Document:

<PAGE>
                                                                     EXHIBIT 4.9

                                TRUST AGREEMENT
                                       OF
                              RGA CAPITAL TRUST IV

         THIS TRUST AGREEMENT (the "Trust Agreement") is made as of August 4,
2003, by and among Reinsurance Group of America, Incorporated, as Depositor (the
"Depositor"), and the individual trustees identified on the signature page
hereto (the "Trustees").

         The Depositor and the Trustees hereby agree as follows:

         1.       The trust created hereby (the "Trust") shall be known as "RGA
Capital Trust IV", in which name the Trustees or the Depositor, to the extent
provided herein, may conduct the business of the Trust, make and execute
contracts, and sue and be sued.

         2.       The Depositor hereby assigns, transfers, conveys and sets
over to the Trustees the sum of $10. The Trustees hereby declare that they will
hold the trust estate in trust for such persons as are or may become entitled to
a beneficial interest in the trust estate. It is the intention of the parties
hereto that the Trust created hereby constitutes a statutory trust under Chapter
38 of Title 12 of the Delaware Code, 12 Del. Code ss.3801 et seq. (the
"Statutory Trust Act"), and that this document constitutes the governing
instrument of the Trust. The Trustees are hereby authorized and directed to
execute and file a certificate of trust in the office of the Secretary of State
of the State of Delaware in the form attached hereto.

         3.       The Depositor and the Trustees intend to enter into an
amended and restated Trust Agreement, satisfactory to each such party to provide
for the contemplated operation of the Trust created hereby and the Preferred and
Common Securities referred to therein. Prior to the execution and delivery of
such amended and restated Trust Agreement, the Trustees shall not have any duty
or obligation hereunder or with respect to the trust estate, except as required
by law or as may be necessary to obtain prior to such execution and delivery any
licenses, consents or approvals required by applicable law or otherwise.
Notwithstanding the foregoing, the Trustees may take all actions deemed proper
as are necessary to effect the transactions contemplated herein.

         4.       The Depositor, as Depositor of the Trust, is hereby
authorized, in its discretion, (i) to prepare and file with the Securities and
Exchange Commission (the "Commission") and to execute, in each case, on behalf
of the Trust, (a) a Registration Statement on Form S-3, or an appropriate
successor form (the "1933 Act Registration Statement"), including all
pre-effective and post-effective amendments thereto, relating to the
registration under the Securities Act of 1933, as amended (the "1933 Act"), of
the Preferred Securities of the Trust, (b) any preliminary prospectus or
prospectus or supplement thereto relating to the Preferred Securities of the
Trust required to be filed pursuant to the 1933 Act, and (c) a Registration
Statement on Form 8-A or other appropriate form (the "1934 Act Registration
Statement"), including all pre-effective and post-effective amendments thereto,
relating to the registration of the Preferred Securities of the Trust under the
Securities Exchange Act of 1934, as amended; (ii) if and at such time as
determined by the Depositor, to file with the New York Stock Exchange or other
national exchange (an "Exchange"), or the Nasdaq National Market ("Nasdaq") of
the National Association of Securities Dealers, Inc. ("NASD"), and to execute on
behalf of the Trust a listing application and all other applications,
statements, certificates, agreements and other instruments as shall be necessary
or desirable to cause the Preferred Securities of the Trust to be listed on an
Exchange, or to be designated for inclusion in

<PAGE>

Nasdaq; (iii) to file and execute on behalf of the Trust such applications,
reports, surety bonds, irrevocable consents, appointments of attorney for
service of process and other papers and documents as shall be necessary or
desirable to register the Preferred Securities of the Trust under the securities
or "Blue Sky" laws of such jurisdictions as the Depositor, on behalf of the
Trust, may deem necessary or desirable; (iv) to execute and deliver letters or
documents to, or instruments for filing with, a depository relating to the
Preferred Securities of the Trust; and (v) to execute, deliver and perform on
behalf of the Trust an underwriting agreement with one or more underwriters
relating to the offering of the Preferred Securities of the Trust.

         In the event that any filing referred to in this Section 4 is required
by the rules and regulations of the Commission, an applicable Exchange, the
NASD, or state securities or "Blue Sky" laws to be executed on behalf of the
Trust by one or more of the Trustees, each of the Trustees, in his, her or its
capacity as a trustee of the Trust, is hereby authorized, and to the extent so
required, directed to join in any such filing and to execute on behalf of the
Trust any and all of the foregoing, it being understood that The Bank of New
York (Delaware), in its capacity as a trustee of the Trust, shall not be
required to join in any such filing or to execute on behalf of the Trust any
such document unless required by the rules and regulations of the Commission,
such Exchange, the NASD, or state securities or "Blue Sky" laws. In connection
with the filings referred to above, the Depositor and Jack B. Lay, A. Greig
Woodring, and Todd C. Larson, each as Trustees and not in their individual
capacities, hereby constitutes and appoints Jack B. Lay, A. Greig Woodring and
Todd C. Larson, and each of them, as their true and lawful attorneys-in-fact and
agents, with full power of substitution and resubstitution, for the Depositor or
such Trustee or in the Depositor's or such Trustees' name, place and stead, in
any and all capacities, to sign any and all amendments (including post-effective
amendments) to the 1933 Act Registration Statement and the 1934 Act Registration
Statement and to file the same, with all exhibits thereto, and other documents
in connection therewith, with the Commission, the applicable Exchange and
administrators of the state securities or "Blue Sky" laws, granting unto said
attorneys-in-fact and agents full power and authority to do and perform each and
every act and thing requisite and necessary to be done in connection therewith,
as fully to all intents and purposes as the Depositor or such Trustee might or
could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents or any of them, or their respective substitute or
substitutes, shall do or cause to be done by virtue hereof.

         5.       This Trust Agreement may be executed in one or more
counterparts.

         6.       The number of Trustees initially shall be four (4) and
thereafter the number of Trustees shall be such number as shall be fixed from
time to time by a written instrument signed by the Depositor, which may increase
or decrease the number of Trustees; provided, however, that to the extent
required by the Statutory Trust Act, one trustee of the Trust shall either be a
natural person who is a resident of the State of Delaware or, if not a natural
person, an entity which has its principal place of business in the State of
Delaware and otherwise meets the requirements of applicable Delaware law.
Subject to the foregoing, the Depositor is entitled to appoint or remove without
cause any trustee of the Trust at any time. Any trustee of the Trust may resign
upon thirty days' prior notice to the Depositor.

         7.       The Trustees (the "Fiduciary Indemnified Persons") shall not
be liable, responsible or accountable in damages or otherwise to the Trust, the
Depositor, the Trustees or any holder of the Trust's securities (the Trust, the
Depositor and any holder of the Trust's securities being a "Covered Person") for
any loss, damage or claim incurred by reason of any act or omission
<PAGE>

performed or omitted by the Fiduciary Indemnified Persons in good faith on
behalf of the Trust and in a manner the Fiduciary Indemnified Persons reasonably
believed to be within the scope of authority conferred on the Fiduciary
Indemnified Persons by this Trust Agreement or by law, except that the Fiduciary
Indemnified Persons shall be liable for any such loss, damage or claim incurred
by reason of the Fiduciary Indemnified Person's gross negligence, bad faith or
willful misconduct with respect to such acts of omissions.

         The Fiduciary Indemnified Persons shall be fully protected in relying
in good faith upon the records of the Trust and upon such information, opinions,
reports or statements presented to the Trust by any person as to matters the
Fiduciary Indemnified Persons reasonably believes are within such other person's
professional or expert competence and who has been selected with reasonable care
by or on behalf of the Trust, including information, opinions, reports or
statements as to the value and amount of the assets, liabilities, profits,
losses, or any other facts pertinent to the existence and amount of assets from
which distributions to holders of Trust's securities might properly be paid.

         8.       The Depositor agrees, to the fullest extent permitted by
applicable law:

                  (a)     to indemnify and hold harmless each Fiduciary
Indemnified Person, or any of its officers, directors, shareholders, employees,
representatives or agents, from and against any loss, damage, liability, tax,
penalty, expense or claim of any kind or nature whatsoever incurred by the
Fiduciary Indemnified Persons by reason of the creation, operation or
termination of the Trust in a manner the Fiduciary Indemnified Persons
reasonably believed to be within the scope of authority conferred on the
Fiduciary Indemnified Persons by this Trust Agreement, except that no Fiduciary
Indemnified Persons shall be entitled to be indemnified in respect of any loss,
damage or claim incurred by the Fiduciary Indemnified Persons by reason of gross
negligence, bad faith or willful misconduct with respect to such acts or
omissions; and

                  (b)     to advance expenses (including legal fees) incurred
by a Fiduciary Indemnified Person in defending any claim, demand, action, suit
or proceeding, from time to time, prior to the final disposition of such claim,
demand, action, suit or proceeding, upon receipt by the Trust of an undertaking
by or on behalf of such Fiduciary Indemnified Persons to repay such amount if it
shall be determined that such Fiduciary Indemnified Person is not entitled to be
indemnified as authorized in the preceding subsection.

         The provisions of this section 8 shall survive the termination of this
Trust Agreement or the earlier resignation or removal of the Fiduciary
Indemnified Persons.

         9.       This Trust Agreement and the rights of the parties hereunder
shall be governed by and interpreted in accordance with the laws of the State of
Delaware and all rights and remedies shall be governed by such laws without
regard to the principles of conflict of laws.

         [The remainder of this page has been left blank intentionally.]

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Trust Agreement
to be duly executed as of the day and year first above written.

                                         THE BANK OF NEW YORK (DELAWARE),
                                         as Delaware trustee

                                         By: /s/ JAMES LONGSHAW
                                            ------------------------------------
                                         Name:  James Longshaw
                                                --------------------------------
                                         Title: Senior Vice President
                                               ---------------------------------

                                         /s/ JACK B. LAY
                                         ---------------------------------------
                                         Jack B. Lay, as Trustee

                                         /s/ A. GREIG WOODRING
                                         ---------------------------------------
                                         A. Greig Woodring, as Trustee

                                         /s/ TODD C. LARSON
                                         ---------------------------------------
                                         Todd C. Larson, as Trustee<PAGE>

                                        SUPPLEMENTARY TERMS NOTICE

                           PERPETUAL TRUSTEES CONSOLIDATED LIMITED
                                                         (Trustee)

                                        CRUSADE MANAGEMENT LIMITED
                                                         (Manager)

                                            ST.GEORGE BANK LIMITED
                                                 (Approved Seller)

                                            ST.GEORGE BANK LIMITED
                                                        (Servicer)

                                            ST.GEORGE BANK LIMITED
                                                     (Indemnifier)

                                   ST.GEORGE CUSTODIAL PTY LIMITED
                                                       (Custodian)

                                                      P.T. LIMITED
                               (Security Trustee)

                                          WILMINGTON TRUST COMPANY
                                                    (Note Trustee)

                                Crusade Global Trust No. 2 of 2003
                                                 The Chifley Tower
                                                  2 Chifley Square
                                                 Sydney  NSW  2000
                                                         Australia
                                               Tel  61 2 9230 4000
                                               Fax  61 2 9230 5333
                                                    www.aar.com.au

                         (C) Copyright Allens Arthur Robinson 2003

<PAGE>

SUPPLEMENTARY TERMS NOTICE                                Allens Arthur Robinson
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>

TABLE OF CONTENTS

<S>      <C>                                                                                             <C>
1.       INTRODUCTION                                                                                      1

2.       DEFINITIONS AND INTERPRETATION                                                                    2
         2.1      Definitions                                                                              2
         2.2      Interpretation                                                                          24
         2.3      Limitation of liability                                                                 24
         2.4      Knowledge of Trustee                                                                    25

3.       DIRECTION AND TRUST BACK                                                                         25

4.       NOTES                                                                                            26
         4.1      Conditions of Notes                                                                     26
         4.2      Summary of conditions of Notes                                                          26
         4.3      Issue of Notes                                                                          28
         4.4      Trustee's Covenant to Noteholders and the Note Trustee                                  28
         4.5      Repayment of Notes on Payment Dates                                                     29
         4.6      Final Redemption                                                                        29
         4.7      Period During Which Interest Accrues                                                    29
         4.8      Calculation of Interest                                                                 29
         4.9      Step-Up Margin                                                                          30
         4.10     Aggregate receipts                                                                      30

5.       CASHFLOW ALLOCATION METHODOLOGY                                                                  31
         5.1      Total Available Funds                                                                   31
         5.2      Excess Available Income - Reimbursement of Charge Offs and Principal Draws              33
         5.3      Excess Distribution                                                                     33
         5.4      Initial Principal Distributions                                                         34
         5.5      Principal Distributions prior to Stepdown Date                                          35
         5.6      Principal distributions on and after Stepdown Date                                      36
         5.7      Final Maturity Date                                                                     36
         5.8      Redraws                                                                                 36
         5.9      Determination Date - Payment Shortfall                                                  37
         5.10     Allocating Liquidation Losses                                                           37
         5.11     Insurance claims                                                                        38
         5.12     Payments before Payment Date                                                            38
         5.13     Charge Offs                                                                             38
         5.14     Payments into US$ Account                                                               39
         5.15     Payments out of US$ Account                                                             39
         5.16     Rounding of amounts                                                                     40
         5.17     Manager's Report                                                                        40
         5.18     Payment Priorities Following an Event of Default:  Security Trust Deed                  40
         5.19     Prescription                                                                            40
         5.20     Accounting Procedures:  Principal & Interest                                            40
         5.21     Replacement of Currency Swap                                                            40
         5.22     Notice of calculations                                                                  41
         5.23     Bond Factors                                                                            41

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SUPPLEMENTARY TERMS NOTICE                                Allens Arthur Robinson
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         5.24     Loan Offset Interest                                                                    42

6.       MASTER TRUST DEED AND SERVICING AGREEMENT                                                        42
         6.1      Completion of details in relation to Master Trust Deed                                  42
         6.2      Amendments to Master Trust Deed                                                         44
         6.3      Amendments to the Servicing Agreement                                                   83
         6.4      Clause 6.14                                                                             83

7.       CALL AND TAX REDEMPTION                                                                          84
         7.1      Call of Class A Notes                                                                   84
         7.2      Call of Class B Notes                                                                   84
         7.3      Call of Class C Notes                                                                   84
         7.4      Full satisfaction                                                                       85
         7.5      Tax Event                                                                               85

8.       SUBSTITUTION AND REMOVAL OF PURCHASED RECEIVABLES                                                86
         8.1      Approved Seller substitution                                                            86
         8.2      Other substitutions                                                                     86
         8.3      Selection criteria                                                                      87
         8.4      Removal of Purchased Receivables - Top Ups                                              87

9.       APPLICATION OF THRESHOLD RATE                                                                    88
         9.1      Calculation of Threshold Rate                                                           88
         9.2      Setting Threshold Rate                                                                  89
         9.3      Loan Offset Deposit Accounts                                                            89

10.      TITLE PERFECTION EVENTS                                                                          89
         10.1     Each of the following is a Title Perfection Event.                                      89

11.      BENEFICIARY                                                                                      90
         11.1     Issue of Units                                                                          90
         11.2     Residual Capital Unit                                                                   90
         11.3     Residual Income Unit                                                                    90
         11.4     Unit Register                                                                           91

12.      NOTE TRUSTEE                                                                                     91
         12.1     Capacity                                                                                91
         12.2     Exercise of rights                                                                      91
         12.3     Representation and warranty                                                             92
         12.4     Payments                                                                                92
         12.5     Payment to be made on Business Day                                                      92

13.      SECURITY TRUST DEED                                                                              92

14.      CUSTODIAN AGREEMENT                                                                              92

15.      MANAGER'S DIRECTIONS TO BE IN WRITING                                                            92

16.      UNDERTAKINGS BY APPROVED SELLER AND SERVICER                                                     92

17.      TAX REFORM                                                                                       93
         17.1     Taxation of trusts and consolidated groups                                              93
         17.2     Amending Bill - taxation of trusts                                                      94
         17.3     Group tax liabilities                                                                   94

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SUPPLEMENTARY TERMS NOTICE                                Allens Arthur Robinson
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         17.4     Evidence of tax sharing agreement                                                       95
         17.5     Objective                                                                               95
         17.6     Residual Income Beneficiary                                                             96

18.      ACKNOWLEDGMENTS                                                                                  96

19.      GOVERNING LAW                                                                                    96

SCHEDULE 1                                                                                               100

SCHEDULE 2                                                                                               102
         Application for A$ Notes                                                                        102
         Crusade Global Trust No. 2 of 2003                                                              102

SCHEDULE 3                                                                                               104
         Note Acknowledgment                                                                             104
         Crusade Global Trust No. 2 of 2003                                                              104

SCHEDULE 4                                                                                               106
         Note Transfer and Acceptance                                                                    106
         Crusade Global Trust No. 2 of 2003                                                              106

SCHEDULE 5                                                                                               109

SCHEDULE 6                                                                                               111
         Independent auditor's Annual Servicer Compliance Certificate to the Directors of Crusade
                  Management Limited                                                                     111
</TABLE>

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                                                                      Page (iii)

<PAGE>

SUPPLEMENTARY TERMS NOTICE                                Allens Arthur Robinson
--------------------------------------------------------------------------------

1.       INTRODUCTION
--------------------------------------------------------------------------------

         This Supplementary Terms Notice is issued on [*] 2003 pursuant and
         subject to the Master Trust Deed dated 14 March 1998 (the MASTER TRUST
         DEED) between the Trustee, the Manager, St.George, the Custodian, the
         Security Trustee and the Note Trustee.

         PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841) of Level
         7, 9 Castlereagh Street, Sydney, New South Wales 2000 in its capacity
         as trustee of Crusade Global Trust No. 2 of 2003 (the TRUSTEE);

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

         ST.GEORGE BANK LIMITED (ABN 92 055 513 070) of 4-16 Montgomery Street,
         Kogarah, New South Wales 2217 in its capacity as Servicer, Approved
         Seller and Indemnifier (ST.GEORGE);

         ST.GEORGE CUSTODIAL PTY LIMITED (ABN 87 003 347 411) of 4-16
         Montgomery Street, Kogarah, New South Wales 2217 (the CUSTODIAN);

         P.T. LIMITED (ABN 67 004 454 666) of Level 7, 9 Castlereagh Street
         Sydney, New South Wales 2000 (the SECURITY TRUSTEE); and

         WILMINGTON TRUST COMPANY of Rodney Square North, 1100 North Market
         Street, Wilmington Delaware 19890-0001 (the NOTE TRUSTEE) which has
         agreed to act as note trustee in relation to Notes issued by the Trust
         under the Note Trust Deed and in accordance with this Supplementary
         Terms Notice.

         This Supplementary Terms Notice is issued by the Manager and applies in
         respect of Crusade Global Trust No. 2 of 2003.

         Each party to this Supplementary Terms Notice agrees to be bound by the
         Transaction Documents as amended by this Supplementary Terms Notice in
         the capacity set out with respect to them in this Supplementary Terms
         Notice or the Master Trust Deed.

         The parties agree that the Approved Seller is to be an Approved Seller
         for the purposes of the Master Trust Deed, this Supplementary Terms
         Notice and the other Transaction Documents for the Trust.

         The parties agree that the Servicer is to be a Servicer for the
         purposes of the Master Trust Deed, this Supplementary Terms Notice and
         the other Transaction Documents for the Trust.

         The parties agree that the Custodian is to be a Custodian for the
         purposes of the Master Trust Deed, this Supplementary Terms Notice and
         the other Transaction Documents for the Trust.

         The Servicer agrees to service the Purchased Receivables and the
         Purchased Receivable Securities in accordance with the Servicing
         Agreement.

         The Note Trustee has agreed to act as note trustee in relation to Notes
         issued by the Trust under the Note Trust Deed in accordance with this
         Supplementary Terms Notice.
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SUPPLEMENTARY TERMS NOTICE                                Allens Arthur Robinson
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         The Security Trustee has agreed to act as security trustee for the
         Mortgagees under the Security Trust Deed.

2.       DEFINITIONS AND INTERPRETATION

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

2.1      DEFINITIONS

         Unless otherwise defined in this Supplementary Terms Notice, words and
         phrases defined in the Master Trust Deed have the same meaning where
         used in this Supplementary Terms Notice.

         In this Supplementary Terms Notice, and for the purposes of the
         definitions in the Master Trust Deed, the following terms have the
         following meanings unless the contrary intention appears. These
         definitions apply only in relation to the Crusade Global Trust No. 2 of
         2003, and do not apply to any other Trust (as defined in the Master
         Trust Deed).

         A$ CLASS A INTEREST AMOUNT means, for any Quarterly Payment Date in
         relation to the Confirmation for Class A Notes, the amount in
         Australian dollars which is calculated:

         (a)  on a daily basis at AUD-BBR-BBSW, as defined in the ISDA
              Definitions, as at the first day of the Interest Period ending on
              (but excluding) that Payment Date with a designated maturity of
              90 days plus the relevant Spread;

         (b)  on the A$ Equivalent of the aggregate of the Invested Amount of
              those Class A Notes as at the first day of the Interest Period
              ending on (but excluding) that Payment Date; and

         (c)  on the basis of the actual number of days in that Interest Period
              and a year of 365 days.

         A$ EQUIVALENT means:

         (a)  in relation to an amount denominated or to be denominated in US$,
              the amount converted to (and denominated in) A$ at the A$
              Exchange Rate; or

         (b)  in relation to an amount denominated or to be denominated in A$,
              the amount of A$.

         A$ EXCHANGE RATE means, on any date, the rate of exchange (set as at
         the commencement of a Currency Swap) applicable under that Currency
         Swap for the exchange of United States dollars for Australian dollars.

         A$ NOTEHOLDER means a Noteholder of an A$ Note.

         A$ NOTE means a Class B Note or a Class C Note.

         ACCRUED INTEREST ADJUSTMENT means, in relation to the Approved Seller,
         all interest and fees accrued on the Purchased Receivables up to (but
         excluding) the Closing Date which are unpaid as at the close of
         business on the Closing Date.

         AGENCY AGREEMENT means the Agency Agreement dated on or about the date
         of this Supplementary Terms Notice between the Trustee, the Manager,
         the Note Trustee, the Principal Paying Agent, the other Paying Agents,
         the Note Registrar and the Calculation Agent.
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                                                                         Page 2

<PAGE>

SUPPLEMENTARY TERMS NOTICE                                Allens Arthur Robinson
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         ARREARS subsist in relation to a Purchased Receivable at any time if,
         at that time, the principal outstanding under that Receivable is
         greater than the scheduled principal balance for that Receivable.

         ARREARS PERCENTAGE means, for any Payment Date:

         (a)  the aggregate Unpaid Balance of all Purchased Receivables which
              are in Arrears by 60 consecutive days or more as at the end of
              the Collection Period immediately preceding that Payment Date;

         divided by

         (b)  the aggregate Unpaid Balance of all Purchased Receivables as at
              the end of the Collection Period immediately preceding that
              Payment Date,

         expressed as a percentage.

         ASSET has the meaning in the Master Trust Deed and includes any Loan or
         any Mortgage specified in a Sale Notice or any Mortgage, Related
         Security or other rights with respect thereto which is acquired by the
         Trustee for the Trust, or any Authorised Investment acquired by the
         Trustee.

         AUTHORISED SIGNATORY means:

         (a)  in relation to the Note Trustee, any duly authorised officer of
              the Note Trustee and any other duly authorised person of the Note
              Trustee;

         (b)  in relation to the Principal Paying Agent, any duly authorised
              officer of the Principal Paying Agent and any other duly
              authorised person of the Principal Paying Agent; and

         (c)  in relation to the Calculation Agent, any duly authorised officer
              of the Calculation Agent and any other duly authorised person of
              the Calculation Agent.

         AVAILABLE INCOME means, in relation to the Trust for any Monthly
         Collection Period, the total of the following:

         (a)  the Finance Charge Collections for the Trust for that Monthly
              Collection Period; plus

         (b)  to the extent not included in paragraph (a):

              (i)  any amount received by or on behalf of the Trustee in
                   relation to that Monthly Collection Period on or by the
                   Monthly Payment Date immediately following the end of that
                   Monthly Collection Period with respect to net receipts under
                   any Interest Hedge;

              (ii) any interest income received by or on behalf of the Trustee
                   during that Monthly Collection Period in respect of moneys
                   credited to the Collection Account in relation to the Trust;

             (iii) amounts in the nature of interest otherwise paid by the
                   Approved Seller, the Servicer or the Manager to the Trustee
                   during that Monthly Collection Period in respect of
                   Collections held by it;

              (iv) all other amounts received by or on behalf of the Trustee in
                   respect of the Assets in the nature of income during that
                   Monthly Collection Period; and
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                                                                         Page 3

<PAGE>

SUPPLEMENTARY TERMS NOTICE                                Allens Arthur Robinson
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              (v)  all amounts received by or on behalf of the Trustee in the
                   nature of income during that Monthly Collection Period from
                   any provider of a Support Facility (other than a Redraw
                   Facility Agreement) under that Support Facility and which
                   the Manager determines should be accounted for in respect of
                   a Finance Charge Loss,

         but excluding interest credited to a Support Facility Collateral
         Account.

