager or the
                           Security Trustee;

                  (vi)     to give any authority, direction, guidance or
                           sanction sought by the Security Trustee from the
                           Voting Mortgagees;

                  (vii)    to appoint any persons (whether Voting Mortgagees or
                           not) as a committee or committees to represent the
                           interests of the Voting Mortgagees and to confer on
                           such committee or committees any powers or
                           discretions which the Voting Mortgagees could
                           themselves exercise by Extraordinary Resolution;

                  (viii)   to approve a person proposed to be appointed as a new
                           Security Trustee for the time being;

                  (ix)     to discharge or exonerate the Security Trustee from
                           any liability in respect of any act or omission for
                           which it may become responsible under this deed;

                  (x)      to do any other thing which under this deed is
                           required to be given by an Extraordinary Resolution
                           of the Mortgagees;

                  (xi)     to authorise the Security Trustee or any other person
                           to concur in and execute and do all such documents,
                           acts and things as may be necessary to carry out and
                           give effect to any Extraordinary Resolution; or
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                  (xii)    to determine whether the Security Trustee should or
                           should not perform an act and any such Extraordinary
                           Resolution will (where relevant and in accordance
                           with clause 40.17) override any determination by the
                           Note Trustee.

         (b)      (NO POWER) A meeting of Voting Mortgagees shall not have power
                  in relation to any Mortgagee to:

                  (i)      release any obligation to pay any of the Secured
                           Moneys to that Mortgagee;

                  (ii)     alter any date upon which any of the Secured Moneys
                           is payable;

                  (iii)    alter the amount of any payment of any part of the
                           Secured Moneys; or

                  (iv)     alter clause 16.1 in relation to that Mortgagee,

                  without the consent of that Mortgagee.

40.13    EXTRAORDINARY RESOLUTION BINDING ON MORTGAGEES

         Subject to clause 40.12(b), an Extraordinary Resolution passed at a
         meeting of the Voting Mortgagees duly convened and held in accordance
         with this clause 40 shall be binding upon all Mortgagees whether or not
         present at such meeting and each of the Mortgagees and the Chargor, the
         Manager and the Security Trustee shall be bound to give effect to it
         accordingly.

40.14    MINUTES AND RECORDS

         Minutes of all resolutions and proceedings at every meeting of the
         Voting Mortgagees under this clause 40 shall be made and duly entered
         in the books to be from time to time provided for that purpose by the
         Security Trustee and any such minutes purporting to be signed by the
         chairman of the meeting at which those resolutions were passed or
         proceedings transacted or by the chairman of the next succeeding
         meeting of the Voting Mortgagees shall be conclusive evidence of the
         matters contained in those minutes and until the contrary is proved,
         provided every meeting in respect of the proceedings of which minutes
         have been made and signed as provided in this clause 40.14 shall be
         deemed to have been duly convened and held and all resolutions passed
         or proceedings transacted in that meeting to have been duly passed and
         transacted.

40.15    WRITTEN RESOLUTIONS

         Notwithstanding the preceding provisions of this clause 40, a
         resolution of all the Voting Mortgagees (including an Extraordinary
         Resolution) may be passed, without any meeting or previous notice being
         required, by an instrument or notes in writing which have:

         (a)      in the case of a resolution (including an Extraordinary
                  Resolution) of all the Voting Mortgagees, been signed by all
                  the Voting Mortgagees; and

         (b)      any such instrument shall be effective upon presentation to
                  the Security Trustee for entry in the records referred to in
                  clause 40.14

40.16    FURTHER PROCEDURES FOR MEETINGS

         Subject to all other provisions contained in this deed, the Security
         Trustee may without the consent of the Mortgagees prescribe such
         further regulations regarding the holding of meetings of the Voting
         Mortgagees and attendance and voting at those meetings as the Security
         Trustee may in its sole

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         discretion determine including particularly (but without prejudice to
         the generality of the above) such regulations and requirements as the
         Security Trustee thinks reasonable:

         (a)      (PERSONS ARE VOTING MORTGAGEES) so as to satisfy itself that
                  persons are in fact Voting Mortgagees who purport to
                  requisition a meeting or who purport to make any requisition
                  to the Security Trustee in accordance with this deed;

         (b)      (ENTITLEMENT TO VOTE) so as to satisfy itself that persons who
                  purport to attend or vote at any meeting of Voting Mortgagees
                  are entitled to do so in accordance with this clause 40 and
                  this deed; and

         (c)      (FORMS OF REPRESENTATIVE) as to the form of appointment of a
                  Representative.

40.17    NOTE TRUSTEE RIGHTS

         (a)      Despite any other provision of this deed, for so long as the
                  Noteholder Mortgagees are the only Voting Mortgagees they may
                  direct the Security Trustee to do any act or thing which the
                  Security Trustee is required to do, or may only do, at the
                  direction of an Extraordinary Resolution of Voting Mortgagees
                  including those acts or things referred to in clause 40.12 and
                  the Security Trustee shall, subject to this deed, comply with
                  such direction of the Noteholder Mortgagees.

         (b)      Neither the Security Trustee nor the Manager may call a
                  meeting of Voting Mortgagees while the Noteholder Mortgagees
                  are the only Voting Mortgagees, unless the Noteholder
                  Mortgagees otherwise consent.

         (c)      Despite any other provision of this deed, at any time while an
                  Event of Default subsists:

                  (i)      if the Noteholder Mortgagees are not the only Voting
                           Mortgagee; and

                  (ii)     if Noteholder Mortgagees direct the Security Trustee
                           to enforce the Charge (whether in the case of the
                           Note Trustee directed to do so by the Class A
                           Noteholders or as it determines on behalf of the
                           Class A Noteholders),

                  the Security Trustee shall enforce the Charge under clause 8.2
                  as if directed to do so by an Extraordinary Resolution of
                  Voting Mortgagees and paragraph (a) shall apply as if the
                  Noteholder Mortgagees were the only Voting Mortgagee.

         (d)      The Security Trustee shall not be liable to any Mortgagee for
                  acting, or not acting, on the directions of the Noteholder
                  Mortgagee except where in so doing the Security Trustee
                  engages in any fraud, negligence or breach of trust.

         (e)      Any reference to the Noteholder Mortgagees where:

                  (i)      they are the only Voting Mortgagees; or

                  (ii)     where the consent of the Noteholder Mortgagees is
                           required under this deed in relation to a discretion
                           or act of the Security Trustee,

                  (iii)    means so many of the Noteholder Mortgagees who
                           represent more than 50% of the Total Invested Amount.

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41.      AUTHORISED SIGNATORIES
--------------------------------------------------------------------------------

         The Chargor irrevocably authorises each Mortgagee to rely on a
         certificate by a person purporting to be its director or secretary as
         to the identity and signatures of its Authorised Signatories. The
         Chargor warrants that those persons have been authorised to give
         notices and communications under or in connection with the Trust
         Documents.

42.      GOVERNING LAW AND JURISDICTION
--------------------------------------------------------------------------------

         This deed is governed by the laws of the New South Wales. The Chargor
         submits to the non-exclusive jurisdiction of courts exercising
         jurisdiction there.

43.      COUNTERPARTS
--------------------------------------------------------------------------------

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

44.      SET-OFF
--------------------------------------------------------------------------------

         No Mortgagee may apply any credit balance in any currency (whether or
         not matured) in any account comprised in the Mortgaged Property towards
         satisfaction of any sum then due and payable to that Mortgagee under or
         in relation to any Trust Document.

45.      ACKNOWLEDGEMENT BY CHARGOR
--------------------------------------------------------------------------------

         The Chargor confirms that:

(a)      it has not entered into any Trust Document in reliance on, or as a
         result of, any conduct of any kind of or on behalf of any Mortgagee
         (other than the Manager and the Servicer) or any Related Body Corporate
         of any Mortgagee (including any advice, warranty, representation or
         undertaking); and

(b)      no Mortgagee nor any Related Body Corporate of any Mortgagee is obliged
         to do anything (including disclose anything or give advice),

         except as expressly set out in the Trust Documents or in writing duly
         signed by or on behalf of the Mortgagee or Related Body Corporate.

46.      INFORMATION MEMORANDUM
--------------------------------------------------------------------------------

         The Security Trustee has no responsibility for any statement or
         information in or omission from any information memorandum,
         advertisement, circular or other document issued by or on behalf of the
         Chargor or Manager, including in connection with the issue of Notes.
         Neither the Chargor nor the Manager may publish or permit to be
         published any such document in connection with the offer of Notes or an
         invitation for subscriptions for Notes containing any statement which
         makes reference to the Security Trustee without the prior written
         consent of the Security Trustee, which consent must

--------------------------------------------------------------------------------
                                                                         Page 50
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

--------------------------------------------------------------------------------
         not be unreasonably withheld. In considering whether to give its
         consent, the Security Trustee is not required to take into account the
         interests of the other Mortgagees.

47.      SECURITY TRUSTEE'S LIMITED LIABILITY
--------------------------------------------------------------------------------
47.1     RELIANCE ON CERTIFICATE

         The Security Trustee shall not incur any liability as a result of
         relying upon the authority, validity, due authorisation of, or the
         accuracy of any information contained in any notice, resolution,
         direction, consent, certificate, receipt, affidavit, statement,
         valuation report or other document or communication (including any of
         the above submitted or provided by the Manager, by the Trustee or by a
         Mortgagee) if the Security Trustee is entitled, under clause 47.2 to
         assume such authenticity, validity, due authorisation or accuracy.

         In preparing any notice, certificate, advice or proposal the Security
         Trustee shall be entitled to assume, unless it is actually aware to the
         contrary, that each person under any Authorised Investment, Support
         Facility, Receivable, Receivable Security, Related Securities, other
         Transaction Document or any other deed, agreement or arrangement
         incidental to any of the above or to the Trust, will perform their
         obligations under those documents in full by the due date and otherwise
         in accordance with their terms.

47.2     SECURITY TRUSTEE'S RELIANCE ON MANAGER, NOTE TRUSTEE OR SERVICER

         (a)      (AUTHORISED SIGNATORIES ARE SUFFICIENT EVIDENCE) Whenever any
                  certificate, notice, proposal, direction, instruction,
                  document or other communication is to be given to the Security
                  Trustee, the Security Trustee may assume:

                  (i)      the authenticity and validity of any signature in any
                           such document and that such document has been duly
                           authorised; and

                  (ii)     the accuracy of any information contained in any such
                           documents,

                  in either case unless the officers of the Security Trustee
                  responsible for the administration of the Trust are not
                  actually aware to the contrary.

         (b)      (TRUSTEE NOT LIABLE FOR LOSS) The Security Trustee shall not
                  be responsible for any loss arising from any forgery or lack
                  of authenticity or any act, neglect, mistake or discrepancy of
                  the Manager, the Note Trustee or a Servicer or any officer,
                  employee, agent or delegate of the Manager, the Note Trustee
                  or the Servicer in preparing any such document or in
                  compiling, verifying or calculating any matter or information
                  contained in any such document, if the officers of the
                  Security Trustee responsible for the administration of the
                  Trust are not actually aware of such forgery, lack of
                  authenticity or validity, act, neglect, mistake or
                  discrepancy.

47.3     COMPLIANCE WITH LAWS

         The Security Trustee shall not incur any liability to anyone in respect
         of any failure to perform or to do any act or thing which by reason of
         any provision of any applicable present or future law of any place or
         any applicable ordinance, rule, regulation or by law or of any
         applicable decree, order or

--------------------------------------------------------------------------------
                                                                         Page 51
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

         judgment of any competent court or other tribunal, the Security Trustee
         shall be prohibited from doing or performing.

47.4     RELIANCE ON EXPERTS

         The Security Trustee may rely on and act on the opinion or statement or
         certificate or advice of or information obtained from the Note Trustee,
         the Servicer, barristers or solicitors (whether instructed by the
         Security Trustee or not), bankers, accountants, brokers, valuers and
         other persons believed by it in good faith to be expert or properly
         informed in relation to the matters on which they are consulted and the
         Security Trustee shall not be liable for anything done or suffered by
         it in good faith in reliance on such opinion, statement, certificate,
         advice or information except to the extent of losses, costs, claims or
         damages caused by the Security Trustee's fraud, negligence or breach of
         trust.

47.5     OVERSIGHTS OF OTHERS

         Having regard to the limitations on the Security Trustee's duties,
         powers, authorities and discretions under this deed, the Security
         Trustee shall not be responsible for any act, omission, misconduct,
         mistake, oversight, error of judgment, forgetfulness or want of
         prudence on the part of any person or agent appointed by the Security
         Trustee or on whom the Security Trustee is entitled to rely under this
         deed (other than a Related Body Corporate), attorney, banker, receiver,
         barrister, solicitor, agent or other person acting as agent or adviser
         to the Security Trustee except to the extent of losses, costs, claims
         or damages caused by the Security Trustee's fraud, negligence or breach
         of trust, provided that nothing in this deed or any other Transaction
         Document imposes any obligations on the Security Trustee to review or
         supervise the performance by any other party of its obligations.

47.6     POWERS, AUTHORITIES AND DISCRETIONS

         Except as otherwise provided in this deed and in the absence of fraud,
         negligence or breach of trust, the Security Trustee shall not be in any
         way responsible for any loss (whether consequential or otherwise),
         costs, damages or inconvenience that may result from the exercise or
         non-exercise of any powers, authorities and discretions vested in it.

47.7     IMPOSSIBILITY OR IMPRACTICABILITY

         If for any other reason it becomes impossible or impracticable for it
         to carry out any or all of the provisions of this deed or any other
         Transaction Document, the Security Trustee shall not be under any
         liability and, except to the extent of its own fraud, negligence or
         breach of trust, nor shall it incur any liability by reason of any
         error of law or any matter or thing done or suffered or omitted to be
         done in good faith by it or its officers, employees, agents or
         delegates.

47.8     LEGAL AND OTHER PROCEEDINGS

         (a)      (INDEMNITY FOR LEGAL COSTS) The Security Trustee shall be
                  indemnified out of the Trust for all legal costs and
                  disbursements on a full indemnity basis and all other costs,
                  disbursements, outgoings and expenses incurred by the Security
                  Trustee in connection with:

                  (i)      the enforcement or contemplated enforcement of, or
                           preservation of rights under;

                  (ii)     without limiting the generality of paragraph (i)
                           above, the initiation, defence, carriage and
                           settlement of any action, suit, proceeding or dispute
                           in respect of; and

--------------------------------------------------------------------------------
                                                                         Page 52
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

                  (iii)    obtaining legal advice or opinions concerning or
                           relating to the interpretation or construction of,

                  this deed or any other Transaction Document or otherwise under
                  or in respect of the Trust provided that the enforcement,
                  contemplated enforcement or preservation by the Security
                  Trustee (as the case may be) of the rights referred to in
                  paragraph (i) or the court proceedings referred to in
                  paragraph (ii) (including in each case the defence of any
                  action, suit, proceeding or dispute brought against the
                  Security Trustee), and the basis of incurring any of those
                  costs, disbursements, outgoings and expenses by the Security
                  Trustee:

                  (iv)     has been approved in advance by an Extraordinary
                           Resolution of the Voting Mortgagees; or

                  (v)      the Security Trustee reasonably considers the
                           incurring of those costs, disbursements, outgoings
                           and expenses to be necessary to protect the Security
                           Trustee against potential personal liability.

         (b)      (DEFENCE OF PROCEEDINGS ALLEGING NEGLIGENCE ETC.) The Security
                  Trustee shall be entitled to claim in respect of the above
                  indemnity from the Trust for its expenses and liabilities
                  incurred in defending any action, suit, proceeding or dispute
                  in which fraud, negligence or breach of trust is alleged or
                  claimed against it, but on the same being proved, accepted or
                  admitted by it, it shall from its personal assets immediately
                  repay to the Trust the amount previously paid by the Trust to
                  it in respect of that indemnity.

47.9     NO LIABILITY EXCEPT FOR NEGLIGENCE ETC.

         Except to the extent caused by the fraud, negligence or breach of trust
         on the Security Trustee's part or on the part of any of its officers or
         employees, or any agents or delegate, sub-agent, sub-delegate employed
         by the Security Trustee in accordance with this deed (and where this
         deed provides that the Security Trustee is liable for the acts or
         omissions of any such person) to carry out any transactions
         contemplated by this deed, the Security Trustee shall not be liable
         personally for any losses, costs, liabilities or claims arising from
         the failure to pay moneys on the due date for payment to any Mortgagee
         or any other person or for any loss howsoever caused in respect of any
         of the Trust or to any Mortgagee or other person.

47.10    FURTHER LIMITATIONS ON SECURITY TRUSTEE'S LIABILITY

         Subject to clause 47.2, the Security Trustee shall not be liable:

         (a)      for any losses, costs, liabilities or expenses arising out of
                  the exercise or non-exercise of its discretion or for any
                  other act or omission on its part under this deed, any other
                  Transaction Document or any other document except where the
                  exercise or non-exercise of any discretion, or any act or
                  omission, by the Security Trustee, or any of its officers or
                  employees, or any agent, delegate, sub-agent, sub-delegate
                  employed by the Security Trustee in accordance with this deed
                  (and where this deed provides that the Security Trustee is
                  liable for the acts or omissions of any such person) to carry
                  out any transactions contemplated by this deed, constitutes
                  fraud, negligence or breach of trust;

                                                                         Page 53

<PAGE>
SECURITY TRUST DEED                                       Allens Arthur Robinson

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

         (b)      for any losses, costs, damages or expenses caused by its
                  acting (in circumstances where this deed requires it to act or
                  contemplates that it may so act) on any instruction or
                  direction given to it by:

                  (i)      any Mortgagee under this deed, any other Transaction
                           Document or any other document;

                  (ii)     by any person under a Support Facility, Receivable or
                           Receivable Security; or

                  (iii)    an Obligor,

                  except to the extent that it is caused by the fraud,
                  negligence or breach of trust of the Security Trustee, or any
                  of its officers or employees, or an agent or delegate employed
                  by the Security Trustee in accordance with this deed to carry
                  out any transactions contemplated by this deed;

         (c)      for any Manager's Default, Servicer Transfer Event or Title
                  Perfection Event;

         (d)      without limiting the Security Trustee's obligations under the
                  Transaction Documents, for any act, omission or default of the
                  Servicer in relation to its servicing duties or its
                  obligations under the Servicing Agreement;

         (e)      without limiting the Security Trustee's obligations under the
                  Transaction Documents, for any act, omission or default of the
                  Custodian in relation to its custodial duties or its
                  obligations under the Custodian Agreement;

         (f)      without limiting the Security Trustee's obligations under the
                  Transaction Documents, for any act, omission or default of the
                  Note Trustee in relation to its obligations under the
                  Transaction Documents;

         (g)      without limiting the Security Trustee's obligations under the
                  Transaction Documents, for any act, omission or default of a
                  Paying Agent in relation to its obligations under the
                  Transaction Documents;

         (h)      without limiting the Security Trustee's obligations under the
                  Transaction Documents, for any act, omission or default of the
                  Calculation Agent in relation to its obligations under the
                  Transaction Documents;

         (i)      for the failure of a person to carry out an agreement with the
                  Security Trustee in connection with the Trust; or

         (j)      for any losses, costs, liabilities or expenses caused by the
                  Security Trustee's failure to check any calculation,
                  information, document, form or list supplied or purported to
                  be supplied to it by the Manager, the Note Trustee or the
                  Servicer,

         except, in the case of paragraphs (c) to (j) (inclusive), to the extent
         that it is caused by the fraud, negligence or breach of trust of the
         Security Trustee.

         Nothing in this clause 47.10 alone (but without limiting the operation
         of any other clause of this deed) shall imply a duty on the Security
         Trustee to supervise the Manager or the Note Trustee in the performance
         of the Manager's or the Note Trustee's functions and duties, and the
         exercise by the Manager or the Note Trustee of its discretions.

--------------------------------------------------------------------------------
                                                                         Page 54
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

47.11    CONFLICTS

         (a)      (NOT LIABLE TO ACCOUNT) A Relevant Person shall not be in any
                  way liable to account to any Mortgagee or any other person for
                  any profits or benefits (including any profit, bank charges,
                  commission, exchange, brokerage and fees) made or derived
                  under or in connection with any transaction or contract
                  specified in paragraph (a) above.

         (b)      (FIDUCIARY RELATIONSHIP) A Relevant Person shall not by reason
                  of any fiduciary relationship be in any way precluded from
                  making any contracts or entering into any transactions with
                  any such person in the ordinary course of its business or from
                  undertaking any banking, financial, development, agency or
                  other services including any contract or transaction in
                  relation to the placing of or dealing with any investment and
                  the acceptance of any office or profit or any contract of loan
                  or deposits or other contract or transaction which any person
                  or company not being a party to this deed could or might have
                  lawfully entered into if not a party to this deed. A Relevant
                  Person shall not be accountable to any Mortgagee or any other
                  person for any profits arising from any such contracts,
                  transactions or offices.

47.12    INFORMATION

         Except for notices and other documents and information (if any)
         expressed to be required to be furnished to any person by the Security
         Trustee under this deed or any other Transaction Document, the Security
         Trustee shall not have any duty or responsibility to provide any person
         (including any Mortgagee) with any credit or other information
         concerning the affairs, financial condition or business of the Trust.

47.13    INVESTIGATION BY SECURITY TRUSTEE

         Each Mortgagee acknowledges that:

         (a)      the Security Trustee has no duty, and is under no obligation,
                  to investigate whether a Manager's Default, Servicer Transfer
                  Event or Title Perfection Event has occurred in relation to
                  the Trust other than where it has actual notice;

         (b)      the Security Trustee is required to provide the notices
                  referred to in this deed in respect of a determination of
                  Material Adverse Effect only if it is actually aware of the
                  facts giving rise to the Material Adverse Effect; and

         (c)      in making any such determination, the Security Trustee will
                  seek and rely on advice given to it by its advisors in a
                  manner contemplated by this deed.

EXECUTED as a deed in Sydney.

Each attorney executing this deed thereby states that he has no notice of
alteration to, or revocation or suspension of, his power of attorney.