         Available Income, for any Quarterly Collection Period, means the total
         of the above amounts for the three Monthly Collection Periods that
         comprise that Quarterly Collection Period.

         BANK means:

         (a)  for the purposes of paragraph (a) of the definition of BUSINESS
              DAY and the definition of US$ Account:

              (i)  a corporation authorised under the Banking Act 1959 (Cth) to
                   carry on general banking business in Australia or a
                   corporation formed or incorporated under an Act of the
                   Parliament of an Australian Jurisdiction to carry on the
                   general business of banking;

              (ii) an authorised person permitted to accept deposits or an
                   exempt person under the Financial Services and Markets Act
                   2000 (UK); or

             (iii) a banking institution or trust company organised or doing
                   business under the laws of the United States of America or
                   any of its states; and

         (b)  in any other case, a corporation authorised under the Banking Act
              1959 (Cth) to carry on general banking business in Australia or a
              corporation formed or incorporated under an Act of the Parliament
              of an Australian Jurisdiction to carry on the general business of
              banking.

         BASIS SWAP means, in relation to the master interest rate swap
         agreement dated on or about the date of this Supplementary Terms Notice
         made between the Trustee in its capacity as trustee of the Trust, the
         Manager and St.George as principal floating rate payer on the terms of
         the ISDA Master Agreement (with amendments thereto), each Transaction
         (as defined in that agreement) entered into in accordance with that
         agreement in relation to the interest rate risk arising from a Floating
         Rate Loan.

         BBSW REFERENCE BANK means any financial institution authorised to quote
         on the Reuters Screen BBSW Page.

         BENEFICIARY means, in relation to the Trust, each holder of a Unit (as
         defined in clause 11).

         BOND FACTOR means a Class A Bond Factor, a Class B Bond Factor or a
         Class C Bond Factor.

         BOOK-ENTRY NOTE means a book-entry note issued or to be issued by the
         Trustee in registered form under clause 3.1 of the Note Trust Deed
         representing Class A Notes or substantially in the form of schedule 1
         to the Note Trust Deed.

         BREAK PAYMENT means any amount owed by an Obligor under a Fixed Rate
         Loan and which amount is owed following payment by that Obligor of any
         principal before the due date for that principal, in accordance with
         the terms of the relevant Receivable Agreement

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                                                                         Page 4

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SUPPLEMENTARY TERMS NOTICE                                Allens Arthur Robinson
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         (and includes an amount owed by the Mortgage Insurer with respect to
         the obligation of an Obligor to pay any such amount).

         BUSINESS DAY means:

         (a)  in relation to the Note Trust Deed, the Agency Agreement, any
              Class A Note, (including any Condition) and any payment of US$
              under a Currency Swap, any day, other than a Saturday, Sunday or
              public holiday, on which Banks are open for business in London,
              Sydney, and New York, or as otherwise specified in the relevant
              Condition; and

         (b)  in relation to any A$ Notes, any other Transaction Document and
              any payments of A$, any day, other than a Saturday, Sunday or
              public holiday, on which Banks are open for business in London,
              Sydney and New York.

         CALCULATION AGENT means Deutsche Bank Trust Company Americas.

         CARRYOVER CHARGE OFF means, in relation to the Trust at any time, a
         Carryover Class A Charge Off, or a Carryover Class B Charge Off, a
         Carryover Class C Charge Off or a Carryover Redraw Charge Off.

         CARRYOVER CLASS A CHARGE OFF means, on any Quarterly Determination
         Date, in relation to a Class A Note, the aggregate of Class A Charge
         Offs in relation to that Class A Note prior to that Quarterly
         Determination Date and which have not been reinstated under clause
         5.2(a)(ii)(A) or 5.2(a)(ii)(B).

         CARRYOVER CLASS B CHARGE OFF means, on any Quarterly Determination
         Date, in relation to a Class B Note, the aggregate of Class B Charge
         Offs prior to that Quarterly Determination Date and which have not been
         reinstated under clause 5.2(a)(iv).

         CARRYOVER CLASS C CHARGE OFF means, on any Quarterly Determination
         Date, in relation to a Class C Note, the aggregate of Class C Charge
         Offs prior to that Quarterly Determination Date and which have not been
         reinstated under clause 5.2(a)(v).

         CARRYOVER REDRAW CHARGE OFF means, on any Quarterly Determination Date,
         the aggregate of Redraw Charge Offs prior to that Quarterly
         Determination Date and which have not been reinstated under clause
         5.2(a)(ii)(B).

         CLASS where used in relation to the Notes, means each class constituted
         by the Class A Notes, the Class B Notes and the Class C Notes and where
         used in relation to Noteholders means the holders of Notes in the
         relevant Class or Classes of Notes.

         CLASS A BOND FACTOR means, in relation to a Quarterly Determination
         Date, the aggregate of the Invested Amounts for all Class A Notes for
         that Quarterly Determination Date less all Class A Principal Payments
         to be made on the next Quarterly Payment Date divided by the aggregate
         Class A Initial Invested Amounts for the Class A Notes expressed to
         seven decimal places.

         CLASS A CHARGE OFF means, in relation to a Class A Note, the amount of
         any reduction in the Class A Stated Amount for that Class A Note under
         clause 5.13(c)(i).

         CLASS A INITIAL INVESTED AMOUNT means, in relation to any Class A Note,
         the Initial Invested Amount of that Class A Note.
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         CLASS A INTEREST means in relation to a Class A Note, all interest
         accrued on that Class A Note in respect of an Interest Period in
         accordance with clause 4.8.

         CLASS A NOTE means a Note issued as a Class A Note by the Trustee with
         the characteristics of a Class A Note under this Supplementary Terms
         Notice and the Note Trust Deed and includes any relevant Book Entry
         Note (or any part or interest in it) and any relevant Definitive Note.

         CLASS A NOTEHOLDER means a Noteholder of a Class A Note.

         CLASS A PRINCIPAL DISTRIBUTION AMOUNT means, on any Payment Date, an
         amount equal to the lesser of:

         (a)  the Principal Collections remaining for distribution on that
              Payment Date after payment of the Initial Principal Distribution;
              and

         (b)  the greater of:

              (i)  the A$ Equivalent of the aggregate Invested Amount of the
                   Class A Notes at the beginning of the Collection Period
                   ending immediately before that Payment Date minus the
                   product of:

                   (A)  95.90% and

                   (B)  the aggregate Unpaid Balance of the Purchased
                        Receivables housing loans as of the last day of that
                        Collection Period; and

              (ii) zero.

         CLASS A PRINCIPAL PAYMENT means each payment to the Class A Noteholders
         under clause 5.15, following a payment under clauses 5.5(a)(ii) or
         5.6(a)(ii).

         CLASS A STATED AMOUNT means, on a Quarterly Determination Date and in
         relation to a Class A Note, an amount equal to:

         (a)  the Class A Initial Invested Amount for that Note; less

         (b)  the aggregate of all Class A Principal Payments made before that
              Determination Date with respect to that Class A Note; less

         (c)  Carryover Class A Charge Offs (if any) made in relation to that
              Class A Note; less

         (d)  Class A Principal Payments (if any) to be made in relation to
              that Class A Note on the next Payment Date; less

         (e)  Class A Charge Offs (if any) to be made in relation to that Class
              A Note on the next Payment Date; plus

         (f)  the amount (if any) of the Excess Available Income applied in
              reinstating the Stated Amount of that Class A Note under clause
              5.2(a)(ii) on that Determination Date.

         CLASS B BOND FACTOR means, on a Quarterly Determination Date, the
         aggregate of the Invested Amounts for all Class B Notes for that
         Quarterly Determination Date less all Class B Principal Payments to be
         made on the next Quarterly Payment Date divided by the aggregate Class
         B Initial Invested Amounts for all Class B Notes expressed to seven
         decimal places.
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         CLASS B CHARGE OFF means, in relation to a Class B Note, the amount of
         any reduction in the Class B Stated Amount for that Note under clause
         5.13(b).

         CLASS B INITIAL INVESTED AMOUNT means, in relation to any Class B Note,
         the Initial Invested Amount of that Class B Note.

         CLASS B INTEREST means, in relation to a Class B Note, all interest
         accrued on that Class B Notes in respect of an Interest Period in
         accordance with clause 4.8.

         CLASS B NOTE means a Note issued as a Class B Note by the Trustee with
         the characteristics of a Class B Note under this Supplementary Terms
         Notice.

         CLASS B NOTEHOLDER means a Noteholder of a Class B Note.

         CLASS B PRINCIPAL DISTRIBUTION AMOUNT means, on any Payment Date, an
         amount equal to the lesser of:

         (a)  the Principal Collections remaining for distribution on that
              Payment Date after payment of the Initial Principal Distributions
              and the Class A Principal Distribution Amount; and

         (b)  the greater of:

              (i)  the aggregate Invested Amount on the Class A Notes (after
                   taking into account the payment of the Class A Principal
                   Distribution Amount on that Payment Date) plus the aggregate
                   Invested Amount of the Class B Notes at the beginning of the
                   Collection Period ending immediately before that Payment
                   Date minus the product of:

                   (A)  99.20% and

                   (B)  the aggregate Unpaid Balance of the Purchased
                        Receivables as of the last day of that Collection
                        Period; and

              (ii) zero.

         CLASS B PRINCIPAL PAYMENT means each payment to the Class B Noteholders
         under clauses 5.5(a)(iii) or 5.6(a)(iii).

         CLASS B STATED AMOUNT means, on a Quarterly Determination Date and in
         relation to a Class B Note, an amount equal to:

         (a)  the Class B Initial Invested Amount for that Note; less

         (b)  the aggregate of all Class B Principal Payments made before that
              Determination Date with respect to that Class B Note; less

         (c)  Carryover Class B Charge Offs (if any) made in relation to that
              Class B Note; less

         (d)  Class B Principal Payments (if any) to be made in relation to
              that Class B Note on the next Payment Date; less

         (e)  Class B Charge Offs (if any) to be made in relation to that Class
              B Note on the next Payment Date; plus

         (f)  the amount (if any) of the Excess Available Income applied in
              reinstating the Stated Amount of that Class B Note under clause
              5.2(a)(iv) on that Determination Date.
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SUPPLEMENTARY TERMS NOTICE                                Allens Arthur Robinson
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         CLASS C BOND FACTOR means, on a Quarterly Determination Date, the
         aggregate of the Invested Amounts for all Class C Notes for that
         Quarterly Determination Date less all Class C Principal Payments to be
         made on the next Quarterly Payment Date divided by the aggregate Class
         C Initial Invested Amounts for all Class C Notes expressed to seven
         decimal places.

         CLASS C CHARGE OFF means, in relation to a Class C Note, the amount of
         any reduction in the Class C Stated Amount for that Note under clause
         5.13(a).

         CLASS C INITIAL INVESTED AMOUNT means, in relation to any Class C Note,
         the Initial Invested Amount of that Class C Note.

         CLASS C INTEREST means in relation to a Class C Note all interest
         accrued on that Class C Note in respect of an Interest Period in
         accordance with clause 4.8.

         CLASS C NOTE means a Note issued as a Class C Note by the Trustee with
         the characteristics of a Class C Note under this Supplementary Terms
         Notice.

         CLASS C NOTEHOLDER means a Noteholder of a Class C Note.

         CLASS C PRINCIPAL DISTRIBUTION AMOUNT means, on any Payment Date, an
         amount equal to the lesser of:

         (a)  the Principal Collections remaining for distribution on that
              Payment Date after payment of the Initial Principal
              Distributions, the Class A Principal Distribution Amount and the
              Class B Principal Distribution Amount; and

         (b)  the greater of:

              (i)  the aggregate Invested Amount of the Class A Notes (after
                   taking into account the payment of the Class A Principal
                   Distribution Amount on that Payment Date) plus the aggregate
                   Invested Amount of the Class B Notes (after taking into
                   account the payment of the Class B Principal Distribution
                   Amount on that Payment Date) plus the aggregate Invested
                   Amount of the Class C Notes at the beginning of the
                   Collection Period ending immediately before that Payment
                   Date minus the product of:

                   (A)  100.00%; and

                   (B)  the aggregate Unpaid Balance of the Purchased
                        Receivables as of the last day of that Collection
                        Period; and

              (ii) zero.

         CLASS C PRINCIPAL PAYMENT means each payment to the Class C Noteholders
         under clause 5.5(a)(iv) or 5.6(a)(iv).

         CLASS C STATED AMOUNT means, on a Quarterly Determination Date and in
         relation to a Class C Note, an amount equal to:

         (a)  the Class C Initial Invested Amount for that Note; less

         (b)  the aggregate of all Class C Principal Payments made before that
              Determination Date with respect to that Class C Note; less

         (c)  Carryover Class C Charge Offs (if any) made in relation to that
              Class C Note; less
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SUPPLEMENTARY TERMS NOTICE                                Allens Arthur Robinson
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         (d)  Class C Principal Payments (if any) to be made in relation to
              that Class C Note on the next Payment Date; less

         (e)  Class C Charge Offs (if any) to be made in relation to that Class
              C Note on the next Payment Date; plus

         (f)  the amount (if any) of the Excess Available Income applied in
              reinstating the Stated Amount of that Class C Note under clause
              5.2(a)(v) on that Determination Date.

         CLEARING AGENCY means an organisation registered as a CLEARING AGENCY
         pursuant to Section 17A of the Exchange Act appointed by the Manager
         and the Trustee to hold Notes (directly or through a Common
         Depository), and initially means DTC.

         CLOSING DATE means, in relation to the Trust, 13 March 2003 or such
         later date as may be agreed between the Trustee and the Note Manager.

         COLLECTION ACCOUNT means, in relation to the Trust, the Australian
         dollar account number [*] with National Australia Bank (ABN 12 004 044
         937) at its office at Cnr Pitt and Hunter Streets, Sydney or any other
         account opened under clause 21 of the Master Trust Deed and maintained
         by the Trustee with an Approved Bank.

         COLLECTION PERIOD means a Monthly Collection Period or a Quarterly
         Collection Period.

         COLLECTIONS means, in relation to the Trust for a period, Finance
         Charge Collections and Principal Collections for that period.

         COMMON DEPOSITORY means Cede & Co, as depository for DTC, or any other
         common depository for DTC or any Clearing Agency appointed from time to
         time to hold any Book-Entry Note.

         CONDITIONS means the Conditions for the Class A Notes in the form set
         out in schedule 3 to the Note Trust Deed (but, so long as the Class A
         Notes are represented by Book-Entry Notes, with the deletion of any
         provisions which are applicable only to the Definitive Notes), as the
         same may from time to time be modified in accordance with this
         Supplementary Terms Notice and the Note Trust Deed. Any reference in
         this Supplementary Terms Notice to a particular numbered Condition
         shall be construed accordingly.

         CONFIRMATION means, in respect of the Currency Swap, any Confirmation
         (as defined in the Currency Swap).

         CURRENCY SWAP means, in relation to the master interest rate and
         currency exchange agreement dated on or about the date of this
         Supplementary Terms Notice between the Trustee in its capacity as
         trustee of the Trust, the Manager and the Currency Swap Provider, on
         the terms of the ISDA Master Agreement (with amendments thereto), each
         Transaction (as defined in that agreement) entered into in accordance
         with that agreement under which the principal swap provider, agrees to
         pay certain amounts in US$ to the Trustee in exchange for certain
         amounts in A$ or any other Hedge Agreement on similar terms which, if
         entered into, will not result in the downgrading of, or withdrawal of
         the ratings for, any Notes.

         CURRENCY SWAP PROVIDER means JP Morgan Chase Bank.
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                                                                         Page 9

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SUPPLEMENTARY TERMS NOTICE                                Allens Arthur Robinson
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         CUSTODIAN AGREEMENT means the agreement so entitled dated 19 March 1998
         between the Trustee, the Manager and the Custodian.

         CUSTODIAN FEE means the fee payable under clause 6.1(d) of this
         Supplementary Terms Notice and clause 6.1 of the Custodian Agreement.

         CUT-OFF DATE means, in respect of each Receivable and Receivable
         Security, close of business, on 8 September 2003.

         DEFINITIVE NOTE means a note in definitive form (whether bearer or
         registered) issued or to be issued in respect of any Class A Note
         under, and in the circumstances specified in, clause 3.3 of the Note
         Trust Deed, and includes any replacement for a Definitive Note issued
         under Condition 11.

         DESIGNATED RATING AGENCY means S&P, Moody's or Fitch Ratings.

         DETERMINATION DATE means a Monthly Determination Date or a Quarterly
         Determination Date.

         DTC means The Depository Trust Company.

         ELIGIBILITY CRITERIA means the criteria set out in the schedule to this
         Supplementary Terms Notice, subject to the Trustee and Manager
         receiving confirmation from the Designated Rating Agencies that the
         criteria will not adversely affect the Rating.

         ENFORCEMENT EXPENSES means the costs and expenses incurred by the
         Approved Seller or the Servicer in connection with the enforcement of
         any Purchased Receivables or the related Receivable Rights referred to
         in clause 6.2(a) of the Servicing Agreement.

         EXCESS AVAILABLE INCOME means, for a Quarterly Collection Period, the
         amount (if any) by which the Total Available Funds for the Quarterly
         Collection Period exceeds the Total Payments for the Quarterly
         Collection Period.

         EXCESS DISTRIBUTION means, in relation to a Quarterly Collection
         Period, the amount (if any) by which the Excess Available Income for
         that Quarterly Collection Period exceeds the amounts applied under
         clause 5.2 on each Determination Date relating to that Quarterly
         Collection Period.

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

         FINAL MATURITY DATE means the date specified in clause 4.2(i).

         FINANCE CHARGE COLLECTIONS means, for a Monthly Collection Period, the
         aggregate of:

         (a)  the aggregate of all amounts received by or on behalf of the
              Trustee during that Monthly Collection Period in respect of
              interest, fees and other amounts in the nature of income payable
              under or in respect of the Purchased Receivables and the related
              Receivable Rights, to the extent not included within any other
              paragraph of this definition, including:

              (i)  any Liquidation Proceeds on account of interest received
                   during that monthly Collection Period;

              (ii) any payments by the Approved Seller to the Trustee on the
                   repurchase of a Purchased Receivable under the Master Trust
                   Deed during that Monthly Collection Period which are
                   attributable to interest;

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SUPPLEMENTARY TERMS NOTICE                                Allens Arthur Robinson
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              (iii) any Break Payments received during that Monthly Collection
                    Period;

               (iv) any amount received by the Trustee from the Approved Seller
                    under clause 5.24 with respect to that Monthly Collection
                    Period attributable to interest; and

               (v)  any interest on Collections paid by the Approved Seller
                    under clause 5.2(b)(ii) of the Servicing Agreement (as
                    amended by this Supplementary Terms Notice) and received by
                    the Trustee during that Monthly Collection Period.

          (b)  all amounts in respect of interest, fees and other amounts in the
               nature of income, received by or on behalf of the Trustee during
               that Monthly Collection Period including:

               (i)  from the Approved Seller, in respect of any breach of a
                    representation, warranty or undertaking contained in the
                    Master Trust Deed or this Supplementary Terms Notice;

               (ii) from the Approved Seller under any obligation under the
                    Master Trust Deed or this Supplementary Terms Notice to
                    indemnify or reimburse the Trustee for any amount;

               (iii) from the Servicer in respect of any breach of a
                    representation, warranty or undertaking contained in the
                    Servicing Agreement;

               (iv) from the Servicer under any obligation under the Servicing
                    Agreement to indemnify or reimburse the Trustee for any
                    amount;

               (v)  from the Custodian in respect of any breach of a
                    representation, warranty or undertaking contained in the
                    Custodian Agreement;

               (vi) from the Custodian under any obligation under the Custodian
                    Agreement to indemnify or reimburse the Trustee for any
                    amount;

               (vii) from the Indemnifier under the Indemnity in respect of any
                    losses arising from a breach by the Custodian of its
                    obligations under the Custodian Agreement;

               (viii) from the Trustee in its personal capacity in respect of
                    any breach of a representation, warranty or undertaking in
                    respect of which it is not entitled to be indemnified out of
                    the Assets of the Trust, or any indemnity from the Trustee
                    in its personal capacity contained in the Transaction
                    Documents; and

               (ix) from the Manager in respect of any breach of a
                    representation, warranty or undertaking of the Manager in
                    respect of a breach of which it is not entitled to be
                    indemnified out of the Assets of the Trust, or any indemnity
                    from the Manager, contained in the Transaction Documents,

           in each case which are determined by the Manager to be in respect of
           interest, fees and other amounts in the nature of income payable
           under the Purchased Receivables and the related Receivable Rights;
           and
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                                                                         Page 11

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SUPPLEMENTARY TERMS NOTICE                                Allens Arthur Robinson
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         (c)  Recoveries in the nature of income received by or on behalf of
              the Trustee during that Monthly Collection Period;

         less:

         (d)  the Government Charges collected by or on behalf of the Trustee
              for that Monthly Collection Period; and

         (e)  the aggregate of all bank fees and charges due to the Servicer or
              the Approved Seller as agreed by them and consented to by the
              Trustee (that consent not to be unreasonably withheld) from time
              to time and collected by the Approved Seller or the Servicer
              during that Monthly Collection Period.

         For a Quarterly Collection Period, it means the aggregate of those
         amounts relating to the 3 Monthly Collection Periods that comprise that
         Quarterly Collection Period.

         FINANCE CHARGE LOSS means, for a Quarterly Collection Period, the
         amount of any Liquidation Loss referred to in clause 5.10(a).

         FITCH RATINGS means Fitch Australia Pty Limited.

         FIXED RATE LOAN means, at any time, any Purchased Receivable which
         bears a fixed rate of interest at that time.

         FLOATING RATE LOAN means, at any time, any Purchased Receivable which
         bears a variable rate of interest, as permitted by the relevant
         Receivable Agreement, at the discretion of the Approved Seller.

         GE means Housing Loans Insurance Corporation, GE Mortgage Insurance Pty
         Ltd, and Housing Loans Insurance Corporation Pty Ltd.

         GOVERNMENT CHARGES means, for any Collection Period, the aggregate of
         all amounts collected by the Servicer or the Approved Seller in that
         Collection Period in respect of the Purchased Receivables and the
         related Receivable Rights representing bank account taxes or similar
         Taxes.

         HEDGE AGREEMENT in relation to the Trust includes any Interest Hedge
         and the Currency Swap.

         HOUSING LOAN PRINCIPAL means, in relation to a Purchased Receivable,
         the principal amount of that Purchased Receivable from time to time.

         INCOME DISTRIBUTION DATE means, for the purposes of the Master Trust
         Deed, each Payment Date.

         INDEMNIFIER means St.George.

         INDEMNITY means the deed of indemnity between the Trustee and the
         Indemnifier dated on or about the date of this Supplementary Terms
         Notice.

         INFORMATION MEMORANDUM means the Prospectus relating to the Trust and
         the Class A Notes and the Information Memorandum dated on or about the
         date of this Supplementary Terms Notice relating to the Trust and the
         A$ Notes.

         INITIAL INVESTED AMOUNT means, in respect of a Note, the amount stated
         as the Initial Invested Amount for that Note in clause 4.2(e).
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                                                                         Page 12

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SUPPLEMENTARY TERMS NOTICE                                Allens Arthur Robinson
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         INITIAL PRINCIPAL DISTRIBUTION means any distribution of Principal
         Collections in accordance with clause 5.4(c).

         INTEREST means Class A Interest, Class B Interest or Class C Interest.

         INTEREST HEDGE means the Basis Swap or an Interest Rate Swap.

         INTEREST PAYMENT DATE means, for the purposes of the Master Trust Deed,
         each Quarterly Payment Date.

         INTEREST PERIOD means:

         (a)  in relation to the first Interest Period of a Note, the period
              commencing on (and including) the Closing Date and ending on (but
              excluding) the first Quarterly Payment Date; and

         (b)  in relation to the final Interest Period, the period commencing
              on (and including) the Quarterly Payment Date prior to the day on
              which all amounts due on such Notes are redeemed in full in
              accordance with the Transaction Documents and ending on (but
              excluding) such day; provided that if the Stated Amount of any
              Note on the due date for redemption is not zero and payment of
              principal due is improperly withheld or refused, the final
              Interest Period shall end on the day on which:

              (i)  the monies in respect of that Note have been received by the
                   Note Trustee or the Principal Paying Agent and notice to
                   that effect has been given in accordance with the relevant
                   Condition; or

              (ii) the Stated Amount of that Note has been reduced to zero
                   provided that Interest shall thereafter begin to accrue from
                   (and including) any date on which the Stated Amount of that
                   Note becomes greater than zero; and

         (c)  in relation to each other Interest Period, each period commencing
              on (and including) a Quarterly Payment Date and ending on (but
              excluding) the next Quarterly Payment Date.

         INTEREST RATE means, in relation to:

         (a)  a Class A Note and an Interest Period, LIBOR in relation to that
              Interest Period plus the relevant Margin for the Class A Notes;

         (b)  an A$ Note and an Interest Period, the Three Month Bank Bill Rate
              in relation to that Interest Period plus the relevant Margin for
              the relevant A$ Note.

         INTEREST RATE SWAP means, in relation to the master agreement dated on
         or about the date of this Supplementary Terms Notice made between the
         Trustee as trustee of the Trust, the Manager and St.George as principal
         floating rate payer on the terms of the ISDA Master Agreement (with
         amendments thereto), each Transaction (as defined in that agreement)
         entered into in accordance with that agreement in relation to the
         interest rate risk arising from a Receivable which is a Fixed Rate
         Loan.

         INVESTED AMOUNT means, on a Determination Date in relation to a Note,
         the Initial Invested Amount of that Note minus the aggregate of
         Principal Payments made in respect of the Note on or before that
         Determination Date.
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                                                                         Page 13

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SUPPLEMENTARY TERMS NOTICE                                Allens Arthur Robinson
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         ISDA means the International Swaps and Derivatives Association, Inc.
         (formerly the International Swaps Dealers Association Inc).

         ISDA DEFINITIONS means the 2000 Definitions as amended from time to
         time published by the International Swaps and Derivatives Association,
         Inc.

         ISDA MASTER AGREEMENT means the June 1992 Multicurrency-Cross border
         edition of the Master Agreement published by ISDA, any schedule forming
         part of that Agreement and the relevant addenda to it.

         LEAD MANAGER means J.P. Morgan Australia Limited.

         LIBOR means, in relation to any Interest Period, the rate of interest
         determined by the Calculation Agent as follows.

         (a)  On the second Business Day before the beginning of each Interest
              Period (each an INTEREST DETERMINATION DATE), the rate
              "USD-LIBOR-BBA" as the applicable Floating Rate Option under the
              ISDA Definitions being the rate applicable to any Interest Period
              for three month deposits in US Dollars which appears on the
              Telerate Page 3750 as of 11:00 am, London time, determined on the
              Interest Determination Date by the Calculation Agent.

         (b)  If such rate does not appear on the Telerate Page 3750, the rate
              for that Interest Period will be determined as if the Trustee and
              the Calculation Agent had specified "USD-LIBOR-Reference Banks"
              as the applicable Floating Rate Option under the ISDA
              Definitions. "USD-LIBOR-Reference Banks" means that the rate for
              an Interest Period will be determined on the basis of the rates
              at which deposits in US Dollars are offered by the REFERENCE
              BANKS (being four major banks in the London interbank market
              agreed to by the Calculation Agent and the Currency Swap
              Provider) at approximately 11:00 am, London time, on the Interest
              Determination Date to prime banks in the London interbank market
              for a period of three months commencing on the first day of the
              Interest Period and in a Representative Amount (as defined in the
              ISDA Definitions). The Calculation Agent will request the
              principal London office of each of the Reference Banks to provide
              a quotation of its rate. If at least two such quotations are
              provided, the rate for that Interest Period will be the
              arithmetic mean of the quotations. If fewer than two quotations
              are provided as requested, the rate for that Interest Period will
              be the arithmetic mean of the rates quoted by not less than two
              major banks in New York City, selected by the Calculation Agent
              and the Currency Swap Provider, at approximately 11:00 am, New
              York City time, on the first day of that Interest Period for
              loans in US Dollars to leading European banks for a period of
              three months commencing on the first day of the Interest Period
              and in a Representative Amount.

         (c)  If no such rates are available in New York City, then the rate
              for such Interest Period shall be the most recently determined
              rate in accordance with this paragraph.

         In this definition of LIBOR, BUSINESS DAY means any day on which
         commercial banks are open for business (including dealings in foreign
         exchange and foreign currency deposits) in London.
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SUPPLEMENTARY TERMS NOTICE                                Allens Arthur Robinson
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         LIQUIDATION LOSS means, for a Collection Period, the amount (if any) by
         which the Unpaid Balance of a Purchased Receivable (together with the
         Enforcement Expenses relating to the Purchased Receivable and the
         related Receivable Rights) exceeds the Liquidation Proceeds in relation
         to the Purchased Receivable for that Collection Period.

         LIQUIDATION PROCEEDS means, in relation to a Purchased Receivable and
         the related Receivable Rights which have been or are being enforced,
         all amounts recovered in respect of the enforcement of the Purchased
         Receivable and the related Receivable Rights (but does not include the
         proceeds of any Mortgage Insurance Policy).

         LOAN OFFSET DEPOSIT ACCOUNT means any deposit account maintained by an
         Obligor under a Purchased Receivable with the Approved Seller where an
         amount equal to the interest which would otherwise accrue on that
         account is offset against moneys owed by that Obligor under that
         Purchased Receivable, in accordance with the relevant Receivable
         Agreement.

         LOAN OFFSET INTEREST AMOUNT means, in relation to any Obligor under a
         Purchased Receivable, the amount of any interest which would be payable
         by the Approved Seller to that Obligor on amounts standing to the
         credit of the Obligor's Loan Offset Deposit Account, if interest was
         payable on that account.

         LVR means in relation to a Loan, the outstanding amount of that Loan,
         plus any other amount secured by any Mortgage for that Loan or related
         Loans, at the date of determination divided by the aggregate value
         (determined at the time the Mortgage was granted) of the Mortgaged
         Property subject to the related Mortgage for that Loan, expressed as a
         percentage.

         MARGIN means, in relation to any Note, the Margin for that Note agreed
         between the Manager and the Lead Manager (in the case of A$ Notes) and
         the Note Manager (in the case of the Class A Notes), and notified by
         the Manager to the Trustee under clause 4.2(d) in relation to that
         Note, as it may be modified under clause 4.9.

         MODIFIED FOLLOWING BUSINESS DAY CONVENTION has the meaning given to it
         in the ISDA Definitions.

         MONTHLY COLLECTION PERIOD means, in relation to a Monthly Payment Date,
         the calendar month which precedes the calendar month in which the
         Monthly Payment Date occurs. The first Monthly Collection Period is the
         period from (but excluding) the Cut-Off Date to (and including) 30
         September 2003. The last Monthly Collection Period is the period from
         (but excluding) the last day of the calendar month that precedes the
         date on which the Trust is terminated under clause 3.5 of the Master
         Trust Deed to (and including) that date.

         MONTHLY DETERMINATION DATE means, in relation to the Trust for a
         Monthly Collection Period, the date which is 2 Business Days prior to
         the Monthly Payment Date following the end of that Monthly Collection
         Period.

         MONTHLY PAYMENT DATE means, in relation to a Monthly Collection Period,
         the 18th day of the calendar month that follows that Monthly Collection
         Period, subject to adjustment in accordance with the Modified Following
         Business Day Convention.
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         MORTGAGE INSURER means St.George Insurance Pte Ltd and PMI Mortgage
         Insurance Limited and GE.

         MORTGAGE SHORTFALL means, in relation to a Purchased Receivable, the
         amount (if a positive number) equal to the Principal Loss for that
         Purchased Receivable minus the aggregate of:

         (a)  the total amount recovered and recoverable in respect of that
              Purchased Receivable under the relevant Mortgage Insurance
              Policy, determined to be attributable to principal; and

         (b)  the total amount recovered and recoverable by the Trustee from
              the Approved Seller or the Servicer (as the case may be) in
              respect of that Purchased Receivable (by way of damages or
              otherwise) under or in respect of the Master Trust Deed, this
              Supplementary Terms Notice or the Servicing Agreement (as the
              case may be), determined by the Manager to be attributable to
              principal.

         For the purposes of this definition,

         (c)  an amount shall be regarded as not recoverable upon the earlier
              of:

              (i)  a determination being made, in the case of paragraph (a), by
                   the Manager, and in the case of paragraph (b), by the
                   Trustee, in each case upon the advice of such suitably
                   qualified expert advisers as the Manager or the Trustee (as
                   the case may be) thinks fit, that there is no such amount,
                   or that such amount is not likely to be recovered (including
                   because the relevant Mortgage Insurance Policy has been
                   terminated, the relevant Mortgage Insurer is entitled to
                   reduce the amount of the claim or the Mortgage Insurer
                   defaults in payment of a claim); and

              (ii) the date which is two years after the Determination Date
                   upon which the relevant Principal Loss was determined under
                   clause 5.10; and

         (d)  a Mortgage Shortfall arises on the date upon which there are no
              further amounts referred to in (a) and (b) recoverable in respect
              of the relevant Purchased Receivable.

         NOTE means a Class A Note, a Class B Note or Class C Note referred to
         in clause 4, and includes:

         (a)  the Conditions relating to a Class A Note; and

         (b)  any interest in a Book-Entry Note as an account holder with a
              Clearing Agency.

         NOTEHOLDER means, at any time, the person who:

         (a)  in relation to an A$ Note, is registered as the holder of that
              Note at that time;

         (b)  in relation to a Definitive Note, is the registered holder of
              that Note (in the case of registered Definitive Notes) or bearer
              of that Note (in the case of bearer Definitive Notes) at that
              time; or

         (c)  in relation to a Note which is represented by a Book-Entry Note,
              is the registered holder of that Note at that time,
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         except that for the purposes of payments in respect of Book-Entry
         Notes, the right to those payments shall be vested, as against the
         Trustee and the Note Trustee in respect of the Trust, by payment to the
         Clearing Agency in accordance with and subject to their respective
         Conditions and the provisions of this Supplementary Terms Notice and
         the Note Trust Deed. The words holder and holders shall (where
         appropriate) be construed accordingly.

         NOTE MANAGER means J.P. Morgan Securities Inc..

         NOTE REGISTER means the register kept by the Note Registrar to provide
         for the registration and transfer of Class A Notes under the Note Trust
         Deed.

         NOTE REGISTRAR means Deutsche Bank Trust Company Americas or any
         successor note registrar approved in writing by the Note Trustee and
         appointed under the Agency Agreement.

         NOTE TRUST DEED means the deed so entitled dated on or about the date
         of this Supplementary Terms Notice between the Note Trustee, the
         Trustee and the Manager.

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

         OPTIONAL REDEMPTION DATE means the first Quarterly Payment Date falling
         on or immediately after the date on which the aggregate Stated Amount
         of all Notes is less than or equal to 10% of the aggregate Initial
         Invested Amount of all Notes.

         PAYMENT DATE means a Monthly Payment Date or a Quarterly Payment Date.

         PAYMENT SHORTFALL means, in relation to any Collection Period, the
         amount (if any) by which Total Payments for that Collection Period
         exceed the Available Income for that Collection Period.

         PREMISES means the area labelled "Crusade Global Trust No. 2 of 2003"
         located in a secure area on Lower Ground Floor, St.George House, 4-16
         Montgomery Street, Kogarah, New South Wales 2217 (or such other
         premises as the Custodian proposes, and the Trustee agrees to in
         writing).

         PRINCIPAL AMORTISATION DATE means, in relation to a Note for the
         purposes of the Master Trust Deed, each Quarterly Payment Date.

         PRINCIPAL CHARGE OFF means, in relation to any Quarterly Collection
         Period, the aggregate of all Mortgage Shortfalls for that Quarterly
         Collection Period.

         PRINCIPAL COLLECTIONS means, for a Collection Period, the aggregate of:

         (a)  all amounts received by or on behalf of the Trustee from or on
              behalf of Obligors under the Purchased Receivables during that
              Collection Period in respect of principal, in accordance with the
              terms of the Purchased Receivables, including principal
              prepayments;

         (b)  all other amounts received by or on behalf of the Trustee under
              or in respect of principal under the Purchased Receivables and
              the related Receivable Rights during that Collection Period
              including:

              (i)  any Liquidation Proceeds on account of principal;
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               (ii) any payments by the Approved Seller to the Trustee on the
                    repurchase of a Purchased Receivable under the Master Trust
                    Deed during that Monthly Collection Period which are
                    attributable to principal; and

              (iii) any amount received by the Trustee from the Approved Seller
                    under clause 5.24 with respect to that Monthly Collection
                    Period attributable to principal;

          (c)  all amounts received by or on behalf of the Trustee during that
               Collection Period from any provider of a Support Facility (other
               than the Currency Swap but including any Mortgage Insurance
               Policy) under that Support Facility and which the Manager
               determines should be accounted for in respect of a Principal
               Loss;

          (d)  all amounts received by or on behalf of the Trustee during that
               Collection Period:

               (i)  from the Approved Seller, in respect of any breach of a
                    representation, warranty or undertaking of the Approved
                    Seller contained in the Master Trust Deed or this
                    Supplementary Terms Notice;

               (ii) from the Approved Seller under any obligation of the
                    Approved Seller under the Master Trust Deed or this
                    Supplementary Terms Notice to indemnify or reimburse the
                    Trustee for any amount;

              (iii) from the Servicer, in respect of any breach of any
                    representation, warranty or undertaking of the Servicer
                    contained in the Servicing Agreement;

               (iv) from the Servicer under any obligation of the Servicer under
                    the Servicing Agreement to indemnify or reimburse the
                    Trustee for any amount;

               (v)  from the Custodian in respect of any breach of a
                    representation, warranty or undertaking of the Custodian
                    contained in the Custodian Agreement;

               (vi) from the Custodian under any obligation of the Custodian
                    under the Custodian Agreement to indemnify or reimburse the
                    Trustee for any amount;

               (vii) from the Indemnifier under the Indemnity in respect of any
                    losses arising from a breach by the Custodian of its
                    obligations contained in the Custodian Agreement;

               (viii) from the Trustee in its personal capacity in respect of
                    any breach of a representation, warranty or undertaking of
                    the Trustee in respect of which it is not entitled to be
                    indemnified out of the Assets of the Trust;

               (ix) from the Trustee in its personal capacity under any
                    obligation of the Trustee under the Transaction Documents to
                    indemnify or reimburse the Trust for any amount;

               (x)  from the Manager in respect of any breach of a
                    representation, warranty or undertaking of the Manager
                    contained in the Transaction Documents of which it is not
                    entitled to be indemnified out of the Assets of the Trust;
                    and

               (xi) from the Manager under any obligation of the Manager under
                    the Transaction Documents to indemnify or reimburse the
                    Trust for any amount,

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              in each case, which are determined by the Manager to be in
              respect of principal payable under the Purchased Receivables
              and the related Receivable Rights;

         (e)  any amounts in the nature of principal received by or on behalf
              of the Trustee during that Collection Period pursuant to the sale
              of any Asset (including the A$ Equivalent of any amount received
              by the Trustee on the issue of the Notes which was not used to
              purchase a Purchased Receivable or Purchased Receivable Security,
              and which the Manager determines is surplus to the requirements
              of the Trust);

         (f)  any amount of Excess Available Income to be applied to pay a
              Principal Charge Off or a Carryover Charge Off; and

         (g)  any Excess Available Income to be applied under clause 5.2 to
              Principal Draws made on a previous Payment Date,

         less any amounts paid by the Trustee to replace a Receivable of the
         Trust in accordance with clause 8.

         PRINCIPAL DRAW means, for a Monthly Collection Period, the amount
         calculated under clause 5.9 in relation to that Monthly Collection
         Period.

         PRINCIPAL ENTITLEMENT means, in relation to a Note for the purposes of
         the Master Trust Deed, at any time prior to the Final Maturity Date,
         the Invested Amount of such Note at such time and, on the Final
         Maturity Date or the date on which the Note is fully redeemed under the
         Transaction Documents, the Stated Amount of such Note at such date.

         PRINCIPAL LOSS means, for a Quarterly Collection Period, the amount of
         any Liquidation Loss for that Quarterly Collection Period referred to
         in clause 5.10(b).

         PRINCIPAL PAYING AGENT means Deutsche Bank Trust Company Americas or
         any successor as Principal Paying Agent under the Agency Agreement.

         PRINCIPAL PAYMENT means a Class A Principal Payment, a Class B
         Principal Payment or a Class C Principal Payment.

         PROPERTY RESTORATION EXPENSES means costs and expenses incurred by or
         on behalf of the Trustee, or by the Servicer under the Servicing
         Agreement, in repairing, maintaining or restoring to an appropriate
         state of repair and condition any Mortgaged Property, in exercise of a
         power conferred on the mortgagee under the relevant Purchased
         Receivable and Relevant Documents.

         PURCHASED RECEIVABLE means each Loan specified in a Sale Notice and
         purchased by the Trustee, unless the Trustee has ceased to have an
         interest in that Loan.

         PURCHASED RECEIVABLE SECURITY means each Mortgage specified in a Sale
         Notice and acquired by the Trustee, unless the Trustee has ceased to
         have an interest in that Mortgage.

         QUARTERLY COLLECTION PERIOD means in relation to a Quarterly Payment
         Date, the 3 Monthly Collection Periods that precede the calendar month
         in which the Quarterly Payment Date falls. The first Quarterly
         Collection Period is the period from (and excluding) the Cut-Off Date,
         to (and including) 30 November 2003. The last Quarterly Collection
         Period ends on (and includes) the date on which the Trust is terminated
         under clause 3.5 of the Master Trust Deed.
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         QUARTERLY DETERMINATION DATE means, in relation to the Trust for a
         Quarterly Collection Period, the date which is 2 Business Days prior to
         the Quarterly Payment Date following the end of that Quarterly
         Collection Period.

         QUARTERLY PAYMENT DATE has the meaning given in clause 4.2(h).

         RATING means the rating specified in clause 4.2(f).

         RECEIVABLE means, in relation to the Trust, the rights of the Approved
         Seller or the Trustee (as the case may require) under or in respect of
         Loans constituted upon acceptance of the Approved Seller's standard
         loan offer for any of its mortgage loan products (or any variation of
         those products after a Sale Notice is or was given) as varied by the
         Approved Seller's standard letter of variation if any (unless that
         variation would make that Receivable cease to comply with the
         Eligibility Criteria).

         RECORD DATE means:

         (a)  with respect to a Payment Date for any A$ Note, 4.00 pm (Sydney
              time) on the second Business Day before that Payment Date;

         (b)  with respect to the Payment Date for any Book-Entry Note, close
              of business on the second Business Day before that Payment Date;
              and

         (c)  with respect to the Payment Date for any Definitive Note, the
              last day of the calendar month before that Payment Date.

         RECOVERY means any amount received by the Servicer under or in respect
         of a Purchased Receivable and the related Receivable Rights at any time
         after a Finance Charge Loss or Principal Loss has arisen in respect of
         that Purchased Receivable, provided that amount is not otherwise
         payable to a Mortgage Insurer under a Mortgage Insurance Policy.

         REDRAW means, in relation to any Collection Period, an amount provided
         to an Obligor by the Approved Seller under a Purchased Receivable in
         that Collection Period in respect of any principal prepayments
         previously made to the Obligor's loan account in accordance with the
         terms of the Obligor's Purchased Receivable.

         REDRAW CHARGE OFF means the amount of any reduction in the Redraw
         Principal Outstanding under the Redraw Facility Agreement under clause
         5.13.

         REDRAW FACILITY AGREEMENT means, in relation to the Trust, the
         agreement so entitled dated on or about the date of this Supplementary
         Terms Notice between the Trustee, the Manager and the Redraw Facility
         Provider.

         REDRAW FACILITY PROVIDER means, in relation to the Trust, St.George.

         REDRAW PRINCIPAL OUTSTANDING has the meaning given in the Redraw
         Facility Agreement.

         REDRAW RETENTION AMOUNT has the meaning given in clause 5.8(c).

         REDRAW SHORTFALL means the total amount (if any) of Redraws made by the
         Approved Seller for which it has not been reimbursed which remain
         outstanding after:

         (a)  applying Principal Collections towards reimbursement of those
              Redraws under clause 5.4; and

         (b)  without duplication, drawing on the Redraw Retention Amount (if
              any).

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         REMITTANCE DATE means the day which is two Business Days before a
         Payment Date.

         RESIDUAL CAPITAL UNIT has the meaning given in clause 11.1.

         RESIDUAL INCOME UNIT has the meaning given in clause 11.1.

         SALE NOTICE means any Sale Notice (as defined in the Master Trust Deed)
         which may be given by the Approved Seller to the Trustee as trustee of
         the Trust after the date of execution of this Supplementary Terms
         Notice and which is subsequently accepted by the Trustee.

         SECURITY TRUST DEED means the agreement so entitled dated on or before
         the date of this Supplementary Terms Notice between the Trustee, the
         Manager, the Note Trustee and the Security Trustee.

         SECURITY TRUSTEE'S FEE means the fee payable under clause 11.2 of the
         Security Trust Deed.

         SELLER LOAN AGREEMENT means the agreement so entitled dated on or about
         the date of this Supplementary Terms Notice between the Approved
         Seller, the Trustee and the Manager.

         SERVICING AGREEMENT means the agreement so entitled dated 19 March 1998
         between the Trustee, the Manager and the Servicer.

         SERVICING FEE means the fee payable under clause 6.1(c) of this
         Supplementary Terms Notice and clause 6.1 of the Servicing Agreement.

         SPREAD has the meaning given in the Currency Swap in respect of
         payments by the Trustee under the Currency Swap.

         STATED AMOUNT means in relation to the Class A Notes, the Class A
         Stated Amount, in relation to the Class B Notes, the Class B Stated
         Amount and in relation to the Class C Notes, the Class C Stated Amount.

         STEPDOWN DATE  means the Payment Date falling in [*].

         STEP-UP MARGIN has the meaning given in clause 4.9.

         SUBSCRIPTION AGREEMENT means the Underwriting Agreement dated on or
         about the date of this Supplementary Terms Notice between the Trustee,
         the Manager, St.George and J.P. Morgan Securities Inc., in relation to
         subscription for the Notes.

         SUPPORT FACILITY means each Support Facility (as defined in the Master
         Trust Deed) which relates to the Trust and includes the Indemnity.

         SUPPORT FACILITY COLLATERAL ACCOUNT means, in relation to a Support
         Facility, each Collateral Account as defined in that Support Facility.

         SWAP PROVIDER means, in relation to a Hedge Agreement, the counterparty
         which enters into that arrangement with the Trustee.

         THREE MONTH BANK BILL RATE on any date means the rate quoted on the
         Reuters Screen BBSW Page at approximately 10.00 am, Sydney time, on
         that date (the CALCULATION DAY) for each BBSW Reference Bank so quoting
         (but not fewer than five) as being the mean buying and selling rate for
         a bill (which for the purpose of this definition means a bill of
         exchange of the type specified for the purpose of quoting on the
         Reuters Screen BBSW

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SUPPLEMENTARY TERMS NOTICE                                Allens Arthur Robinson
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          Page) having a tenor of 90 days eliminating the highest and lowest
          mean rates and taking the average of the remaining mean rates and then
          (if necessary) rounding the resultant figure upwards to four decimal
          places. If on the Calculation Day fewer than five BBSW Reference Banks
          have quoted rates on the Reuters Screen BBSW Page, the rate for that
          date shall be calculated as above by taking the rates otherwise quoted
          by five of the BBSW Reference Banks on application by the parties for
          such a bill of the same tenor. If on the Calculation Day the rate
          cannot be determined in accordance with the foregoing procedures then
          the rate shall mean such rate as is agreed between the Manager and
          St.George having regard to comparable indices then available.

          THRESHOLD RATE means, at any time, 0.25% per annum plus the minimum
          rate of interest that must be set on all Purchased Receivables where
          permitted under the relevant Receivable Agreement which will be
          sufficient (assuming that all relevant parties comply with their
          obligations at all times under the Transaction Documents, the
          Purchased Receivables and the related Receivable Rights), when
          aggregated with the income produced by the rate of interest on all
          other Purchased Receivables and other Authorised Investments which are
          Assets of the Trust, to ensure that the Trustee will have available to
          it sufficient Collections to enable it to comply with its obligations
          under the Transaction Documents relating to the Trust as they fall due
          (including the repayment of any Principal Draws by the Final Maturity
          Date of all Notes).