--------------------------------------------------------------------------------
                                                                         Page 55
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

CHARGOR

<TABLE>
<CAPTION>

<S>                                                      <C>
SIGNED SEALED and DELIVERED                      )
on behalf of                                     )
PERPETUAL TRUSTEES CONSOLIDATED LIMITED          )
                                                 )
by its attorney under Power of Attorney dated    )
                                                 )
in the presence of:                              )
                                                     ----------------------------------------------
                                                     Signature

--------------------------------------------------   ----------------------------------------------
Witness                                              Print name

--------------------------------------------------
Print name

SECURITY TRUSTEE

SIGNED SEALED and DELIVERED                      )
on behalf of                                     )
P.T. LIMITED                                     )
by its attorney under Power of Attorney dated    )
                                                 )
in the presence of:                              )
                                                     ----------------------------------------------
                                                     Signature

--------------------------------------------------   ----------------------------------------------
Witness                                              Print name

--------------------------------------------------
Print name

</TABLE>

--------------------------------------------------------------------------------
                                                                         Page 56
<PAGE>

SECURITY TRUST DEED                                       Allens Arthur Robinson

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

MANAGER

<TABLE>
<CAPTION>

<S>                                                      <C>
SIGNED SEALED and DELIVERED                      )
on behalf of                                     )
CRUSADE MANAGEMENT LIMITED                       )
                                                 )
by its attorney Power of Attorney                )
dated                                            )
in the presence of:                              )
                                                     ----------------------------------------------
                                                     Signature

--------------------------------------------------   ----------------------------------------------
Witness                                              Print name

--------------------------------------------------
Print name

NOTE TRUSTEE

SIGNED SEALED and DELIVERED                      )
by                                               )
WILMINGTON TRUST COMPANY                         )
dated:                                           )
                                                 )
                                                     ----------------------------------------------
                                                     Signature

--------------------------------------------------   ----------------------------------------------
Witness                                              Print name

--------------------------------------------------
Print name

</TABLE>

--------------------------------------------------------------------------------
                                                                         Page 57<PAGE>

                                                   Note Trust Deed

                           PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                                                         (Trustee)

                                        CRUSADE MANAGEMENT LIMITED
                                                         (Manager)

                                          WILMINGTON TRUST COMPANY
                                                    (Note Trustee)

                                             BANKERS TRUST COMPANY
                                          (Principal Paying Agent)

                                             BANKERS TRUST COMPANY
                                               (Calculation Agent)

                                                      P.T. LIMITED
                                                (Security Trustee)

                                            ALLENS ARTHUR ROBINSON
                                                 The Chifley Tower
                                                  2 Chifley Square
                                                 Sydney  NSW  2000
                                                         Australia
                                                Tel 61 2 9230 4000
                                                Fax 61 2 9230 5333

                         (C) Copyright Allens Arthur Robinson 2001

<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

CROSS REFERENCE TABLE(1)

-----------------------------------------------------------------
TRUST INDENTURE ACT SECTION                         CLAUSE
-----------------------------------------------------------------
310      (a)(1)                                     23.6
         (a)(2)                                     23.1(d)
         (a)(3)                                     23.6
         (a)(4)                                     22.2(b)
         (a)(5)                                     NA2
         (b)                                        23.6
         (c)                                        23.6, 23.1
                                                    NA
-----------------------------------------------------------------
311      (a)                                        13.1
         (b)                                        13.1
         (c)                                        NA
-----------------------------------------------------------------
312      (a)                                        35.1, 35.2(a)
         (b)                                        35.2(b)
         (c)                                        35.2(c)
-----------------------------------------------------------------
313      (a)                                        35.3
         (b)(1)                                     35.3
         (b)(2)                                     NA
         (c)                                        35.4
         (d)                                        35.3
-----------------------------------------------------------------
314      (a)(1)                                     35.5
         (a)(2)                                     35.5
         (a)(3)                                     35.5
         (a)(4)                                     11.1(j)
         (b)                                        11.1(k)
         (c)                                        36.1(a)
         (d)                                        36.1(b)
         (e)                                        36.1(c)
         (f)                                        36.1(a)
-----------------------------------------------------------------
315      (a)                                        13.2(b)
         (b)                                        13.4
         (c)                                        13.2(a)
         (d)                                        13.2(c), (d)
         (e)                                        36.2
-----------------------------------------------------------------
316      (a)(1)                                     36.3
         (a)(2)                                     NA
         (b)                                        36.4
-----------------------------------------------------------------
317      (a)(1)                                     6.1
-----------------------------------------------------------------

                                    Page (i)
<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

-----------------------------------------------------------------
         (a)(2)                                     NA
         (b)                                        2.5
-----------------------------------------------------------------
318      (a)                                        36.5
-----------------------------------------------------------------

NOTES:
1.   This Cross Reference Table shall not, for any purpose, be deemed to be part
     of this deed.
2.   NA means not applicable.

                                    Page (ii)
<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

TABLE OF CONTENTS

<TABLE>
<CAPTION>
<S>      <C>                                                                                            <C>
1.       DEFINITIONS AND INTERPRETATION                                                                    2
         1.1      Definitions and Interpretation                                                           2
         1.2      Definitions in Master Trust Deed, Supplementary Terms Notice and Conditions              3
         1.3      Incorporation by reference                                                               4
         1.4      Interpretation                                                                           4
         1.5      Determination, statement and certificate sufficient evidence                             4
         1.6      Document or agreement                                                                    5
         1.7      Transaction Document                                                                     5
         1.8      Trustee as trustee                                                                       5
         1.9      Knowledge of Trustee                                                                     5
         1.10     Knowledge of the Note Trustee                                                            5
         1.11     Appointment of the Note Trustee                                                          5
         1.12     Obligations of the Trustee                                                               6
         1.13     Opinion of Counsel                                                                       6

2.       PAYMENTS ON NOTES                                                                                 6
         2.1      Principal amount                                                                         6
         2.2      Covenant to repay                                                                        6
         2.3      Deemed payment                                                                           7
         2.4      Following Event of Default                                                               7
         2.5      Requirements of Paying Agent                                                             8
         2.6      Certification                                                                            8
         2.7      Determinations                                                                           9

3.       FORM OF, ISSUE OF AND DUTIES AND TAXES ON, NOTES                                                  9
         3.1      Issue of Book-Entry Notes                                                                9
         3.2      Form of Book-Entry Notes                                                                 9
         3.3      Definitive Notes                                                                        10
         3.4      Stamp and Other Taxes                                                                   11
         3.5      Indemnity for non-issue                                                                 11
         3.6      Note Register and Note Registrar                                                        12

4.       COVENANT OF COMPLIANCE                                                                           13

5.       CANCELLATION OF CLASS A NOTES                                                                    13
         5.1      Cancellation                                                                            13
         5.2      Records                                                                                 13

6.       ENFORCEMENT                                                                                      14
         6.1      Actions following Event of Default                                                      14
         6.2      Evidence of default                                                                     14
         6.3      Overdue interest                                                                        14
         6.4      Restrictions on enforcement                                                             14
         6.5      Action by Noteholders                                                                   15

7.       PROCEEDINGS                                                                                      15
         7.1      Acting only on direction                                                                15
</TABLE>

                                    Page (i)
<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
<S>     <C>                                                                                            <C>
         7.2      Security Trustee acting                                                                 15
         7.3      Note Trustee alone entitled to act                                                      16
         7.4      Available amounts                                                                       16
         7.5      No obligation to ensure compliance                                                      16
         7.6      Conflict of interests                                                                   16

8.       NOTICE OF PAYMENT                                                                                17

9.       INVESTMENT BY NOTE TRUSTEE                                                                       17

10.      PARTIAL PAYMENTS                                                                                 17

11.      COVENANTS BY THE TRUSTEE AND MANAGER                                                             17

12.      REMUNERATION OF NOTE TRUSTEE                                                                     20
         12.1     Fee                                                                                     20
         12.2     Additional Remuneration                                                                 20
         12.3     Costs, expenses                                                                         20
         12.4     Overdue rate                                                                            21
         12.5     Continuing obligation                                                                   21

13.      NOTE TRUSTEE                                                                                     21
         13.1     Preferential Collection of Claims Against Trustee                                       21
         13.2     Duties of Note Trustee                                                                  21
         13.3     Obligations of Note Trustee                                                             22
         13.4     Notice of Defaults                                                                      22
         13.5     Rights of Note Trustee                                                                  22

14.      NOTE TRUSTEE'S LIABILITY                                                                         29

15.      DELEGATION BY NOTE TRUSTEE                                                                       29

16.      EMPLOYMENT OF AGENT BY NOTE TRUSTEE                                                              29

17.      NOTE TRUSTEE CONTRACTING WITH TRUSTEE                                                            30

18.      WAIVER                                                                                           30

19.      AMENDMENT                                                                                        31
         19.1     Approval                                                                                31
         19.2     Resolution of Class A Noteholders                                                       32
         19.3     Distribution of amendments                                                              32
         19.4     Amendments binding                                                                      32
         19.5     Conformity with TIA                                                                     32

20.      CLASS A NOTEHOLDERS                                                                              32
         20.1     Absolute Owner                                                                          32
         20.2     Clearing Agency Certificate                                                             33

21.      CURRENCY INDEMNITY                                                                               33

22.      NEW NOTE TRUSTEES                                                                                34
         22.1     Appointment by Trustee                                                                  34
         22.2     Appointment by Note Trustee                                                             34
         22.3     Notice                                                                                  35
</TABLE>

                                    Page (ii)
<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
<S>      <C>                                                                                             <C>
23.      NOTE TRUSTEE'S RETIREMENT AND REMOVAL                                                            35
         23.1     Removal by Trustee                                                                      35
         23.2     Removal by Class A Noteholders                                                          36
         23.3     Resignation                                                                             36
         23.4     Rating Agencies approval                                                                36
         23.5     Trust Corporation                                                                       36
         23.6     Successor to Note Trustee                                                               36
         23.7     Eligibility; Disqualification                                                           37

24.      NOTE TRUSTEE'S POWERS ADDITIONAL                                                                 37

25.      SEVERABILITY OF PROVISIONS                                                                       37

26.      NOTICES                                                                                          38
         26.1     General                                                                                 38
         26.2     Details                                                                                 38

27.      GOVERNING LAW AND JURISDICTION                                                                   39

28.      COUNTERPARTS                                                                                     40

29.      LIMITED RECOURSE                                                                                 40
         29.1     General                                                                                 40
         29.2     Liability of Trustee limited to its right to indemnity                                  40
         29.3     Unrestricted remedies                                                                   41
         29.4     Restricted remedies                                                                     41

30.      SUCCESSOR TRUSTEE                                                                                41

31.      REIMBURSEMENT FOR THE COST OF INDEPENDENT ADVICE                                                 42

32.      NO LIABILITY                                                                                     42

33.      INFORMATION MEMORANDUM                                                                           42

34.      NOTE TRUSTEE'S LIMITED LIABILITY                                                                 43
         34.1     Reliance on certificate                                                                 43
         34.2     Note Trustee's reliance on Manager, Security Trustee, Trustee or Servicer               43
         34.3     Compliance with laws                                                                    43
         34.4     Reliance on experts                                                                     44
         34.5     Oversights of others                                                                    44
         34.6     Powers, authorities and discretions                                                     44
         34.7     Impossibility or impracticability                                                       44
         34.8     Legal and other proceedings                                                             44
         34.9     No liability except for negligence etc.                                                 45
         34.10    Further limitations on Note Trustee's liability                                         45
         34.11    Conflicts                                                                               47
         34.12    Information                                                                             47
         34.13    Investigation by Note Trustee                                                           47

35.      NOTEHOLDERS' LISTS AND REPORTS                                                                   47
         35.1     Provision of information                                                                47
         35.2     Preservation of Information; Communications to Noteholders                              48
</TABLE>

                                    Page (iii)
<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
<S>     <C>                                                                                              <C>
         35.3     Reports by Note Trustee                                                                 48
         35.4     Notices to Class A Noteholders; Waiver                                                  48
         35.5     Reports by Trustee                                                                      49

36.      TRUST INDENTURE ACT - MISCELLANEOUS                                                              49
         36.1     Compliance Certificates and Opinions, etc                                               49
         36.2     Undertaking for Costs                                                                   51
         36.3     Exclusion of section 316                                                                51
         36.4     Unconditional Rights of Class A Noteholders to Receive Principal and Interest           51
         36.5     Conflict with Trust Indenture Act                                                       52

37.      CONSENT OF CLASS A NOTEHOLDERS                                                                   52
         37.1     General                                                                                 52
         37.2     Special Written Approvals                                                               52
         37.3     Requirement for writing                                                                 53

SCHEDULE 1                                                                                                57
         Form Book-Entry Note                                                                             57
         Assignment                                                                                       61

SCHEDULE 2                                                                                                62
         Information to be contained in Noteholder's Report                                               62

SCHEDULE 3 : TERMS AND CONDITIONS OF THE CLASS A NOTES                                                    63
</TABLE>

                                    Page (iv)
<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

DATE                                                                       2001
-------------

PARTIES
-------------

     1.   PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841)
          incorporated in Victoria of Level 7, 39 Hunter Street, Sydney, New
          South Wales 2000 in its capacity as trustee of the Crusade Global
          Trust No. 2 of 2001 (the TRUSTEE);

     2.   CRUSADE MANAGEMENT LIMITED (ABN 90 072 715 916) incorporated in the
          Australian Capital Territory of 4-16 Montgomery Street, Kogarah, New
          South Wales 2217 as Manager of the Crusade Global Trust No. 2 of 2001
          (the MANAGER);

     3.   WILMINGTON TRUST COMPANY acting through its office at Rodney Square
          North, 1100 North Market Street, Wilmington, Delaware 19890-0001, (the
          NOTE TRUSTEE), which expression shall, wherever the context requires,
          include any other person or company for the time being a trustee under
          this deed or trustees of this deed);

     4.   BANKERS TRUST COMPANY acting through its office at 123 Washington
          Street, New York, New York 10006 (the PRINCIPAL PAYING AGENT), which
          expression shall wherever the context requires, include any successor
          principal paying agent from time to time appointed under the Agency
          Agreement.

     5.   BANKERS TRUST COMPANY acting through its office at 1761 East St.
          Andrew Place, Santa Ana, California 92705 (the CALCULATION AGENT),
          which expression shall wherever the context requires, include any
          successor calculation agent from time to time appointed under the
          Agency Agreement.

     6.   P.T. LIMITED (ABN 67 004 454 666) of Level 7, 39 Hunter Street,
          Sydney, NSW 2000 (the SECURITY TRUSTEE)

RECITALS
-------------

     A    The Trustee has resolved at the direction of the Manager to issue
          US$[*] of mortgage backed pass through floating rate notes comprising
          US$[*] Class A Notes due [*] (the CLASS A Notes) and A$[*] of mortgage
          backed pass through floating rate notes comprising A$[*] Class B Notes
          due [*] and A$[*] Class C Notes due [*] (together the A$ NOTES). The
          Class A Notes are to be constituted and secured in the manner provided
          in this deed and the other Transaction Documents.

     B    The Note Trustee has agreed to act as trustee for the Class A
          Noteholders under this Deed.
--------------------------------------------------------------------------------

IT IS AGREED as follows.

                                                                          Page 1
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Note Trust Deed                                           Allens Arthur Robinson
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1.       DEFINITIONS AND INTERPRETATION
--------------------------------------------------------------------------------

1.1      DEFINITIONS AND INTERPRETATION

         The following definitions apply unless the context requires otherwise.

         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 on
         the books of the Clearing Agency, or on the books of the person
         maintaining an account with such Clearing Agency (directly as Clearing
         Agency Participant or as an indirect participant) in each case in
         accordance with the rules of such Clearing Agency.

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

         CORPORATE TRUST OFFICE means the principal office of the Note Trustee
         at which at any particular time its corporate trust business is
         administered, which at the date of the execution of this deed is Rodney
         Square North, 1100 North Market Street, Wilmington, Delaware
         19890-0001, America or at such other address as the Note Trustee may
         designate by notice to the Manager, Noteholders and the Trustee or the
         principal corporate trust office of any successor Note Trustee.

         EVENT OF DEFAULT means, in respect of a Class A Note, any of the
         events described in Condition 9.

         EXCHANGE ACT means the United States Securities Exchange Act of 1934,
         as amended.

         INDEPENDENT means, in relation to a person, that the person:

         (a)      is independent of the Trustee, the Manager, the Servicer, any
                  Approved Seller and any of their Associates;

         (b)      does not have any direct financial interest or any material
                  indirect financial interest (other than less than 5% of the
                  outstanding amount of any publicly traded security) in any
                  person referred to in paragraph (a); and

         (c)      is not an officer, employee, promoter, underwriter, trustee,
                  partner, director or person performing similar functions of
                  any person referred to in paragraph (a).

         INDEPENDENT CERTIFICATE means, in relation to any person, a certificate
         or opinion from that person where that person must be Independent,
         which opinion or certificate states that the signer has read the
         definition of INDEPENDENT in this deed and that the signer is
         Independent within the meaning of that definition.

         MASTER TRUST DEED means the Master Trust Deed dated 14 March 1998
         between the Trustee, St.George Bank Limited and the Manager.

         NOTE DEPOSITORY AGREEMENT means the agreement among the Trustee, the
         Principal Paying Agent and The Depository Trust Company, as the initial
         Clearing Agency, dated as of the Closing Date, relating to the Notes,
         as the same may be amended or supplemented from time to time.

         NOTEHOLDERS REPORT means the report to be delivered by the Manager, on
         behalf of the Trustee, in accordance with clause 11(l)(i) containing
         the information set out in Schedule 2.

                                                                          Page 2
<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

         OFFICER'S CERTIFICATE means a certificate signed by any Authorised
         Signatory of the Trustee or the Manager on behalf of the Trustee, under
         the circumstances described in, and otherwise complying with, the
         applicable requirements of section 314 of the TIA.

         OPINION OF COUNSEL means one or more written opinions of legal counsel
         who may, except as otherwise expressly provided in this deed, be
         employees of or counsel to the Trustee or the Manager on behalf of the
         Trustee and who shall be satisfactory to the Trustee or the Note
         Trustee, as applicable, and which opinion or opinions shall be
         addressed to the Trustee or the Note Trustee, as applicable, and shall
         be in form and substance satisfactory to the Trustee and the Note
         Trustee, as applicable.

         PAYING AGENT means any institution, including where the context permits
         the Principal Paying Agent at its office:

         (a)      initially appointed as Paying Agent by the Trustee under the
                  Agency Agreement; or

         (b)      as may, with the prior written approval of, and on terms
                  previously approved in writing by, the Note Trustee (that
                  approval not to be unreasonably withheld or delayed) from time
                  to time be appointed by the Trustee in relation to the Notes,

         in each case (except in the case of the initial Principal Paying Agent)
         where notice of the appointment has been given to the Class A
         Noteholders under this deed and in accordance with Condition 12.

         RESPONSIBLE OFFICER means, with respect to the Note Trustee, any of its
         officers, including any Vice President, Assistant Vice President,
         Assistant Treasurer, Assistant Secretary, or any other of its officers
         customarily performing functions similar to those performed by any of
         them and, with respect to a particular matter, any other officer to
         whom such matter is referred because of such officer's knowledge of and
         familiarity with the particular subject.

         SUPPLEMENTARY TERMS NOTICE means the Supplementary Terms Notice dated
         on or about the date of this Deed between the Trustee, the Manager, the
         Note Trustee, the Security Trustee, St.George and the Custodian.

         TIA means the Unites States Trust Indenture Act of 1939, as amended.

         TRUST ACCOUNT means the Collection Account, the US$ Account or any
         other account maintained by or on behalf of the Trustee in relation to
         the Trust.

         TRUST CORPORATION means any person eligible for appointment as a
         trustee under an indenture to be qualified pursuant to the TIA, as set
         forth in Section 310(a) of the TIA, which shall include Wilmington
         Trust Company for so long as it complies with such section.

1.2      DEFINITIONS IN MASTER TRUST DEED, SUPPLEMENTARY TERMS NOTICE AND
         CONDITIONS

         (a)      Words and expressions which are defined in the Master Trust
                  Deed (as amended by the Supplementary Terms Notice), the
                  Supplementary Terms Notice and the Conditions (including in
                  each case by reference to another agreement) have the same
                  meanings when used in this deed unless the context otherwise
                  requires or unless otherwise defined in this deed.

                                                                          Page 3
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Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

         (b)      No change to the Master Trust Deed or any other document
                  (including the order of payment set out in the Supplementary
                  Terms Notice) after the date of this deed will change the
                  meaning of terms used in this deed or adversely affect the
                  rights of the Note Trustee or any Noteholder under this deed
                  unless the Note Trustee (or the Noteholders acting under
                  clause 6.5, as the case may be) has agreed in writing to the
                  changes under this deed.

1.3      INCORPORATION BY REFERENCE

         Where this deed refers to a provision of the TIA, the provision is
         incorporated by reference in and made part of this deed. The following
         terms used in the TIA have the following meaning in this deed.

         COMMISSION means the Securities and Exchange Commission of the United
         States of America.

         INDENTURE SECURITIES means the Class A Notes.

         INDENTURE SECURITY HOLDER means a Class A Noteholder.

         INDENTURE TO BE QUALIFIED means the Note Trust Deed.

         INDENTURE TRUSTEE or INSTITUTIONAL TRUSTEE means the Note Trustee.

         OBLIGOR on the indenture securities means the Trustee.

         Any other term 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 them by
         such definitions.

1.4      INTERPRETATION

         Clause 1.2 of the Master Trust Deed applies to this deed as if set out
         in full and:

         (a)      a reference to an ASSET includes any real or personal, present
                  or future, tangible or intangible property or asset and any
                  right, interest, revenue or benefit in, under or derived from
                  the property or asset;

         (b)      an Event of Default SUBSISTS until it has been waived in
                  writing by the Note Trustee;

         (c)      a reference to an amount for which a person is CONTINGENTLY
                  LIABLE includes an amount which that person may become
                  actually or contingently liable to pay if a contingency
                  occurs, whether or not that liability will actually arise; and

          (d)     all references to costs or charges or expenses include any
                  value added tax or similar tax charged or chargeable in
                  respect of the charge or expense.

1.5      DETERMINATION, STATEMENT AND CERTIFICATE SUFFICIENT EVIDENCE

         Except where otherwise provided in this deed any determination,
         statement or certificate by the Note Trustee or an Authorised Signatory
         of the Note Trustee provided for in this deed is sufficient evidence of
         each thing determined, stated or certified until proven wrong.

                                                                          Page 4
<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

1.6      DOCUMENT OR AGREEMENT

         A reference to:

         (a)      an AGREEMENT includes a Security Interest, guarantee,
                  undertaking, deed, agreement or legally enforceable
                  arrangement whether or not in writing; and

         (b)      a DOCUMENT includes an agreement (as so defined) in writing or
                  a certificate, notice, instrument or document.

         A reference to a specific agreement or document includes it as amended,
         novated, supplemented or replaced from time to time, except to the
         extent prohibited by this deed.

1.7      TRANSACTION DOCUMENT

         This deed is a TRANSACTION DOCUMENT for the purposes of the Master
         Trust Deed.

1.8      TRUSTEE AS TRUSTEE

         In this deed, except where provided to the contrary:

         (a)      a reference to the Trustee is a reference to the Trustee in
                  its capacity as trustee of the Trust only, and in no other
                  capacity; and

         (b)      a reference to the assets, business, property or undertaking
                  of the Trustee is a reference to the assets, business,
                  property or undertaking of the Trustee only in the capacity
                  described in paragraph (a) above.

1.9      KNOWLEDGE OF TRUSTEE

         In relation to the Trust, the Trustee will be considered to have
         knowledge or notice of or be aware of any matter or thing if the
         Trustee has knowledge, notice or awareness of that matter or thing by
         virtue of the actual notice or awareness of the officers or employees
         of the Trustee who have day to day responsibility for the
         administration of the Trust.

1.10     KNOWLEDGE OF THE NOTE TRUSTEE

         In relation to the Trust, the Note Trustee will be considered to have
         knowledge or notice of or be aware of any matter or thing if the Note
         Trustee has knowledge, notice or awareness of that matter or thing by
         virtue of the actual notice or awareness of the officers or employees
         of the Note Trustee who have day to day responsibility for the
         administration of the Note Trust.