          TITLE PERFECTION EVENT means, in relation to the Trust, the events set
          out in clause 10.

          TOTAL AVAILABLE FUNDS means, for a Collection Period, the aggregate
          of:

          (a)  the Available Income for that Collection Period; and

          (b)  any Principal Draw which the Trustee is required to allocate
               under clause 5.9 on or before the Payment Date for that
               Collection Period.

          TOTAL INVESTED AMOUNT means, at any time, the sum of:

          (a)  all Invested Amounts of all Class A Notes; and

          (b)  the US$ Equivalent of all Invested Amounts of all A$ Notes,

          at that time.

          TOTAL PAYMENTS means, in relation to a Collection Period, all amounts
          paid by the Trustee under clause 5.1 on the Payment Date in relation
          to that Collection Period.

          TOTAL STATED AMOUNT means, at any time, the sum of the aggregate of
          the Stated Amounts of all Class A Notes, all Class B Notes and all
          Class C Notes at that time.

          TRANSACTION has the meaning given to it under the relevant ISDA Master
          Agreement.

          TRANSACTION DOCUMENT means each Transaction Document (as defined in
          the Master Trust Deed) to the extent that it relates to the Trust, the
          Notes or the Seller Loan Agreement.

          TRIGGER EVENT will subsist on any Payment Date if:

          (a)  both:

               (i)  the average of the Arrears Percentages for the 12 Monthly
                    Collection Periods immediately preceding that Payment Date
                    (or, where that Payment

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                    Date occurs within 12 months of the Closing Date, for the
                    period commencing on the Closing Date and ending on the last
                    day of the Collection Period immediately preceding that
                    Payment Date) (the RELEVANT PERIOD) exceeds 4%; and

               (ii) the aggregate Mortgage Shortfalls for the Relevant Period
                    exceeds 10% of the aggregate Initial Invested Amount of the
                    Class B Notes and the Class C Notes; or

          (b)  on that Payment Date, the Total Stated Amount of all Notes is
               equal to or less than 10% of the aggregate of the Initial
               Invested Amount of all Notes and the Trustee does not exercise
               the call option under clause 7.1.

          TRUST means the Crusade Global Trust No. 2 of 2003 constituted under
          the Master Trust Deed and the Notice of Creation of Trust.

          TRUST EXPENSES means, in relation to a Collection Period (and in the
          following order of priority):

          (a)  first, Taxes payable in relation to the Trust for that Collection
               Period;

          (b)  second, any other Expenses relating to the Trust for that
               Collection Period which are not covered by (c) to (i) (inclusive)
               below;

          (c)  third, pari passu the Trustee's Fee for that Collection Period,
               the Security Trustee's Fee for that Collection Period and any fee
               payable to the Note Trustee under the Note Trust Deed for that
               Collection Period;

          (d)  fourth, the Servicing Fee for that Collection Period;

          (e)  fifth, the Manager's Fee for that Collection Period;

          (f)  sixth, the Custodian Fee for that Collection Period;

          (g)  seventh, pari passu any fee or expenses payable to the Principal
               Paying Agent, any other Paying Agent, the Note Registrar or the
               Calculation Agent under the Agency Agreement;

          (h)  eighth, any costs, charges or expenses (other than fees) incurred
               by, and any liabilities owing under any indemnity granted to, any
               Note Manager, the Manager, the Security Trustee, the Servicer,
               the Note Trustee, a Paying Agent or the Calculation Agent in
               relation to the Trust under the Transaction Documents, for that
               Collection Period; and

          (i)  ninth, any amounts payable to the Currency Swap Provider under
               clause 5.21,

          all of the amounts in paragraphs (a) to (i) (inclusive) being EXPENSES
          for the purposes of the Master Trust Deed.

          US$ ACCOUNT means, in relation to the Trust, the US$ account opened
          with the Principal Paying Agent or any other account opened and
          maintained outside Australia, with the Principal Paying Agent so long
          as the Principal Paying Agent is an Approved Bank.

          US$ EQUIVALENT means:

          (a)  in relation to an amount denominated or to be denominated in
               Australian dollars, that amount converted to (and denominated in)
               US$ at the US$ Exchange Rate; or

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         (b)  in relation to an amount denominated in US$ the amount of US$.

         US$ EXCHANGE RATE means, on any date, the rate of exchange (set as at
         the commencement of the Currency Swap) applicable under the Currency
         Swap for the exchange of Australian dollars for United States dollars.

         US$ NOTES means Class A Notes.

2.2      INTERPRETATION

         Clause 1.2 of the Master Trust Deed is incorporated into this
         Supplementary Terms Notice as if set out in full, except that any
         reference to DEED is replaced by a reference to SUPPLEMENTARY TERMS
         NOTICE and any reference to UNITED STATES DOLLARS, USD and US$ is to
         currency of the United States of America.

2.3      LIMITATION OF LIABILITY

(A)      GENERAL

         Clause 30 of the Master Trust Deed applies to the obligations and
         liabilities of the Trustee and the Manager under this Supplementary
         Terms Notice.

(B)      LIABILITY OF TRUSTEE LIMITED TO ITS RIGHT OF INDEMNITY

         (i)  The Trustee enters into this Supplementary Terms Notice 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 Supplementary Terms Notice or the Trust is
              limited to and 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 Supplementary Terms Notice 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 Supplementary Terms
              Notice or the Trust.

         (ii) Subject to paragraph (iii) 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.

        (iii) The provisions of this clause 2.3 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.

         (iv) It is acknowledged that the Relevant Parties are responsible
              under this Supplementary Terms Notice or the other Transaction
              Documents for

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              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 Supplementary Terms Notice)
              will be considered fraud, negligence or Default of the Trustee
              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 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.

         (v)  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 Supplementary
              Terms Notice 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 (iii) above.

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

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

2.4      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.

3.       DIRECTION AND TRUST BACK
--------------------------------------------------------------------------------

         (a)  A Trust Back, entitled CRUSADE GLOBAL TRUST BACK NO. 2 OF 2003,
              is created in relation to Other Secured Liabilities secured by
              the Purchased Receivable Securities.

         (b)  The parties agree that the Trust Back will be a TRUST for the
              purposes of the Transaction Documents.

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4.       NOTES
--------------------------------------------------------------------------------
4.1      CONDITIONS OF NOTES

         (a)  The conditions of the A$ Notes will be as set out in the Master
              Trust Deed, as supplemented and amended by the provisions set out
              in this Supplementary Terms Notice.

         (b)  The conditions of the Class A Notes will be as set out in the
              Master Trust Deed, the Conditions, the Note Trust Deed and this
              Supplementary Terms Notice.

4.2      SUMMARY OF CONDITIONS OF NOTES

         Under clause 6.3 of the Master Trust Deed, the Manager provides the
         following information in respect of the Notes.

          (a)  Class of Note:     There will be the following Classes of Notes.
                                  Under the Transaction Documents each shall be
                                  treated as a separate Class of Notes:

                                  Class A Notes

                                  Class B Notes

                                  Class C Notes

       (b)      Total Initial     (i)     Class A Notes - US$[*]
                Invested
                Amount of each    (ii)    Class B Notes - $[*]
                Class of
                Notes:            (iii)   Class C Notes - $[*]

       (c)      Manner and         As set out in clause 5
                order in which
                principal and
                interest is to
                be paid
                on Notes:

       (d)      Margin:           (i)     in the case of the Class A Notes,
                                          [*]% per annum; and

                                  (ii)    in the case of the Class A Notes, if
                                          the Trustee has not repurchased or
                                          redeemed the relevant Notes on or
                                          before the Optional Redemption Date,
                                          then on and from that Optional
                                          Redemption Date, the relevant Step-Up
                                          Margin; and

                                  (iii)   in the case of the:

                                          Class B Notes: [*]% per annum

                                          Class C Notes: [*]% per annum.
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        (e)     Initial                       Class A Notes: US$100,000 per Note
                Invested                      and in multiples of US1$ in excess
                Amount:                       thereof.

                                              Class B Notes: A$100,000 per Note.

                                              Class C Notes: A$100,000 per Note.
       (f)      Rating:
                                               (i)      Class A Notes -
                                                        AAA (S&P)/Aaa
                                                        (Moody's)/AAA (Fitch).

                                               (ii)     Class B Notes -
                                                        AA (S&P)/NR (Moody's)/AA
                                                        (Fitch).

                                               (iii)    Class C Notes -
                                                        A (S&P)/NR (Moody's)/A+
                                                        (Fitch).
       (g)      Issue Price:
                                              (i)       Class A Notes - issued
                                                        at 100 per cent.

                                              (ii)      Class B Notes - issued
                                                        at 100 per cent.

                                              (iii)     Class C Notes - issued
                                                        at 100 per cent.
       (h)      Quarterly Payment Dates:
                                              (i)       Class A Notes - the 18th
                                                        day of December,
                                                        March, June and
                                                        September in each year
                                                        (New York time)

                                              (ii)      A$ Notes - the 18th day
                                                        of December, March,
                                                        June and September
                                                        (Sydney time)

                                              (iii)     If, in either case, that
                                                        day is not a Business
                                                        Day, the Quarterly
                                                        Payment Date shall be
                                                        adjusted in accordance
                                                        with the Modified
                                                        Following Business Day
                                                        Convention. The first
                                                        Quarterly Payment Date
                                                        for the Class A Notes
                                                        will be 18 December 2003
                                                        (New York time) and the
                                                        first Quarterly Payment
                                                        Date for the A$ Notes
                                                        will be 18 December
                                                        2003 (Sydney time). In
                                                        each case, the final
                                                        Quarterly Payment Date
                                                        is the earlier of the
                                                        applicable Final
                                                        Maturity Date and the
                                                        Payment Date on which
                                                        the Notes are redeemed
                                                        in full or, in the case
                                                        of the Class A Notes,
                                                        repurchased under the
                                                        Conditions.

      (i)      Final Maturity Date:          (i)        Class A Notes - the
                                                        Quarterly Payment Date
                                                        falling in [*] (New York
                                                        time).

                                              (ii)      Class B Notes - the
                                                        Quarterly Payment Date
                                                        falling in [*] 2034
                                                        (Sydney time).

                                              (iii)     Class C Notes - the
                                                        Quarterly Payment

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                                                        Date falling in [*] 2034
                                                        (Sydney time).

                                              (vi)      In each case, the date
                                                        specified shall be
                                                        subject to adjustment in
                                                        accordance with the
                                                        Modified Following
                                                        Business Day Convention.
4.3      ISSUE OF NOTES

         (a)  Class A Notes must be issued in amounts, or on terms, such that
              their offer for subscription and their issue will comply with:

              (i)  the Financial Services and Markets Act 2000 (UK) and all
                   regulations made under or in relation to that Act and the
                   Public Offers of Securities Regulations 1995, as amended;
                   and

              (ii) the United States Securities Act of 1933, as amended (the
                   SECURITIES ACT), the Exchange Act, all regulations made
                   under or in relation to them, and all other laws or
                   regulations of any jurisdiction of the United States of
                   America regulating the offer or issue of, or subscription
                   for, Notes.

         (b)  A$ Notes must be issued in minimum parcels or subscriptions which
              have an aggregate subscription amount of $500,000, (disregarding
              any amount payable to the extent to which it is to be paid out of
              money lent by the person offering the Notes or an associate (as
              defined in Division 2 of Part 1.2 of the Corporations Act 2001
              (Cth)) or must otherwise constitute an issue that does not
              require disclosure under Part 6D.2 of the Corporations Act 2001
              (Cth).

         (c)  No A$ Note has been or will be registered under the Securities
              Act and the A$ Notes may not be offered or sold within the United
              States or to, or for the account of benefit of, US persons except
              in accordance with Regulation S under the Securities Act or
              pursuant to an exemption from the registration requirements of
              the Securities Act. Terms used in this paragraph have the
              meanings given to them by Regulation S under the Securities Act.

4.4      TRUSTEE'S COVENANT TO NOTEHOLDERS AND THE NOTE TRUSTEE

         Subject to the terms of the Master Trust Deed and this Supplementary
         Terms Notice, the Trustee:

         (a)  acknowledges its indebtedness in respect of the Invested Amount
              of each Note and interest thereon;

         (b)  covenants for the benefit of each Noteholder and the Note Trustee
              that it will (subject to receiving any directions required under
              and given in accordance with the Transaction Documents):

              (i)  make all payments on or in respect of the Notes held by that
                   Noteholder on the due date for payment;

              (ii) comply with the terms of this Supplementary Terms Notice and
                   the Transaction Documents to which it is a party; and
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             (iii) pay the Stated Amount in relation to the Notes held by that
                   Noteholder on the Final Maturity Date and accrued and unpaid
                   interest thereon.

4.5      REPAYMENT OF NOTES ON PAYMENT DATES

         (a)  On each Quarterly Payment Date for a Note in respect of which
              Principal Payments are required to be made, the Invested Amount
              of that Note shall be reduced by, and the obligations of the
              Trustee with respect to that Note shall be discharged to the
              extent of, the amount of the Principal Payment made on that
              Quarterly Payment Date in respect of that Note.

         (b)  All payments of principal on Class A Notes will be made in United
              States dollars.

         (c)  All payments of principal on A$ Notes will be made in A$.

4.6      FINAL REDEMPTION

         Each Note shall be finally redeemed, and the obligations of the Trustee
         with respect to the payment of the Invested Amount of that Note shall
         be finally discharged, on the first to occur of:

         (a)  the date upon which the Invested Amount of that Note is reduced
              to zero;

         (b)  the date upon which the relevant Noteholder renounces in writing
              all of its rights to any amounts payable under or in respect of
              that Note;

         (c)  the date on which all amounts received by the Note Trustee with
              respect to the enforcement of the Security Trust Deed are paid to
              the Principal Paying Agent;

         (d)  the Payment Date immediately following the date on which the
              Trustee completes a sale and realisation of all Assets of the
              Trust in accordance with the Master Trust Deed and this
              Supplementary Terms Notice; and

         (e)  the Final Maturity Date.

4.7      PERIOD DURING WHICH INTEREST ACCRUES

         Each Note bears interest calculated and payable in arrears in
         accordance with this Supplementary Terms Notice from the Closing Date
         to the date upon which that Note is finally redeemed under clause 4.6.

4.8      CALCULATION OF INTEREST

         (a)  Subject to paragraph (b) and (d), interest payable on each Note
              in respect of each Interest Period is calculated:

              (i)   on a daily basis at the applicable Interest Rate;

              (ii)  on the Invested Amount of that Note as at the first day of
                    that Interest Period; and

              (iii) on the basis of the actual number of days in that Interest
                    Period and a year of 365 days (in the case of A$ Notes) or
                    360 days (in the case of Class A Notes),

         and shall accrue due from day to day.

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          (b)  No interest will accrue on any Note for the period from and
               including:

               (i)  the date on which the Stated Amount of that Note is reduced
                    to zero (provided that interest shall thereafter begin to
                    accrue from (and including) any date on which the Stated
                    Amount of that Note becomes greater than zero); or

               (ii) if the Stated Amount of the Note on the due date for
                    redemption in full of the Note is not zero, the due date for
                    redemption of the Note, unless after the due date for
                    redemption, payment of principal due is improperly withheld
                    or refused, following which interest shall continue to
                    accrue on the Invested Amount of the Note at the rate from
                    time to time applicable to the Note until the later of:

                    (A)  the date on which the moneys in respect of that Note
                         have been received by the Note Trustee or the Principal
                         Paying Agent and notice to that effect is given in
                         accordance with the relevant Conditions; and

                    (B)  the Stated Amount of that Note has been reduced to
                         zero, provided that interest shall thereafter begin to
                         accrue from (and including) any date on which the
                         Stated Amount of that Note becomes greater than zero.

          (c)  All payments of interest on Class A Notes will be made in United
               States dollars.

          (d)  All payments of interest on A$ Notes will be made in Australian
               dollars.

          (e)  If Interest is not paid in respect of a Note on the date when due
               and payable (other than because the due date is not a Business
               Day) that unpaid Interest shall itself bear interest at the
               Interest Rate applicable from time to time on that Note until the
               unpaid Interest, and interest on it, is available for payment
               and:

               (i)  in the case of the Class A Notes, notice of that
                    availability has been duly given in accordance with
                    Condition 12; or

               (ii) in the case of the A$ Notes, there is full satisfaction of
                    those amounts, to be determined in accordance with clause
                    32.4 of the Master Trust Deed (as amended in accordance with
                    this Supplementary Terms Notice).

4.9       STEP-UP MARGIN

          If the Trustee has not repurchased or redeemed all of the Class A
          Notes on or before the first Quarterly Payment Date falling after the
          Optional Redemption Date, the Margin for the Class A Notes on and from
          the first Quarterly Payment Date after the Optional Redemption Date
          will be [*]% per annum (STEP-UP MARGIN).

4.10      AGGREGATE RECEIPTS

          Notwithstanding anything in clauses 5.5, 5.6 and 5.8, no Noteholder
          will be entitled to receive aggregate principal under any of those
          clauses on any Note at any time in excess of the Invested Amount for
          that Note at that time.

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          The Trustee, the Manager, the Note Trustee, the Security Trustee and
          the Paying Agents may treat the Noteholder as the absolute owner of
          that Note (whether or not that Note is overdue and despite any
          notation or notice to the contrary or writing on it or any notice of
          previous loss or theft of it or of trust or other interest in it) for
          the purpose of making payment and for all other purposes.

5.        CASHFLOW ALLOCATION METHODOLOGY
--------------------------------------------------------------------------------
5.1       TOTAL AVAILABLE FUNDS

          (a)  (MONTHLY) Subject to paragraph (b), on each Monthly Payment Date
               (other than a Quarterly Payment Date) and based on the
               calculations, instructions and directions provided to it by the
               Manager, the Trustee must pay out of Total Available Funds, in
               relation to the Monthly Collection Period ending immediately
               before that Monthly Payment Date, the following amounts in the
               following order of priority:

               (i)  first, an amount equal to any Accrued Interest Adjustment
                    required to be paid to the Approved Seller (and each of the
                    Trustee, the Noteholders and the other Creditors that have
                    the benefit of the Security Trust Deed acknowledges and
                    agrees that it has no entitlement to the moneys comprising
                    the Accrued Interest Adjustment); and

               (ii) second, any interest payable by the Trustee under the Redraw
                    Facility Agreement.

          (b)  (LIMIT) The Trustee shall only make a payment under any of
               sub-paragraphs (a)(i) or (a)(ii) if it is directed in writing to
               do so by the Manager and only to the extent that any Total
               Available Funds remain from which to make the payment after
               amounts with priority to that payment have been distributed.

          (c)  (QUARTERLY) Subject to paragraph (d), on each Quarterly Payment
               Date, and based on the calculations, instructions and directions
               provided to it by the Manager, the Trustee must pay or cause to
               be paid out of Total Available Funds, in relation to the
               Quarterly Collection Period ending immediately before that
               Quarterly Payment Date, the following amounts in the following
               order of priority:

               (i)  first, an amount equal to any Accrued Interest Adjustment
                    required to be paid to the Approved Seller (and each of the
                    Trustee, the Noteholders and the other Creditors that have
                    the benefit of the Security Trust Deed acknowledges and
                    agrees that it has no entitlement to the moneys comprising
                    the Accrued Interest Adjustment);

               (ii) second, payment to the Swap Provider under the Interest Rate
                    Swap of any Break Payments received by or on behalf of the
                    Trustee from an Obligor or a Mortgage Insurer during the
                    Quarterly Collection Period;

              (iii) third, (unless specified later in this clause 5.1(c)),
                    Trust Expenses which have been incurred prior to that
                    Quarterly Payment Date and which have not previously been
                    paid or reimbursed under an application of this clause 5.1
                    (in the order of priority set out in the definition of TRUST
                    EXPENSES);

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               (iv) fourth, payment to the Redraw Facility Provider of any fees
                    payable by the Trustee under the Redraw Facility Agreement;

               (v)  fifth, without duplication, any amounts that would have been
                    payable under this clause 5.1(c) (other than under
                    sub-paragraphs (vii) to (xii) (inclusive)) on any previous
                    Quarterly Payment Date, if there had been sufficient Total
                    Available Funds, which have not been paid by the Trustee and
                    in the order they would have been paid under that prior
                    application of this clause 5;

               (vi) sixth, pari passu and rateably as between themselves payment
                    to each Mortgage Insurer of an amount equal to the greater
                    of the following:

                    (A)  zero; and

                    (B)  the difference between any overpayment by the Mortgage
                         Insurer of amounts in respect of income (for which that
                         Mortgage Insurer has not previously been reimbursed)
                         and the aggregate of the Excess Distributions paid to
                         the Residual Income Beneficiary on previous Quarterly
                         Payment Dates under clause 5.3(a);

               (vii) seventh, pari passu and rateably as between themselves:

                    (A)  any interest payable by the Trustee under the Redraw
                         Facility Agreement; and

                    (B)  the payment to the Currency Swap Provider under the
                         Confirmation relating to Class A Notes of the A$ Class
                         A Interest Amount payable under that Confirmation at
                         that date.

             (viii) eighth, any amounts that would have been payable under
                    sub-paragraph (ix) on any previous Quarterly Payment Date,
                    if there had been sufficient Total Available Funds, which
                    have not been paid by the Trustee;

               (ix) ninth, the payment to the Class B Noteholders of the
                    relevant Class B Interest amount as at that date;

               (x)  tenth, any amounts that would have been payable under
                    subparagraph (xi) on any previous Quarterly Payment Date, if
                    there had been sufficient Total Available Funds, which have
                    not been paid by the Trustee;

               (xi) eleventh, the payment to the Class C Noteholders of the
                    Class C Interest amount; and (xii) twelfth, pari passu and
                    rateably as between themselves payment to each Mortgage
                    Insurer of an amount equal to any overpayment by that
                    Mortgage Insurer of amounts in respect of income (for which
                    that Mortgage Insurer has not previously been reimbursed).

          (d)  The Trustee shall only make a payment under any of sub-paragraphs
               (c)(i) to (c)(xii) inclusive if it is directed in writing to do
               so by the Manager and only to the extent that any Total Available
               Funds remain from which to make the payment after amounts with
               priority to that payment have been distributed.

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5.2       EXCESS AVAILABLE INCOME - REIMBURSEMENT OF CHARGE OFFS AND PRINCIPAL
          DRAWS

          (a)  Subject to paragraph (b), on each Quarterly Determination Date,
               the Manager must apply any Excess Available Income for the
               Quarterly Collection Period relating to that Quarterly
               Determination Date in the following order of priority:

               (i)  first, the Excess Available Income must be applied in
                    reimbursement of all Principal Charge Offs for that
                    Quarterly Collection Period;

               (ii) second, the balance of the Excess Available Income (after
                    application under paragraph (i)) must be applied pari passu
                    and rateably between themselves (based on the Redraw
                    Principal Outstanding and the A$ Equivalent of the Stated
                    Amount of the Class A Notes, as the case may be):

                    (A)  as a payment, to the Currency Swap Provider under the
                         Confirmation relating to the Class A Notes, of the A$
                         Equivalent of any Carryover Class A Charge Offs
                         relating to the Class A Notes; and

                    (B)  as a repayment under the Redraw Facility Agreement, as
                         a reduction of, and to the extent of, the Carryover
                         Redraw Charge Offs;

              (iii) third, the balance of the Excess Available Income (after
                    application under paragraphs (i) and (ii)) must be applied
                    to all Principal Draws which have not been repaid as at that
                    Quarterly Payment Date;

               (iv) fourth, the balance of the Excess Available Income (after
                    application under paragraphs (i) to (iii) (inclusive)) must
                    be applied in or towards reinstating the Stated Amount of
                    the Class B Notes to the extent of any Carryover Class B
                    Charge Offs; and

               (v)  fifth, the balance of the Excess Available Income (after
                    application under paragraphs (i) to (iv) (inclusive) must be
                    applied in or towards reinstating the Stated Amounts of the
                    Class C Notes to the extent of any Carryover Class C Charge
                    Offs.

                    Any amount applied pursuant to sub-paragraphs (i) to (v)
                    (inclusive) above will be treated as Principal Collections
                    to the extent of that application and in the case of amounts
                    paid under sub-paragraph (ii), (iv) or (v) will be paid on
                    the Payment Date following that Determination Date.

          (b)  The Trustee shall only make a payment under any of sub-paragraphs
               (a)(i) to (a)(v) inclusive if it is directed in writing to do so
               by the Manager and only to the extent that any Excess Available
               Income remains from which to make the payment after amounts with
               priority to that payment have been distributed.

5.3       EXCESS DISTRIBUTION

          (a)  The Trustee must at the written direction of the Manager pay any
               Excess Distribution for a Quarterly Collection Period to the
               Residual Income Beneficiary on the relevant Quarterly Payment
               Date.

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          (b)  The Trustee may not recover any Excess Distributions from the
               Residual Income Beneficiary once they are paid to the Residual
               Income Beneficiary except:

               (i)  where there has been a manifest error in the relevant
                    calculation of the Excess Distributions; or

               (ii) an amount equal to payments made or required to be made by
                    the Trustee under clause 5.1(c)(xii), and the Residual
                    Income Beneficiary agrees to pay to the Trustee any such
                    amount.

5.4       INITIAL PRINCIPAL DISTRIBUTIONS

          (a)  (MONTHLY) Subject to paragraph (b), on each Monthly Payment Date
               (other than a Quarterly Payment Date) and based on the
               calculations, instructions and directions provided to it by the
               Manager, the Trustee must distribute or cause to be distributed
               out of Principal Collections, in relation to the Monthly
               Collection Period ending immediately before that Monthly Payment
               Date, the following amounts in the following order of priority:

               (i)  first, to allocate to Total Available Funds any Principal
                    Draw calculated in accordance with clause 5.9; and

               (ii) second, to retain in the Collection Account as a provision
                    such amount as the Manager determines is appropriate to make
                    for any anticipated shortfalls in payments under clause 5.1
                    on the following Monthly Payment Date or Quarterly Payment
                    Date.

          (b)  (MONTHLY LIMIT) The Trustee shall only make a payment under any
               of sub-paragraphs (a)(i) and (a)(ii) inclusive if it is directed
               in writing to do so by the Manager and only to the extent that
               any Principal Collections remain from which to make the payment
               after amounts with priority to that payment have been
               distributed.

          (c)  (QUARTERLY) Subject to paragraph (d), on each Quarterly Payment
               Date, and based on the calculations, instructions and directions
               provided to it by the Manager, the Trustee must distribute or
               cause to be distributed out of Principal Collections, in relation
               to the Quarterly Collection Period ending immediately before that
               Quarterly Payment Date, the following amounts in the following
               order of priority:

               (i)  first, to allocate to Total Available Funds any Principal
                    Draws calculated in accordance with clause 5.9;

               (ii) second, to retain in the Collection Account as a provision
                    such amount as the Manager determines is appropriate to make
                    for any anticipated shortfalls in payments under clause 5.1
                    on the following Monthly Payment Date or Quarterly Payment
                    Date;

              (iii) third, subject to clause 5.8(d), to repay any Redraws
                    provided by the Approved Seller in relation to Purchased
                    Receivables in accordance with clause 5.8 to the extent that
                    it has not previously been reimbursed in relation to those
                    Redraws;

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               (iv) fourth, to repay all Redraw Principal Outstanding under the
                    Redraw Facility Agreement on that Quarterly Payment Date;
                    and

               (v)  fifth, to retain in the Collection Account as a provision to
                    reimburse further Redraws an amount equal to the Redraw
                    Retention Amount for the next Quarterly Collection Period.

          (d)  (QUARTERLY LIMIT) The Trustee shall only make a payment under any
               of sub-paragraphs (c)(i) to (c)(v) inclusive if it is directed in
               writing to do so by the Manager and only to the extent that any
               Principal Collections remain from which to make the payment after
               amounts with priority to that payment have been distributed.

5.5       PRINCIPAL DISTRIBUTIONS PRIOR TO STEPDOWN DATE

          (a)  Subject to paragraph (b), on each Quarterly Payment Date prior to
               the Stepdown Date, or at any time if a Trigger Event is
               subsisting, and based on the calculations, instructions and
               directions provided to it by the Manager, the Trustee must
               distribute or cause to be distributed out of Principal
               Collections, in relation to the Quarterly Collection Period
               ending immediately before that Quarterly Payment Date, the
               following amounts in the following order of priority:

               (i)  first, all the Initial Principal Distributions for that
                    Collection Period;

               (ii) second, as a payment to the Currency Swap Provider under the
                    Confirmation relating to the Class A Notes, of an amount
                    equal to the lesser of:

                    (A)  the amount available for distribution under this
                         sub-paragraph (b) after all payments which have
                         priority under this clause 5.5; and

                    (B)  the A$ Equivalent of the Invested Amounts for all Class
                         A Notes;

              (iii) third, as payment to the Class B Noteholders, of an amount
                    equal to the lesser of:

                    (A)  the amount available for distribution under this
                         subparagraph (iii) after all payments which have
                         priority under this clause 5.5; and

                    (B)  the Invested Amounts in respect of all Class B Notes;
                         and

               (iv) fourth, as payment to the Class C Noteholders, of an amount
                    equal to the lesser of:

                    (A)  the amount available for distribution under this
                         subparagraph (iv) after all payments which have
                         priority under this clause 5.5; and

                    (B)  the Invested Amounts in respect of all Class C Notes.

          (b)  (LIMIT) The Trustee shall only make a payment under any of
               sub-paragraphs (a)(i) to (a)(iv) inclusive if it is directed in
               writing to do so by the Manager and only to the extent that any
               Principal Collections remain from which to make the payment after
               amounts with priority to that payment have been distributed.

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5.6       PRINCIPAL DISTRIBUTIONS ON AND AFTER STEPDOWN DATE

          (a)  Subject to paragraph (b), on each Quarterly Payment Date after
               and including the Stepdown Date, provided that no Trigger Event
               is subsisting, and based on the calculations, instructions and
               directions provided to it by the Manager, the Trustee must
               distribute or cause to be distributed out of Principal
               Collections, in relation to the Quarterly Collection Period
               ending immediately before that Quarterly Payment Date, the
               following amounts in the following order of priority:

               (i)  first, all the Initial Principal Distributions for that
                    Collection Period;

               (ii) second, as a payment, out of the Class A Principal
                    Distribution Amount to the Currency Swap Provider under the
                    Confirmation relating to the Class A Notes, of an amount
                    equal to the lesser of:

                    (A)  that Class A Principal Distribution Amount; and

                    (B)  the A$ Equivalent of the aggregate Invested Amounts of
                         the Class A Notes on that Payment Date;

              (iii) third, as a payment out of the Class B Principal
                    Distribution Amount for that Payment Date to the Class B
                    Noteholders of an amount equal to the aggregate Invested
                    Amount of the Class B Notes on that Payment Date; and

               (iv) fourth, as a payment out of the Class C Principal
                    Distribution Amount for that Payment Date to the Class C
                    Noteholders of an amount equal to the aggregate Invested
                    Amount of the Class C Notes on that Payment Date.

          (b)  (LIMIT) The Trustee shall only make a payment under any of the
               sub-paragraphs (a)(i) to (a)(iv) if it is directed in writing to
               do so by the Manager and only to the extent that any Principal
               Collections remain from which to make the payment after amounts
               with priority to that payment have been distributed.

5.7       FINAL MATURITY DATE

          On the Business Day immediately following the date on which all
          Secured Moneys (as defined in the Security Trust Deed) are fully and
          finally repaid, and only after payment of all amounts referred to in
          paragraphs 5.3, 5.4 and 5.5(a), the Trustee must pay any Principal
          Collections which remain available:

          (a)  first, to the Approved Seller in reduction of the Principal
               Outstanding (as defined in the Seller Loan Agreement) as a full
               and final settlement of the obligations of the Trustee under the
               Seller Loan Agreement; and

          (b) second, to the Residual Income Beneficiary as a distribution of
          capital of the Trust.

5.8      REDRAWS

          (a)  The Approved Seller, after receiving confirmation that it may do
               so from the Manager, may make Redraws to Obligors under Purchased
               Receivables so that the then scheduled principal balance of those
               Purchased Receivables is not exceeded.

          (b)  The Approved Seller will be reimbursed in relation to any Redraw
               for which it has not previously been reimbursed under clause 5.4.

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          (c)  On each Quarterly Determination Date the Manager shall determine
               an amount, not exceeding 2% of the total Stated Amount of all
               Notes, which it reasonably anticipates will be required in the
               Quarterly Collection Period in which that Quarterly Determination
               Date occurs to fund further Redraws under Purchased Receivables
               in addition to any prepayments of principal that it anticipates
               will be received from Obligors during that Quarterly Collection
               Period. That amount, from time to time, less amounts withdrawn or
               deposited as described in this clause 5.8, is called the REDRAW
               RETENTION AMOUNT. The Manager shall on the day of such
               determination advise the Trustee of the amount so determined.

          (d)  In addition to the Approved Seller's right of reimbursement under
               clause 5.8(b), the Trustee shall on each Business Day it receives
               a direction from the Manager to do so, reimburse the Approved
               Seller for Redraws made on or before that Business Day for which
               it has not received reimbursement but only to the extent of the
               aggregate of:

               (i)  the Redraw Retention Amount for that Quarterly Collection
                    Period to the extent it has been funded under clause
                    5.4(c)(v); and

               (ii) any amount which the Manager is entitled to direct the
                    Trustee to draw under the Redraw Facility Agreement at that
                    time.

          (e)  If the Manager determines on any Business Day that there is a
               Redraw Shortfall, the Manager may on that date direct in writing
               the Trustee to make a drawing under the Redraw Facility Agreement
               on that or any other Business Day equal to the amount which the
               Trustee is permitted to draw under clause 3.1(c) of the Redraw
               Facility Agreement at that time.

5.9       DETERMINATION DATE - PAYMENT SHORTFALL

          If the Manager determines on any Monthly Determination Date that there
          is a Payment Shortfall for the relevant Monthly Collection Period, the
          Manager must direct the Trustee to pay out of Principal Collections,
          as a principal distribution under clause 5.4, an amount (the PRINCIPAL
          DRAW) equal to the lesser of:

          (a)  the Payment Shortfall; and

          (b)  the amount of Principal Collections available for distribution on
               the Monthly Payment Date following that Monthly Determination
               Date.

5.10      ALLOCATING LIQUIDATION LOSSES

          On each Quarterly Determination Date, the Manager must determine, in
          relation to the aggregate of all Liquidation Losses arising during
          that Quarterly Collection Period:

          (a)  the amount of those Liquidation Losses which is attributable to
               interest, fees and expenses in relation to the relevant Purchased
               Receivables (FINANCE CHARGE LOSS); and

          (b)  the amount of those Liquidation Losses which is attributable to
               principal in relation to the relevant Purchased Receivables
               (PRINCIPAL LOSS),

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         on the basis that all Liquidation Proceeds actually received by or on
         behalf of the Trustee in relation to a Purchased Receivable are applied
         first against interest, fees and other Enforcement Expenses (other than
         Property Restoration Expenses) relating to that Purchased Receivable,
         and then against the Housing Loan Principal and Property Restoration
         Expenses relating to that Purchased Receivable.

5.11     INSURANCE CLAIMS

         (a)  If, on any Monthly Determination Date, the Manager determines
              that there has been a Liquidation Loss in relation to a Purchased
              Receivable during the immediately preceding Monthly Collection
              Period, the Manager shall direct the Servicer (if the Servicer
              has not already done so), promptly, and in any event so that the
              claim is made within the time limit specified in the relevant
              Mortgage Insurance Policy for that Purchased Receivable without
              the amount of the claim becoming liable to be reduced by reason
              of delay, to make a claim under the relevant Mortgage Insurance
              Policy.

         (b)  Upon receipt of any amount under or in respect of a Mortgage
              Insurance Policy in payment of a claim referred to in paragraph
              (a), the Manager must determine which part of the amount is
              attributable to interest, fees and other amounts in the nature of
              income, and which part of that amount is attributable to
              principal.

5.12     PAYMENTS BEFORE PAYMENT DATE

         (a)  Subject to the Transaction Documents, by no later than 4:00 pm
              (Sydney time) on the Remittance Date for a Collection Period, the
              Manager must deposit or use its best endeavours to procure that
              the Servicer deposits, in the Collection Account all Available
              Income and Principal Collections for that Collection Period to
              the extent received on or before that date.

         (b)  The Manager must direct the Trustee to:

              (i)  apply amounts credited to the Collection Account in making
                   payments in discharge of the Trustee's obligations under
                   this clause 5; and

              (ii) make the applications and reinstatements required or
                   contemplated by this clause 5,

              in each case, under and in accordance with this clause 5.

5.13     CHARGE OFFS

         If the Principal Charge Offs for any Quarterly Collection Period exceed
         the Excess Available Income calculated on the Quarterly Determination
         Date for that Quarterly Collection Period, the Manager must, on and
         with effect from the Quarterly Payment Date immediately following the
         end of the Quarterly Collection Period:

         (a)  reduce pari passu and rateably as between themselves the Class C
              Stated Amount of each of the Class C Notes by the amount of that
              excess which is attributable to each Class C Note until the Class
              C Stated Amount is zero (CLASS C CHARGE OFFS); and

         (b)  if the Class C Stated Amount is zero and any amount of that
              excess has not been applied under paragraph (a), reduce pari
              passu and rateably as between themselves
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               the Class B Stated Amount of each of the Class B Notes by the
               amount of that excess which is attributable to each Class B Note
               until the Class B Stated Amount is zero (CLASS B CHARGE OFFS);
               and

          (c)  if both the Class C Stated Amount and Class B Stated Amount are
               zero and any amount of that excess has not been applied under
               paragraph (b), reduce pari passu and rateably as between the
               Class A Notes and the Redraw Facility Agreement with respect to
               the balance of that excess:

               (i)  rateably as between the Class A Notes, the Class A Stated
                    Amount on each of the Class A Notes until the Class A Stated
                    Amount of that Class A Note is zero (CLASS A CHARGE OFFS);
                    and

               (ii) the Redraw Principal Outstanding under the Redraw Facility
                    Agreement applied against Redraw Advances (as defined in the
                    Redraw Facility Agreement) in reverse chronological order of
                    their Drawdown Dates (as defined in the Redraw Facility
                    Agreement), until the Redraw Principal Outstanding is zero
                    (REDRAW CHARGE OFFS).

5.14      PAYMENTS INTO US$ ACCOUNT

          (a)  The Trustee shall direct the Currency Swap Provider to pay all
               amounts denominated in US$ payable to the Trustee by the Currency
               Swap Provider under the Currency Swap into the US$ Account or to
               the Principal Paying Agent under the Agency Agreement on behalf
               of the Trustee.

          (b)  If any of the Trustee, the Manager or the Servicer receives any
               amount denominated in US$ from the Currency Swap Provider under
               the Currency Swap they will promptly pay that amount to the
               credit of the US$ Account.

5.15     PAYMENTS OUT OF US$ ACCOUNT

          (a)  The Trustee shall, on the direction of the Manager, or shall
               require that the Principal Paying Agent on its behalf, pay all
               amounts credited to the US$ Account as follows and in accordance
               with 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 Trustee in no order of
               priority:

               (i)  under clauses 5.1(c)(v) and (c)(vii)(B), will be paid pari
                    passu in relation to Class A Notes as payments of Class A
                    Interest on those Class A Notes;

               (ii) under clause 5.2(a)(ii)(A), will be paid pari passu in
                    relation to Class A Notes in or towards reinstating the
                    Stated Amount of those Class A Notes, to the extent of the
                    Carryover Class A Charge Offs; and

              (iii) amounts credited under clauses 5.5(a)(ii) and 5.6(a)(ii),
                    pari passu to Class A Noteholders as Class A Principal
                    Payments on the Class A Notes until the Invested Amounts of
                    the Class A Notes have been reduced to zero.
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5.16     ROUNDING OF AMOUNTS

         In making the calculations required or contemplated by this clause 5,
         the Manager shall round calculations to 4 decimal places, except that
         all monetary amounts shall be rounded down to the nearest cent or as
         otherwise required in this Supplementary Terms Notice.

5.17     MANAGER'S REPORT

         The Manager will provide to the Trustee, the Note Trustee and the
         Designated Ratings Agencies, the Manager's Report for a Collection
         Period no later than 4:00 pm (Sydney time) on the Remittance Date
         following that Collection Period.

5.18     PAYMENT PRIORITIES FOLLOWING AN EVENT OF DEFAULT:  SECURITY TRUST DEED

         Following an Event of Default as defined in the Security Trust Deed,
         the priority of payments with respect to the Trust will be governed by
         the Security Trust Deed.

5.19     PRESCRIPTION

         Despite any other provision of this Supplementary Terms Notice and the
         Master Trust Deed, Condition 8 of the Class A Notes applies to all
         amounts payable in relation to any Class A Note.

5.20     ACCOUNTING PROCEDURES:  PRINCIPAL & INTEREST

         To facilitate the implementation of this Cashflow Allocation
         Methodology, the Manager will keep accounting records in accordance
         with the Transaction Documents and will keep separate ledgers,
         including a "Principal Account", "Income Account" and "Cash Account",
         into which credit and debit entries will be made to record receipts and
         payments of principal, income or amounts unallocated at the relevant
         time.

5.21     REPLACEMENT OF CURRENCY SWAP

         (a)  If the Currency Swap is terminated, the Trustee must, at the
              direction of the Manager, enter into one or more currency swaps
              which replace the Currency Swap (other than by way of transfer
              under section 6(b) of the Currency Swap) (collectively a
              REPLACEMENT CURRENCY SWAP) but only on the condition:

              (i)  that the Settlement Amount (as defined in the Currency
                   Swap), if any, which is payable by the Trustee to the
                   Currency Swap Provider on termination of the Currency Swap
                   will be paid in full when due in accordance with this
                   Supplementary Terms Notice and the Currency Swap;

              (ii) the ratings assigned to the Notes are not adversely
                   affected; and

             (iii) the liability of the Trustee under that Replacement
                   Currency Swap is limited to at least the same extent that
                   its liability is limited under the Currency Swap.

         (b)  If the condition in paragraph (a) is satisfied, the Trustee must
              at the direction of the Manager enter into the Replacement
              Currency Swap and if it does so it must direct the provider of
              the Replacement Currency Swap (the REPLACEMENT SWAP PROVIDER) to
              pay any upfront premium to enter into the Replacement Currency
              Swap due to the Trustee directly to the Currency Swap Provider in
              satisfaction of

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               and to the extent of the Trustee's obligation to pay the
               Settlement Amount to the Currency Swap Provider as referred to in
               paragraph (a). If the Settlement Amount (if any) is payable by
               the Currency Swap Provider to the Trustee, the Manager shall
               direct the Currency Swap Provider to pay such amount direct to
               the Replacement Currency Swap Provider in satisfaction of any
               upfront premium to enter into the Replacement Currency Swap.
               Where the upfront premium payable upon entry into the Replacement
               Currency Swap is:

               (i)  payable by the Trustee to the Replacement Swap Provider,
                    then the:

                    (A)  excess of the Settlement Amount over the upfront
                         premium will be included as Available Income for the
                         relevant Collection Period; and

                    (B)  excess of the upfront premium payable over the
                         Settlement Amount will be satisfied by the Trustee as a
                         TRUST EXPENSE; and

               (ii) payable by the Replacement Swap Provider to the Trustee,
                    then the:

                    (A)  excess of the Settlement Amount over the upfront
                         premium will be satisfied by the Trustee as a Trust
                         Expense; and

                    (B)  excess of the upfront premium over the Settlement
                         Amount will be included as Available Income for the
                         relevant Collection Period.

5.22     NOTICE OF CALCULATIONS

         The calculations outlined in this clause 5, or required to be made by
         the Manager under any Condition, must be made by the Manager and
         notified to the Trustee on each Determination Date. The Manager must
         also notify the Trustee of all details of payments which are to be made
         by or on behalf of the Trustee on each Payment Date. The Manager must
         also notify the Currency Swap Provider of all payments which are to be
         made by or on behalf of the Trustee on each Quarterly Payment Date
         under clauses 5.1(c)(v), 5.1(c)(vii), 5.2(a)(ii)(A), 5.5(a)(ii) and
         5.6(a)(ii) on each relevant Quarterly Determination Date. In the
         absence of manifest error, each of the Trustee and the Currency Swap
         Provider is entitled to rely conclusively on (and will rely on) the
         Manager's calculations and notifications and is not required to (and it
         will not) investigate the accuracy of them.

5.23     BOND FACTORS

         (a)  On each Quarterly Determination Date, the Manager will, in
              respect of the Collection Period ending before that Quarterly
              Determination Date, calculate or otherwise ascertain the Class A
              Bond Factors, the Class B Bond Factors and the Class C Bond
              Factors.

         (b)  The Manager shall notify all Class B Noteholders, all Class C
              Noteholders, the Principal Paying Agent, the Note Trustee and the
              Calculation Agent as soon as practicable after (and in any event
              by not later than the Quarterly Payment Date immediately
              following) the relevant Quarterly Determination Date of the Class
              B Bond Factor and the Class C Bond Factor.

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5.24      LOAN OFFSET INTEREST

          On each Monthly Determination Date, the Approved Seller shall pay to
          the Trustee an amount equal to all Loan Offset Interest Amounts for
          the Monthly Collection Period immediately preceding that Monthly
          Determination Date.

6.        MASTER TRUST DEED AND SERVICING AGREEMENT
--------------------------------------------------------------------------------
6.1       COMPLETION OF DETAILS IN RELATION TO MASTER TRUST DEED

          (a)  (MANAGER FEE)

               For the purpose of clause 15 of the Master Trust Deed, the fee
               payable to the Manager in respect of the Trust for each Quarterly
               Collection Period will be an amount calculated:

               (i)  on the aggregate Housing Loan Principal of the Purchased
                    Receivables on the first day of that Quarterly Collection
                    Period;

               (ii) at the rate of 0.09% per annum or as otherwise agreed by the
                    Manager and the Trustee from time to time; and

              (iii) on the actual number of days in the Quarterly Collection
                    Period divided by 365 days,

               and shall accrue due from day to day. That fee is payable in
               Australian dollars.

          (b)  (TRUSTEE'S FEE AND SECURITY TRUSTEE'S FEE)

               (i)  For the purpose of clause 19.1 of the Master Trust Deed and
                    clause 11.2 of the Security Trust Deed, the combined fee
                    payable to the Trustee and the Security Trustee in respect
                    of the Trust for each Quarterly Collection Period will be an
                    amount calculated:

                    (A)  on the aggregate Housing Loan Principal of the
                         Purchased Receivables on the first day of that
                         Quarterly Collection Period;

                    (B)  at the rate agreed in writing between the Manager, the
                         Trustee and the Security Trustee or as otherwise agreed
                         by the Manager, the Trustee and the Security Trustee
                         from time to time; and

                    (C)  on the actual number of days in the Quarterly
                         Collection Period divided by 365 days,

               and shall accrue due from day to day. That fee is payable in
               Australian dollars.

               (ii) If the Trustee or the Security Trustee (as the case may be)
                    is required at any time to undertake duties which relate to
                    the enforcement of the terms of any Transaction Document by
                    the Trustee or Security Trustee (as the case may be) upon a
                    default by any other party under the terms of that
                    Transaction Document, the Trustee or Security Trustee (as
                    the case may be) is entitled to such additional remuneration
                    as may be agreed between the Trustee or the Security Trustee
                    (as the case may be) and the Manager

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                    or, failing agreement, such amount as is determined by a
                    merchant bank (acting as an expert and not as an arbitrator)
                    selected by the Trustee or the Security Trustee (as the case
                    may be). The determination of such merchant bank shall be
                    conclusive and binding on the Manager and the Trustee or the
                    Security Trustee (as the case may be) so far as the law
                    allows.

          (c)  (SERVICING FEE)

               For the purpose of clause 6.1 of the Servicing Agreement, the fee
               payable to the Servicer in respect of the Trust for each
               Quarterly Collection Period will be an amount calculated:

               (i)  on the aggregate Housing Loan Principal of the Purchased
                    Receivables on the first day of that Quarterly Collection
                    Period;

               (ii) at the rate of 0.40% per annum or as otherwise agreed by the
                    Manager, the Trustee and the Servicer from time to time; and

              (iii) on the actual number of days in the Quarterly Collection
                    Period divided by 365 days,

               or as otherwise agreed by the Trustee, the Manager and the
               Servicer. That fee shall accrue due from day to day. That fee is
               payable in Australian dollars.

          (d)  (CUSTODIAN FEE)

               For the purpose of clause 6.1 of the Custodian Agreement, the fee
               payable to the Custodian in respect of the Trust for each
               Quarterly Collection Period will be an amount calculated:

               (i)  on the aggregate Housing Loan Principal of the Purchased
                    Receivables on the first day of that Quarterly Collection
                    Period;

               (ii) at the rate of 0.015% per annum or as otherwise agreed by
                    the Manager, the Trustee and the Custodian from time to
                    time; and

              (iii) on the actual number of days in the Quarterly Collection
                    Period divided by 365 days,

               or as otherwise agreed by the Trustee, the Manager and the
               Custodian. That fee shall accrue due from day to day. That fee is
               payable in Australian dollars.