1.11     APPOINTMENT OF THE NOTE TRUSTEE

         The Note Trustee:

         (a)      is appointed to act as trustee on behalf of the Class A
                  Noteholders on the terms and conditions of this Deed; and

         (b)      acknowledges and declares that it:

                  (i)      holds the sum of US$10.00 received on the date of
                           this Deed; and

                  (ii)     will hold the benefit of the obligations of the
                           Trustee under this Deed,

                                                                          Page 5
<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

         in each case, on trust for each Class A Noteholder,
         in accordance with the terms and conditions of this
         Deed.

1.12     OBLIGATIONS OF THE TRUSTEE

         (a)      Where the Manager may act on behalf of the Trustee, failing
                  action by the Manager in accordance with the relevant clause
                  (including any requirement to take such action within a
                  specified time) the reference to the Manager acting on behalf
                  of the Trustee shall be construed as a reference to the
                  Trustee.

         (b)      Without limiting the Trustees obligations under paragraph (a),
                  the Trustee shall not be liable for any act or omission by the
                  Manager where it is acting or fails to act (as the case may
                  be) on behalf of the Trustee under this deed.

         (c)      Where the Manager is empowered to act on behalf of the
                  Trustee, the Manager undertakes to the Trustee that it will
                  duly and punctually perform, on behalf of the Trustee, those
                  obligations, imposed on the Trustee in accordance with the
                  terms of the relevant clause.

1.13     OPINION OF COUNSEL

         For the purposes of this deed, the Trustee may where necessary seek,
         and rely conclusively on, any Opinion of Counsel on any matters
         relating to or connected with the TIA. Where the Trustee elects to seek
         and has sought the Opinion of Counsel it shall not be required to take
         any action under this deed unless and until it has received such an
         Opinion of Counsel. The cost of any such Opinion of Counsel will be an
         Expense of the Trustee in relation to the Trust.

2.       PAYMENTS ON NOTES
--------------------------------------------------------------------------------

2.1      PRINCIPAL AMOUNT

         The aggregate principal amount of the Class A Notes is limited to
         US$[*] in respect of the Class A Notes.

2.2      COVENANT TO REPAY

         (a)      The Trustee covenants with the Note Trustee that the Trustee
                  will, in accordance with the terms of any Class A Notes
                  (including the Conditions) and the Transaction Documents (and
                  subject to the terms of the Transaction Documents and the
                  Conditions, including clause 29 of this Deed and Condition 6)
                  at the direction of the Manager on:

                  (i)      the Maturity Date of the Class A Notes; or

                  (ii)     each earlier date as those Class A Notes, or any of
                           them, may become repayable (whether in full or in
                           part),

                  pay or procure to be paid unconditionally in accordance with
                  this deed to or to the order of the Note Trustee in US$ for
                  immediate value the principal amount of those Class A Notes
                  repayable, or in the case of a partial payment of those Class
                  A Notes, the principal amount payable, subject to and in
                  accordance with the terms of those Class A Notes (including
                  the Conditions).

                                                                          Page 6
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Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

         (b)      Subject to clause 2.3 and to the terms of the Class A Notes
                  (including the Conditions and in particular Condition 6) and
                  the Transaction Documents (including clause 29), until any
                  payment as well after as before any judgment or other order of
                  a court of competent jurisdiction the Trustee shall, at the
                  direction of the Manager, pay or procure to be paid
                  unconditionally in accordance with this deed to or to the
                  order of the Note Trustee:

                  (i)      any interest, at the respective rates calculated from
                           time to time, in accordance with and on the dates
                           provided for in the Conditions; and

                  (ii)     principal payable at the times and in the amounts as
                           may be determined in accordance with Condition 5.

         (c)      The Note Trustee shall hold the benefit of the covenant in
                  this clause 2.2, and all other rights of the Class A
                  Noteholders under the Class A Notes, on trust for the benefit
                  of the Class A Noteholders.

2.3      DEEMED PAYMENT

         Any payment of principal or interest in respect of any Class A Notes to
         or to the account of the Principal Paying Agent in the manner provided
         in clause 3 of the Agency Agreement shall satisfy the covenant in
         relation to those Class A Notes by the Trustee in this clause 2 to the
         extent of that payment, except to the extent that the Principal Paying
         Agent subsequently fails to pay that amount under those Class A Notes
         in accordance with the terms of those Class A Notes (including the
         Conditions).

2.4      FOLLOWING EVENT OF DEFAULT

         (a)      At any time after an Event of Default in respect of the Class
                  A Notes has occurred, or at any time after Definitive Notes
                  have not been issued when so required in accordance with the
                  Conditions, the Note Trustee may:

                  (i)      by notice in writing to the Trustee, the Manager, the
                           Principal Paying Agent, the other Paying Agents (if
                           any) and the Calculation Agent and until such notice
                           is withdrawn require the Principal Paying Agent, the
                           other Paying Agents (if any) and the Calculation
                           Agent under the Agency Agreement either:

                           (A)   (1)    to act as Principal Paying Agent and
                                        Paying Agents and Calculation Agent
                                        respectively of the Note Trustee in
                                        relation to payments to be made by or on
                                        behalf of the Note Trustee under the
                                        provisions of this deed on the terms of
                                        the Agency Agreement except that the
                                        Note Trustee's liability under any
                                        provisions of the Agency Agreement for
                                        the indemnification of the Paying Agents
                                        and Calculation Agent shall be limited
                                        to any amount for the time being held by
                                        the Note Trustee on the trusts of this
                                        deed and which is available to be
                                        applied by the Note Trustee under this
                                        deed; and

                                 (2)    hold all Definitive Notes and all
                                        amounts, documents and records held by
                                        them in respect of the Class A Notes on
                                        behalf of the Note Trustee; or

                                                                          Page 7
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Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

                           (B)          to deliver up all Definitive Notes and
                                        all amounts, documents and records held
                                        by them in respect of the Class A Notes
                                        to the Note Trustee or as the Note
                                        Trustee shall direct in that notice,
                                        other than any documents or records
                                        which the relevant Paying Agent or
                                        Calculation Agent is obliged not to
                                        release by any law or regulation; or

                  (ii)     by notice in writing to the Trustee require it to
                           make all subsequent payments in respect of the Class
                           A Notes to the order of the Note Trustee and not to
                           the Principal Paying Agent and, with effect from the
                           issue of that notice to the Trustee and until that
                           notice is withdrawn, clause 2.3 shall not apply.

         (b)      The payment by the Trustee of its payment obligations on each
                  Payment Date under the Supplementary Terms Notice and the
                  Conditions to the Note Trustee in accordance with paragraph
                  (a) shall be a good discharge to the Trustee.

         (c)      The Trustee shall not be liable for any act or omission or
                  default of the Note Trustee during the period it is required
                  to make payments in respect of the Class A Notes to the Note
                  Trustee under paragraph (a).

2.5      REQUIREMENTS OF PAYING AGENT

         The Manager on behalf of the Trustee will cause each Paying Agent to
         execute and deliver to the Note Trustee an instrument in which that
         Paying Agent shall agree with the Note Trustee, subject to the
         provisions of this clause, that such Paying Agent shall:

         (a)      hold in trust for the Note Trustee and the Class A Noteholders
                  all sums held by that Paying Agent for the payment of
                  principal and interest with respect to the Class A Notes until
                  all relevant sums are paid to the Note Trustee or the Class A
                  Noteholders or otherwise disposed of as provided in this deed;
                  and

         (b)      immediately notify by facsimile the Note Trustee, the Trustee,
                  the Security Trustee and the Manager if the full amount of any
                  payment of principal or interest required to be made by the
                  Supplementary Terms Notice and the relevant Conditions in
                  respect of the Class A Notes is not unconditionally received
                  by it or to its order in accordance with the Agency Agreement.

2.6      CERTIFICATION

         For the purposes of any redemption of Class A Notes under Condition 5
         the Note Trustee may rely upon an Officer's Certificate from the
         Manager on behalf of the Trustee certifying or stating, the opinion of
         each person signing that Officer's Certificate as to the following
         matters:

         (a)      the fair value (within 90 days of such release) of the
                  property or securities to be released from the Security Trust
                  Deed;

         (b)      that the proposed release will not impair the security under
                  the Security Trust Deed in contravention of the provisions of
                  the Security Trust Deed or this deed; and

         (c)      that the Trustee will be in a position to discharge all its
                  liabilities in respect of the relevant Class A Notes and any
                  amounts required under the Security Trust Deed to be paid in
                  priority to or pari passu with those Class A Notes,

                                                                          Page 8
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Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

         and that Officer's Certificate shall be conclusive and binding on the
         Trustee, the Note Trustee and the holders of those Class A Notes.

2.7      DETERMINATIONS

         If the Manager does not at any time for any reason determine a
         Principal Payment, the Bond Factor, the Invested Amount or the Stated
         Amount applicable to any Class A Notes in accordance with Condition
         5(a) or 5(h), the Principal Payment, the Bond Factor, Invested Amount
         and the Stated Amount may be determined by the Calculation Agent (or,
         failing the Calculation Agent, the Note Trustee) in accordance with
         Condition 5(a) or 5(h) (but based on the information in its possession)
         and each such determination or calculation shall be deemed to have been
         made by the Manager, and the Note Trustee shall have no liability in
         respect thereof other than as a result of the fraud, negligence,
         default or breach of trust of the Note Trustee.

3.       FORM OF, ISSUE OF AND DUTIES AND TAXES ON, NOTES
--------------------------------------------------------------------------------

3.1      ISSUE OF BOOK-ENTRY NOTES

         (a)      The Class A Notes shall, on issue be represented by Book-Entry
                  Notes.

         (b)      Each Book-Entry Note must be signed manually or by facsimile
                  by an Authorised Signatory of the Trustee on behalf of the
                  Trustee and must be manually authenticated by the Principal
                  Paying Agent.

3.2      FORM OF BOOK-ENTRY NOTES

         (a)      The Book-Entry Notes shall be typed in the form or
                  substantially in the form set out in schedule 1.

         (b)      The procedures relating to the exchange, authentication,
                  delivery, surrender, cancellation, presentation, marking up or
                  down of any of the Book-Entry Note (or part of the Book-Entry
                  Note and any other matters to be carried out by the relevant
                  parties upon exchange (in whole or part) of any Class A Note
                  shall be made in accordance with the provisions of the
                  relevant terms of the Book-Entry Notes and the normal practice
                  of the Common Depository, the Principal Paying Agent and the
                  rules and procedures of the Clearing Agency from time to time.

         (c)      The Book-Entry Notes shall be in an aggregate principal amount
                  of US$[*].

         (d)      The Manager on behalf of Trustee shall procure by written
                  direction to the Principal Paying Agent that, prior to the
                  issue and delivery of any Book-Entry Note, that Book-Entry
                  Note will be authenticated manually by an Authorised Signatory
                  of the Principal Paying Agent and no Book-Entry Note shall be
                  valid for any purpose unless and until so authenticated. A
                  Book-Entry Note so executed and authenticated shall be a
                  binding and valid obligation of the Trustee. Until a
                  Book-Entry Note (or part of a Book-Entry Note) has been
                  exchanged pursuant to this deed, it (or that part) shall in
                  all respects be entitled to the same benefits as a Definitive
                  Note. Each Book-Entry Note shall be subject to this deed
                  except that the registered owner of a Book-Entry Note shall be
                  the only person entitled to receive payments from the
                  Principal Paying Agent of principal or interest in relation to
                  it.

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         (e)      The Class A Notes upon original issue will be issued in the
                  form of typewritten Notes representing the Book-Entry Notes.
                  The Manager on behalf of the Trustee shall, on the date of
                  this deed, deliver or arrange the delivery on its behalf to
                  the Principal Paying Agent, as agent for the Clearing Agency,
                  of the Book-Entry Notes. The Book-Entry Notes shall initially
                  be registered on the Note Register in the name of Cede & Co as
                  nominee of the Clearing Agency, and no Class A Note Owner will
                  receive a Definitive Note representing such Class A Note
                  Owner's interest in such Note, except as provided in clause
                  3.3.

         (f)      Whenever a notice or other communication to the Class A
                  Noteholders is required under this deed, unless and until
                  Definitive Notes shall have been issued to Class A Note Owners
                  pursuant to clause 3.3, the Note Trustee shall give all such
                  notices and communications specified herein to be given to
                  Class A Noteholders to the Clearing Agency, and shall have no
                  obligation to the Class A Note Owners.

         (g)      Unless and until the Definitive Notes have been issued to a
                  Class A Note Owner pursuant to clause 3.3:

                  (i)      the provisions of this clause shall be in full force
                           and effect;

                  (ii)     the Note Registrar, the Trustee, the Manager, each
                           Paying Agent and the Note Trustee shall be entitled
                           to deal with the Clearing Agency for all purposes of
                           this deed (including the payment of principal of and
                           interest on the Class A Notes and the giving of
                           instructions or directions hereunder) as the sole
                           holder of the Class A Notes, and shall have no
                           obligation to any Class A Note Owners;

                  (iii)    to the extent that the provisions of this clause
                           conflict with any other provisions of this deed, the
                           provisions of this clause shall prevail;

                  (iv)     the rights of Class A Note Owners shall be exercised
                           only through the Clearing Agency and shall be limited
                           to those established by law and agreements between
                           such Class A Note Owners and the Clearing Agency
                           and/or the Clearing Agency Participants. Pursuant to
                           the Note Depository Agreement, unless and until
                           Definitive Notes are issued pursuant to clause 3.3,
                           the initial Clearing Agency will make book-entry
                           transfers among the Clearing Agency Participants and
                           receive and transmit payments of principal and
                           interest on the Class A Notes to such Clearing Agency
                           Participants; and

                  (v)      whenever this deed requires or permits actions to be
                           taken based upon instructions or directions of Class
                           A Note Owners evidencing a specific percentage of all
                           Invested Amounts of all Class A Notes, the Clearing
                           Agency shall be deemed to represent such percentage
                           only to the extent that it has received instructions
                           to such effect from Class A Note Owners and/or
                           Clearing Agency Participants owning or representing,
                           respectively, such required percentage of the
                           beneficial interest in the Class A Notes and has
                           delivered such instructions to the Principal Paying
                           Agent.

3.3      DEFINITIVE NOTES

         If:

         (a)      the Principal Paying Agent advises the Manager in writing that
                  the Clearing Agency is no longer willing or able properly to
                  discharge its responsibilities with respect to the Class A

                                                                         Page 10
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Note Trust Deed                                           Allens Arthur Robinson
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                  Notes or the Clearing Agency or its successor and the Manager
                  is unable to locate a qualified successor;

         (b)      the Trustee, at the direction of the Manager (at the Manager's
                  option) advises the Principal Paying Agent in writing that the
                  book-entry system is or is to be terminated; or

         (c)      after the occurrence of an Event of Default, the Note Trustee
                  shall, at the direction of Class A Note Owners representing
                  beneficial interests aggregating to at least a majority of the
                  aggregate Invested Amount of the Class A Notes advise both the
                  Principal Paying Agent and the Trustee in writing that the
                  continuation of a book entry system through the Clearing
                  Agency is no longer in the best interests of the Class A Note
                  Owners,

         then the Principal Paying Agent shall notify all of the appropriate
         Class A Note Owners and the Trustee of the occurrence of any such event
         and of the availability of Definitive Notes to such Class A Note Owners
         requesting the same. Upon the surrender of the Book-Entry Notes to the
         Trustee by the Clearing Agency, and the delivery by the Clearing Agency
         of the relevant registration instructions to the Trustee, the Trustee
         (with the assistance of the Manager) shall execute and procure the
         Principal Paying Agent to authenticate the Definitive Notes in
         accordance with the instructions of the Clearing Agency.

         The Definitive Notes will be serially numbered and shall be
         typewritten, printed, lithographed or engraved or produced by any
         combination of these methods (with or without steel engraved borders),
         all as determined by the Authorised Signatories executing such
         Definitive Notes, as evidenced by their execution of such Definitive
         Notes.

         Neither the Note Registrar nor the Trustee shall be liable for any
         delay in delivery of such instructions and may conclusively rely on,
         and shall be protected in relying on, such instructions.

3.4      STAMP AND OTHER TAXES

         The Trustee will pay any stamp and other duties and Taxes payable in
         Australia, the United Kingdom, Belgium, Luxembourg or the United Sates
         on or in connection with:

         (a)      the execution of the Transaction Documents;

         (b)      the constitution and original issue and delivery of the Class
                  A Notes;

         (c)      any action taken by the Note Trustee or (where permitted under
                  this deed so to do), the Clearing Agency or any Class A Note
                  Owner to enforce the provisions of the Class A Notes or the
                  Transaction Documents; and

         (d)      the creation of the security constituted under the Security
                  Trust Deed.

3.5      INDEMNITY FOR NON-ISSUE

         If the Trustee is required to issue, or procure the issue of,
         Definitive Notes following an event specified in clause 3.3(a) but
         fails to do so within 30 days of delivery to the Trustee of the
         Book-Entry Notes in accordance with clause 3.3 then the Trustee shall
         (subject to clause 29) indemnify the Note Trustee, the Class A
         Noteholders and the 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 the Class A
         Note Owners is less than the amount that would have been received had
         Definitive Notes been issued within the 30 days referred to in this
         clause 3.5.

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         If and for so long as the Trustee discharges its obligations under
         this indemnity, the breach by the Trustee of the provisions of clause
         3.3 shall be deemed to be cured. The Manager must promptly advise the
         Trustee if it becomes actually aware of the occurrence of the relevant
         event and the Trustee shall promptly notify the Note Trustee of the
         relevant event.

3.6      NOTE REGISTER AND NOTE REGISTRAR

         (a)      The Manager, on behalf of the Trustee, shall keep or cause to
                  be kept the Note Register in which, subject to such reasonable
                  regulations as it may prescribe, the Manager shall provide for
                  the registration of the Class A Notes and the registration of
                  transfers of Class A Notes. The NOTE REGISTRAR will be
                  responsible for registering Notes and transfers of Class A
                  Notes as herein provided. The Trustee may, with the consent of
                  the Note Trustee, appoint another person as Note Registrar.
                  Upon any resignation or removal of any Note Registrar under
                  the Agency Agreement, the Trustee with the assistance of and
                  at the direction of, the Manager shall promptly appoint a
                  successor or, if it elects not to make such an appointment,
                  assume the duties of the Note Registrar.

         (b)      Upon surrender for registration of transfer of any Class A
                  Note at the office or agency of the Trustee to be maintained
                  as provided in clause 11(e), if the requirements of Section
                  8-401(a) of the Uniform Commercial Code of New York (the UCC)
                  are met the Trustee shall, at the direction of the Manager,
                  execute and upon its written request the Principal Paying
                  Agent shall authenticate and the Class A Noteholder shall
                  obtain from the Note Trustee, in the name of the designated
                  transferee or transferees, one or more new Class A Notes, in
                  any authorised denominations, of the same class and a like
                  aggregate principal amount.

         (c)      At the option of the Class A Noteholder, Class A Notes may be
                  exchanged for other Class A Notes in any authorised
                  denominations and a like aggregate principal amount, upon
                  surrender of the Class A Notes to be exchanged at such office
                  or agency. Whenever any Class A Notes are so surrendered for
                  exchange, if the requirements of Section 8-401(a) of the UCC
                  are met the Trustee shall, at the direction of the Manager,
                  execute and upon its written request the Principal Paying
                  Agent shall authenticate and the Class A Noteholder shall
                  obtain from the Note Trustee, the Class A Notes which the
                  Class A Noteholder making the exchange is entitled to receive.

         (d)      Every Class A Note presented or surrendered for registration
                  of transfer or exchange shall be (i) duly endorsed by, or be
                  accompanied by a written instrument of transfer in a form
                  satisfactory to the Note Registrar duly executed by, the Class
                  A Noteholder thereof or such Class A Noteholder's attorney
                  duly authorised in writing, with such signature guaranteed by
                  an "eligible guarantor institution" meeting the requirements
                  of the Note Registrar which requirements include membership or
                  participation of Securities Transfer Agents Medallion Program
                  (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 Exchange
                  Act, and (ii) accompanied by such other documents as the Note
                  Registrar may require.

         (e)      No service charge shall be made to a Class A Noteholder for
                  any registration of transfer or exchange of Class A Notes, but
                  the Trustee may require payment of a sum sufficient to

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                  cover any tax or other governmental charge that may be imposed
                  in connection with any registration of transfer or exchange of
                  Class A Notes.

         (f)      The preceding provisions of this section notwithstanding, the
                  Trustee shall not be required to make and the Note Registrar
                  need not register transfers or exchanges of Class A Notes
                  selected for redemption or of any Class A Note for a period of
                  30 days preceding the due date for any payment with respect to
                  the Class A Note.

4.       COVENANT OF COMPLIANCE
--------------------------------------------------------------------------------

         The Trustee covenants with the Note Trustee that it will comply with
         and perform and observe all material provisions of the Transaction
         Documents which are expressed to be binding on it for the benefit of
         the Note Trustee or any Class A Noteholder. The Transaction Documents
         and the Conditions shall be binding on the Trustee, the Note Trustee
         and the Class A Noteholders. The Note Trustee (or the Class A
         Noteholders, under clause 6.5, as the case may be) is entitled to
         enforce the obligations of the Trustee under the Class A Notes and the
         Conditions as if the same were set out and contained in this deed
         (which shall be read and construed as one document with the Notes).

5.       CANCELLATION OF CLASS A NOTES
--------------------------------------------------------------------------------

5.1      CANCELLATION

         The Trustee shall procure that all Class A Notes:

         (a)      which have been surrendered for payment, registration of
                  transfer, exchange or redemption; or

         (b)      in the case of any Definitive Note, which, being mutilated or
                  defaced, has been surrendered and replaced under Condition 11,

         shall be cancelled by or on behalf of the Trustee.

5.2      RECORDS

         The Trustee shall procure that:

         (a)      the Principal Paying Agent keeps a full and complete record of
                  all Class A Notes and of their redemption, payment, exchange
                  or cancellation (as the case may be) and of all replacement
                  Class A Notes issued in substitution for lost, stolen,
                  mutilated, defaced or destroyed Definitive Notes;

         (b)      such records shall be made available to the Note Trustee on
                  reasonable notice and during business hours promptly following
                  the Note Trustee's request for the same.

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6.       ENFORCEMENT
--------------------------------------------------------------------------------

6.1      ACTIONS FOLLOWING EVENT OF DEFAULT

         At any time while an Event of Default is subsisting the Note Trustee
         may (subject to the Security Trust Deed, to clauses 6.4 and 7, and to
         Conditions 9 and 10) at its discretion and without further notice take
         any action available to it to direct the Security Trustee to:

         (a)      institute any proceedings against the Trustee which are
                  permitted under the Transaction Documents;

         (b)      enforce the security created under the Security Trust Deed
                  (including anything set out in clause 8.2 of the Security
                  Trust Deed); and

         (c)      enforce repayment of the Class A Notes together with accrued
                  interest and any other moneys payable to the Note Trustee, the
                  Class A Noteholders under the Transaction Documents.