          (e)  (FEE CHANGES TO TAKE ACCOUNT OF GST)

               Subject to clause 6.1(b)(i)(B), none of the above fees in this
               clause 6.1 are to be increased by reference to any applicable
               goods and services tax unless:

               (i)  the Trustee, the Manager and the recipient of the relevant
                    fee agree (that agreement not to be unreasonably withheld);
                    and

               (ii) the increase will not result in the downgrading or
                    withdrawal of the rating of any Notes.

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6.2       AMENDMENTS TO MASTER TRUST DEED

          The Master Trust Deed is amended for the purpose of the Trust as
          follows:

          (a)  Clause 1.1 - Authorised Investment

               For the purposes of the definition of AUTHORISED INVESTMENT in
               clause 1.1 of the Master Trust Deed:

               (i)  each of the investments in paragraphs (b), (d), (e), (f),
                    (g), (h), (i) and (j) of that definition must have a rating
                    of AAA (long term) or A-1+ (short term) (as the case may be)
                    from S&P, a rating of Aaa (long term) or P-1 (short term)
                    (as the case may be) from Moody's and a rating of AAA (long
                    term) or F1+(short term) (as the case may be) from Fitch
                    Ratings to be an AUTHORISED INVESTMENT for the Trust;

               (ii) each of the investments in paragraphs (b) and (d)-(j)
                    inclusive of that definition must mature no later than the
                    next Quarterly Payment Date following its acquisition;

              (iii) each investment must be denominated in A$;

               (iv) each investment must be of a type which does not adversely
                    affect the 50% risk weighting attributed to the Notes by the
                    Bank of England (as to which the Trustee may rely on
                    external advice);

               (v)  each investment must be held by, or in the name of the
                    Trustee or its nominee;

               (vi) sub-paragraph (i) is deleted and replaced with the
                    following:

                    securities which are "mortgage-backed securities" within the
                    meaning of each of the Duties Act, 1997 of New South Wales
                    and the Duties Act, 2000 of Victoria, the Duties Act, 2001
                    of Queensland and the Duties Act, 1999 of the Australian
                    Capital Territory.

              (vii) sub-paragraph (j) is deleted and replaced with the
                    following:

                    any other assets of a class of assets that are both:

                    (A)  included within the definition "pool of mortgages"
                         under the Duties Act 1997 of New South Wales;

                    (B)  included within the definition of "pool of mortgages"
                         under the Duties Act 2000 of Victoria;

                    (C)  included within the definition "pool of mortgages"
                         under the Duties Act 2001 of Queensland; and

                    (D)  included within the definition "pool of mortgages"
                         under the Duties Act 1999 of the Australian Capital
                         Territory.

             (viii) the reference to STAMP DUTIES ACT, 1920 in the last
                    paragraph of that definition is deleted and replaced with
                    DUTIES ACT, 1997 and the reference to STAMPS ACT, 1958 in
                    that paragraph is deleted and replaced with DUTIES ACT,
                    2000.

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          (b)  Clause 1.1 - Authorised Signatory

               The definition of AUTHORISED SIGNATORY is deleted and replaced
               with the following:

                    AUTHORISED SIGNATORY in relation to any corporation means
                    any person from time to time certified in writing by two
                    directors of the corporation (or, in the case of the
                    Trustee, by any divisional manager) to be an authorised
                    signatory of the corporation, whose signature appears on
                    such certificate and which signature is certified thereon by
                    such directors (or such divisional manager) to be that
                    person's signature (and, in the case of the Trustee or the
                    Security Trustee (as the case may be), also includes any
                    officer of the Trustee or the Security Trustee (as the case
                    may be) who has the word "manager", "group executive" or
                    "counsel" in their title).

          (c)  Clause 1.1 - Cedel Bank

               (i)  The definition of CEDEL BANK is deleted and the following
                    definition inserted:

                      CLEARSTREAM, LUXEMBOURG means Clearstream Banking, societe
                      anonyme.

               (ii) Each reference to "Cedel Bank" in:

                    (A)  paragraph (u) of the definition of EXPENSES in clause
                         1.1; and

                    (B)  the definition of NOTEHOLDERS in clause 1.1,

                    is deleted and replaced with the words "Clearstream,
                    Luxembourg"

          (d)  Clause 1.1 - Euroclear

               The definition of EUROCLEAR is deleted and the following
               definition inserted:

                          EUROCLEAR means Euroclear Bank S.A./N.V.

          (e)  Clause 1.1 - Expenses

               For the purposes of the definition of EXPENSES in clause 1.1 of
               the Master Trust Deed, a new paragraph (w) is inserted as follows
               and the existing paragraph (w) becomes paragraph (x).

               (w)  any fees and expenses payable to any Stock Exchange or DTC
                    from time to time by the Trustee;

          (f)  Clause 1.1 - Extraordinary Resolution

               For the purposes of the definition of EXTRAORDINARY RESOLUTION in
               clause 1.1 of the Master Trust Deed, that definition is deleted
               and the following definition is inserted.

                    EXTRAORDINARY RESOLUTION means, in relation to:

                    (a)  any Class of A$ Noteholders subject to the provisions
                         of the Security Trust Deed:

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                    (i)  a resolution passed at a meeting of that Class of A$
                         Noteholders duly convened and held in accordance with
                         the provisions contained in clause 29 of this Master
                         Trust Deed by a majority consisting of not less than
                         75% of the votes able to be cast by the relevant
                         Noteholders (cast by show of hands or poll, as the case
                         may be); or

                    (ii) a resolution in writing under clause 29 of this Master
                         Trust Deed signed by all Noteholders in the relevant
                         Class of Noteholders;

               (b)  all Noteholders means, subject to the provisions of the
                    Security Trust Deed a resolution passed, in a meeting of all
                    A$ Noteholders duly convened and held in accordance with the
                    provisions contained in clause 29 of this Master Trust Deed
                    and in a meeting of Class A Noteholders in accordance with
                    the Note Trust Deed, by majority consisting of not less than
                    75% calculated as follows:

                         (A x I) + U
                             T

                         Where: A =        the percentage of A$ Noteholders
                                           voting in favour of the resolution;

                                  I =      the US$ Equivalent of the aggregate
                                           Invested Amount of all A$ Notes;

                                  U =      the aggregate Invested Amount of
                                           the CLASS A NOTES held by Class A
                                           Noteholders who voted in favour of
                                           the resolution

                                  T =      the Total Invested Amount.

     (g)  Clause 1.1 - Fitch IBCA

          (i)  The definition of FITCH IBCA is deleted and the following
               definition:

                    FITCH RATINGS means Fitch Australia Pty Limited.

          (ii) Each reference to "Fitch IBCA" in the Master Trust Deed is
               deleted and replaced with the words "FITCH RATINGS".

          (h)  Clause 1.1 - Definitions

               For the purpose of the Trust, the following new definitions are
               inserted, in alphabetical order, in clause 1.1 of the Master
               Trust Deed:

                    APPLICATION FOR NOTES means an application for A$ Notes in
                    the form of schedule 2 to the Supplementary Terms Notice or
                    in such other form as may from time to time be agreed
                    between the Trustee and the Manager.

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                           AUSTRACLEAR means Austraclear Limited.

                           AUSTRACLEAR REGULATIONS means the regulations
                           published by Austraclear.

                           AUSTRACLEAR SYSTEM means the System as defined in the
                           Austraclear Regulations.

                           MARKED NOTE TRANSFER means a Note Transfer marked as
                           in accordance with clause 7.15 of this Master Trust
                           Deed.

                           NOTE ACKNOWLEDGEMENT means an acknowledgement of the
                           registration of a person as the holder of an A$ Note
                           in the form set out in schedule 3 to this
                           Supplementary Terms Notice or in such other form as
                           may from time to time be agreed between the Trustee
                           and the Manager.

                           NOTE TRANSFER means a transfer and acceptance of A$
                           Notes materially in the form of schedule 4 to this
                           Supplementary Terms Notice or in such other form as
                           may from time to time be agreed between the Trustee
                           and the Manager.

                           REGISTER means in relation to a Trust, the register
                           required to be maintained in accordance with clause
                           28 of this Master Trust Deed.

                           REPRESENTATIVE means:

                           (i)     in the case of any A$ Noteholder, a person
                                   appointed as a proxy for that Noteholder
                                   under clause 29.9; and

                          (ii)     without limiting the generality of paragraph
                                   (a), in the case of an A$ Noteholder which is
                                   a body corporate, a person appointed under
                                   clause 29.10 by that A$ Noteholder."

               (i)  Clause 1.1 - Guaranteed Investment Contract

                    For the purposes of the definition of GUARANTEED INVESTMENT
                    CONTRACT in clause 1.1 of the Master Trust Deed, the words
                    "or any equivalent regulations issued under the Duties Act
                    1997" are inserted at the end of that definition.

               (j)  Clause 1.1 - Residual Income Beneficiary

                    New definitions are inserted in clause 1.1 as follows.

                    RESIDUAL INCOME UNIT, in relation to a Trust, has the
                    meaning given in the Supplementary Terms Notice for that
                    Trust.

                    RESIDUAL INCOME BENEFICIARY, in relation to a Trust means
                    any person who holds or is taken to hold a Residual Income
                    Unit for that Trust.

               (k)  Clause 1.1 - Termination Date

                    For the purpose of the definition of TERMINATION DATE in
                    clause 1.1 of the Master Trust Deed, the words "and the
                    Trustee and the Manager agree that no further Notes are
                    proposed to be issued by the Trustee in relation to that
                    Trust" are inserted at the end of paragraph (c)(i) of that
                    definition.

               (l)  Clause 4 - Notes

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                    For the purposes of the Trust, clause 4 in the Master Trust
                    Deed is deleted and the following new clause 4 is inserted
                    as follows.

               4.   NOTES

               4.1  ACKNOWLEDGEMENT OF INDEBTEDNESS

                    Subject to the terms of this Master Trust Deed and the
                    Supplementary Terms Notice:

                    (a)  each entry in the Register relating to a Trust in
                         respect of an A$ Note; and

                    (b)  each Class A Note issued by a Trust,

                    constitutes an independent and separate acknowledgement to
                    the relevant Noteholder by the Trustee of its indebtedness
                    as trustee of the Trust for the Invested Amount of that Note
                    together with the other rights given to Noteholders under
                    this Master Trust Deed, the Supplementary Terms Notice and
                    the Security Trust Deed, and (in relation to a Class A Note)
                    the Note Trust Deed and the relevant Conditions.

               4.2  LEGAL NATURE OF NOTES

                    (a)  A$ Notes will be in the form of inscribed stock, and
                         the Trustee's obligations in relation to those A$ Notes
                         and under this Master Trust and this Supplementary
                         Terms Notice in respect of those A$ Notes (including
                         any obligation to pay interest or principal) will
                         become effective on inscription in the Register for the
                         Trust under this Master Trust and this Supplementary
                         Terms Notice of the details for those A$ Notes.

                    (b)  CLASS A NOTES will be in registered form in respect of
                         Book-Entry Notes and will be in bearer or registered
                         form in respect of Definitive Notes, provided that
                         there will be no bearer notes issued in the United
                         States of America.

               4.3  TERMS OF NOTES

                    (a)  All Notes issued by the Trustee as trustee of a Trust
                         shall be issued with the benefit of, and subject to,
                         this Master Trust Deed, the relevant Supplementary
                         Terms Notice and the relevant Security Trust Deed and,
                         in relation to the CLASS A NOTES, the relevant Note
                         Trust Deed and the relevant Conditions.

                    (b)  The documents referred to in paragraph (a) are binding
                         on the Manager, the Trustee, the Note Trustee, the
                         Security Trustee and the Noteholders.

               4.4  INTEREST AND PRINCIPAL ENTITLEMENT OF NOTEHOLDERS

                    Subject to this Master Trust Deed, the relevant
                    Supplementary Terms Notice and the relevant Security Trust
                    Deed and, in relation to the CLASS A NOTES, the relevant
                    Note Trust Deed and the relevant Conditions (and, in
                    particular, subject to any such provisions which provide for
                    principal

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                    losses to be charged off against any Notes), the Trustee as
                    trustee of a Trust shall, in respect of the Notes issued by
                    it in that capacity, pay or cause to be paid to the
                    Noteholders (as relevant) of those Notes;

                    (a)  (INTEREST) Interest Entitlement on each Interest
                         Payment Date; and

                    (b)  (PRINCIPAL) their Principal Entitlement on each
                         Quarterly Payment Date.

               4.5  NOTES NOT INVALID IF ISSUED IN BREACH

                    No Note shall be invalid or unenforceable on the ground that
                    it was issued in breach of this Master Trust Deed, the
                    relevant Supplementary Terms Notice or any other Transaction
                    Document.

               4.6  LOCATION OF A$ NOTES

                    The property in the A$ Notes shall for all purposes be
                    regarded as situated at the place where the Register on
                    which those A$ Notes are recorded is located.

               4.7  NO DISCRIMINATION BETWEEN NOTEHOLDERS

                    There shall not be any discrimination or preference between
                    Notes within the same Class, or the corresponding
                    Noteholders, in relation to a Trust by reason of the time of
                    issue of Notes or for any other reason, subject only to the
                    Supplementary Terms Notice relating to the Notes, the terms
                    of the Security Trust Deed (if any) relating to the Trust
                    and (in relation to the CLASS A NOTES) the relevant Note
                    Trust Deed and the relevant Conditions.

               4.8  NOTE REGISTER

                    In the event that any Definitive Notes are issued in
                    registered form, the Trustee (or if the Trustee fails to do
                    so, the Manager on behalf of the Trustee) will appoint a
                    person to operate and maintain a register of those
                    Definitive Notes in accordance with standard United States
                    practice and law.

          (m)  Clause 5.3 - Ranking of interest of Beneficiary

               For the purposes of clause 5.3 of the Master Trust Deed, the
               Trustee may seek and rely upon a direction from the Note Trustee
               as to the interests of the Class A Noteholders.

          (n)  Clauses 6.1 and 6.6(a) - Note Issue Direction

               (i)  For the purposes of clause 6.1 of the Master Trust Deed, the
                    Note Issue Direction for the Notes may be issued by the
                    Manager on or at any time prior to the Note Issue Date for
                    the Notes.

               (ii) For the purposes of clause 6.6(a) of the Master Trust Deed,
                    the certification by the Manager may occur on or at any time
                    prior to the Note Issue Date for the Notes.

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     (o)  Clause 6.7 - Subscription Agreement

          (i)  Clause 6.7(c) of the Master Trust Deed is amended by replacing
               paragraph (i) with the following

               (i)  (TRANSACTION DOCUMENTS) entered into the Transaction
                    Documents to which it is a party in its capacity as trustee
                    of the Trust.

               (ii) For the purposes of clause 6.7(a)(iii), the Trustee will
                    enter into the Subscription Agreements.

     (p)  Clause 6.8 - Action Following Note Issue

          For the purposes of the Trust, clause 6.8 of the Master Trust Deed is
          deleted and the following new clause 6.8 is inserted:

               6.8  ACTION FOLLOWING NOTE ISSUE

                    As soon as practicable after a Note Issue Date for a Trust:

                    (a) in relation to A$ Notes only:

                        (i)  (ENTER DETAILS IN THE REGISTER) the Trustee shall
                             enter into the Register for that Trust in
                             accordance with clause 28 the information required
                             under clause 28.1;

                        (ii) (ISSUE NOTE ACKNOWLEDGEMENT) the Trustee shall
                             issue a Note Acknowledgement to each A$ Noteholder
                             in respect of its holding of A$ Notes; and

                       (iii) (ISSUE MARKED NOTE TRANSFERS) if requested by an A$
                             Noteholder in its Application for Notes, the
                             Trustee shall issue a Marked Note Transfer to that
                             A$ Noteholder; and

                    (b)  in relation to CLASS A NOTES only, the Trustee shall
                         issue those CLASS A NOTES in accordance with the
                         relevant Note Trust Deed and the relevant Supplementary
                         Terms Notice.

     (q)  Clause 7 - Transfer of Notes

          For the purpose of this Trust, Clause 7 of the Master Trust Deed is
          deleted and the following new clause 7 is inserted:

          7.   TRANSFER OF NOTES

          7.1  NO RESTRICTIONS ON TRANSFER OF NOTES

               Subject to this Master Trust Deed and the relevant Supplementary
               Terms Notice and (in respect of the CLASS A NOTES) the relevant
               Note Trust Deed and Conditions, there shall be no restriction on
               the transfer of Notes.

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          7.2  MINIMUM TRANSFER

               (a)  An A$ Noteholder must not transfer any A$ Notes held by it
                    unless:

                    (i)  the amount payable by the transferee for those A$ Notes
                         is not less than A$500,000; or

                    (ii) the offer or invitation to the transferee by the A$
                         Noteholder in relation to the A$ Notes is an offer or
                         invitation that will not require disclosure under Part
                         6D.2 of the Corporations Act 2001 (Cth).

               (b)  No A$ Note has been or will be registered under the United
                    States Securities Act of 1933 as amended (the SECURITIES
                    ACT) and may not be offered or sold within the United States
                    or to, or for the account or benefit of, US persons except
                    in accordance with Regulation S under the Securities Act or
                    pursuant to an exemption from the registration requirements
                    of the Securities Act. Terms used in this paragraph have the
                    meanings given to them by Regulation S under the Securities
                    Act.

               (c)  No transfer may be made of any CLASS A NOTES in
                    circumstances which would require the preparation, issue
                    and/or filing of a prospectus in England pursuant to the
                    Public Offers of Securities Regulations 1995 or under any
                    replacement or subsidiary legislation or regulations.

               (d)  None of the Trustee, the Manager, the Servicer, any Note
                    Manager, the Note Trustee, the Security Trustee or an
                    Approved Seller is liable to any Noteholder in relation to a
                    breach by that Noteholder of paragraph (b).

          7.3  FORM OF TRANSFER

               Every transfer of A$ Notes shall be effected by a Note Transfer.

          7.4  EXECUTION OF NOTE TRANSFER

               Every Note Transfer shall be duly completed and executed by the
               transferor and transferee.

          7.5  STAMPING OF NOTE TRANSFER

               Every Note Transfer lodged with the Trustee shall be duly stamped
               (if applicable).

          7.6  DELIVERY OF NOTE TRANSFER TO TRUSTEE

               Every Note Transfer shall be delivered to the Trustee, together
               with the Note Acknowledgement to which it relates, for
               registration.
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          7.7  REGISTRATION OF TRANSFEREE AS A$ NOTEHOLDER

               Subject to this clause 7, the Trustee shall, on receipt of a Note
               Transfer, enter the transferee in the Register as the holder of
               the A$ Notes which are the subject of the Note Transfer.

          7.8  TRUSTEE ENTITLED TO REFUSE TO REGISTER NOTE TRANSFER

               The Trustee may refuse to register any Note Transfer which would
               result in:

               (a)  (BREACH) a contravention of or failure to observe:

                    (MASTER TRUST DEED) the terms of this Master Trust Deed;

                    (SUPPLEMENTARY TERMS NOTICE) the terms of the Supplementary
                    Terms Notice;

                    (SECURITY TRUST DEED) the terms of the Security Trust Deed;
                    or

                    (THE LAW) any law of an Australian Jurisdiction; or

               (b)  (REQUIRES REGISTRATION) an obligation to procure
                    registration of any of the above with, or the approval of
                    any of the above by, any Government Agency.

          7.9  REFUSAL TO REGISTER ABSOLUTE

               The Trustee shall not be bound to give any reason for refusing to
               register any Note Transfer and its decision shall be final,
               conclusive and binding. If the Trustee refuses to register a Note
               Transfer it shall, as soon as practicable (and in no event later
               than 7 days after the date the Note Transfer was lodged with it),
               send to the transferor and the transferee notice of such refusal.

          7.10 NO FEE FOR REGISTRATION OF A NOTE TRANSFER

               No fee shall be charged for the registration of any Note
               Transfer.

          7.11 TAKING EFFECT OF NOTE TRANSFERS

               (a)  (NOTE TRANSFER NOT EFFECTIVE UNTIL REGISTRATION) A Note
                    Transfer shall not take effect until registered by the
                    Trustee and until the transferee is entered in the Register
                    as the holder of the A$ Notes which are the subject of the
                    Note Transfer, the transferor shall remain the holder of
                    those A$ Notes.

               (b)  (TRANSFER RECEIVED WHEN REGISTER CLOSED) When a Note
                    Transfer is received by the Trustee during any period when
                    the Register is closed for any purpose, the Trustee shall
                    not register the Note Transfer until the Business Day after
                    the day on which that Register is reopened.

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          7.12 RIGHTS AND OBLIGATIONS OF TRANSFEREE

               Subject to this Master Trust Deed and the relevant Supplementary
               Terms Notice, a transferee of A$ Notes, on being noted in the
               Register as the holder of the A$ Notes, shall have the following
               rights and obligations:

               (a)  (THOSE OF THE TRANSFEROR) all the rights and the obligations
                    which the transferor previously had; and

               (b)  (THOSE UNDER MASTER TRUST DEED) all the rights and
                    obligations of an A$ Noteholder as provided by this Master
                    Trust Deed and the relevant Supplementary Terms Notice as if
                    the transferee was originally a party to this Master Trust
                    Deed and that Supplementary Terms Notice.

          7.13 PAYMENTS TO TRANSFEREE

               Subject to this Master Trust Deed (including clause 32.1 of the
               Master Trust Deed), on the entry of a transferee of A$ Notes in
               the Register, the transferee shall become entitled to receive any
               payments then due or which may become due to the holder of the
               relevant A$ Notes (including whether or not the entitlement to
               payment wholly or partly arose or accrued prior to the transfer
               and the Trustee shall be discharged for any such payment made to
               the transferee).

          7.14 TRANSMISSION OF ENTITLEMENTS

               (a)  (ELECTION) Any person becoming entitled to an A$ Note as a
                    result of the death, mental incapacity or bankruptcy of an
                    A$ Noteholder may, on producing such evidence as the Trustee
                    requires of their entitlement, elect to be either registered
                    as the A$ Noteholder in respect of the relevant A$ Notes or
                    to transfer the relevant A$ Notes to a third party in the
                    manner specified in this clause.

               (b)  (METHOD OF ELECTION) If an entitled person elects to be
                    registered as the A$ Noteholder, the person shall deliver to
                    the Trustee a notice in writing to this effect signed by the
                    person. If the person elects to have another person
                    registered he or she shall execute a Note Transfer in
                    relation to the relevant A$ Notes in favour of that other
                    person. All the provisions of this Master Trust Deed and the
                    relevant Supplementary Terms Notice relating to the transfer
                    of A$ Notes and the registration of Note Transfers shall be
                    applicable to any such notice or Note Transfer as if the
                    death, mental incapacity or bankruptcy of the A$ Noteholder
                    had not occurred and the notice or Note Transfer was a Note
                    Transfer executed by the A$ Noteholder.

               (c)  (DISCHARGE) A person entitled to A$ Notes under this clause
                    shall be entitled to receive and may give a good discharge
                    for all moneys payable in respect of such A$ Notes but,
                    except as otherwise provided by this Master Trust Deed and
                    the relevant
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                    Supplementary Terms Notice, shall not be entitled to any of
                    the rights or privileges of an A$ Noteholder unless and
                    until the person is entered in the Register as the holder of
                    those A$ Notes.

          7.15 MARKED NOTE TRANSFER

               (a)  (ENTITLEMENT TO MARKING) An A$ Noteholder may from time to
                    time request the Trustee to provide the A$ Noteholder with a
                    Marked Note Transfer.

               (b)  (MARKING) The A$ Noteholder shall deliver a Note Transfer to
                    the Trustee and the Trustee shall mark the Note Transfer in
                    such manner as agreed from time to time by the Trustee and
                    the Manager and issue the same to the A$ Noteholder.

               (c)  (TRUSTEE WILL NOT REGISTER TRANSFER) Until the expiry of 90
                    days (or any substitute period as the Trustee and Manager
                    agree from time to time and as advised to A$ Noteholders)
                    from the date on which the Note Transfer was marked, the
                    Trustee shall not register any transfer of A$ Notes relating
                    to the Marked Note Transfer otherwise than on that Marked
                    Note Transfer.

               (d)  (NO EXTENSION BY CLOSING OF REGISTER) The period referred to
                    in sub-paragraph (c) shall not be extended by the closing of
                    the Register for any purpose.

               (e)  (DELIVERY) A Marked Note Transfer shall be issued to an A$
                    Noteholder by personal delivery at the time the A$
                    Noteholder attends the offices of the Trustee (or such other
                    place nominated by the Trustee) for the marking of the Note
                    Transfer by the Trustee.

          7.16 RELIANCE ON DOCUMENTS

               The Trustee shall be entitled to accept and assume the
               authenticity and genuineness of any Note Transfer or other
               document produced to it and to assume that any Note Transfer or
               other document produced to it has been duly executed. The Trustee
               shall not be bound to enquire into the authenticity or
               genuineness of any Note Transfer or other document, nor shall it
               incur any liability for registering any Note Transfer which is
               subsequently discovered to be a forgery or otherwise defective,
               unless the Trustee had actual notice of such forgery or defect at
               the time of registration of such Note Transfer.

          7.17 SPECIMEN SIGNATURES

               The Trustee may (but need not) require each A$ Noteholder to
               submit specimen signatures (and in the case of a corporation may
               require those signatures to be authenticated by the secretary or
               director of such A$ Noteholder) of persons authorised to execute
               Note Transfers on behalf of such A$ Noteholder and shall be
               entitled to assume (until notified to the contrary) that such
               authority has not been revoked.
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          7.18 NOTES LODGED WITH AUSTRACLEAR

               If A$ Notes are lodged into the Austraclear System, the Trustee
               shall enter Austraclear in the Register as the holder of those A$
               Notes. While those A$ Notes remain in the Austraclear System:

               (a)  all payments and notices required of the Trustee and the
                    Manager in relation to those A$ Notes will be directed to
                    Austraclear; and

               (b)  all dealings (including transfers) and payments in relation
                    to those A$ Notes within the Austraclear System will be
                    governed by the Austraclear Regulations and need not comply
                    with this clause 7 to the extent of any inconsistency.

     (r)  Clause 7A - Note Acknowledgement

          For the purposes of the Trust a new clause 7A is inserted in the
          Master Trust Deed as follows:

               7A.  NOTE ACKNOWLEDGEMENT

               7A.1 ISSUE OF NOTE ACKNOWLEDGEMENT

                    When a person has been entered in the Register as the holder
                    of A$ Notes, as soon as practicable (and in any event no
                    later than 5 Business Days or such shorter period specified
                    in the relevant Supplementary Terms Notice or as otherwise
                    agreed by the Trustee with the person or the Manager)
                    thereafter, the Trustee shall issue a Note Acknowledgement
                    to that person in respect of those A$ Notes. If the person
                    has been entered into the Register under a Note Transfer and
                    the transferor continues to retain a holding of A$ Notes,
                    the Trustee shall, within the same period stated above,
                    issue to the transferor a Note Acknowledgement in respect of
                    that retained holding of A$ Notes. No certificates will be
                    issued in respect of A$ Notes.

               7A.2 NOTE ACKNOWLEDGEMENT NOT CERTIFICATE OF TITLE

                    A Note Acknowledgement shall not be a certificate of title
                    as to A$ Notes and the Register shall be the only conclusive
                    evidence of the ownership of A$ Notes and the entitlements
                    under them. A Note Acknowledgement cannot be pledged or
                    deposited as security nor can an A$ Note be transferred by
                    delivery of only a Note Acknowledgement.

               7A.3 EXECUTION OF NOTE ACKNOWLEDGEMENT

                    Each Note Acknowledgement shall be signed on behalf of the
                    Trustee manually, or in facsimile by mechanical or
                    electronic means, by any Authorised Signatory of the
                    Trustee. If any Authorised Signatory of the Trustee whose
                    signature appears on a Note Acknowledgement dies or
                    otherwise ceases to be an Authorised Signatory before the
                    Note Acknowledgement has been

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                    issued, the Trustee may nevertheless issue the Note
                    Acknowledgement.

               7A.4 MORE THAN ONE NOTE ACKNOWLEDGEMENT

                    If an A$ Noteholder wishes to receive more than one Note
                    Acknowledgement it shall return its Note Acknowledgement to
                    the Trustee and at the same time request in writing the
                    issue of a specified number of separate Note
                    Acknowledgements. Subject to clause 4.5, the Trustee shall
                    then cancel the original Note Acknowledgement and issue, in
                    lieu, separate Note Acknowledgements. A fee prescribed by
                    the Trustee (not exceeding $10 for each Note
                    Acknowledgement) shall be paid by the A$ Noteholder to the
                    Trustee.

               7A.5 WORN OUT, DEFACED OR LOST NOTE ACKNOWLEDGEMENT

                    If any Note Acknowledgement is worn out or defaced then, on
                    production to the Trustee, the Trustee may cancel the same
                    and may issue a new Note Acknowledgement. If any Note
                    Acknowledgement is lost or destroyed then, on proof to the
                    satisfaction of the Trustee, and on such indemnity as the
                    Trustee may consider adequate having been given, a new Note
                    Acknowledgement shall be given to the person entitled to
                    such lost or destroyed Note Acknowledgement. An entry as to
                    the issue of the new Note Acknowledgement and of the
                    indemnity (if any) shall be made in the Register. A fee
                    prescribed by the Trustee (not exceeding $10) shall be paid
                    by the person requesting the new Note Acknowledgement to the
                    Trustee.

               7A.6 JOINT HOLDINGS

                    If a single parcel of A$ Notes is held by more than one
                    person, only the person whose name stands first in the
                    Register in relation to that parcel of A$ Notes shall be
                    entitled to:

                    (a)  be issued the relevant Note Acknowledgement and, if
                         applicable, a Marked Note Transfer;

                    (b)  be given any notices; and

                    (c)  be paid any moneys due in respect of such A$ Notes.

               7A.7 DELIVERY OF NOTE ACKNOWLEDGEMENT

                    A Note Acknowledgement may be sent to the relevant A$
                    Noteholder by mail or by personal delivery to the A$
                    Noteholder's address appearing in the Register and the Note
                    Acknowledgement so sent shall be at the risk of that A$
                    Noteholder.

     (s)  Clause 8.5 - Authorised Investment
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          For the purposes of Clause 8.5 of the Master Trust Deed, but subject
          always to the right of substitution under clause 8, Authorised
          Investments shall not include those investments specified in
          paragraphs (a) and (c) of the definition of Authorised Investments in
          the Master Trust Deed, namely:

          (i)  Loans secured by Mortgages, those Mortgages, other Related
               Securities and Receivable Rights; and

          (ii) other Receivables, Receivable Securities and Receivable Rights
               approved by the Manager.

     (t)  Clause 12.3(b) Sale Notice

          For the purposes of clause 12.3(b) of the Master Trust Deed, a Sale
          Notice may be delivered to the Trustee by the Approved Seller on or at
          any time prior to the Expiry Time.

     (u)  Clause 12.5(a)(iii) - Conditions precedent to purchase

          For the purposes of clause 12.5(a)(iii) of the Master Trust Deed, the
          following is a condition precedent to the giving of a Sale Notice:

          (i)  (CERTIFIED COPIES) Certified copies of the forms of each Mortgage
               Insurance Policy, and the forms of the Receivable Agreements,
               relating to the Purchased Receivables.

     (v)  Clause 12.6(a)(vii) Representations and warranties

          For the purposes of clause 12.6(a)(vii) of the Master Trust Deed, the
          Approved Seller makes the following additional representations and
          warranties in relation to each Sale Notice.

          (i)  (ASSIGNABILITY) All consents required in relation to the
               assignment of the Receivables specified in the Sale Notice and
               the related Receivable Rights have been obtained. Those
               Receivables and Receivable Rights are assignable.

          (ii) (QUALITY OF TITLE) It is the sole, legal and beneficial owner of
               the Receivables specified in the Sale Notice and the related
               Receivable Rights. Those Receivables and the related Receivable
               Rights, together with the interest of the Approved Seller under
               the Relevant Documents, are owned by it free and clear of any
               Security Interest (other than any Security Interest arising
               solely as the result of any action taken by the Trustee in
               connection with the Trust).

         (iii) (ELIGIBLE RECEIVABLE) As at the relevant Cut-Off Date, each
               Receivable which is specified in the Sale Notice is an Eligible
               Receivable. In relation to any related Receivable Security that
               is required to be registered with any Government Agency and which
               is not registered at its Cut-Off Date, it will be registered.

          (iv) (RECEIVABLE SECURITIES) Each Receivable and Receivable Security
               which is specified in the Sale Notice and each Related Security
               is legally valid,

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               binding and enforceable against the relevant Obligor(s) in all
               material respects except to the extent that it is affected by
               laws relating to creditors rights generally, or doctrines of
               equity.

          (v)  (SET OFF) Once equitably assigned to the Trustee, no Receivable
               which is specified in the Sale Notice or related Receivable Right
               will be subject to any right of rescission, set off, counterclaim
               or similar defence.

          (vi) (COMPLIANCE WITH LAWS) At the time each Receivable and Receivable
               Security which is specified in the Sale Notice and each Related
               Security was entered into and up to and including the Closing
               Date, it complied in all material respects with applicable laws,
               including, without limitation, where the Consumer Credit
               Legislation applies, the Consumer Credit Legislation and the
               performance by the Approved Seller of its obligations in respect
               of each such Receivable, Receivable Security and Related Security
               (including without limitation, its variation, discharge, release,
               administration, servicing and enforcement) up to and including
               the Closing Date complied in all material respects with
               applicable laws including, without limitation, where the Consumer
               Credit Legislation applied, the Consumer Credit Legislation.

          (vii) (OWNERSHIP) In relation to each Receivable Security which is
               specified in the Sale Notice, the relevant Obligor(s) is or are
               the sole legal owner of the relevant Mortgaged Property and
               registered as the sole proprietor(s) of the relevant Mortgaged
               Property.

        (viii) (INSURANCE) Each Receivable which is specified in the Sale
               Notice is the subject of a Mortgage Insurance Policy from a
               Mortgage Insurer for the scheduled term of that Receivable for
               the amount of that Receivable and which is not subject to the
               Pool Policy. The sale of each such Receivable to the Trustee is
               not contrary to the relevant Mortgage Insurance Policy. The
               Approved Seller has not done or omitted to do anything which
               might prejudicially affect or limit its rights or the rights of
               the Trustee under or in respect of a Mortgage Insurance Policy
               (including the payment of any premiums due under that Mortgage
               Insurance Policy) to the extent that those rights relate to that
               Receivable or the related Receivable Rights. On transfer to the
               Trustee of equitable title to a Purchased Receivable:

               (A)  the Trustee will have the benefit of the relevant Mortgage
                    Insurance Policy for that Receivable; and

               (B)  the Approved Seller will procure that the Trustee receives
                    evidence of each Mortgage Insurer's acknowledgement of the
                    transfer.

          (ix) (SOLVENCY OF MORTGAGE INSURER) The Approved Seller does not have
               actual notice that any Mortgage Insurer under any Mortgage
               Insurance Policy in relation to a Receivable is insolvent or will
               be unable to pay a valid claim.

          (x)  (SOLVENCY OF OTHER INSURERS) The officers of the Approved Seller
               who have responsibility for the transactions contemplated by the
               Transaction
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               Documents do not have actual notice that any insurer under any
               insurance policy (other than a Mortgage Insurer under any
               Mortgage Insurance Policy) in relation to a Receivable is
               insolvent or will be unable to pay a valid claim.

          (xi) (SELECTION PROCESS) There is no fraud, dishonesty, material
               misrepresentation or negligence on the part of the Approved
               Seller in connection with the selection and offer to the Trustee
               of any Receivables or related Receivable Securities which is
               specified in the Sale Notice.

         (xii) (NO VOID TRANSACTIONS) The assignment of the Receivables which
               are specified in the Sale Notice and Receivable Rights will not
               be held by a court to be an undervalue transfer, a fraudulent
               conveyance, or a voidable preference under any law relating to
               insolvency.

        (xiii) (SECURITY INTEREST) The sale, transfer and assignment of the
               Approved Seller's interest in the Receivables which are specified
               in the Sale Notice and the related Receivable Rights, will not
               constitute a breach of any Relevant Document or the Approved
               Seller's obligations or a default by the Approved Seller under
               any Security Interest.

         (xiv) (RELEVANT DOCUMENTS) The Approved Seller holds in its possession
               or control all Relevant Documents that relate to the Receivables
               and the related Receivable Securities which are specified in the
               Sale Notice necessary to register and enforce the provisions of
               and the security created by the relevant Receivable Securities.

          (xv) (SOLVENCY) The Approved Seller is solvent, is able to pay its
               debts as and when they become due and payable and has no notice
               of, nor taken any steps in relation to, any application or order
               for its winding up or the appointment of a receiver or liquidator
               to it or any of its assets.

         (xvi) (NO RESCISSION, ETC) As at the Cut-Off Date, none of the
               Receivables and none of the Receivable Securities which are
               specified in the Sale Notice were satisfied, cancelled,
               discharged or rescinded and the Mortgaged Property relating to
               each relevant Receivable and Receivable Security had not been
               released from the security of the relevant Receivable Securities.

        (xvii) (INTEREST RATE) Except as specified in a Receivable Agreement,
               a Receivable Security or the Sale Notice, and subject to
               applicable laws, the interest rate for each such Receivable is
               not subject to any limitation, no consent, additional memoranda
               or other writing is required from the relevant Obligor to give
               effect to a change in that rate and any change in that rate will
               be effective on notice being given to that Obligor in accordance
               with the terms of the relevant Receivable or Receivable Security.

       (xviii) (COMPLIANCE WITH PROCEDURES) At the time each Receivable and
               each Receivable Security which is specified in the Sale Notice
               and each Related Security was entered into it complied in all
               material respects with the
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               Approved Seller's underwriting and operations procedures, as
               agreed with the Manager.

         (xix) (GOOD FAITH) Each Receivable and Receivable Security which is
               specified in the Sale Notice and each Related Security was
               entered into by the Approved Seller in good faith.

          (xx) (ORDINARY COURSE OF BUSINESS) At the time each Receivable and
               each Receivable Security which is specified in the Sale Notice
               and each Related Security was entered into, it was not purchased
               by the Approved Seller but was originated in the ordinary course
               of the Approved Seller's business.

         (xxi) (FIRST RANKING SECURITY) In respect of each Receivable and each
               Receivable Security which is specified in the Sale Notice and
               each Related Security, the Approved Seller has taken all
               reasonably necessary steps to ensure that each related Mortgage
               complies with the applicable legal requirements to be a first
               ranking Mortgage secured over land, subject to registration in
               due course.

        (xxii) (NO NOTICE OF BANKRUPTCY OR WINDING UP) At the time each
               Receivable and each Receivable Security which is specified in the
               Sale Notice and each Related Security was entered into at any
               time prior to the Closing Date, the Approved Seller had not
               received any notice of any insolvency, bankruptcy or liquidation
               of the Obligor(s) or any guarantors or security providers (except
               that if a Receivable is in Arrears but complies with the
               Eligibility Criteria, the fact that it is in Arrears is not in
               and of itself notice of insolvency) or any notice that any such
               person did not have the legal capacity to enter into the relevant
               Mortgage.

       (xxiii) (NO WAIVER, ETC) As at the Cut-Off Date, none of the
               Receivables and none of the Receivable Securities which is
               specified in the Sale Notice and no Related Security had been
               waived or altered, except in writing and as part of the Relevant
               Documents.

        (xxiv) (INFORMATION ON RECEIVABLES) All information provided by the
               Approved Seller to the Trustee in connection with the
               Receivables, the Receivable Securities and the Related Securities
               was, when given, true and accurate in all material respects and
               not misleading or deceptive and did not omit to state a material
               fact necessary in order to make the statements therein in light
               of the circumstances in which they were made not misleading or
               deceptive.

         (xxv) (NO KNOWLEDGE OF ADVERSE EVENT) As at the Cut-Off Date, the
               Approved Seller was not aware of any circumstance or event that
               may materially and adversely affect:

               (A)  the value or enforceability of any Receivable, Receivable
                    Security or Related Security; or

               (B)  the ability of the Approved Seller to perform its
                    obligations under the Transaction Documents.

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             (xxvi) (FAIR CONSIDERATION) The Approved Seller regards the
                    consideration paid for the Receivables specified in the Sale
                    Notice as fair and equals the outstanding principal of the
                    Receivables on the Closing Date (plus or minus $1,000).

            (xxvii) (NO BREACH OF OBLIGATIONS) The Approved Seller is not in
                    breach of any obligation or agreement which has had or may
                    have a Material Adverse Effect.

           (xxviii) (DEPOSIT ACCOUNT) If the Approved Seller has required an
                    Obligor to establish a deposit account with it in relation
                    to a Receivable, the Approved Seller has done so for
                    administrative convenience only.

             (xxix) (WAIVER OF SET-OFF) The Approved Seller's standard form of
                    Receivable Agreement includes a clause to the effect that
                    the relevant Obligor waives all rights of set-off as between
                    the Obligor and the Approved Seller.

              (xxx) (AUSTRALIAN DOLLARS) Each Receivable is, at the Closing
                    Date, denominated and payable only in Australian dollars in
                    Australia.

             (xxxi) (STAMP DUTY) The Approved Seller will pay all applicable
                    stamp duties imposed by Queensland as a result of the
                    initial equitable assignment by the Approved Seller to the
                    Trustee of the Receivables specified in the Sales Notice.

     (w)  Clause 12.6(d)(ii) - Offer and acceptance

          Clause 12.6(d)(ii) of the Master Trust Deed is amended by:

          (i)  deleting "to the satisfaction of the Manager and the Trustee" and
               inserting in place of those words "(if capable of remedy to the
               satisfaction of the Manager and the Trustee)";

          (ii) replacing "." at the end of sub-clause (G) with "; and"; and

          (iii) inserting a new sub-clause (H) as follows:

               (H)  the Approved Seller shall indemnify the Trustee from and
                    against any and all damages, losses, claims, liabilities and
                    related costs and expenses including legal costs and
                    expenses on a full indemnity basis that the Trustee may
                    sustain or incur under the Consumer Credit Legislation as a
                    direct or indirect consequence of a breach of the Approved
                    Seller's representation and warranty under clause 6.2(v)(vi)
                    of the Supplementary Terms Notice, together with any
                    relevant break costs for which the Trustee is liable in
                    relation to the prepayment of any Hedge Agreement for the
                    Trust.

     (x)  Clause 12.6(d)(v) - Limit on damages

          Clause 12.6(d)(v) of the Master Trust Deed is amended by adding the
          following after the word "damages" in the last line:

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          except for a breach of the Approved Seller's representation and
          warranty under clause 6.2(h)(vi) of the Supplementary Terms Notice
          where, in addition, the Approved Seller will indemnify the Trustee
          from and against any and all damages, losses, claims, liabilities and
          related costs and expenses including legal costs and expenses on a
          full indemnity basis the Trustee may sustain or incur under the
          Consumer Credit Legislation as a direct or indirect consequence of
          that breach.

     (y)  Clause 12.7(a)(i) - Approved Seller Undertakings

          For the purposes of clause 12.7(a)(i) of the Master Trust Deed, the
          Approved Seller provides the following further undertaking:

          (i)  (MORTGAGE INSURANCE POLICY REQUIREMENTS) it will do, or refrain
               from doing, at the direction of the Trustee or the Manager, such
               acts and things as may be required under the relevant Mortgage
               Insurance Policy which may only be done or not done (as the case
               may be) by a credit provider for the purposes of the Consumer
               Credit Legislation.

     (z)  Clause 14.9 - Accounting for moneys received

          Clause 14.9(a) of the Master Trust Deed shall be replaced by the
          following:

               The Manager will pay to, or to an account of the Trustee, within
               2 Business Days of receipt, all moneys coming into its hands
               belonging to the Trust or payable to the Trust.

     (aa) Clause 14.10 - Reuters

          The Manager may prepare and arrange for the publication by Reuters (or
          another customary electronic medium) of summary pool performance data
          for the Trust in a format similar to that used by other
          mortgage-backed securities or asset-backed securities (as the case may
          be) in the Australian market. If it does, the Manager shall provide a
          copy of the report as soon as practicable after preparation to the
          Designated Rating Agencies. The report shall include a statement
          agreed between the Manager and the Trustee summarising the extent of
          the Trustee's liability under the Trust.

     (bb) Clause 14.20 - Additional Covenants by Manager

          For the purposes of clause 14.20 of the Master Trust Deed, the Manager
          shall also:

          (i)  (FILING) make all filings which the Manager is actually aware are
               required in connection with the Trust or the Assets of the Trust
               with any Governmental Agency in any jurisdiction;

          (ii) (COMPLY WITH OBLIGATIONS AND LAWS) promptly comply with all other
               duties and obligations imposed on the Manager by the Transaction
               Documents in relation to the Trust and comply with all relevant
               material laws in the relevant jurisdiction in carrying out such
               duties and obligations;

         (iii) (NOTIFICATION TO DESIGNATED RATING AGENCIES) notify the
               Designated Rating Agencies that a Class of Notes has been fully
               and finally redeemed
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               when the aggregate Invested Amount of that Class of Notes has
               been reduced to zero; and

          (iv) (STEP-UP MARGIN) if a Step-Up Margin applies to any Note under
               clause 4.9, not direct the Trustee to enter into or extend a
               Transaction under an Interest Hedge (as defined in the relevant
               Interest Hedge) unless the Manager is of the opinion that the
               amounts payable by the provider of that Interest Hedge to the
               Trustee in relation to the Transaction are calculated with
               reference to that Step-Up Margin.

     (cc) Clause 16.1(c) - Retirement by Manager

          Clause 16.1(c) of the Master Trust Deed shall be amended by replacing
          the words "fraud, negligence or wilful default" in the second last and
          last lines with the words "breach of contract".

     (dd) Clause 16.4 - Voluntary Retirement

          For the purposes of this Trust, clause 16.4 of the Master Trust Deed
          is amended by deleting the number "120" and replacing it with the
          number "90".

     (ee) Clause 16.6 - Trustee to act as Manager if no successor appointed

          Clause 16.6 of the Master Trust Deed shall be replaced with the
          following:

          (a)  When a notice is given under clause 16.4 of this Master Trust
               Deed, the Trustee shall be entitled to appoint some other
               corporation to be the Manager of the Trust on any terms the
               Trustee sees fit (including the amount of Manager's Fee that
               would be payable to the replacement Manager at market rates)
               provided that the terms of that appointment will not have an
               adverse affect on the ratings of the Notes.

          (b)  Subject to paragraph (c) below, until a replacement Manager is
               appointed under paragraph (a) above, the Manager must continue to
               act as Manager and be entitled to the Manager's Fee while so
               acting.

          (c)  If a replacement Manager is not appointed at the end of the
               period of notice specified in a notice given under clause 16.4 of
               this Master Trust Deed:

               (i)  the Trustee must itself perform the obligations and
                    functions which this Deed contemplates being performed by
                    the Manager, until a successor Manager is appointed in
                    accordance with this Deed and be entitled to the Manager's
                    Fee while so acting; and

               (ii) the resignation of the Manager will become effective.

     (ff) Clause 17.2

          For the purposes of this Trust clause 17.2 of the Master Trust Deed,
          the following new paragraph (z) is inserted and the existing paragraph
          (z) becomes paragraph (aa).

               (CLEARING SYSTEMS) to lodge Notes, or arrange for Notes to be
               lodged, with DTC, or a depository for DTC; and

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     (gg) Clause 18.3 - To act honestly, diligently and prudently

          Clause 18.3 of the Master Trust Deed is amended by:

               (A)  replacing "." at the end of paragraph (j) with "; and"; and

               (B)  inserting a new sub-clause (k) as follows:

                    (REMOVAL OF THE TRUSTEE'S AGENTS OR DELEGATES) as soon as
                    practicable in any event within 45 days' notice from the
                    Manager to do so, remove any agent or delegate of the
                    Trustee that breaches any obligation or duty imposed on the
                    Trustee under this Master Trust Deed or any other
                    Transaction Document in relation to the Trust provided that
                    the Manager reasonably believes such breach will have a
                    Material Adverse Effect.