6.2      EVIDENCE OF DEFAULT

         If the Security Trustee or the Note Trustee takes any action against
         the Trustee to enforce any of the provisions of any Class A Notes or
         this deed, proof that as regards any Class A Note, the Trustee has not
         paid any principal or interest due in respect of that Class A Note
         shall (unless the contrary is proved) be sufficient evidence that the
         Trustee has not paid that principal or interest on all other Class A
         Notes in respect of which the relevant payment is then due.

6.3      OVERDUE INTEREST

         The rates of interest payable in respect of any Class A Note which has
         become due and repayable in full and which has not been repaid shall be
         calculated at three-monthly intervals, commencing on the expiry of the
         Interest Period during which the Class A Note became due and repayable
         in accordance with the provisions of Condition 4 except that no notices
         need be given to Class A Noteholders, in relation to that interest.

6.4      RESTRICTIONS ON ENFORCEMENT

         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
         any Class A Notes, the Note Trustee must not vote under the Security
         Trust Deed to, or otherwise direct the Security Trustee to, enforce the
         Security Trust Deed or dispose of the Mortgaged Property unless either:

         (a)      a sufficient amount would be realised to discharge in full all
                  amounts owing to the Class A Noteholders and any other amounts
                  payable by the Trustee ranking in priority to or pari passu
                  with the Class A Notes; or

         (b)      the Note Trustee is of the opinion, reached after considering
                  at any time and from time to time the advice of a merchant
                  bank or other financial adviser selected by the Note Trustee
                  (the cost of which advice shall be an expense incurred by the
                  Note Trustee under the Transaction Documents), that the cash
                  flow receivable by the 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

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                  liabilities of the Trustee, to discharge in full in due course
                  all the amounts referred to in paragraph (i) relating to the
                  Trust.

6.5      ACTION BY NOTEHOLDERS

         Notwithstanding any other provision of this Deed, if the Note Trustee,
         having become bound to take steps and/or proceed under clause 6.1
         and/or the Security Trust Deed, fails to do so within a reasonable time
         and such failure is continuing, the Class A Noteholders may proceed
         directly against the Trustee but then only if and to the extent the
         Class A Noteholders are able to do so under Australian law.

7.       PROCEEDINGS
--------------------------------------------------------------------------------

7.1      ACTING ONLY ON DIRECTION

         (a)      Subject to paragraph (b), the Note Trustee may, but shall not
                  be bound to, vote under the Security Trust Deed, or otherwise
                  direct the Security Trustee under the Security Trust Deed, or
                  take any proceedings, actions or steps under, or any other
                  proceedings pursuant to or in connection with, the Security
                  Trust Deed, this deed or any Class A Notes, unless directed or
                  requested to do so in writing by the holders of at least 75%
                  of the aggregate Invested Amount of the Class A Notes and then
                  only if the Note Trustee is indemnified to its satisfaction
                  against all actions, proceedings, claims and demands to which
                  it may render itself liable and all costs, charges, damages
                  and expenses which it may incur by so doing.

         (b)      If an Extraordinary Resolution (as defined in the Security
                  Trust Deed) of Voting Mortgagees (as defined in the Security
                  Trust Deed) elects not to direct the Security Trustee to
                  enforce the Security Trust Deed, in circumstances where the
                  Security Trustee could enforce, the Note Trustee must, at the
                  direction of the Class A Noteholders, direct the Security
                  Trustee to enforce the Security Trust Deed on behalf of the
                  Class A Noteholders.

         (c)      The Note Trustee shall be protected with respect to any action
                  taken or omitted to be taken by it in good faith in accordance
                  with the direction of the holders of the required aggregate
                  Invested Amount of the Class A Notes in accordance with this
                  deed relating to the time, method and place of conducting any
                  proceeding for any remedy available to, or exercising any
                  trust or power conferred upon it, under this deed.

7.2      SECURITY TRUSTEE ACTING

         Only the Security Trustee may enforce the provisions of the Security
         Trust Deed and neither the Note Trustee nor any holder of a Class A
         Note is entitled to proceed directly against the Trustee to enforce the
         performance of any of the provisions of the Security Trust Deed or of
         the Class A Notes (including the Conditions), provided that if the
         Security Trustee having become bound to take steps and/or to proceed
         under the Security Trust Deed, fails to do so within a reasonable time
         and such failure is continuing, the Note Trustee and/or Class A
         Noteholders (if entitled under the Transaction Documents to act in
         place of the Note Trustee) may proceed directly against the Trustee but
         then only if and to the extent the Class A Noteholders are able to do
         so under Australian law. The Security Trustee shall comply with all
         directions given to it by the Note Trustee pursuant to any power to
         give directions granted to the Note Trustee pursuant to this deed or to
         the Security Trust

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         Deed provided that the Security Trustee has the power under the
         Security Trust Deed to take the action contemplated by the direction,
         and the Security Trustee shall not be liable for all direct and
         indirect costs, expenses, losses, damages, liabilities or actions
         arising or resulting from any action or conduct undertaken or not
         taken by the Security Trustee or its officers, employees or agents
         including as a consequence of following those directions.

7.3      NOTE TRUSTEE ALONE ENTITLED TO ACT

         Subject to clauses 6.5 and 7.2, only the Note Trustee may:

         (a)      direct the Security Trustee to enforce or not to enforce; or

         (b)      enforce the provisions of this deed or of the Class A Notes
                  (including the Conditions),

         and no Class A Noteholder is entitled to take any of the above actions
         or to proceed directly against the Trustee to enforce the performance
         of any of the provisions of this deed the Class A Notes (including the
         Conditions).

7.4      AVAILABLE AMOUNTS

         For the purpose of Conditions 5(i) and 5(j) the Note Trustee shall not
         be satisfied that the Trustee will be in a position to discharge the
         liabilities referred to in those Conditions unless, either:

         (a)      the Trustee will have available to it sufficient cash in the
                  Collection Account and sufficient Authorised Investments which
                  will mature on or before the relevant Payment Date after
                  making any other payments or provisions having priority in
                  order of application under the applicable provisions of the
                  Security Trust Deed; or

         (b)      the Trustee has entered into a legally binding contract with
                  an entity either whose long term unsecured and unguaranteed
                  debt is rated AA- by S&P or AA- by Fitch or whose short term
                  unsecured and unguaranteed debt securities are rated A-1+ by
                  S&P or F1+ by Fitch, provided that in both cases its short
                  term unsecured and unguaranteed debt securities are ranked P-1
                  by Moody's, to provide sufficient cash on or before the
                  relevant Payment Date to enable the Trustee to discharge the
                  relevant liabilities,

         and in each circumstance the Manager or the Trustee has certified to
         the Note Trustee that the requirements of clause 7.4(a) or (b) have
         been met and the Note Trustee shall be entitled to rely on such
         certification.

7.5      NO OBLIGATION TO ENSURE COMPLIANCE

         In giving any direction to the Security Trustee under this Deed or the
         Security Trust Deed, the Note Trustee shall not be obliged to ensure
         that the Security Trustee complies with such direction and will not be
         liable for failure by the Security Trustee so to comply.

7.6      CONFLICT OF INTERESTS

         The Note Trustee shall, with respect to all the powers, trusts,
         authorities, duties and discretions vested in it by the Transaction
         Documents, except where expressly provided otherwise, have regard to
         the interests of the Class A Noteholders.

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Note Trust Deed                                           Allens Arthur Robinson
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8.       NOTICE OF PAYMENT
--------------------------------------------------------------------------------

         The Principal Paying Agent shall give notice to the Class A Noteholders
         in accordance with Condition 12 of the day fixed for any payment to
         them of amounts received by the Note Trustee under Clause 16 of the
         Security Trust Deed and in any relevant circumstance will certify to
         the Note Trustee that the requirements of Clauses 7.1(a) and (b) of the
         Note Trust Deed have been satisfied (and the Note Trustee shall be
         entitled to rely upon such certification). Those payments may be made
         in accordance with Condition 6 (in the case of Definitive Notes) or in
         the name of the nominee of the Clearing Agency by wire transfer in
         immediately available funds to an account designated by such nominee to
         the order of the registered holder of the Class A Note (in the case of
         any Book-Entry Note) and payment of those amounts by the Note Trustee
         to the Principal Paying Agent for that purpose shall be a good
         discharge to the Note Trustee.

9.       INVESTMENT BY NOTE TRUSTEE
--------------------------------------------------------------------------------

         Any amount which, under the trusts of this Deed ought to or may be
         invested by the Note Trustee, may be invested in the name or under the
         control of the Note Trustee in any Authorised Investments and the Note
         Trustee may at any time or times vary any Authorised Investments into
         other Authorised Investments and shall not be responsible for any loss
         due to depreciation in value or otherwise resulting from any Authorised
         Investments made by it in good faith. The Note Trustee must not make
         any investment that could have an adverse effect on the 50% risk
         weighting attributed to the Notes by the Bank of England and the Note
         Trustee need only account for interest equal to the highest rate
         payable by it to an independent depositor in respect of comparable
         deposits.

10.      PARTIAL PAYMENTS
--------------------------------------------------------------------------------

         In the case of Definitive Notes, on any payment of amounts received by
         the Note Trustee under clause 16 of the Security Trust Deed (other than
         the payment in full against surrender of a Definitive Note) the
         Definitive Note in respect of which such payment is made shall be
         produced to the Note Trustee or the Paying Agent by or through whom
         such payment is made and the Note Trustee shall, or shall cause the
         Paying Agent to, enface on the Definitive Note a memorandum of the
         amount and the date of payment, but the Note Trustee may in any
         particular case dispense with that production and enfacement upon the
         Trustee certifying to the Note Trustee that an indemnity has been given
         to the Trustee by the recipient of the payment as the Trustee considers
         sufficient and the Note Trustee shall be entitled to rely on such
         certification.

11.      COVENANTS BY THE TRUSTEE AND MANAGER
--------------------------------------------------------------------------------

         Each of the Trustee and the Manager undertake severally to the Note
         Trustee, on behalf of the Class A Noteholders, as follows in relation
         to the Trust for so long as any of the Class A Notes remain outstanding
         (except to the extent that the Note Trustee otherwise consents in
         accordance with this Deed).

         (a)      (MASTER TRUST DEED COVENANTS) It will comply with its
                  covenants in the Master Trust Deed.

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         (b)      (TRANSACTION DOCUMENTS)

                  (i)      It will comply with its material obligations under
                           the Transaction Documents.

                  (ii)     It will use reasonable endeavours (to the extent that
                           it is able to do so under the Master Trust Deed) to
                           procure that each other party to a Transaction
                           Document complies with and performs its obligations
                           under that Transaction Document.

         (c)      (INFORMATION) It will give to the Note Trustee a copy of any
                  information in its possession relating to the Trust as soon as
                  reasonably practicable in connection with the exercise and
                  performance of its powers and obligations under this deed and
                  which the Trustee or the Manager (as the case may be)
                  reasonably considers has a material bearing on the interest of
                  the Class A Noteholders.

         (d)      (NOTIFY EVENTS OF DEFAULT)

                  (i)      It will promptly notify the Note Trustee if it has
                           knowledge or notice of or is aware of the occurrence
                           of an Event of Default, Trustee's Default, Servicer
                           Transfer Event, Title Perfection Event or Manager's
                           Default including full details (to the extent known,
                           without making any enquiry) of that Event of Default,
                           Trustee's Default, Servicer Transfer Event, Title
                           Perfection Event or Manager's Default (as the case
                           may be).

                  (ii)     In addition to its obligations under sub-clause item
                           (d)(i) of this Clause 11, the Manager, on behalf of
                           the Trustee, will confirm to the Note Trustee, on
                           each anniversary of this deed:

                           (A)      whether or not the Manager or the Trustee is
                                    aware that any Event of Default has
                                    occurred; and

                           (B)      any other matter which is required to be
                                    notified to the Note Trustee under the
                                    Transaction Documents and which has not
                                    previously been so notified.

         (e)      (MAINTENANCE OF OFFICE OR AGENCY) The Manager on behalf of the
                  Trustee will maintain in the Borough of Manhattan, The City of
                  New York an office or agency where Class A Notes may be
                  surrendered for registration of transfer or exchange, and
                  where notices and demands to or upon the Trustee in respect of
                  the Class A Notes and this deed may be served. The Trustee
                  hereby initially appoints the Principal Paying Agent to serve
                  as its agent for the foregoing purposes. The Principal Paying
                  Agent shall act solely for, and as agent of, the Trustee and
                  shall not have any obligations towards or relationship or
                  agency or trust with any other person in respect of its
                  appointment under this sub-paragraph (f). The Manager will
                  give prompt written notice to the Note Trustee of the
                  location, and of any change in the location, of any such
                  office or agency. If at any time the Trustee shall fail to
                  maintain any such office or agency or shall fail to furnish
                  the Note Trustee with the address thereof, such surrenders,
                  notices and demands may be made or served at the Corporate
                  Trust Office, and the Trustee hereby appoints the Note Trustee
                  as its agent to receive all such surrenders, notices and
                  demands.

         (f)      (CALCULATION AGENT) It will procure that, so long as any of
                  the Class A Notes remain outstanding, there will at all times
                  be a Calculation Agent.

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Note Trust Deed                                           Allens Arthur Robinson
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         (g)      (CHANGE TO PAYING AGENTS OR CALCULATION AGENT) It will give
                  notice to the Noteholders in accordance with the Agency
                  Agreement and Condition 12 of:

                  (i)      any appointment, resignation or removal of any Paying
                           Agent (other than the appointment of the initial
                           Principal Paying Agent) or Calculation Agent;

                  (ii)     any change to any Paying Agent's Paying Office (as
                           defined in the Agency Agreement); or

                  (iii)    any change to the Calculation Agent's Specified
                           Office (as defined in the Agency Agreement).

         (h)      (NOTICES) It will promptly give to the Note Trustee, or ensure
                  that the Note Trustee receives for approval by the Note
                  Trustee, two copies of the form of every notice prior to the
                  notice being given to the Class A Noteholders in accordance
                  with Condition 12.

         (i)      (ANNUAL STATEMENT AS TO COMPLIANCE) The Trustee (or the
                  Manager on its behalf) will deliver to the Note Trustee,
                  within 120 days after the end of each fiscal year of the Trust
                  (commencing on [30 September 2001]), and otherwise in
                  compliance with the requirements of section 314(a)(4) of the
                  TIA, an Officer's Certificate stating that:

                  (i)      a review of the activities of the Trustee in respect
                           of the Trust during such year and of performance
                           under the Transaction Documents has been made under
                           supervision of the person signing the Officer's
                           Certificate (the SIGNATORY); and

                  (ii)     to the best of the knowledge of the Signatory, based
                           on the review referred to in paragraph (i), the
                           Trustee has complied with all conditions and
                           covenants under the Transaction Documents throughout
                           the relevant year, or, if there has been a default in
                           the compliance of any such condition or covenant,
                           specifying each such default known to the Signatory
                           of the nature and status of the default.

                  For the purposes of this clause 11.2(j) compliance shall be
                  determined without regard to any period of grace or
                  requirement of notice under the Transaction Documents.

         (j)      (OPINIONS AS TO TRUST ESTATE) On the Closing Date, the Trustee
                  (or the Manager on its behalf) shall furnish to the Note
                  Trustee an Opinion of Counsel (who may be of counsel for the
                  Trustee) either stating that in the opinion of such counsel
                  the Security Trust Deed and any other requisite documents 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
                  in the opinion of such counsel no such action is necessary to
                  make such Security Interest effective.

                  Within 120 days after the end of each fiscal year commencing
                  on [30 September 2001] the Trustee (or the Manager on its
                  behalf) shall furnish to the Note Trustee an Opinion of
                  Counsel (who may be of counsel for the Trustee) either stating
                  that in the opinion of such counsel such action has been taken
                  with respect to the recording, filing, re-recording, and
                  refiling of the Security Trust Deed and any other requisite
                  documents as is necessary to maintain the Security Interest
                  created by the Security Trust Deed, and reciting the details
                  of such action, or stating that in the opinion of such counsel
                  no such action is necessary to maintain such Security
                  Interest.

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         (k)      (NOTEHOLDER REPORT)

                  (i)      The Trustee (or the Manager on its behalf) shall
                           deliver to the Principal Paying Agent and the Note
                           Trustee on each Determination Date the Noteholders
                           Report for the related Collection Period, with
                           written instructions for the Note Trustee and the
                           Principal Paying Agent to forward the Noteholders
                           Report to each Class A Noteholder.

                  (ii)     Each Noteholder Report shall contain the information
                           set out in Schedule 2.

12.      REMUNERATION OF NOTE TRUSTEE
--------------------------------------------------------------------------------

12.1     FEE

         The Trustee shall pay to the Note Trustee a fee agreed between them and
         at the times specified in the Supplementary Terms Notice.

12.2     ADDITIONAL REMUNERATION

         If the Note Trustee gives a notice under Condition 10 or it undertakes
         duties which it considers expedient or necessary under this deed, or
         which the Trustee requests it to undertake and which duties the Note
         Trustee, the Manager and the Trustee agree to be of an exceptional
         nature or otherwise outside the scope of the normal duties of the Note
         Trustee under this deed, the Trustee shall pay to the Note Trustee any
         additional remuneration as they agree.

         In the event of the Note Trustee, the Manager and the Trustee failing
         to agree on such additional remuneration, such remuneration 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
         Trustee or, failing such approval, nominated (on the application of the
         Note Trustee or the Trustee) by the President for the time being of The
         Law Society of England and Wales (the expenses involved in such
         nomination and the fees of such merchant or investment bank being
         shared equally by the Trustee and the Note Trustee) and the
         determination of any such merchant or investment bank shall be final
         and binding upon the Note Trustee and the Trustee and shall be payable
         by the Trustee to the Note Trustee.

12.3     COSTS, EXPENSES

         (a)      Subject to clause 34.8, the Trustee shall also reimburse, pay
                  or discharge all reasonable costs, charges, liabilities and
                  expenses and any stamp and other Taxes or duties paid by the
                  Note Trustee (or the Class A Noteholders acting under clause
                  6.5 (as the case may be)) in connection with properly
                  undertaking its duties under the Transaction Documents and in
                  connection with any legal proceedings brought by the Note
                  Trustee (or the Class A Noteholders acting under clause 6.5
                  (as the case may be)) to enforce any obligation under this
                  deed or the Class A Notes. The Note Trustee shall not be
                  reimbursed for any overhead or general operating expenses
                  which it incurs.

         (b)      Without prejudice to the right of indemnity by law given to
                  trustees, to the extent the Trustee is itself entitled to be
                  indemnified, and subject to clause 29, the Trustee indemnifies
                  the Note Trustee (or the Class A Noteholders acting under
                  clause 6.5 (as the case may be)) and every other person
                  properly appointed by it or any of them under this deed from
                  and

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                  against all liabilities, losses, damages, costs, expenses,
                  actions, proceedings, claims and demands incurred by or made
                  against it or him in the execution of the trusts of this
                  deed or of their powers or in respect of any matter or thing
                  done or omitted in any way relating to this deed (other than
                  arising from any fraud, negligence, default or breach of
                  trust by the Note Trustee or that person).

12.4     OVERDUE RATE

         All sums payable by the Trustee under clauses 12 and 34.8 shall be
         payable by the Trustee on the next Payment Date in the order set out in
         the Supplementary Terms Notice or (if applicable) the Security Trust
         Deed and shall carry interest at the rate of LIBOR plus [2%] from the
         due date. Any amount payable shall carry interest at that rate from the
         due date to the date of actual payment.

12.5     CONTINUING OBLIGATION

         Unless otherwise specifically stated in any discharge relating to this
         deed the provisions of this clause shall continue in full force and
         effect notwithstanding such discharge and even if the Note Trustee has
         ceased to be the Note Trustee for any reason including but not limited
         to those contemplated in clause 23 it will be entitled to all rights
         arising to it prior to it ceasing to be the Note Trustee.

13.      NOTE TRUSTEE
--------------------------------------------------------------------------------

13.1     PREFERENTIAL COLLECTION OF CLAIMS AGAINST TRUSTEE

         The Note Trustee shall comply with section 311(a) of the TIA, excluding
         any creditor relationship listed in section 311(b) of the TIA. A Note
         Trustee who has resigned or been removed shall be subject to section
         311(a) of TIA only to the extent required by the TIA.

13.2     DUTIES OF NOTE TRUSTEE

         (a)      If an Event of Default has occurred and is subsisting, of
                  which a Responsible Officer of the Note Trustee has actual
                  knowledge, 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.

         (b)      Except while an Event of Default subsists:

                  (i)      the Note Trustee undertakes to perform such duties
                           and only such duties as are specifically set forth in
                           this deed and no implied covenants or obligations
                           shall be read into this deed against the Note
                           Trustee; and

                  (ii)     in the absence of bad faith on its part, the Note
                           Trustee may conclusively rely, as to the truth of the
                           statements and the correctness of the opinions
                           expressed therein, upon certificates or opinions
                           furnished to the Note Trustee and conforming to the
                           requirements of this deed; however, the Note Trustee
                           shall examine the certificates and opinions to
                           determine whether or not they conform to the
                           requirements of this deed.

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         (c)      The Note Trustee may not be relieved from liability for its
                  own negligent action, its own negligent failure to act or its
                  own wilful misconduct, except that:

                  (i)      this paragraph does not limit the effect of paragraph
                           (a) of this clause; and

                  (ii)     the Note Trustee shall not be liable for any error of
                           judgment made in good faith by a Responsible Officer
                           unless it is proved that the Note Trustee was
                           negligent in ascertaining the pertinent facts.

         (d)      Section 315(d)(3) of the TIA is expressly excluded by this
                  deed.

13.3     OBLIGATIONS OF NOTE TRUSTEE

         The Note Trustee represents and warrants that it is duly qualified to
         assume its obligations under this deed and has obtained all necessary
         approvals required to perform its obligations under this deed.

13.4     NOTICE OF DEFAULTS

         (a)      If an Event of Default occurs and is subsisting and the Note
                  Trustee is actually aware of that Event of Default, the Note
                  Trustee shall mail to each Class A Noteholder notice of the
                  Event of Default within 90 days after becoming so aware.

         (b)      Except in the case of a default in payment of principal of or
                  interest on any Class A Note (including payments pursuant to
                  the mandatory redemption provisions of that Class A Note), the
                  Note Trustee may withhold the notice referred to in paragraph
                  (a) if and so long as the board of directors, the executive
                  committee or a trust committee of its directors in good faith
                  determines that withholding the notice is in the interest of
                  Class A Noteholders.

13.5     RIGHTS OF NOTE TRUSTEE

         (a)      The Note Trustee may conclusively rely on any document
                  believed by it to be genuine and to have been signed or
                  presented by the proper person. The Note Trustee need not
                  investigate any fact or matter stated in the document.

         (b)      Before the Note Trustee acts or refrains from acting, it may
                  require an Officer's Certificate or an Opinion of Counsel. The
                  Note Trustee shall not be liable for any action it takes,
                  suffers or omits to take in good faith in reliance on the
                  Officer's Certificate or Opinion of Counsel.

         (c)      No provision of this deed shall require the Note Trustee to
                  expend or risk its own funds or otherwise incur financial
                  liability in the performance of any of its duties hereunder or
                  in the exercise of any of its rights or powers, if it shall
                  have reasonable grounds to believe that repayment of such
                  funds or indemnity satisfactory to it against such risk or
                  liability is not assured to it.

         (d)      The Note Trustee shall not be responsible for and makes no
                  representation as to the validity or adequacy of this deed or
                  the Class A Notes, shall not be accountable for the Trustee's
                  use of the proceeds from the Class A Notes, and shall not be
                  responsible for any statement of the Trustee in this deed or
                  in any document issued in connection with the sale of the
                  Class A Notes or in the Class A Notes.

         (e)      The Note Trustee may in relation to this deed act on the
                  advice or opinion of or any information obtained from any
                  lawyer, valuer, accountant, banker, broker, credit-rating

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                  agency, lead manager or other expert whether obtained by the
                  Trustee, the Note Trustee, the Manager, the Servicer or
                  otherwise.

         (f)      Any advice, opinion or information may be sent or obtained by
                  letter, telex, telegram, facsimile transmission or cable and
                  the Note Trustee shall not be liable for acting on any such
                  advice, opinion or information purporting to be conveyed by
                  any such letter, telex, telegram, facsimile transmission or
                  cable although the same shall contain some error or shall not
                  be authentic.

         (g)      The Note Trustee may call for and shall be at liberty to
                  accept as sufficient evidence of any fact or matter or the
                  expediency of any transaction or thing a certificate signed by
                  two Authorised Signatories of the Trustee or the Manager (as
                  the case may be) and the Note Trustee shall not be bound in
                  any such case to call for further evidence or be responsible
                  for any loss that may be occasioned by the Note Trustee acting
                  on that certificate.

         (h)      The Note Trustee is at liberty to hold or to place this deed
                  and any other documents relating to this deed in any part of
                  the world (other than Australia) with any banker or banking
                  company or company whose business includes undertaking the
                  safe custody of documents or lawyer or firm of lawyers
                  reasonably considered by the Note Trustee to be of good repute
                  and except in the case of fraud, negligence or breach of trust
                  (in the case of the Security Trustee) or fraud, negligence,
                  default or breach of trust (in the case of the Note Trustee)
                  of that party, neither the Note Trustee nor the Security
                  Trustee shall be responsible for any loss, expense or
                  liability which may be suffered as a result of any assets
                  secured by the Security Trust Deed, Mortgaged Property or any
                  deed or documents of title thereto, being uninsured or
                  inadequately insured or being held by or to the order of the
                  Servicer or any of its affiliates or by clearing organisations
                  or their operators or by any person on behalf of the Note
                  Trustee if prudently chosen in accordance with the Transaction
                  Documents.

         (i)      The Note Trustee shall not be responsible for the application
                  of the proceeds of the issue of any of the Class A Notes by
                  the Trustee or any moneys borrowed by the Trustee under any
                  Transaction Document or the exchange of any Book-Entry Note
                  for any other Book-Entry Note or Definitive Note, as the case
                  may be.

         (j)      Except as otherwise provided in this Deed or any other
                  Transaction Documents to which it is a party, the Note Trustee
                  shall not be bound to give notice to any person of the
                  execution of this deed or any of the Transaction Documents or
                  any transaction contemplated hereby or thereby or to take any
                  steps to ascertain whether any Event of Default has happened
                  and, until it has actual knowledge or express notice to the
                  contrary, the Note Trustee is entitled to assume that no Event
                  of Default has happened and that the Trustee and each other
                  party to any Relevant Document is observing and performing all
                  the obligations on its part contained in the Class A Notes and
                  under this deed or, as the case may be, the Security Trust
                  Deed or any other Transaction Document to which it is a party.

         (k)      Save as expressly otherwise provided in this deed or the
                  Transaction Documents, the Note Trustee shall have absolute
                  and uncontrolled discretion as to the exercise of the
                  discretions vested in the Note Trustee by this deed and the
                  Transaction Documents (the exercise of which as between the
                  Note Trustee and the Class A Noteholders) shall be conclusive
                  and binding on the Class A Noteholders but whenever the Note
                  Trustee is under the provisions

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                  of this deed or the Transaction Documents bound to act at
                  the request or direction of the Class A Noteholders, or any
                  of them, the Note Trustee shall nevertheless not be so bound
                  unless first indemnified to its satisfaction against all
                  actions, proceedings, claims and demands to which it may
                  render itself liable and all costs, charges, damages,
                  expenses and liabilities which it may incur by so doing.

         (l)      Any consent or approval given by the Note Trustee for the
                  purpose of this deed, the Conditions and any Transaction
                  Document may be given on any terms and subject to any
                  conditions as the Note Trustee thinks fit and despite anything
                  to the contrary contained in this deed, any Transaction
                  Document or the Conditions may be given retrospectively.

         (m)      The Note Trustee shall not (unless and to the extent ordered
                  so to do by a court of competent jurisdiction) be required to
                  disclose to any Class A Noteholder or any Mortgagee, any
                  information made available to the Note Trustee by the Trustee
                  or any other person in connection with the trusts of this deed
                  and no Class A Noteholder shall be entitled to take any action
                  to obtain from the Note Trustee any such information.

         (n)      Where it is necessary or desirable for any purpose in
                  connection with this deed to convert any sum from one currency
                  to another it shall (unless otherwise provided by this deed,
                  any other Transaction Document or required by law) be
                  converted at the rate or rates, in accordance with the method
                  and as at the date for the determination of the rate of
                  exchange, as may be agreed by the Note Trustee in consultation
                  with the Trustee and the Manager as relevant and any rate,
                  method and date so agreed shall be binding on the Trustee, the
                  Class A Noteholders.

         (o)      Subject to clauses 6.5 and 7.4, the Note Trustee may certify
                  in good faith whether or not any of the events set out in
                  paragraphs (b) to (e) of Condition 9 or any breach under
                  clause 8 of the Security Trust Deed is in its opinion
                  materially prejudicial to the interests of the relevant Class
                  A Noteholders and may certify, in relation to the event set
                  out in paragraph (a) of Condition 9 in relation to any payment
                  of interest on the Class A Notes that the Trustee had, on the
                  due date for payment of the amount of interest in question,
                  sufficient cash to pay, in accordance with the provisions of
                  the Supplementary Terms Notice or the Security Trust Deed, all
                  interest (after payment of all sums which are permitted under
                  the Supplementary Terms Notice or the Security Trust Deed to
                  be paid in priority to or pari passu with them) and that
                  certificate shall be conclusive and binding upon the Trustee,
                  the Class A Noteholders. The Note Trustee shall have no
                  liability to the Trustee, any Class A Noteholder or any other
                  person in relation to any such certificate or in relation to
                  any delay or omission in providing such certificate. In giving
                  any certificate relating to paragraph (a) of Condition 9, the
                  Note Trustee may rely on any determination made by any
                  independent accountants of recognised standing in Australia
                  and any such determination shall be conclusive and binding on
                  the Trustee and the Class A Noteholders. The Trustee shall pay
                  the Note Trustee reasonable costs and expenses of providing
                  the certificate at the times specified in the Supplementary
                  Terms Notice.

         (p)      The Note Trustee shall not be bound to take any steps to
                  ascertain whether any event, condition or act, the happening
                  of which would cause a right or remedy to become exercisable
                  by the Note Trustee under this deed or by the Trustee under
                  any of the Transaction Documents has happened or to monitor or
                  supervise the observance and

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                  performance by the Trustee or any of the other parties
                  thereto of their respective obligations thereunder and,
                  until it shall have actual knowledge or express notice to
                  the contrary the Note Trustee shall be entitled to assume
                  that no such event, condition or act has happened and that
                  the Trustee and each of the other parties thereto are
                  observing and performing all their respective obligations
                  thereunder.

         (q)      The Note Trustee shall not be responsible for recitals,
                  statements, warranties or representations of any party (other
                  than itself) contained in any Transaction Document or other
                  document entered into in connection with it and shall assume
                  its accuracy and correctness and (except with respect to
                  itself) the execution, legality, effectiveness, adequacy,
                  genuineness, validity or enforceability or admissibility in
                  evidence of that agreement or other document or any security
                  constituted by them, and the Note Trustee may accept without
                  enquiry, requisition or objection all title as the Trustee may
                  have to any of the Mortgaged Property or as any other person
                  may have to any other security charged from time to time to
                  the Note Trustee and shall not be bound to investigate or make
                  any enquiry in the title of the Trustee to any of the
                  Mortgaged Property or the title of any other person to any
                  other security charged from time to time to the Note Trustee
                  whether or not any default or failure might be, or might have
                  been, discovered upon examination inquiry or investigation and
                  whether or not capable of remedy. Notwithstanding the
                  generality of the foregoing each Class A Noteholder is solely
                  responsible for making its own independent appraisal of and
                  investigation into the Trust and the Class A Notes and the
                  Note Trustee shall not at any time have any responsibility for
                  the same and no Class A Noteholder shall rely on the Note
                  Trustee in that respect.

         (r)      The Note Trustee shall not be liable for any failure, omission
                  or defect in or filing or procuring registration or filing of
                  or otherwise protecting or perfecting the Security Trust Deed
                  or the Mortgaged Property or any other security or failure to
                  call for delivery of documents of title to the Mortgaged
                  Property or any other security or to require any further
                  assurances in relation to any property or assets comprised in
                  the Mortgaged Property or any other security.

         (s)      The Note Trustee shall not be obliged (whether or not directed
                  to do so by the Class A Noteholders) to direct the Security
                  Trustee to perfect legal title to any Purchased Receivable
                  Security if, in the opinion of the Note Trustee, that
                  perfection would or might result in the Note Trustee becoming
                  liable to or incurring any obligation to any Obligor under a
                  Purchased Receivable or Purchased Receivable Security and, in
                  its opinion, there is or would be insufficient cash to
                  discharge, in accordance with the provisions of the Security
                  Trust Deed, that liability or obligations as and when they
                  arise. Notwithstanding the generality of the foregoing, the
                  Note Trustee shall have no responsibility or liability for the
                  payment of any fees for the registration of a Mortgage in
                  Australia or for any related legal, administrative or other
                  fees, costs and expenses (including, but not limited to, any
                  proper disbursements and any goods and services tax). The
                  Manager will provide to the Note Trustee such information and
                  the Trustee will pay to the Note Trustee such costs as the
                  Note Trustee reasonably considers necessary to make these
                  determinations and, subject to clause 29, the Trustee
                  indemnifies the Note Trustee against any loss or damage
                  suffered as a result of the Note Trustee incurring such an
                  obligation.

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         (t)      Without prejudice to the provisions of any Transaction
                  Document, the Note Trustee shall not be under any obligation
                  to insure any of the Mortgaged Property (or any other
                  property) or any deeds or documents of title or other evidence
                  relating to that property and shall not be responsible for any
                  loss, expense or liability which may be suffered as a result
                  of the lack of or inadequacy of any insurance.

         (u)      The Note Trustee shall not be responsible for any loss,
                  expense or liability occasioned to the Mortgaged Property or
                  any other property or in respect of all or any of the moneys
                  which may stand to the credit of the Collection Account, from
                  time to time however caused (including any bank, broker,
                  depository, warehouseman or other intermediary or any clearing
                  system or its operator acting in accordance with or contrary
                  to the terms of any of the Transaction Documents or
                  otherwise), unless that loss is occasioned by the fraud,
                  negligence, default or breach of trust of the Note Trustee.

         (v)      The Note Trustee has no responsibility whatsoever to the
                  Trustee or any Class A Noteholder as regards any deficiency or
                  additional payment, as the case may be, which might arise
                  because the Note Trustee or the Trustee is subject to any Tax
                  in respect of the Mortgaged Property, the Security Trust Deed
                  or any other security or any income or any proceeds from them.

         (w)      No provision of this deed requires the Note Trustee to do
                  anything which may be illegal or contrary to applicable law or
                  regulation or 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 has grounds to believe that repayment of those funds or
                  adequate indemnity against that risk or liability is not
                  assured to it. Without limitation nothing contained in this
                  deed imposes any obligation on the Note Trustee to make any
                  further advance to an Obligor or to borrow any moneys under a
                  Transaction Document or to maintain, protect or preserve any
                  moneys standing to the credit of the Collection Account.

         (x)      The Note Trustee is not responsible (except as to itself) for
                  the genuineness, validity, effectiveness or suitability of any
                  of the Transaction Documents or any of the Mortgages, Security
                  Interests or other documents entered into in connection with
                  them or any Mortgage Insurance Policy or any other document or
                  any obligation or rights created or purported to be created by
                  them or under them or any Security Interest or the priority
                  constituted by or purported to be constituted by or pursuant
                  to that Security Interest, nor shall it (except as to itself)
                  be responsible or liable to any person because of any
                  invalidity of any provision of those documents or the
                  unenforceability of those documents, whether arising from
                  statute, law or decision of any court and (without limitation)
                  the Note Trustee shall not be responsible for or have any duty
                  to make any investigation in respect of or in any way be
                  liable whatsoever for:

                  (i)      the nature, status, creditworthiness or solvency of
                           any Obligor or any other person or entity who has at
                           any time provided any security or support whether by
                           way of guarantee, Security Interest or otherwise in
                           respect of any advance made to any Obligor;

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                  (ii)     the execution, legality, validity, adequacy,
                           admissibility in evidence or enforceability of any
                           Mortgage or Loan or any other document entered into
                           in connection with them;

                  (iii)    the title, ownership, value, sufficiency or existence
                           of any Land, Mortgaged Property or any Mortgage
                           Insurance Policy;

                  (iv)     the registration, filing, protection or perfection of
                           any Mortgage or the priority of the security created
                           under a Mortgage whether in respect of any initial
                           advance or any subsequent advance or any other sums
                           or liabilities;

                  (v)      the scope or accuracy of any representations,
                           warranties or statements made by or on behalf of any
                           Obligor in any application for any advance or in any
                           Mortgage or Loan or in any document entered into in
                           connection with them;

                  (vi)     the performance or observance by any Obligor or any
                           other person of any provisions of any Mortgage or
                           Loan or in any document entered into in connection
                           with them or the fulfilment or satisfaction of any
                           conditions contained in them or relating to them or
                           as to the existence or occurrence at any time of any
                           default, event of default or similar event contained
                           in them or any waiver or consent which has at any
                           time been granted in relation to any of the above;

                  (vii)    the existence, accuracy or sufficiency of any legal
                           or other opinions, searches, reports, certificates,
                           valuations or investigations delivered or obtained or
                           required to be delivered or obtained at any time in
                           connection with any Mortgage or Loan;

                  (viii)   the title of the Trustee to any Mortgage, Loan or
                           other Mortgaged Property;

                  (ix)     the suitability, adequacy or sufficiency of any
                           guidelines under which Loans are entered into or
                           compliance with those guidelines or compliance with
                           any applicable criteria for any further advances or
                           the legality or ability or enforceability of the
                           advances or the priority of the Mortgages in relation
                           to the advances;

                  (x)      the compliance of the provisions and contents of and
                           the manner and formalities applicable to the
                           execution of the Mortgages and Loans and any
                           documents connected with them or the making of any
                           advance intended to be secured by them or with any
                           applicable laws or regulations (including Consumer
                           Credit Legislation);

                  (xi)     the failure by any Approved Seller, the Trustee, the
                           Servicer or the Manager to obtain or comply with any
                           Authorisation in connection with the origination,
                           sale, purchase or administration of any of the
                           Mortgages or Loans or the making of any advances in
                           connection with them or the failure to effect or
                           procure registration of or to give notice to any
                           person in relation to or otherwise protect the
                           security created or purported to be created by or
                           pursuant to any of the Mortgages or Loans or other
                           documents entered into in connection with them;

                  (xii)    the failure to call for delivery of documents of
                           title to or require any transfers, legal mortgages,
                           charges or other further assurances in relation to
                           any of the assets the subject matter of any of the
                           Transaction Documents or any other document;

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                  (xiii)   any accounts, books, records or files maintained by
                           any Approved Seller, the Servicer, the Trustee, the
                           Manager or any other person in respect of any of the
                           Mortgages or Loans; or

                  (xiv)    any other matter or thing relating to or in any way
                           connected with any Mortgage or Loans or any document
                           entered into in connection with them whether or not
                           similar to the above.

         (y)      The Note Trustee is not liable or responsible for any loss,
                  cost, damages, expenses, liabilities or inconvenience which
                  may result from anything done or omitted to be done by it in
                  accordance with the provisions of this deed, any other
                  Transaction Document or any other document or as a consequence
                  of or in connection with it being held or treated as, or being
                  deemed to be, a creditor, for the purposes of the Consumer
                  Credit Legislation, in respect of any of the Mortgages.

         (z)      The Note Trustee shall be entitled to call for and rely on a
                  certificate or any letter of confirmation or explanation
                  reasonably believed by it to be genuine, of any Approved
                  Seller, the Servicer, the Trustee, the Manager, any Paying
                  Agent, the Calculation Agent, any Designated Rating Agency or
                  any other credit rating agency in respect of every manner and
                  circumstance for which a certificate is expressly provided for
                  under this deed or in respect of the rating of the Class A
                  Notes or the Conditions and the Note Trustee is not bound in
                  any such case to call for further evidence or be responsible
                  for any loss, liability, costs, damages, expenses or
                  inconvenience that may be occasioned by its failing so to do.

         (aa)     In connection with any proposed modification, waiver,
                  authorisation or determination permitted by this deed, the
                  Note Trustee shall not have regard to the consequences thereof
                  for individual Class A Noteholders resulting from their being
                  for any purpose domiciled or resident in, or otherwise
                  connected with, or subject to, the jurisdiction of any
                  particular territory.

         (bb)     Except as otherwise provided in this deed or any other
                  Transaction Document, the Note Trustee shall have no
                  responsibility for the maintenance of any rating of the Class
                  A Notes by a Designated Rating Agency or any other
                  credit-rating agency or any other person.

         (cc)     The Note Trustee shall be under no obligation to monitor or
                  supervise the functions of the Servicer from time to time
                  under the terms of the Servicing Agreement or any other person
                  under any other Transaction Document, and is entitled, in the
                  absence of actual knowledge of a breach of duty or obligation,
                  to assume that the Servicer is properly performing its
                  obligations in accordance with the provisions of the Servicing
                  Agreement or that any other person is properly performing its
                  obligations in accordance with each other Transaction
                  Document, as the case may be.

         (dd)     The Note Trustee acknowledges that the Manager is responsible,
                  under the Supplementary Terms Notice, for calculating all
                  amounts referred to in clause 5 of the Supplementary Terms
                  Notice (other than calculations required to be made by the
                  Calculation Agent under the Agency Agreement) and the Note
                  Trustee has no liability in respect of these calculations
                  other than as a result of the fraud, negligence, default or
                  breach of trust of the Note Trustee.

         (ee)     The Note Trustee shall not be liable to the Trustee, or any
                  Noteholder by reason of having accepted as valid or not having
                  rejected any Definitive Note purporting to be such and

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                  subsequently found to be forged or not authentic and the Note
                  Trustee may call for and shall be at liberty to accept and
                  place full reliance on as sufficient evidence of the facts
                  stated therein a certificate or letter of confirmation
                  certified as true and accurate and signed on behalf of the
                  Common Depository or any common depository for them or any
                  person as the Note Trustee reasonably considers appropriate,
                  or any form of record made by any of them to the effect that
                  at any particular time or through any particular period any
                  particular person is, was, or will be, shown in its records as
                  entitled to a particular number of Class A Notes.

14.      NOTE TRUSTEE'S LIABILITY
--------------------------------------------------------------------------------

         Nothing in this deed shall exempt the Note Trustee from or indemnify it
         against any liability for breach of trust or any liability in respect
         of any fraud, negligence, default or breach of trust of which it may be
         guilty in relation to its duties under this deed.

15.      DELEGATION BY NOTE TRUSTEE
--------------------------------------------------------------------------------

         (a)      The Note Trustee may whenever it thinks fit delegate by power
                  of attorney or otherwise to any person or persons for any
                  period (whether exceeding one year or not) or indefinitely all
                  or any of the trusts, powers and authorities vested in the
                  Note Trustee by this deed and that delegation may be made upon
                  any terms and subject to any conditions (including power to
                  sub-delegate) and subject to any regulations as the Note
                  Trustee may in the interests of the Class A Noteholders think
                  fit, provided that appointment does not have an adverse effect
                  on the ratings of the Class A Notes.

         (b)      If the Note Trustee exercises reasonable care in the selection
                  of a delegate under paragraph (a), providing the Note Trustee
                  and the delegate are not related bodies corporate (as defined
                  in the Corporations Law), the Note Trustee shall not be in any
                  way responsible for any loss incurred by reason of any
                  misconduct or default on the part of any delegate or
                  sub-delegate. The Note Trustee must within a reasonable time
                  prior to any delegation or any renewal, extension or
                  termination of any delegation give notice of it to the Trustee
                  and the Designated Rating Agencies.

         (c)      Notwithstanding any other provision in this clause 15, where
                  the Note Trustee delegates any power to a related body
                  corporate (as defined in the Corporations Law), the Note
                  Trustee shall be liable for all acts or omissions of the
                  delegate done or omitted whilst acting in its capacity as
                  such.

16.      EMPLOYMENT OF AGENT BY NOTE TRUSTEE
--------------------------------------------------------------------------------

         (a)      The Note Trustee may in the conduct of the trusts of this deed
                  instead of acting personally employ and pay an agent, whether
                  being a lawyer or other professional person, to transact or
                  concur in transacting any business and to do or concur in
                  doing all acts required to be done in connection with the
                  trusts of this deed provided that the use of such an agent
                  does not have an adverse effect on the ratings of the Class A
                  Notes. If the Note Trustee exercises reasonable care in the
                  selection of that agent and providing the Note Trustee and the
                  agent

                                                                         Page 29
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--------------------------------------------------------------------------------

                  are not related bodies corporate (as defined in the
                  Corporations Law), the Note Trustee shall not in any way be
                  responsible for any loss incurred by reason of any
                  misconduct or default on the part of that agent.

         (b)      Notwithstanding other provision or provisions in this clause
                  16, where the Note Trustee employs, under this clause 16, a
                  related body corporate (as defined in the Corporations Law) as
                  agent, the Note Trustee shall be liable for all acts or
                  omissions of the agent done or omitted whilst acting in its
                  capacity as such.

         (c)      Any trustee of this deed which is a lawyer, accountant, broker
                  or other person engaged in any profession or business is
                  entitled to charge and be paid all usual professional and
                  other charges for business transacted and acts done by him or
                  his firm in connection with the trusts of this deed and also
                  his reasonable charges in addition to disbursements for all
                  other work and business done and all time spent by him or his
                  firm in connection with matters arising in connection with
                  this deed. Those charges will be for the account of the Note
                  Trustee unless agreed otherwise, who shall be reimbursed by
                  the Trustee under clause 12.

17.      NOTE TRUSTEE CONTRACTING WITH TRUSTEE
--------------------------------------------------------------------------------

         Neither the Note Trustee nor any director or officer of a corporation
         acting as a trustee under this deed is by reason of its or their
         fiduciary position only in any way precluded from entering into or
         being interested in any contract or financial or other transaction or
         arrangement with the Trustee or any other party to any of the
         Transaction Documents or any person or body corporate associated with
         the Trustee including any contract, transaction or arrangement of a
         banking or insurance nature or any contract, transaction or arrangement
         in relation to the making of loans or the provision of financial
         facilities to or the purchase, placing or underwriting of or
         subscribing or procuring subscriptions for or otherwise acquiring
         holding or dealing with the Class A Notes or any of them, or any other
         bonds, stocks, shares, debenture stock, debentures, notes or other
         securities of the Trustee or any other party to any of the Transaction
         Documents or any related person or body corporate or from accepting or
         holding the trusteeship of any other trust deed constituting or
         securing any other securities issued by or relating to the Trustee or
         any other party to any of the Transaction Documents or any related
         person or body corporate or any other office of profit under the
         Trustee or any other party to any of the Transaction Documents or any
         related person or body corporate and shall be entitled to retain and
         shall not be in any way liable to account for any profit made or share
         of brokerage or commission or remuneration or other benefit received by
         them or in connection with any of those arrangements.

18.      WAIVER
--------------------------------------------------------------------------------

         (a)      The Note Trustee may without prejudice to its rights in
                  respect of any subsequent breach, condition, event or act from
                  time to time and at any time (but only if, and in so far as,
                  in its opinion the interests of any of the Class A Noteholders
                  are not materially prejudiced), waive or authorise on any
                  terms and subject to any conditions as it sees fit and proper:

                  (i)      any breach or proposed breach by the Trustee of any
                           of the covenants or provisions contained in this deed
                           or in the Class A Notes (including the Conditions) or
                           any

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                           other Transaction Document (as to which evidence of a
                           breach of one Class A Note shall be deemed evidence
                           of a breach of all Class A Notes); or

                  (ii)     determine that any condition, event or act which
                           constitutes, or which with the giving of notice, the
                           lapse of time or the issue of a certificate would
                           constitute, but for that determination, an Event of
                           Default shall not, or shall not subject to specified
                           conditions, be so treated for the purposes of this
                           deed,

                  but the Note Trustee shall not exercise any powers conferred
                  on it by this clause in contravention of any express direction
                  given in writing by holders of Class A Notes representing at
                  least 75% of the aggregate Invested Amount of the Class A
                  Notes or by request under Condition 10(d). No direction or
                  request shall affect any waiver, authorisation or
                  determination previously given or made.

         (b)      Any waiver, authorisation or determination under this clause
                  is binding on the Class A Noteholders if, but only if, the
                  Note Trustee so requires, shall be notified by the Trustee to
                  the Class A Noteholders in accordance with Condition 12 as
                  soon as practicable.

19.      AMENDMENT
--------------------------------------------------------------------------------

19.1     APPROVAL

         The Note Trustee, the Manager and the Trustee may, following the giving
         of not less than ten Business Days' prior notice to each Designated
         Rating Agency, by way of supplemental deed alter, add to or modify this
         deed (including this clause 19), the Conditions (other than the proviso
         in clause 37.2 or any provision of this deed or the Conditions referred
         to in that proviso) and this clause or any Transaction Document so long
         as that alteration, addition or modification is:

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

         (b)      in the opinion of the Note Trustee necessary to comply with
                  the provisions of any law or regulation or with the
                  requirements of any Government Agency;

         (c)      in the opinion of the Note Trustee appropriate or expedient as
                  a consequence of an amendment to any law or regulation or
                  altered requirements of any Government Agency (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 law or
                  regulation or an amendment to any law or regulation or ruling
                  by the Commissioner or Deputy Commissioner of Taxation or any
                  governmental announcement or statement, 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
                  Trust); or

         (d)      in the opinion of the Note Trustee not materially prejudicial
                  to the interests of the Class A Noteholders as a whole,

         and in the manner, and to the extent, permitted by the Transaction
         Documents.

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19.2     RESOLUTION OF CLASS A NOTEHOLDERS

         Where in the opinion of the Note Trustee a proposed alteration,
         addition or modification to this deed, other than an alteration,
         addition or modification referred to in clause 19.1, is materially
         prejudicial or likely to be materially prejudicial to the interest of
         Class A Noteholders as a whole or any class of Class A Noteholders, the
         Note Trustee, the Manager and the Trustee may make that alteration,
         addition or modification only if sanctioned in writing by holders of at
         least 75% of the aggregate Invested Amount of the Class A Notes.

19.3     DISTRIBUTION OF AMENDMENTS

         The Manager shall distribute to all Class A Noteholders and each
         Designated Rating Agency a copy of any amendments made under clause
         19.1 or 19.2 under Condition 12 as soon as reasonably practicable after
         the amendment has been made.

19.4     AMENDMENTS BINDING

         Any amendment under this clause is binding on the Class A Noteholders.

19.5     CONFORMITY WITH TIA

         Every amendment of this deed executed pursuant to this clause 19 shall
         conform to the requirements of the TIA as then in effect so long as
         this deed shall then be qualified under the TIA.

20.      CLASS A NOTEHOLDERS
--------------------------------------------------------------------------------

20.1     ABSOLUTE OWNER

         (a)      The Trustee, the Manager, the Security Trustee, the Note
                  Trustee and any Paying Agent may treat the registered holders
                  of any Definitive Note as the absolute owner of that
                  Definitive Note (whether or not that Definitive Note is
                  overdue and despite any notation or notice of ownership or
                  writing on it or any notice of previous loss or theft of it or
                  trust or other interest in it) for the purpose of making
                  payment and for all purposes and none of the Trustee, the
                  Manager, the Security Trustee, the Note Trustee or the Paying
                  Agents is affected by any notice to the contrary.

         (b)      So long as the Class A Notes, or any of them, are represented
                  by a Book-Entry Note, the Trustee, the Manager, the Note
                  Trustee and any Paying Agent may treat the person for the time
                  being shown in the records of the Clearing Agency as the
                  holder of any Class A Note as the absolute owner of that Class
                  A Note and the Trustee, the Manager, the Note Trustee and the
                  Paying Agents are not affected by any notice to the contrary,
                  but without prejudice to the entitlement of the registered
                  holder of the Book-Entry Note to be paid principal and
                  interest on the Book-Entry Note in accordance with its terms.
                  Such person shall have no claim directly against the Trustee
                  in respect of payment due on the Class A Notes for so long as
                  the Class A Notes are represented by a Book-Entry Note and the
                  relevant obligations of the Trustee will be discharged by
                  payment to the registered holder of the Book-Entry Note in
                  respect of each amount so paid.

         (c)      Any payments by the Trustee to the registered holder of a Book
                  Entry Note or to an owner of a Class A Note under this clause
                  will be a good discharge to the Trustee.

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         (d)      All payments made to the owner of a Class A Note under this
                  clause (or, in the case of a Book-Entry Note, to or to the
                  order of the registered holder of that Book-Entry Note) shall
                  be valid and, to the extent of the sums so paid, effective to
                  satisfy and discharge the liability for the moneys payable
                  upon those Class A Notes.

         (e)      Any instalment of interest or principal, payable on any Class
                  A Note which is punctually paid or duly provided for by the
                  Trustee to the Paying Agent on the applicable Payment Date or
                  Maturity Date shall be paid to the person in whose name such
                  Class A Note is registered on the Record Date, by cheque
                  mailed first-class, postage prepaid, to such person's address
                  as it appears on the Note Register on such Record Date, except
                  that, unless Definitive Notes have been issued pursuant to
                  clause 3.3, with respect to Class A Notes registered on the
                  Record Date in the name of the nominee of the Clearing Agency
                  (initially, such nominee to be Cede & Co.), payment will be
                  made by wire transfer in immediately available funds to the
                  account designated by such nominee and except for the final
                  instalment of principal payable with respect to such Class A
                  Note on a Payment Date or Maturity Date (and except for the
                  redemption for any Class A Note called for redemption pursuant
                  to Condition 5 which shall be payable as provided below.

         (f)      The principal of each Class A Note shall be payable on each
                  Payment Date and the Maturity Date as set forth in the
                  Conditions. The Principal Paying Agent shall notify the person
                  in whose name a Class A Note is registered at the close of
                  business on the Record Date preceding the Payment Date on
                  which the Trustee expects that the final instalment of
                  principal of and interest on such Class A Note will be paid.
                  Such notice shall be mailed or transmitted by facsimile prior
                  to such final Maturity Date and shall specify that such final
                  instalment will be payable only upon presentation and
                  surrender of such Class A Note and shall specify the place
                  where such Class A Note may be presented and surrendered for
                  payment of such instalment. Notices in connection with
                  redemptions of Class A Notes shall be mailed to Class A
                  Noteholders as provided in clause 31.4.

20.2     CLEARING AGENCY CERTIFICATE

         The Trustee, the Manager and the Note Trustee may call for and shall be
         at liberty to accept and place full reliance on as sufficient evidence
         a certificate or letter or confirmation signed on behalf of any
         Clearing Agency or any form of record made by either of them to the
         effect that at any particular time or throughout any particular period
         any particular person is, was, or will be, shown in its records as
         entitled to a particular interest in a Book-Entry Note.

21.      CURRENCY INDEMNITY
--------------------------------------------------------------------------------

         Subject to this deed including, without limitation, clause 29, the
         Trustee indemnifies the Note Trustee and the Class A Noteholders and
         keeps them indemnified against:

         (a)      any loss or damage incurred by any of them arising from the
                  non-payment by the Trustee of any US$ due to the Note Trustee
                  or the relevant Class A Noteholders under this deed or the
                  relevant Class A Notes by reason of any variation in the rates
                  of exchange between those used for the purposes of calculating
                  the amount due under a judgment or order in respect of that
                  payment, which amount is expressed in a currency other than
                  US$, and under which the

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                  Note Trustee, the Class A Noteholders do not have an option
                  to have that judgment or order expressed in US$, and those
                  prevailing at the date of actual payment by the Trustee; and

         (b)      any deficiency arising or resulting from any variation in
                  rates of exchange between:

                  (i)      the date (if any) as of which the non-US$ currency
                           equivalent of the US$ amounts due or contingently due
                           under this deed (other than this clause) or in
                           respect of the relevant Class A Notes is calculated
                           for the purposes of any bankruptcy, insolvency or
                           liquidation of the Trustee; and

                  (ii)     the final date for ascertaining the amount of claims
                           in that bankruptcy, insolvency or liquidation
                           provided that in that bankruptcy, insolvency or
                           liquidation claims are required to be made in a
                           currency other than US$.

                  The amount of that deficiency shall not be reduced by any
                  variation in rates of exchange occurring between that final
                  date and the date of any distribution of assets in connection
                  with that bankruptcy, insolvency or liquidation.

         (c)      The indemnities in this clause are obligations of the Trustee
                  separate and independent from its obligations under the Class
                  A Notes and apply irrespective of any time or indulgence
                  granted by the Note Trustee or the Class A Noteholders from
                  time to time and shall continue in full force and effect
                  despite the judgment or filing of any proof or proofs in any
                  bankruptcy, insolvency or liquidation of the Trustee for a
                  liquidated sum or sums in respect of amounts due under this
                  deed (other than this clause) or the Class A Notes. Any
                  deficiency will constitute a loss suffered by the Class A
                  Noteholders and no proof or evidence of any actual loss shall
                  be required by the Trustee or its liquidator.

22.      NEW NOTE TRUSTEES
--------------------------------------------------------------------------------

22.1     APPOINTMENT BY TRUSTEE

         The Trustee may, at the direction of the Manager, at any time appoint a
         new note trustee of this deed who has previously been approved in
         writing by holders of at least 75% of the aggregate Invested Amount of
         the Class A Notes. One or more persons may hold office as note trustee
         or note trustees of this deed but that note trustee or note trustees
         must be or include a Trust Corporation. Whenever there are more than
         two note trustees of this deed the majority of those note trustees are
         competent to execute and exercise all the duties, powers, trusts,
         authorities and discretions vested in the Note Trustee by this deed if
         a Trust Corporation is included in that majority.

22.2     APPOINTMENT BY NOTE TRUSTEE

         (a)      The Note Trustee may, on 30 days prior written notice to the
                  Trustee and Manager, appoint any person established or
                  resident in any jurisdiction (whether a Trust Corporation or
                  not) to act either as a separate note trustee or as a co-note
                  trustee jointly with the Note Trustee:

                  (i)      if the Note Trustee considers that appointment to be
                           in the interests of the Class A Noteholders;

                  (ii)     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

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                  (iii)    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 the
                           provisions of this deed against the Trustee.

         (b)      Subject to the provisions of this deed, a person appointed
                  under paragraph (a) has all trusts, powers, authorities and
                  discretions (not exceeding those conferred on the Note Trustee
                  by this deed) and all duties and obligations conferred or
                  imposed by the instrument of appointment. All rights, powers,
                  duties and obligations conferred or imposed upon the Note
                  Trustee shall be conferred or imposed upon and exercised or
                  performed by the Note Trustee and such separate note trustee
                  or co-trustee jointly (it being understood that such separate
                  trustee or co-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
                  separate trustee or co-trustee, but solely at the direction of
                  the Note Trustee.

         (c)      The Note Trustee may remove any person appointed under this
                  clause. The reasonable remuneration of any person appointed
                  under this clause together with any costs, charges and
                  expenses properly incurred by it in performing its function as
                  note trustee or co-note trustee will be costs, charges and
                  expenses incurred by the Note Trustee under this deed.

22.3     NOTICE

         (a)      The Trustee shall notify the Principal Paying Agent and the
                  Class A Noteholders of any appointment of a new note trustee
                  or any retirement or removal of an existing note trustee of
                  this deed as soon as practicable after becoming aware of that
                  appointment, retirement or removal in accordance with
                  Condition 12.

         (b)      The Note Trustee shall notify each Designated Rating Agency of
                  any appointment of a new note trustee or its retirement or
                  removal as soon as practicable.

23.      NOTE TRUSTEE'S RETIREMENT AND REMOVAL
--------------------------------------------------------------------------------

23.1     REMOVAL BY TRUSTEE

         The Trustee (or the Manager on its behalf after informing the Trustee
         of its intention to do so) may at any time terminate the appointment of
         the Note Trustee by giving written notice to that effect to each
         Designated Rating Agency and the Note Trustee with effect immediately
         on that notice, if any of the following occurs in relation to the Note
         Trustee:

         (a)      an Insolvency Event has occurred in relation to the Note
                  Trustee;

         (b)      the Note Trustee has ceased its business;

         (c)      the Note Trustee fails to comply with any of its obligations
                  under any Transaction Document and such failure has had or, if
                  continued, will have, a Material Adverse Effect (as determined
                  by the Trustee), and, if capable of remedy, the Note Trustee
                  does not remedy that failure within 14 days after the earlier
                  of:

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                  (i)      the Note Trustee becoming aware of that failure; and

                  (ii)     receipt by the Note Trustee of a written notice with
                           respect thereto from either the Trustee or the
                           Manager; or

         (d)      the Note Trustee fails to satisfy any obligation imposed on it
                  under the TIA with respect to the Trust or this deed or comply
                  with clause 23.7.

23.2     REMOVAL BY CLASS A NOTEHOLDERS

         The Class A Noteholders may resolve by written consent of the holders
         of at least 75% of the aggregate Invested Amount of the Class A Notes
         to require the Trustee to remove the Note Trustee or note trustees for
         the time being of this deed.

23.3     RESIGNATION

         Subject to this clause 23, the Note Trustee may resign its appointment
         under this deed at any time by giving to the Trustee, the Manager, the
         Security Trustee and each Designated Rating Agency not less than 3
         months written notice to that effect which notice shall expire not less
         than 30 days before nor 30 days after any due date for payment of the
         Class A Notes.

23.4     RATING AGENCIES APPROVAL

         Any resignation or removal of the Note Trustee and appointment of a
         successor note trustee will not become effective until acceptance of
         the appointment by that successor note trustee and confirmation by the
         Designated Rating Agencies that such appointment will not cause a
         downgrading, qualification or withdrawal of the then current ratings of
         the Class A Notes.

23.5     TRUST CORPORATION

         The Trustee undertakes that if the only Note Trustee which is a Trust
         Corporation retires or is removed it will use its best endeavours to
         appoint a new note trustee of this deed which is a Trust Corporation as
         soon as reasonably practicable. The retirement or removal of any Note
         Trustee shall not become effective until a successor Note Trustee which
         is a Trust Corporation is appointed. The Manager must assist the Note
         Trustee to appoint a new note trustee of this deed. If the Trustee
         fails to appoint a new Note Trustee within three months from such
         retirement or removal, the Note Trustee shall be entitled to appoint a
         new Note Trustee which is a Trust Corporation and such appointment
         shall be deemed to have been made under clause 22.2 of this Deed.

23.6     SUCCESSOR TO NOTE TRUSTEE

         (a)      On the execution by the Trustee, the Manager and any successor
                  Note Trustee of an instrument effecting the appointment of
                  that successor Note Trustee, that successor Note Trustee
                  shall, without any further act, deed or conveyance, become
                  vested with all the authority, rights, powers, trusts,
                  immunities, duties and obligations of the predecessor Note
                  Trustee with effect as if originally named as Note Trustee in
                  this deed and the Transaction Documents and that predecessor
                  Note Trustee, on payment to it of the pro rata proportion of
                  its fee and disbursements then unpaid (if any), shall have no
                  further liabilities under this deed, except for any accrued
                  liabilities arising from or relating to any act or omission
                  occurring prior to the date on which the successor Note
                  Trustee is appointed.

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         (b)      Any corporation:

                  (i)      into which the Note Trustee is merged;

                  (ii)     with which the Note Trustee is consolidated;

                  (iii)    resulting from any merger or consolidation to which
                           the Note Trustee is a party;

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

                  shall, on the date when that merger, conversion,
                  consolidation, sale or transfer becomes effective and to the
                  extent permitted by applicable law, become the successor Note
                  Trustee under this deed without the execution or filing of any
                  agreement or document or any further act on the part of the
                  parties to this deed, unless otherwise required by the Trustee
                  or the Manager, and after that effective date all references
                  in this deed to the Note Trustee shall be references to that
                  corporation.

         (c)      If no other person can be found to act as Note Trustee, the
                  Noteholders may elect a Note Trustee from among the holders of
                  the Class A Notes.

23.7     ELIGIBILITY; DISQUALIFICATION

         (a)      The Note Trustee shall at all times satisfy the requirements
                  of section 310(a) of the TIA.

         (b)      The Note Trustee shall have 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)      The Note Trustee shall comply with section 310(b) of the TIA,
                  provided that any indenture or indentures under which other
                  securities of the Trustee are outstanding shall be excluded
                  from the operation of section 310(b)(1) of the TIA for the
                  purposes of paragraph (b) if the requirements for such
                  exclusion set out in section 310(b)(1) of the TIA are met.

24.      NOTE TRUSTEE'S POWERS ADDITIONAL
--------------------------------------------------------------------------------

         The powers conferred upon the Note Trustee by this deed shall be in
         addition to any powers which may from time to time be vested in the
         Note Trustee by the general law or as a holder of any of the Class A
         Notes.

25.      SEVERABILITY OF PROVISIONS
--------------------------------------------------------------------------------

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

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26.      NOTICES
--------------------------------------------------------------------------------

26.1     GENERAL

         All notices, requests, demands, consents, approvals, agreements or
         other communications to or by a party to this deed:

         (a)      must be in writing;

         (b)      must be signed by an Authorised Signatory of the sender; and

         (c)      will be taken to be duly given or made:

                  (i)      (in the case of delivery in person or by post) when
                           delivered, received or left at the address of the
                           person shown in clause 26.2 or to any other address
                           of which the sender may have been notified by the
                           recipient;

                  (ii)     (in the case of facsimile transmission) on receipt of
                           a transmission report confirming successful
                           transmission to the number shown in clause 26.2 or
                           any other number notified by the recipient to the
                           sender in accordance with this clause under this
                           clause 26,

                  but if delivery or receipt is on a day on which business is
                  not generally carried on in the place to which the
                  communication is sent or is later than 5.00 pm (local time),
                  it will be taken to have been duly given or made at the
                  commencement of business on the next day on which business is
                  generally carried on in that place. Any party may by notice to
                  each party change its address and facsimile under this clause
                  26.1.

26.2     DETAILS

         The address, facsimile and telex of each person to whom notices may be
         sent at the date of this deed are as follows:

         THE TRUSTEE

         PERPETUAL TRUSTEES CONSOLIDATED LIMITED

         Level 3, 39 Hunter Street,
         Sydney, New South Wales 2000

         Tel:              612 9229 9000
         Fax:              612 9221 7870

         Attention:        Manager, Securitisation

         THE MANAGER

         CRUSADE MANAGEMENT LIMITED

         Level 11
         55 Market Street
         SYDNEY NSW 2000
         AUSTRALIA

         Tel:              612 9320 5605
         Fax:              612 9320 5586

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         Attention:        Executive Manager, Securitisation

         THE PRINCIPAL PAYING AGENT

         BANKERS TRUST COMPANY

         123 Washington Street
         New York  New York  10006

         Tel:              714 247 6000
         Fax:              714 247 6468
         Attention:        Trust Administration - ST0101

         THE CALCULATION AGENT

         BANKERS TRUST COMPANY
         1761 East St. Andrew Place
         Santa Ana, California 92705

         Tel:              714 247 6000
         Fax:              714 247 6468
         Attention:        Trust Administration - ST0101

         THE NOTE TRUSTEE

         WILMINGTON TRUST COMPANY

         Rodney Square North
         1100 North Market Street
         Wilmington Delaware 19890-0001

         Tel:              302 651 8631
         Fax:              302 651 8882
         Attention:        Ann E Roberts

         THE SECURITY TRUSTEE

         P.T. LIMITED

         Level 3
         39 Hunter Street,
         SYDNEY, NSW 2000

         Tel:              612 9229 9000
         Fax:              612 9221 7870

         Attention:        Manager, Securitisation

27.      GOVERNING LAW AND JURISDICTION
--------------------------------------------------------------------------------

         This deed and the Trust constituted under this deed are governed by the
         law of New South Wales, Australia. The parties submit to the
         non-exclusive jurisdiction of courts exercising jurisdiction there.

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         The administration of the Trust, including the exercise of the Note
         Trustee's powers under clause 13 of this Deed, is governed by the law
         of New York and in the event of any inconsistency between the
         operation of the law of New South Wales, Australia and the law of New
         York in respect of the application of those powers, the law of New
         York will prevail to the extent of the inconsistency.

28.      COUNTERPARTS
--------------------------------------------------------------------------------

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

29.      LIMITED RECOURSE
--------------------------------------------------------------------------------

29.1     GENERAL

         Clause 30 of the Master Trust Deed applies to the obligations and
         liabilities of the Trustee and the Manager under this deed.

29.2     LIABILITY OF TRUSTEE LIMITED TO ITS RIGHT TO INDEMNITY

         (a)      The Trustee enters into this Deed only in its capacity as
                  trustee of the Trust and in no other capacity (except where
                  the Transaction Documents provide otherwise). Subject to
                  paragraph (c) below, a liability arising under or in
                  connection with this Deed or the Trust can be enforced against
                  the Trustee only to the extent to which it can be satisfied
                  out of the assets and property of the Trust which are
                  available to satisfy the right of the Trustee to be exonerated
                  or indemnified for the liability. This limitation of the
                  Trustee's liability applies despite any other provision of
                  this Deed and extends to all liabilities and obligations of
                  the Trustee in any way connected with any representation,
                  warranty, conduct, omission, agreement or transaction related
                  to this Deed or the Trust.

         (b)      Subject to paragraph (c) below, no person (including any
                  Relevant Party) may take action against the Trustee in any
                  capacity other than as trustee of the Trust or seek the
                  appointment of a receiver (except under the Security Trust
                  Deed), or a liquidator, an administrator or any similar person
                  to the Trustee or prove in any liquidation, administration or
                  arrangements of or affecting the Trustee.

         (c)      The provisions of this clause 29.2 shall not apply to any
                  obligation or liability of the 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
                  Trustee's indemnification or exoneration out of the Assets of
                  the Trust as a result of the Trustee's fraud, negligence, or
                  Default.

         (d)      It is acknowledged that the Relevant Parties are responsible
                  under this Deed or the other Transaction Documents for
                  performing a variety of obligations relating to the Trust. No
                  act or omission of the Trustee (including any related failure
                  to satisfy its obligations under this Deed) will be considered
                  fraud, negligence or Default of the Trustee for the purpose of
                  paragraph (c) above to the extent to which the act or omission
                  was caused or contributed to by any failure by any Relevant
                  Party or any person who has been delegated or appointed by the
                  Trustee in accordance with the Transaction Documents to fulfil
                  its obligations relating to the Trust or by any other act or
                  omission of a Relevant Party or any such person.

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

         (f)      In this clause, RELEVANT PARTIES means each of the Manager,
                  the Servicer, the Custodian, the Calculation Agent, each
                  Paying Agent, the Note Trustee and the provider of any Support
                  Facility.

         (g)      Nothing in this clause limits the obligations expressly
                  imposed on the Trustee under the Transaction Documents.

29.3     UNRESTRICTED REMEDIES

         Nothing in clause 29.2 limits any party in:

         (a)      obtaining an injunction or other order to restrain any breach
                  of this deed by any party;

         (b)      obtaining declaratory relief;

         (c)      in relation to its rights under the Security Trust Deed or
                  this Deed; or

         (d)      taking any legal action against the Trustee in its personal
                  capacity under clause 29.2(c).

29.4     RESTRICTED REMEDIES

         Except as provided in clause 29.3, the Note Trustee shall not:

         (a)      (JUDGMENT) obtain a judgment for the payment of money or
                  damages by the Trustee;

         (b)      (STATUTORY DEMAND) issue any demand under s459E(1) of the
                  Corporations Law (or any analogous provision under any other
                  law) against the Trustee;

         (c)      (WINDING UP) apply for the winding up or dissolution of the
                  Trustee;

         (d)      (EXECUTION) levy or enforce any distress or other execution
                  to, on, or against any assets of the Trustee;

         (e)      (COURT APPOINTED RECEIVER) apply for the appointment by a
                  court of a receiver to any of the assets of the Trustee;

         (f)      (SET-OFF OR COUNTERCLAIM) exercise or seek to exercise any
                  set-off or counterclaim against the Trustee; or

         (g)      (ADMINISTRATOR) appoint, or agree to the appointment, of any
                  administrator to the Trustee,

         or take proceedings for any of the above and the Note Trustee waives
         its rights to make those applications and take those proceedings.

30.      SUCCESSOR TRUSTEE
--------------------------------------------------------------------------------

         The Note Trustee shall do all things reasonably necessary of itself to
         enable any successor Trustee appointed under clause 20 of the Master
         Trust Deed to become the Note Trustee under this deed.

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31.      REIMBURSEMENT FOR THE COST OF INDEPENDENT ADVICE
--------------------------------------------------------------------------------

         Where the Note Trustee is required to express an opinion or make a
         determination or calculation under this deed or the other Transaction
         Documents, the Note Trustee may appoint or engage such independent
         advisors including any of the persons referred to in clause 13(a) as
         the Note Trustee reasonably requires to assist in the giving of that
         opinion or the making of that determination or calculation and any
         reasonable costs and expenses payable to those advisors will be
         reimbursed to the Note Trustee by the Trustee or if another person is
         expressly stated in the relevant provision in a Transaction Document,
         that person.

32.      NO LIABILITY
--------------------------------------------------------------------------------

         Without limitation the Note Trustee shall not be liable (subject to the
         mandatory requirements of the TIA) for:

         (a)      any decline in the value or loss realised upon any sale or
                  other disposition made under the Security Trust Deed of any
                  Mortgaged Property (as defined in the Security Trust Deed) or
                  any other property charged to the Security Trustee by any
                  other person in respect of or relating to the obligations of
                  any person in respect of the Trustee or the Secured Moneys (as
                  defined in the Security Trust Deed) or relating in any way to
                  the Mortgaged Property;

         (b)      any decline or loss directly or indirectly arising from the
                  Note Trustee acting or failing to act as a consequence of an
                  opinion reached by it; and

         (c)      any loss, expense or liability which may be suffered as a
                  result of any assets secured by the Security Trust Deed, the
                  Mortgaged Property or any deeds or documents of title thereto
                  being uninsured or inadequately insured or being held by or to
                  the order of the Servicer or any of its affiliates or by
                  clearing organisations or their operator or by any person on
                  behalf of the Security Trustee or the Note Trustee,

         except for the fraud, negligence, default or breach of trust of the
         Note Trustee.

33.      INFORMATION MEMORANDUM
--------------------------------------------------------------------------------

         The Note Trustee has no responsibility for any statement or information
         in or omission from any information memorandum, advertisement, circular
         or other document issued by or on behalf of the Trustee or Manager,
         including in connection with the issue of Class A Notes. Neither the
         Trustee nor the Manager may publish or permit to be published any such
         document in connection with the offer of Class A Notes or an invitation
         for subscriptions for Class A Notes containing any statement which
         makes reference to the Note Trustee without the prior written consent
         of the Note Trustee, which consent must not be unreasonably withheld.
         In considering whether to give its consent, the Note Trustee is not
         required to take into account the interests of the Noteholders.

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34.      NOTE TRUSTEE'S LIMITED LIABILITY
--------------------------------------------------------------------------------
34.1     RELIANCE ON CERTIFICATE

         The Note Trustee shall not incur any liability as a result of relying
         upon the authority, validity, due authorisation of, or the accuracy of
         any information contained in any notice, resolution, direction,
         consent, certificate, receipt, affidavit, statement, valuation report
         or other document or communication (including any of the above
         submitted or provided by the Manager, by the Trustee or by a Class A
         Noteholder) if the Note Trustee is entitled, under clause 34.2 to
         assume such authenticity, validity, due authorisation or accuracy.

         In preparing any notice, certificate, advice or proposal the Note
         Trustee shall be entitled to assume, unless it is actually aware to the
         contrary, that each person under any Authorised Investment, Support
         Facility, Receivable, Receivable Security, Related Securities, other
         Transaction Document or any other deed, agreement or arrangement
         incidental to any of the above or to the Trust, will perform their
         obligations under those documents in full by the due date and otherwise
         in accordance with their terms.

34.2     NOTE TRUSTEE'S RELIANCE ON MANAGER, SECURITY TRUSTEE, TRUSTEE OR
         SERVICER

         (a)  (AUTHORISED SIGNATORIES ARE SUFFICIENT EVIDENCE) Whenever any
              certificate, notice, proposal, direction, instruction, document or
              other communication is to be given to the Note Trustee, the Note
              Trustee may assume:

               (i)  the authenticity and validity of any signature in any such
                    document and that such document has been duly authorised;
                    and

               (ii) the accuracy of any information contained in any such
                    documents,

               in either case unless the officers of the Note Trustee
               responsible for the administration of the trust constituted under
               this Deed (the NOTE TRUST) are actually aware to the contrary.

          (b)  (NOTE TRUSTEE NOT LIABLE FOR LOSS) The Note Trustee shall not be
               responsible for any loss arising from any forgery or lack of
               authenticity or any act, neglect, mistake or discrepancy of the
               Manager, the Security Trustee, Trustee or the Servicer or any
               officer, employee, agent or delegate of the Manager, the Security
               Trustee, the Trustee or the Servicer in preparing any such
               document or in compiling, verifying or calculating any matter or
               information contained in any such document, if the officers of
               the Note Trustee responsible for the administration of the Note
               Trust are not actually aware of such forgery, lack of
               authenticity or validity, act, neglect, mistake or discrepancy.

34.3 COMPLIANCE WITH LAWS

         The Note Trustee shall not incur any liability to anyone in respect of
         any failure to perform or to do any act or thing which by reason of any
         provision of any applicable present or future law of any place or any
         applicable ordinance, rule, regulation or by law or of any applicable
         decree, order or judgment of any competent court or other tribunal, the
         Note Trustee shall be prohibited from doing or performing.

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34.4     RELIANCE ON EXPERTS

         The Note Trustee may rely on and act on the opinion or statement or
         certificate or advice of or information obtained from the Security
         Trustee, the Servicer, the Trustee, barristers or solicitors (whether
         instructed by the Note Trustee or not), bankers, accountants, brokers,
         valuers and other persons believed by it in good faith to be expert or
         properly informed in relation to the matters on which they are
         consulted and the Note Trustee shall not be liable for anything done or
         suffered by it in good faith in reliance on such opinion, statement,
         certificate, advice or information except to the extent of losses,
         costs, claims or damages caused by the Note Trustee's fraud,
         negligence, default or breach of trust.

34.5     OVERSIGHTS OF OTHERS

         Having regard to the limitations on the Note Trustee's duties, powers,
         authorities and discretions under this Deed, the Note Trustee shall not
         be responsible for any act, omission, misconduct, mistake, oversight,
         error of judgment, forgetfulness or want of prudence on the part of any
         person or agent appointed by the Note Trustee or on whom the Note
         Trustee is entitled to rely under this Deed (other than a Related Body
         Corporate), attorney, banker, receiver, barrister, solicitor, agent or
         other person acting as agent or adviser to the Note Trustee except to
         the extent of losses, costs, claims or damages caused by the Note
         Trustee's fraud, negligence, default or breach of trust, provided that
         nothing in this Deed or any other Transaction Document imposes any
         obligations on the Note Trustee to review or supervise the performance
         by any other party of its obligations.

34.6     POWERS, AUTHORITIES AND DISCRETIONS

         Except as otherwise provided in this Deed and in the absence of fraud,
         negligence, default or breach of trust, the Note Trustee shall not be
         in any way responsible for any loss (whether consequential or
         otherwise), costs, damages or inconvenience that may result from the
         exercise or non-exercise of any powers, authorities and discretions
         vested in it.

34.7     IMPOSSIBILITY OR IMPRACTICABILITY

         If for any other reason it becomes impossible or impracticable for it
         to carry out any or all of the provisions of this Deed or any other
         Transaction Document, the Note Trustee shall not be under any liability
         and, except to the extent of its own fraud, negligence, default or
         breach of trust, nor shall it incur any liability by reason of any
         error of law or any matter or thing done or suffered or omitted to be
         done in good faith by it or its officers, employees, agents or
         delegates.

34.8     LEGAL AND OTHER PROCEEDINGS

          (a)  (INDEMNITY FOR LEGAL COSTS) The Note Trustee or the Class A
               Noteholders acting under Clause 6.5 (as the case may be) (each an
               INDEMNIFIED PARTY) shall be indemnified by the Trustee (subject
               to clause 29) for all legal costs and disbursements on a full
               indemnity basis and all other cost, disbursements, outgoings and
               expenses incurred by the Indemnified Party in connection with:

               (i)  the enforcement or contemplated enforcement of, or
                    preservation of rights under;

               (ii) without limiting the generality of paragraph (i) above, the
                    initiation, defence, carriage and settlement of any action,
                    suit, proceeding or dispute in respect of; and

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               (iii) obtaining legal advice or opinions concerning or relating
                    to the interpretation or construction of,

               this Deed or any other Transaction Document or otherwise under or
               in respect of the Note Trust Deed provided that the enforcement,
               contemplated enforcement or preservation by the Note Trustee (as
               the case may be) of the rights referred to in paragraph (i) or
               the court proceedings referred to in paragraph (ii) (including in
               each case the defence of any action, suit, proceeding or dispute
               brought against the Indemnified Party), and the basis of
               incurring any of those costs, disbursements, outgoings and
               expenses by the Indemnified Party:

               (iv) has been approved in advance by the written consent of the
                    holders of at least 75% of the aggregate Invested Amount of
                    the Class A Notes; or

               (v)  the Indemnified Party reasonably considers the incurring of
                    those costs, disbursements, outgoings and expenses to be
                    necessary.

     (b)  (DEFENCE OF PROCEEDINGS ALLEGING NEGLIGENCE ETC.) The Indemnified
          Party shall be entitled to claim in respect of the above indemnity
          from the Trustee for its expenses and liabilities incurred in
          defending any action, suit, proceeding or dispute in which fraud,
          negligence, default or breach of trust is alleged or claimed against
          it, but on the same being proved, accepted or admitted by it, it shall
          immediately repay to the Trust the amount previously paid by the
          Trustee to it in respect of that indemnity.

34.9     NO LIABILITY EXCEPT FOR NEGLIGENCE ETC.

         Except to the extent caused by the fraud, negligence, default or breach
         of trust on the Note Trustee's part or on the part of any of its
         officers or employees, or any agents or delegate, sub-agent,
         sub-delegate employed by the Note Trustee in accordance with this Deed
         (and where this Deed provides that the Note Trustee is liable for the
         acts or omissions of any such person) to carry out any transactions
         contemplated by this Deed, the Note Trustee shall not be liable for any
         losses, costs, liabilities or claims arising from the failure to pay
         moneys on the due date for payment to any Class A Noteholder or any
         other person or for any loss howsoever caused in respect of any of the
         Trust or to any Class A Noteholder or other person. The Note Trustee is
         not obliged to take any action under this Deed unless it is indemnified
         to its reasonable satisfaction against all actions, proceedings, claims
         and demands to which it may render itself liable and all costs,
         charges, damages and expenses which it may incur by so doing.

34.10    FURTHER LIMITATIONS ON NOTE TRUSTEE'S LIABILITY

         Subject to clause 34.2, the Note Trustee shall not be liable:

     (a)  for any losses, costs, liabilities or expenses arising out of the
          exercise or non-exercise of its discretion or for any other act or
          omission on its part under this Deed, any other Transaction Document
          or any other document except where the exercise or non-exercise of any
          discretion, or any act or omission, by the Note Trustee, or any of its
          officers or employees, or any agent, delegate, sub-agent, sub-delegate
          employed by the Note Trustee in accordance with this Deed (and where
          this Deed provides that the Note Trustee is liable for the acts or

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         omissions of any such person) to carry out any transactions
         contemplated by this Deed,

         constitutes fraud, negligence, default or breach of trust;

     (b)  for any losses, costs, damages or expenses caused by its acting (in
          circumstances where this Deed requires it to act or contemplates that
          it may so act) on any instruction or direction given to it by:

         (i)      any Class A Noteholder under this Deed, any other Transaction
                  Document or any other document;

         (ii)     by any person under a Support Facility, Receivable or
                  Receivable Security,

                  except to the extent that it is caused by the fraud,
                  negligence, default or breach of trust of the Note Trustee, or
                  any of its officers or employees, or an agent or delegate
                  employed by the Note Trustee in accordance with this Deed to
                  carry out any transactions contemplated by this Deed;

     (c)  for any Manager's Default, Servicer Transfer Event or Title Perfection
          Event;

     (d)  without limiting the Note Trustee's obligations under the Transaction
          Documents, for any act, omission or default of the Servicer in
          relation to its servicing duties or its obligations under the
          Servicing Agreement;

     (e)  without limiting the Note Trustee's obligations under the Transaction
          Documents, for any act, omission or default of the Custodian in
          relation to its custodial duties or its obligations under the
          Custodian Agreement;

     (f)  without limiting the Note Trustee's obligations under the Transaction
          Documents, for any act, omission or default of the Security Trustee in
          relation to its obligations under the Transaction Documents;

     (g)  without limiting the Note Trustee's obligations under the Transaction
          Documents, for any act, omission or default of a Paying Agent in
          relation to its obligations under the Transaction Documents;

     (h)  without limiting the Note Trustee's obligations under the Transaction
          Documents, for any act, omission or default of the Calculation Agent
          in relation to its obligations under the Transaction Documents;

     (i)  for the failure of a person to carry out an agreement with the Note
          Trustee in connection with the Trust; or

     (j)  for any losses, costs, liabilities or expenses caused by the Note
          Trustee's failure to check any calculation, information, document,
          form or list supplied or purported to be supplied to it by the
          Manager, the Trustee, Security Trustee or the Servicer,

          except, in the case of paragraphs (c) to (j) (inclusive), to the
          extent that it is caused by the fraud, negligence, default or breach
          of trust of the Note Trustee.

          Nothing in this clause 34.10 alone (but without limiting the operation
          of any other clause of this Deed) shall imply a duty on the Note
          Trustee to supervise the Manager or the Security Trustee in the
          performance of the Manager's or the Security Trustee's functions and
          duties, and the exercise by the Manager or the Security Trustee of its
          discretions.

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34.11    CONFLICTS

     (a)  (NOT LIABLE TO ACCOUNT) Note Trustee shall not be in any way liable to
          account to any Class A Noteholder or any other person for any profits
          or benefits (including any profit, bank charges, commission, exchange,
          brokerage and fees) made or derived under or in connection with any
          transaction or contract specified in paragraph (b) below.

     (b)  (FIDUCIARY RELATIONSHIP) Note Trustee shall not by reason of any
          fiduciary relationship be in any way precluded from making any
          contracts or entering into any transactions with any such person in
          the ordinary course of its business or from undertaking any banking,
          financial, development, agency or other services including any
          contract or transaction in relation to the placing of or dealing with
          any investment and the acceptance of any office or profit or any
          contract of loan or deposits or other contract or transaction which
          any person or company not being a party to this Deed could or might
          have lawfully entered into if not a party to this Deed. Note Trustee
          shall not be accountable to any Class A Noteholder or any other person
          for any profits arising from any such contracts, transactions or
          offices.

34.12    INFORMATION

         Except for notices and other documents and information (if any)
         expressed to be required to be furnished to any person by the Note
         Trustee under this Deed or any other Transaction Document, the Note
         Trustee shall not have any duty or responsibility to provide any person
         (including any Class A Noteholder) with any credit or other information
         concerning the affairs, financial condition or business of the Trust.

34.13    INVESTIGATION BY NOTE TRUSTEE

         Each Noteholder acknowledges that the Note Trustee has no duty, and is
         under no obligation, to investigate whether a Manager's Default,
         Servicer Transfer Event or Title Perfection Event has occurred in
         relation to the Trust other than where it has actual notice.

35.      NOTEHOLDERS' LISTS AND REPORTS
--------------------------------------------------------------------------------
35.1     PROVISION OF INFORMATION

         The Trustee (or the Manager on its behalf) will furnish or cause to be
         furnished to the Note Trustee:

     (a)  every six months (with the first six month period commencing on the
          Closing Date) (each such date being a NOTICE DATE), a list, in such
          form as the Note Trustee may reasonably require, of the names and
          addresses of the Class A Noteholders as of the Record Date immediately
          preceding that Notice Date; and

     (b)  at such other times as the Note Trustee may request in writing, within
          30 days after receipt by the Manager with a copy provided to the
          Trustee of any such request, a list of similar form and content as of
          a date not more than 10 days prior to the time such list is furnished,

 provided that so long as:

     (c)  the Note Trustee is the Note Registrar; or

     (d)  the Class A Notes are Book-Entry Notes,

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         no such list shall be required to be furnished.

35.2     PRESERVATION OF INFORMATION; COMMUNICATIONS TO NOTEHOLDERS

     (a)  The Note Trustee shall preserve, in as current a form as is reasonably
          practicable, the names and addresses of the Class A Noteholders
          contained in the most recent list (if any) furnished to the Note
          Trustee as provided in clause 35.1 and if it acts as Note Registrar,
          the names and addresses of Class A Noteholders received by the Note
          Trustee in its capacity as Note Registrar. The Trustee may destroy any
          list furnished to it as provided in such clause 35.1 upon receipt of a
          new list so furnished.

     (b)  Class A Noteholders may communicate pursuant to section 312(b) of the
          TIA with other Class A Noteholders with respect to their rights under
          this Deed or under the Class A Notes.

     (c)  The Trustee, Note Trustee and Note Registrar shall have the protection
          of section 312(c) of the TIA.

35.3     REPORTS BY NOTE TRUSTEE

         If required by section 313(a) of the TIA, within 60 days after each 30
         June, beginning with 30 June 2001, the Note Trustee shall mail to each
         Class A Noteholder, the Trustee and the Manager as required by section
         313(c) of the TIA a brief report dated as of such date that complies
         with section 313(a) of the TIA. The Note Trustee also shall comply with
         section 313(b) of the TIA. A copy of each report at the time of its
         mailing to Class A Noteholders shall be filed by the Note Trustee with
         the Commission and each stock exchange, if any, on which the Class A
         Notes are listed. The Manager on behalf of the Trustee shall notify the
         Note Trustee if and when the Class A Notes are listed on any stock
         exchange.

35.4     NOTICES TO CLASS A NOTEHOLDERS; WAIVER

         Where this deed provides for notice to Class A Noteholders of any
         event, such notice shall be sufficiently given (unless otherwise herein
         expressly provided) if in writing and mailed, first-class, postage
         prepaid to each Noteholder affected by such event, 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 shall
         affect the sufficiency of such notice with respect to other Class A
         Noteholders, and any notice that is mailed in the manner herein
         provided shall conclusively be presumed to have been duly given.

         Where this deed provides for notice in any manner, such notice may be
         waived in writing by any person entitled to receive such notice, either
         before or after the event, and such waiver shall be the equivalent of
         such notice. Waivers of notice by Class A Noteholders shall be filed
         with the Note Trustee but such filing shall not be a condition
         precedent to the validity of any action taken in reliance upon such a
         waiver.

         In case, by reason of the suspension of regular mail services as a
         result of a strike, work stoppage or similar activity, it shall be
         impractical to mail notice of any event to Class A Noteholders when
         such notice is required to be given pursuant to any provision of this
         deed, then any manner of giving such

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         notice as the Manager on behalf of the Trustee shall direct the Note
         Trustee shall be deemed to be a sufficient giving of such notice.

35.5     REPORTS BY TRUSTEE

         The Trustee (or the Manager on its behalf) shall:

     (a)  file with the Note Trustee, within 15 days after the Trustee 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) which the Trustee may
          be required to file with the Commission pursuant to section 13 or
          15(d) of the Securities Exchange Act of 1934, as amended;

     (b)  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 the Trustee with the conditions and covenants of this
          deed as may be required from time to time by such rules and
          regulations; and

     (c)  supply to the Note Trustee (and the Note Trustee shall transmit by
          mail to all Class A Noteholders described in section 313(c) of the
          TIA) such summaries of any information, documents and reports required
          to be filed by the Trustee pursuant to clauses (a) and (b) of this
          clause 35.5 as may be required by rules and regulations prescribed
          from time to time by the Commission.

36.      TRUST INDENTURE ACT - MISCELLANEOUS
--------------------------------------------------------------------------------

36.1     COMPLIANCE CERTIFICATES AND OPINIONS, ETC

     (a)  Upon any application or request by the Trustee or the Manager to the
          Note Trustee to take any action under any provision of this deed, the
          Trustee (or the Manager on its behalf) shall furnish to the Note
          Trustee:

         (i)      an Officer's Certificate stating that all conditions precedent
                  , if any, provided for in this deed relating to the proposed
                  action have been complied with;

         (ii)     an Opinion of Counsel stating that in the opinion of such
                  counsel all such conditions precedent, if any, have been
                  complied with; and

         (iii)    (if required by the TIA) an Independent Certificate from a
                  firm of certified public accountants meeting the applicable
                  requirements of section 314(c)(3) of the TIA, except that, in
                  the case of any such application or request as to which the
                  furnishing of such documents is specifically required by any
                  provision of this deed, no additional certificate or opinion
                  need be furnished.

     (b) (i)      Prior to the deposit of any property or securities with the
                  Trustee that 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, the Trustee (or the
                  Manager on its behalf) shall, in addition to any obligation
                  imposed in clause 36.1(a) or elsewhere in this deed, furnish
                  to the Note Trustee an Officer's Certificate certifying or

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                  stating the opinion of each person signing such certificate as
                  to the fair value (within 90 days of such deposit) of the
                  property or securities to be so deposited.

         (ii)     Whenever any property or securities are to be released from
                  the Security Interest created by the Security Trust Deed, the
                  Trustee shall also furnish to the Note Trustee an Officer's
                  Certificate certifying or stating the opinion of each person
                  signing such certificate as to the fair value (within 90 days
                  of such release) of the property or securities proposed to be
                  released and stating that in the opinion of such person the
                  proposed release will not impair the security under the
                  Security Trust Deed in contravention of the provisions of the
                  Security Trust Deed or this deed.

         (iii)    Whenever the Trustee is required to furnish to the Note
                  Trustee an Officer's Certificate certifying or stating the
                  opinion of any signer thereof as to the matters described in
                  paragraphs (i) and (ii), the Trustee (or the Manager on its
                  behalf) shall also furnish to the Note Trustee an Independent
                  Certificate as to the same matters if the fair value of the
                  property or securities and of all other property or securities
                  deposited or released from the Security Interest created by
                  the Security Trust Deed since the commencement of the then
                  current calendar year, as set forth in the certificate
                  required by clause (ii) and this clause (iii), equals 10% or
                  more of the Total Invested Amount of the Notes, but such
                  certificate need not be furnished in the case of any release
                  of property or securities if the fair value thereof as set
                  forth in the related Officer's Certificate is less than
                  US$25,000 or less than one percent of the then Total Invested
                  Amount of the Notes.

                  Notwithstanding any other provision of this clause, the
                  Trustee may:

                  (A)   collect, liquidate, sell or otherwise dispose of
                        Receivables or other Assets of the Trust as and to the
                        extent permitted or required by the Transaction
                        Documents; and

                  (B)   make or permit to be made cash payments out of the
                        Collection Account or the US$ Account as and to the
                        extent permitted or required by the Transaction
                        Documents.

     (c)  Every Officer's Certificate or opinion with respect to compliance with
          a condition or covenant provided for in this deed shall include:

          (i)  a statement that each signatory of such certificate or opinion
               has read or has caused to be read such covenant or condition and
               the definitions herein relating thereto;

          (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

                                                                         Page 50

<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

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

36.2     UNDERTAKING FOR COSTS

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

     (b)  The provisions of this clause 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 more than 10%
               of the aggregate Invested Amount of the 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 (or, in the case of final
               redemption of a Class A Note, on or after the Final Maturity
               Date).

36.3     EXCLUSION OF SECTION 316

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

     (b)  For the purposes of section 316(a)(2) of the TIA in determining
          whether any Class A Noteholders have concurred in any relevant
          direction or consent, Notes owned by the Trustee or by any Associate
          of the Trustee, shall be disregarded, except that for the purposes of
          determining whether the Note Trustee shall be protected in relying on
          any such direction or consent, only Class A Notes which the Note
          Trustee knows are so owned shall be so disregarded.

36.4     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 such
         Class A Note on or after the respective due dates thereof expressed in
         such Class A Note or in this deed (or, in the case of final redemption
         of a Note, on or after the Final Maturity Date) and 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 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.

                                                                         Page 51

<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

36.5     CONFLICT WITH TRUST INDENTURE ACT

         If any provision hereof limits, qualifies or conflicts with another
         provision hereof that is required to be included in this indenture by
         any of the provisions of the Trust Indenture Act, such required
         provision shall prevail.

         The provisions of section 310 to 317 (inclusive) of the TIA that impose
         duties on any person (including the provisions automatically deemed
         included herein unless expressly excluded by this deed) are a part of
         and govern this deed, whether or not contained herein.

37.      CONSENT OF CLASS A NOTEHOLDERS
--------------------------------------------------------------------------------
37.1     GENERAL

         Except as expressly provided in elsewhere in this deed or in clause
         37.2 below, any action that may be taken by the Class A Noteholders
         under this deed may be taken by registered holders of not less than a
         majority of the aggregate Invested Amount of Class A Notes.

37.2     SPECIAL WRITTEN APPROVALS

     (a)  The following matters are only capable of being effected by the
          approval in writing of holders of at least 75% of the aggregate
          Invested Amount of the Class A Notes, namely:

          (i)  modification of the date fixed for final maturity of the Class A
               Notes;

          (ii) reduction or cancellation of the principal payable on the Class A
               Notes or any alteration of the date or priority of redemption of
               the Class A Notes;

          (iii) alteration of the amount of interest payable on any class of the
               Class A Notes or modification of the method of calculating the
               amount of interest payable on the Class A Notes or modification
               of the date of payment of or interest payable on the Class A
               Notes;

          (iv) alteration of the currency in which payments under the Class A
               Notes are to be made;

          (v)  altering the required percentage of aggregate Invested Amount
               required to consent or take any action of the Class A Notes;

          (vi) alteration of this sub-paragraph.

     (b)  Subject toparagraph (c) the Noteholders shall in addition to the
          powers given under this deed have the following powers if approval is
          given by holders of at least 75% of the aggregate Invested Amount of
          the Class A Notes, as appropriate,

          (i)  power to sanction any compromise or arrangement proposed to be
               made between the Trustee and the Class A Noteholders;

          (ii) power to sanction any abrogation, modification, compromise or
               arrangement in respect of the rights of the Class A Noteholders
               against the Trustee or against any of its property or against any
               other person whether such rights shall arise under these
               presents, any of the Notes or otherwise;

                                                                         Page 52

<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

          (iii) power to assent to any modification of the provisions contained
               in these presents, the Class A Notes (including the Conditions)
               or the provisions of any of the Relevant Documents which shall be
               proposed by the Trustee or the Note Trustee;

          (iv) power to give any authority or sanction which under the
               provisions of these presents or the Class A Notes (including the
               Conditions) is required to be given by, in writing by holders of
               at least 75% of the aggregate Invested Amount of the Class A
               Notes;

          (v)  power to approve of a person to be appointed a trustee and power
               to remove any trustee or trustees for the time being under this
               deed;

          (vi) power to discharge or exonerate the Note Trustee from all
               liability in respect of any act or omission for which the Note
               Trustee may have become responsible under this deed or under the
               Class A Notes;

          (vii) power to authorise the Note Trustee to concur in and execute and
               do all such deeds, instruments, acts and things as may be
               necessary to carry out and give effect to the approval in writing
               by holders of at least 75% of the aggregate Invested Amount of
               the Class A Notes;

          (viii) power to sanction any scheme or proposal for the exchange or
               sale of the Class A Notes, as the case may be, for, or the
               conversion of the Class A Notes, into, or the cancellation of the
               Class A Notes, in consideration of shares, stock, notes, bonds'
               debentures, debenture stock and/or other obligations and/or
               securities of the Trustee or of any other company formed or to be
               formed, or for or into or in consideration of cash, or partly for
               or into or in consideration of such shares, stock, notes, bonds,
               debenture stock and/or other obligations and/or securities as
               aforesaid and partly for or into or in consideration of cash.

37.3     REQUIREMENT FOR WRITING

         Except as expressly provided elsewhere in this deed, all notices and
         consents from Class A Noteholders and Class A Note Owners shall be
         delivered in writing. Any solicitation of such notices or consent shall
         be in writing and be delivered by the Trustee, Manager or Note Trustee,
         as applicable, seeking such notice or consent form the Class A
         Noteholders or Class A Note Owners to the Principal Paying Agent, who
         shall deliver the foregoing to the appropriate Class A Noteholders or
         Class A Note Owners. With respect to any solicitation of approval of
         Class A Noteholders, the record date for determining Class A
         Noteholders with respect to such solicitation shall be the date upon
         which the Principal Paying Agent distributes such notices or
         solicitation to the Class A Noteholders.

EXECUTED as a deed in New York.

Each attorney executing this deed states that he or she has no notice of,
alteration to, or revocation or suspension of, his or her power of attorney.

                                                                         Page 53

<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

TRUSTEE

SIGNED on behalf of
PERPETUAL TRUSTEES
CONSOLIDATED LIMITED
(ABN 81 004 029 841)
by its attorney under the Power of Attorney dated
<TABLE>
<CAPTION>
<S>                                                  <C>

in the presence of:
                                                     ----------------------------------------------
                                                     Signature

--------------------------------------------------   ----------------------------------------------
Witness                                              Print name

--------------------------------------------------
Print name

</TABLE>

<TABLE>
<CAPTION>
<S>                                                  <C>

MANAGER

SIGNED, SEALED AND DELIVERED on behalf of
CRUSADE MANAGEMENT LIMITED
by its attorney under the Power of Attorney dated
in the presence of:

                                                     ----------------------------------------------
                                                     Signature

--------------------------------------------------   ----------------------------------------------
Witness                                              Print name

--------------------------------------------------
Print name

</TABLE>

                                                                         Page 54

<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

NOTE TRUSTEE

SIGNED, SEALED AND DELIVERED by
WILMINGTON TRUST COMPANY
dated:
in the presence of:
<TABLE>
<CAPTION>
<S>                                                  <C>

                                                     ----------------------------------------------
                                                     Signature

--------------------------------------------------   ----------------------------------------------
Witness                                              Print name

--------------------------------------------------
Print name

</TABLE>

PRINCIPAL PAYING AGENT

SIGNED, SEALED AND DELIVERED by
BANKERS TRUST COMPANY
dated:
in the presence of:
<TABLE>
<CAPTION>
<S>                                                  <C>

                                                     ----------------------------------------------
                                                     Signature

--------------------------------------------------   ----------------------------------------------
Witness                                              Print name

--------------------------------------------------
Print name

</TABLE>

                                                                         Page 55

<PAGE>
Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

CALCULATION AGENT

SIGNED, SEALED AND DELIVERED by
BANKERS TRUST COMPANY
dated:
<TABLE>
<CAPTION>
<S>                                                  <C>

in the presence of:
                                                     ----------------------------------------------
                                                     Signature

--------------------------------------------------   ----------------------------------------------
Witness                                              Print name

--------------------------------------------------
Print name

SECURITY TRUSTEE

SIGNED, SEALED AND DELIVERED on behalf of
P.T. LIMITED
by its attorney under the Power of
Attorney dated
in the presence of:
                                                     ----------------------------------------------
                                                     Signature

--------------------------------------------------   ----------------------------------------------
Witness                                              Print name

--------------------------------------------------
Print name

</TABLE>

                                                                         Page 56
<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

SCHEDULE 1

FORM BOOK-ENTRY NOTE
--------------------------------------------------------------------------------

REGISTERED                                  CUSIP No
No. R-
                                            ISIN No.

                                            Common Code

Unless this Note is presented by an authorised representative of The Depository
Trust Company, a New York corporation (DTC), to the Issuer or its agent for
registration of transfer, exchange or payment, and any 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 HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                     PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                              (ABN 81 004 029 841)

 (a limited liability company incorporated under the law of Victoria, Australia)

      in its capacity as trustee of the Crusade Global Trust No. 2 of 2001

                                 BOOK-ENTRY NOTE

                                  representing

                                  US$[NUMBER]**

 Class A Mortgage Backed Floating Rate Notes Due on the Final Maturity Date
 falling in [*].

This Note is a Class A Book-Entry Note without principal or interest in respect
of a duly authorised issue of Notes of Perpetual Trustees Consolidated Limited
in its capacity as trustee of the Crusade Global Trust No. 2 of 2001 (the
"TRUST") (the "ISSUER"), designated as specified in the title above (the
"NOTES"), in an initial aggregate principal amount of

                          [        ]** (US$ [        ])**

and (a) constituted by a Master Trust Deed (the "MASTER TRUST DEED") dated 14
March 1998 between the Issuer, St.George Bank Limited and Crusade Management
Limited (the "MANAGER"), by a Supplementary Terms Notice (the "SUPPLEMENTARY
TERMS NOTICE") dated [*] 2001 between (among others) the Issuer, the Security
Trustee (as defined herein), St.George Custodial Pty Limited, Wilmington Trust
Company (the note trustee for the time being referred to as the "NOTE TRUSTEE")
as trustee for the holders for the time being of the Class A Notes (the "CLASS A
NOTEHOLDERS") and the Manager, and by the Conditions; (b) issued subject to a
Note Trust Deed dated [*] 2001 (the "NOTE TRUST DEED") between (among others)
the Issuer, the Manager

                                                                         Page 57
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Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

and the Note Trustee; and (c) secured by a Security Trust Deed (the "SECURITY
TRUST DEED") dated [*] 2001 between the Issuer, the Manager, the Note Trustee
and P.T. Limited (ABN 67 004 454 666) (the "SECURITY TRUSTEE"), which expression
shall include its successor for the time being as security trustee under the
Security Trust Deed). References to the Conditions (or to any particular
numbered Condition) shall be to the Terms and Conditions of the Class A Notes
set out in Schedule 3 to the Note Trust Deed but with the deletion of those
provisions which are applicable only to Class A Notes in definitive form. Terms
and expressions defined in the Note Trust Deed and the Conditions shall, save as
expressly stated otherwise, bear the same meanings when used herein.

If the Issuer is obliged to issue Definitive Notes under Clause 3.3 of the Note
Trust Deed this Class A Book-Entry Note will be exchangeable in whole at the
offices of the Principal Paying Agent at 1761 East St. Andrew Place, Santa Ana,
California 92705, (ATTN: Trust Administration - ST0101)(or such other place
outside Australia and any of its respective territories and possessions and
other areas subject to jurisdictions as the Note Trustee may agree) for Class A
Definitive Notes and the Issuer shall execute and procure that the Principal
Paying Agent authenticates and delivers in full exchange for this Class A
Book-Entry Note, Class A Definitive Notes in aggregate principal amount equal to
the Amount of all Class A Notes represented by this Class A Book-Entry Note. The
Issuer is not obliged to issue Definitive Notes until 30 days after the
occurrence of an event set out in clause 3.3 of the Note Trust Deed.

The Issuer, in its capacity as trustee of the Trust, subject to this US$
Book-Entry Note and subject to and in accordance with the Conditions and the
Note Trust Deed promises to pay to Cede & Co., or registered assigns of this
Class A Book-Entry Note the principal sum of US$[WORDS]** (US$[NUMBER])** or
such lesser amount as may from time to time be represented by this Class A
Book-Entry Note (or such part of that amount as may become repayable under the
Conditions, the Supplementary Terms Notice and the Note Trust Deed) on such
date(s) that principal sum (or any part of it) becomes repayable in accordance
with the Conditions, the Supplementary Terms Notice and the Note Trust Deed and
to pay interest in arrears on each Quarterly Payment Date (as defined in
Condition 4) on the Invested Amount (as defined in Condition 5(a)) of this Class
A Book-Entry Note at rates determined in accordance with Class A Condition 4 and
all subject to and in accordance with the certification requirements described
in this Class A Book-Entry Note, the Conditions, the Supplementary Terms Notice
and the Note Trust Deed, which shall be binding on the registered holder of this
Class A Book-Entry Note (as if references in the Conditions to the Notes and the
Noteholders were references to this Class A Book-Entry Note and the registered
holder of this Class A Book-Entry Note respectively and as if the same had been
set out in this Class A Book-Entry Note in full with all necessary changes,
except as otherwise provided in this Class A Book-Entry Note).

Payments of interest on this Class A Note due and payable on each Quarterly
Payment Date, together with the instalment of principal, if any, shall be
payable to the nominee of the Common Depository (initially, such nominee to be
Cede & Co.). No payment of interest or principal may be made by the Issuer or
any Paying Agent in the Commonwealth of Australia or its possessions or into a
bank account or to an address in the Commonwealth of Australia. 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 in accordance with the respective rules and
procedures of DTC. Such persons will have no claim directly against the Issuer
in respect of payments due on the Class A Notes which must be made by the holder
of this Class A Book-Entry Note, for so long as this Class A Book-Entry Note is
outstanding.

On any payment of principal and/or interest on the Class A Notes as set out
above details of that payment shall be endorsed by or on behalf of the Issuer in
the Note Register and, in the case of payments of principal,

                                                                         Page 58
<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

the Invested Amount 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.

If the Issuer is obliged to issue Definitive Notes under Clause 3.3 of the Note
Trust Deed, the Book-Entry Notes will be surrendered to the Trustee by the
Clearing Agency and the Clearing Agency will deliver the relevant registration
instructions to the Trustee. Definitive Notes shall be executed by the Trustee
and authenticated by the Principal Paying Agent and delivered as per the
instructions of the Clearing Agency.

The US$ Definitive Notes to be issued on that exchange will be in registered
form each in the denomination of [US$100,000] or integral multiples thereof. If
the Issuer fails to meet its obligations to issue US$ Definitive Notes, this
shall be without prejudice to the Issuer's obligations with respect to the Notes
under the Note Trust Deed, the Master Trust Deed, the Supplementary Terms Notice
and this US$ Book-Entry Note.

On an exchange of this Class A Book-Entry Note, this Class A Book-Entry Note
shall be surrendered to the Principal Paying Agent.

This Class A Book-Entry Note shall not become valid for any purpose unless and
until the Certificate of Authentication attached has been signed by an
Authorised Signatory of the Principal Paying Agent (as defined in the
Supplementary Terms Notice).

This Class A Book-Entry Note is governed by, and shall be construed in
accordance with, the laws of New South Wales, Australia.

IN WITNESS the Issuer has caused this Class A Book-Entry Note to be signed
[manually/in facsimile] by a person duly authorised on its behalf

Perpetual Trustees Consolidated Limited in its capacity as trustee of the
Crusade Global Trust No. 2 of 2001

By:
   ---------------------------
      Authorised Signatory

IMPORTANT NOTICE:

(a)      The Notes do not represent deposits or other liabilities of St.George
         Bank Limited, ABN 92 055 513 070 ("ST.GEORGE") or associates of St.
         George.

(b)      The holding of Notes is subject to investment risk, including possible
         delays in repayment and loss of income and principal invested.

(c)      Neither St.George, any associate of St.George, Perpetual Trustees
         Consolidated Limited, the Security Trustee, the Note Trustee nor any
         Note Manager in any way stands behind the capital value and/or
         performance of the Notes or the assets of the Trust except to the
         limited extent provided in the Transaction Documents for the Trust.

(d)      None of St.George, Perpetual Trustees Consolidated Limited, the
         Custodian (as defined in the Supplementary Terms Notice), the Servicer
         (as defined in the Supplementary Terms Notice), the Manager, the
         Security Trustee, the Note Trustee, the Standby Guarantor (as defined
         in the Supplementary Terms Notice), Deutsche Bank AG in its capacity as
         standby provider of an Interest Hedge (as defined in the Supplementary
         Terms Notice), the Currency Swap Provider (as defined in the
         Supplementary Terms Notice) or any of the Note Managers (as defined in
         the Supplementary Terms Notice) guarantees the payment of interest or
         the repayment of principal due on the Notes.

                                                                         Page 59
<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

(e)      None of the obligations of the Issuer or the Manager are guaranteed in
         any way by St.George or any associate of St.George or associate of
         Perpetual Trustees Consolidated Limited.

(f)      Without limiting the Conditions, the Issuer's liability to make
         payments in respect of the Notes is limited to its right of indemnity
         from the assets of the Trust from time to time available to make such
         payments under the Master Trust Deed and Supplementary Terms Notice.
         All claims against the Issuer in relation to the Notes can be enforced
         against the Issuer only to the extent to which it can be satisfied out
         of the assets of the Trust out of which the Issuer is actually
         indemnified for the liability except in the case of (and to the extent
         of) any fraud, negligence or Default (as defined in the Master Trust
         Deed) on the part of the Issuer.

(g)      The Noteholder is required to accept any distribution of moneys under
         the Security Trust Deed in full and final satisfaction of all moneys
         owing to it, and any debt represented by any shortfall that exists
         after any such final distribution is extinguished.

                          CERTIFICATE OF AUTHENTICATION

This Class A Book-Entry Note is to be authenticated by Bankers Trust Company and
until so authenticated shall not be valid for any purpose.

BANKERS TRUST COMPANY as Principal Paying Agent

                                                                         Page 60
<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

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 Note and all rights thereunder, and hereby irrevocably constitutes
and appoints

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

attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated:
         -------------------------                -----------------------------
                                                  Signature Guaranteed:

Dated:
        --------------------------                -----------------------------
                                                  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 signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular without alteration, enlargement or any change whatsoever.

                                                                         Page 61
<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

SCHEDULE 2

INFORMATION TO BE CONTAINED IN NOTEHOLDER'S REPORT
--------------------------------------------------------------------------------

The following information is to be included in each Noteholder's Report

(a)      the Invested Amount and the Stated Amount of each Class of Notes;

(b)      the Interest Payments and principal distributions on each Class of
         Notes;

(c)      the Available Income;

(d)      the Total Available Funds;

(e)      the aggregate of all Redraws made during that Collection Period;

(f)      the Redraw Shortfall;

(g)      the Payment Shortfall (if any);

(h)      the Principal Draw (if any) for that Collection Period, together with
         all Principal Draws made before the start of that Collection Period
         and not repaid;

(i)      the Principal Collections;

(j)      the Principal Charge Off (if any);

(k)      the Class A Bond Factor in respect of the Class A Notes, the Class B
         Bond Factor and the Class C Bond Factor;

(l)      the Class A Charge Offs, the Class B Charge Offs, the Class C Charge
         Offs and the Redraw Charge Offs (if any);

(m)      all Carryover Charge Offs (if any);

(n)      if required, the Threshold Rate at that Collection Determination Date;

(o)      the relevant Interest Rate, as at the first day of the related Interest
         Period ending immediately after that Collection Determination Date as
         calculated by the Agent Bank;

(p)      scheduled and unscheduled payments of principal on the Housing Loans;

(q)      aggregate Balances Outstanding of Fixed Rate Housing Loans and
         aggregate Balances Outstanding of Variable Rate Housing Loans; and

(r)      delinquency and loss statistics with respect to the Housing Loans.

                                                                         Page 62
<PAGE>

Note Trust Deed                                           Allens Arthur Robinson
--------------------------------------------------------------------------------

SCHEDULE 3 : TERMS AND CONDITIONS OF THE CLASS A NOTES

                                                                         Page 63

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