     (hh) Clause 21.1 - Opening of bank accounts

          For the purposes of this Trust, clause 21.1(d) of the Master Trust
          Deed is amended by:

          (i)  adding the words "other than a Collection Account" after the
               words "if an Account" in line 1 of that clause; and

          (ii) adding the following new clause 21.1(e):

               (e)  (CHANGE BANK ACCOUNTS) If a Collection Account is held with
                    a Bank which ceases to be an Approved Bank then the Manager
                    must direct the Trustee to, and the Trustee shall, as soon
                    as practicable, and in any event, within 2 days of receipt
                    of actual notice of that cessation;

                    (i)  commence opening an account with an Approved Bank (the
                         NEW COLLECTION ACCOUNT); and

                    (ii) commence transferring funds standing to the credit of
                         the Collection Account to the New Collection Account,

                         and as soon as practicable (and in any event within 5
                         Business Days of receipt of actual notice of that
                         cessation) ensure that all funds standing to the credit
                         of the Collection Account have been transferred to the
                         New Collection Account.

               (f)  The Servicer shall do all things necessary to assist the
                    Manager and the Trustee to comply with their obligations
                    under this clause 21.1.

     (ii) Clause 23.9 - No responsibility for Servicer

          Clause 23.9 of the Master Trust Deed shall be amended by replacing the
          words "the fraud, negligence or wilful default of" in the second last
          line with the words "a breach of contract by."

     (jj) CLAUSE 24 - INCOME ENTITLEMENTS AND PAYMENTS
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          For the purposes of this Trust clause 24 of the Master Trust Deed is
          deleted and a new clause 24 inserted as follows:

          24. INCOME ENTITLEMENTS AND PAYMENTS

          24.1 CASHFLOW ALLOCATION METHODOLOGY

               Collections in relation to a Trust and other amounts credited to
               the Collection Account for that Trust will be allocated by the
               Manager on behalf of the Trustee, and paid by the Trustee, as
               directed by the Manager, in accordance with the Supplementary
               Terms Notice for that Trust.

          24.2 INCOME OF THE TRUST

               For each Financial Year in respect of a Trust the Manager will
               ascertain the following on behalf of the Trustee:

               (a)  the net income of that Trust in accordance with section
                    95(1) of the Taxation Act (the TAX INCOME); and

               (b)  the net income of that Trust in accordance with conventional
                    accounting principles applicable to the administration of
                    trusts (the ACCOUNTING INCOME).

          24.3 INCOME ENTITLEMENT

               Notwithstanding anything to the contrary contained in this deed,
               but subject to clause 24.4:

               (a)  (PRESENT ENTITLEMENT) the Residual Income Beneficiaries
                    shall, as at the end of each Financial Year for that Trust,
                    have an absolute vested interest in, and be presently
                    entitled to, the income of that Trust; and

               (b)  (APPLICATION OF INCOME) unless the Trustee otherwise
                    determines, having regard to any relevant taxation or other
                    implications for the Trustee (disregarding for these
                    purposes any possible operation of clause 24.4) or both for
                    any Financial Year for that Trust, for the purposes of
                    paying, applying, distributing, setting aside or allocating
                    any income for the benefit of the Residual Income
                    Beneficiaries in accordance with the terms of this deed in
                    respect of that Financial Year, the income that is to be so
                    paid, applied, distributed, set aside or allocated shall be
                    whichever is the greater of the Tax Income or the Accounting
                    Income for that Financial Year.

          24.4 DISTRIBUTION OF EXCESS TAX INCOME

               For the avoidance of doubt, in the event that the Tax Income
               exceeds the income of the Trust for the purposes of clause
               24.3(a) for a Trust in any Financial Year for that Trust then,
               notwithstanding anything to the contrary in this deed, provided
               there is an amount to which clause 24.3(a) applies, the Manager
               must direct the Trustee to, and the Trustee shall, so far as
               possible, ensure that such excess is allocated to the Residual
               Income
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               Beneficiaries of that Trust for that Financial Year and shall
               take such action as is necessary to give effect to this clause.

          24.5 PAYMENTS TO BENEFICIARIES

               (a)  (DISTRIBUTABLE INCOME DUE AS AT CLOSE OF FINANCIAL YEAR) The
                    income of a Trust for a Financial Year (to the extent not
                    previously distributed) shall, subject to clause 24.7,
                    constitute a debt due as at the end of that Financial Year
                    by the Trustee as trustee of the Trust to each Residual
                    Income Beneficiary of that Trust who is entitled to the
                    income under clause 24.3(a) and shall, subject to clause
                    24.7, be payable under clause 24.5(b).

               (b)  (PAYMENT) Subject to clause 24.7, the Trustee may make
                    interim distributions of the income of a Trust to the
                    relevant Residual Income Beneficiary in accordance with the
                    terms of the Supplementary Terms Notice for that Trust and
                    shall as soon as practicable after the end of a Financial
                    Year transfer an amount representing the income of that
                    Trust (to the extent not previously distributed) from the
                    central bank account of that Trust to the bank accounts of
                    each Residual Income Beneficiary of that Trust as directed
                    by the relevant Beneficiary.

               (c)  (RESIDUAL CAPITAL) On the termination of a Trust, the
                    surplus capital of that Trust remaining after satisfaction
                    by the Trustee of all its obligations in respect of that
                    Trust shall be paid to the Residual Income Beneficiaries of
                    that Trust in accordance with the terms of the Supplementary
                    Terms Notice for that Trust.

          24.6 APPLICATION OF TRUST INCOME

               (a)  If by the last day of any Financial Year for a Trust (the
                    LAST DAY) the Trustee has not effectively dealt with the
                    whole of the income of that Trust for that Financial Year by
                    paying, applying or distributing it, or by setting it aside,
                    then the income not so paid, applied, distributed or set
                    aside shall be deemed to have been irrevocably applied and
                    set aside on the Last Day by the Trustee on behalf of, and
                    shall be held by the Trustee on and from the Last Day upon
                    trust absolutely for, the Residual Income Beneficiaries of
                    that Trust in accordance with their entitlement to income
                    under this deed (including, for these purposes, the
                    allocation of excess Tax Income (if any) pursuant to clause
                    24.4).

               (b)  If the Trustee fails to effectively allocate any excess to
                    the Residual Income Beneficiaries in accordance with clause
                    24.4, then such excess shall vest or be deemed to be vested
                    in those Residual Income Beneficiaries.

               (c)  For the purposes of this clause 24.6 references to income of
                    that Trust for any Financial Year shall be to the greater of
                    the Tax Income or the Accounting Income for that Financial
                    Year.

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               24.7    SUBORDINATION OF RESIDUAL INCOME BENEFICIARY ENTITLEMENTS

                       (a)   No moneys may be paid out of a Trust during a
                             Financial Year to the Residual Income Beneficiaries
                             under clause 24.5, whilst there is any amount due,
                             but unpaid, which is in accordance with clause 24.1
                             to be paid in priority to those amounts and before
                             the Trustee is satisfied, after consulting with the
                             Manager, that sufficient allowance has been made
                             for those priority amounts in relation to that
                             Trust, accruing during that Financial Year. To the
                             extent that there is an amount payable under clause
                             24.1 which is to be paid in priority to the amounts
                             payable to the Residual Income Beneficiaries, those
                             Residual Income Beneficiaries direct the Trustee to
                             meet the amount payable under clause 24.1 as an
                             application of their entitlement to the income of
                             that Trust.

                       (b)   Notwithstanding paragraph (a) of this clause, once
                             an amount is paid out of a Trust to the Residual
                             Income Beneficiaries during a Financial Year, that
                             amount may not be recovered from those Residual
                             Income Beneficiaries for any reason or by any
                             person except to the extent that the amount was
                             paid in error or as otherwise required by the
                             relevant Supplementary Terms Notice.

               24.8    INSUFFICIENT MONEYS

                       If after the application of the provisions of clauses
                       24.1 and 24.3 there is insufficient money available to
                       the Trustee in respect of a Trust to pay the full amount
                       due to Noteholders for that Trust, the deficiency shall,
                       subject to the Supplementary Terms Notice for the Notes
                       or any Class of Notes issued in relation to that Trust,
                       be borne by the Noteholders in the manner set out in the
                       relevant Supplementary Terms Notice.

               24.9    MANAGER TO ENSURE COMPLIANCE BY TRUSTEE

                       Without limiting its other obligations under this deed,
                       the Manager, in exercising its powers and carrying out
                       its duties in accordance with this deed, must, to the
                       extent possible, ensure that the Trustee complies with
                       its obligations under clauses 24.3(b) and 24.4.

         (kk)     Clause 28 - Asset Register

                  For the purposes of this Trust clause 28 of the Master Trust
                  Deed is deleted and a new clause 28 inserted as follows:

               28.     THE REGISTER

                       28.1    DETAILS TO BE KEPT ON REGISTER

                               The Trustee shall keep or cause to be kept a
                               register with respect to the Trust, on which
                               shall be entered:

                               (a)  the following information relating to the
                                    Trust:

                                    (i)    (NAME) the name of the Trust;

                                    (ii)   (CREATION) the date of the creation
                                           of the Trust;

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                               (b)  the following information relating to each
                                    A$ Note issued in relation to the Trust:

                                    (iii)  (CLASS) the Class of that A$ Note;

                                    (iv)   (NOTE ISSUE DATES) its Note Issue
                                           Date;

                                    (v)    (INITIAL INVESTED AMOUNT) the total
                                           Initial Invested Amount of all A$
                                           Notes of the same Class and the total
                                           Initial Invested Amount of all A$
                                           Notes;

                                    (vi)   (INVESTED AMOUNT) its Invested Amount
                                           from time to time;

                                    (vii)  (STATED AMOUNT) its Stated Amount
                                           from time to time;

                                    (viii) (SUPPLEMENTARY TERMS) details of any
                                           supplementary terms applicable to it;

                                    (ix)   (DATE OF ENTRY) the date on which a
                                           person was entered as the holder of
                                           that A$ Note;

                                    (x)    (DATE OF CESSATION) the date on which
                                           a person ceased to be a holder of
                                           that A$ Note;

                                    (xi)   (DETAILS) where applicable, Payment
                                           Dates, Principal Amortisation Dates,
                                           Maturity Dates and Margin on that A$
                                           Note; and

                                    (xii)  (PAYMENTS) a record of each payment
                                           made in respect of that A$ Note, and

                               (c)  the following information relating to each
                                    A$ Noteholder:

                                    (xiii) (DETAILS OF NOTEHOLDERS) that A$
                                           Noteholder's name and address;

                                    (xiv)  (NUMBER OF A$ NOTES) the number of A$
                                           Notes in each Class held by that A$
                                           Noteholder;

                                    (A)    (NOTE ACKNOWLEDGEMENT) the serial
                                           number of each Note Acknowledgement
                                           issued to that A$ Noteholder and the
                                           number and Class of the A$ Notes to
                                           which that Note Acknowledgement
                                           relates;

                                    (B)    (ACCOUNT) the account to which any
                                           payments due to that A$ Noteholder
                                           are to be made (if applicable);

                                    (C)    (TAX FILE NUMBER) a record of whether
                                           the Trustee has or has not received
                                           the tax file number (TFN), ABN or
                                           reason for TFN exemption, in respect
                                           of that A$ Noteholder; and

                                    (D)    (ADDITIONAL INFORMATION) such other
                                           information as:

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                                    (i)    is required by the Supplementary
                                           Terms Notice;

                                    (ii)   the Trustee considers necessary or
                                           desirable; or

                                    (iii)  the Manager reasonably requires.

                       28.2    ASSET REGISTER

                               The Trustee shall keep or cause to be kept an
                               asset register with respect to the Trust, in
                               which shall be entered the Authorised Investments
                               and other Assets of the Trust (other than
                               Purchased Receivables and the related Receivable
                               Rights) entered into the relevant asset register
                               on an individual basis.

                       28.3    PLACE OF KEEPING REGISTER, COPIES AND ACCESS

                               The Register shall be:

                               (a)  (PLACE KEPT) kept at the Trustee's principal
                                    office in Sydney or at such place as the
                                    Trustee and the Manager may agree;

                               (b)  (ACCESS TO MANAGER AND AUDITOR) open to the
                                    Manager and the Auditor of the Trust to
                                    which it relates to inspect during normal
                                    business hours;

                               (c)  (INSPECTION BY A$ NOTEHOLDERS) open for
                                    inspection by A$ Noteholders during normal
                                    business hours but only in respect of
                                    information relating to that A$ Noteholder
                                    or the Class of A$ Notes in respect of which
                                    that A$ Noteholder is a Noteholder; and

                               (d)  (NOT FOR COPYING) unavailable to be copied
                                    by any person (other than the Manager)
                                    except in compliance with such terms and
                                    conditions (if any) as the Manager and
                                    Trustee in their absolute discretion
                                    nominate from time to time.

                       28.4    DETAILS ON REGISTER CONCLUSIVE

                               (a)  (RELIANCE ON REGISTER) The Trustee shall be
                                    entitled to rely on the Register in clause
                                    28.1 as being a correct, complete and
                                    conclusive record of the matters set out in
                                    it at any time and whether or not the
                                    information shown in the Register is
                                    inconsistent with any other document, matter
                                    or thing.

                               (b)  (NO TRUSTS ETC) The Trustee shall not be
                                    obliged to enter on the Register notice of
                                    any trust, Security Interest or other
                                    interest whatsoever in respect of any Note
                                    and the Trustee shall be entitled to
                                    recognise person named in the Register as
                                    the A$ Noteholder and the absolute owner of
                                    relevant A$ Notes and the Trustee shall not
                                    be bound or
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                                    affected by any trust affecting the
                                    ownership of any A$ Note unless ordered by a
                                    court or required by statute.

                               (c)  (REGISTER NOT TO BE SIGNED) The Trustee
                                    shall ensure that it does not sign or
                                    otherwise execute any entry in a Register.

                       28.5    CLOSING OF REGISTER

                               The Trustee may:

                               (a)  without prior notice to any Noteholder close
                                    the Register established under clause 28.1:

                                    (i)   in relation to all A$ Notes, each
                                          period from the close of business
                                          (Sydney time) on the Business Day
                                          preceding each Payment Date in respect
                                          of such A$ Notes to close of business
                                          on that Payment Date; or

                                    (ii)  when required for the Auditor to
                                          conduct any audit in relation to the
                                          Trust; or

                               (b)  with prior notice to each A$ Noteholder,
                                    close the Register for other periods not
                                    exceeding 30 days (or, subject to the
                                    Corporations Act 2001 (Cth), such other
                                    period of time as agreed between the Trustee
                                    and the Manager, with the approval of an
                                    Extraordinary Resolution of the relevant
                                    Class of A$ Noteholders), in aggregate, in
                                    any calendar year.

                       28.6    ALTERATION OF DETAILS ON REGISTER

                               On the Trustee being notified of any change of
                               name or address or payment or other details of
                               any A$ Noteholder by that A$ Noteholder, the
                               Trustee shall alter the Register accordingly, as
                               soon as reasonably practicable (and in any event
                               within 5 Business Days of receipt of that
                               notice).

                       28.7    CERTIFICATION OF REGISTER

                               If:

                               (a)  an entry is omitted from the Register;

                               (b)  an entry is made in the Register otherwise
                                    than in accordance with the Master Trust
                                    Deed or this Supplementary Terms Notice;

                               (c)  an entry wrongly exists in the Register;

                               (d)  there is an error, omission, misdescription
                                    or defect in any entry in the Register; or

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

                               the Trustee shall rectify the same upon becoming
                               aware of it.

                       28.8    CORRECTNESS OF REGISTER

                               Neither the Manager nor the Trustee shall be
                               liable for any mistake in the Register or in any
                               purported copy except to the extent that the
                               mistake is attributable to its fraud, negligence
                               or breach of trust.

                       28.9    MANAGER MUST PROVIDE INFORMATION

                               The Manager must provide the Trustee and any
                               person appointed in accordance with clause 28.10
                               with such information as the Trustee or that
                               other person may reasonably require to maintain
                               the Register.

                       28.10   THIRD PARTY REGISTRAR

                               The Trustee may cause the Register to be
                               maintained by a third party on its behalf and
                               require that person to discharge the Trustee's
                               obligations under the Master Trust Deed and this
                               Supplementary Terms Notice in relation to the
                               Register.

         (ll)     Clause 29 - Meetings of Noteholders

                  For the purposes of the Trust, clause 29 of the Master Trust
                  Deed is deleted and a new clause 29 inserted as follows:

                       29.1    CLASS A NOTEHOLDERS

                               (a)  Any proposal requiring the consent of Class
                                    A Noteholders will be determined in
                                    accordance with the Note Trust Deed.

                               (b)  The provisions of this clause 29, other than
                                    this clause 29.1, shall not apply to CLASS A
                                    NOTES.

                       29.2    CONVENING OF MEETINGS BY TRUSTEE AND MANAGER

                               (a)  The Trustee or the Manager may at any time
                                    convene a meeting of the A$ Noteholders or
                                    of a Class or Classes of A$ Noteholders.

                               (b)  A$ Noteholders, who together hold A$ Notes
                                    with an aggregate Invested Amount of not
                                    less than 20% of the total Invested Amounts
                                    of all A$ Notes in the relevant Class or
                                    Classes or Notes, may at any time convene a
                                    meeting of the relevant Class or Classes of
                                    A$ Noteholders (as the case may be).

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                       29.3    NOTICE OF MEETINGS

                               (a)  (PERIOD OF NOTICE) Subject to clause 29.3(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) of a
                                    meeting of a Class or Classes of A$
                                    Noteholders (as the case may be) shall be
                                    given to all A$ Noteholders in the relevant
                                    Class or Classes of A$ Noteholders.

                               (b)  (SHORT NOTICE) Notwithstanding clause
                                    29.3(a), if it is so agreed by a majority in
                                    number of the Class or Classes of A$
                                    Noteholders (as the case may be) (as the
                                    case may be) having the right to attend and
                                    vote at a meeting, being a majority that
                                    together hold at least 95% of the then
                                    outstanding A$ Notes in the relevant Class
                                    or Classes of A$ Notes, a resolution may be
                                    proposed and passed at a meeting of which
                                    less than 7 days' notice has been given.

                               (c)  (FAILURE TO GIVE NOTICE) The accidental
                                    omission to give notice to or the
                                    non-receipt of notice by a Noteholder shall
                                    not invalidate the proceedings at any
                                    meeting.

                               (d)  (COPIES) A copy of a notice convening a
                                    meeting shall be given by the Trustee or the
                                    Manager (whichever is convening the meeting)
                                    to the other, and also to the Residual
                                    Income Beneficiary and the Designated Rating
                                    Agencies. Failure to give such a notice in
                                    accordance with this clause shall invalidate
                                    the meeting unless the party who has not
                                    received the notice waives the invalidation.

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

                               (f)  (CONTENTS OF A NOTICE) Notice of a meeting
                                    of any Class or Classes of A$ Noteholders
                                    shall specify:

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

                                    (ii)   (AGENDA) the agenda of the business
                                           to be transacted at the meeting;

                                    (iii)  (PROPOSED RESOLUTION) the terms of
                                           any proposed resolution;

                                    (iv)   (CLOSING OF REGISTER) that the
                                           persons appointed to maintain the
                                           relevant Register, for the purpose of
                                           determining those entitled to attend,
                                           may not register any Note Transfer
                                           relating to A$ Notes in the relevant
                                           Class or Classes for the period of 2
                                           Business Days prior to the meeting;

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                                    (v)    (APPOINTMENT OF PROXIES) that
                                           appointments of proxies must be
                                           lodged no later than 24 hours prior
                                           to the time fixed for the meeting;
                                           and

                                           (ADDITIONAL INFORMATION) such
                                           additional information as the person
                                           giving the notice thinks fit.

                       29.4    CHAIRPERSON

                               The Trustee may nominate a person to be
                               chairperson of a meeting which has been convened
                               by the Trustee or the Manager. The chairperson
                               need not be an A$ Noteholder and may be a
                               representative of the Trustee. If such a person
                               is not present or is present but unwilling to
                               act, then the relevant Class or Classes of A$
                               Noteholders (as the case may be) present may
                               choose an A$ Noteholder to be the chairperson.

                       29.5    QUORUM

                               At any meeting any two or more persons present in
                               person being either of the relevant Class or
                               Classes of A$ Noteholders (as the case may be) or
                               a Representative, holding or representing, A$
                               Notes in the relevant Class, with an aggregate
                               Invested Amount of not less than 75% of the
                               Invested Amounts of all A$ Notes outstanding in
                               that Class shall form a quorum for the
                               transaction of business and no business (other
                               than the choosing of a chairperson) shall be
                               transacted at any meeting unless the requisite
                               quorum is present at the commencement of
                               business.

                       29.6    ADJOURNMENT

                               (a)  (QUORUM NOT PRESENT) If within 15 minutes
                                    from the time appointed for any meeting a
                                    quorum is not present, the meeting shall
                                    stand adjourned (unless the 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
                                    chairperson. At such adjourned meeting two
                                    or more persons present in person being
                                    either of the relevant Class or Classes of
                                    A$ Noteholders (as the case may be) or a
                                    Representative, holding or representing, A$
                                    Notes in the relevant Class, with an
                                    aggregate Invested Amount of not less than
                                    50% of the Invested Amounts of all A$ Notes
                                    outstanding in that Class shall form a
                                    quorum and shall have the power to pass any
                                    resolution and to decide on all matters
                                    which could properly have been dealt with at
                                    the meetings from which the adjournment took
                                    place had a quorum been present at such
                                    meeting.

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                               (b)  (ADJOURNMENT OF MEETING) The chairperson 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 for the 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.

                       29.7    VOTING PROCEDURE

                               (a)  (SHOW OF HANDS) Every resolution submitted
                                    to a meeting shall be decided in the first
                                    instance by a show of hands and, in case of
                                    equality of votes, the chairperson 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 or she may be
                                    entitled as an A$ Noteholder 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, a
                                    declaration by the chairperson that a
                                    resolution has been carried by a particular
                                    majority or lost or not carried by any
                                    particular majority is conclusive evidence
                                    of the fact without proof of the number or
                                    proportion of the votes recorded in favour
                                    of or against such resolution.

                               (c)  (POLL) If at any meeting a poll is demanded
                                    by the chairperson, the Trustee or the
                                    Manager or by one or more persons being
                                    either of the relevant Class or Classes of
                                    A$ Noteholders (as the case may be) or a
                                    Representative, holding or representing, A$
                                    Notes in the relevant Class, with an
                                    aggregate Invested Amount of not less than
                                    2% of the Invested Amounts of all A$ Notes
                                    outstanding in that Class, it shall be taken
                                    in such manner and (subject to this clause)
                                    either at once or after such an adjournment
                                    as the chairperson 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

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                                    of any business other than the question on
                                    which the poll has been demanded. The demand
                                    for a poll may be withdrawn.

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

                               (e)  (VOTES) Subject to clause 29.7(a), at any
                                    meeting:

                                    (i)   on a show of hands, every person
                                          present being an A$ Noteholder in
                                          respect of the relevant Class or
                                          Classes of A$ Notes holding, or being
                                          a Representative holding or
                                          representing, then outstanding $A
                                          Notes of the relevant Class or Classes
                                          (as the case may be) shall have one
                                          vote; and

                                    (ii)  on a poll, every person present shall
                                          have one vote for each $A Note of the
                                          relevant Class or Classes (as the case
                                          may be) then outstanding that he or
                                          she holds or in respect of which he or
                                          she is a Representative as stated in
                                          the relevant Register at the date the
                                          notices are dispatched to the relevant
                                          A$ Noteholders for the meeting.

                                    Any person entitled to more than one vote
                                    need not use all his or her votes or cast
                                    all his or her votes to which he or she is
                                    entitled in the same way.

                       29.8    RIGHT TO ATTEND AND SPEAK

                               The Trustee, the Manager and the relevant
                               Residual Income Beneficiary (through their
                               respective representatives) and their respective
                               financial and legal advisers shall be entitled to
                               attend and speak at any meeting of the A$
                               Noteholders or any Class (as the case may be). No
                               person shall otherwise be entitled to attend or
                               vote at any meeting of the A$ Noteholders or any
                               Class (as the case may be) unless he or she holds
                               outstanding A$ Notes of the relevant Class or is
                               a Representative holding , or representing the
                               holder of, A$ Notes of the relevant Class.

                       29.9    APPOINTMENT OF PROXIES

                               (a)  (REQUIREMENTS) Each instrument appointing a
                                    proxy shall be in writing and, together (if
                                    so required by the Trustee) with proof
                                    satisfactory to the Trustee of its due
                                    execution, shall be deposited at the
                                    registered office of the Trustee or at such
                                    other place as the Trustee shall designate
                                    or approve not less than 24 hours before the

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                                    time appointed for holding the meeting or
                                    adjourned meeting at which the named proxy
                                    proposes to vote and in default, the
                                    instrument or proxy shall be treated as
                                    invalid unless the chairperson of the
                                    meeting decides otherwise before such
                                    meeting or adjourned meeting proceeds to
                                    business. A notarially certified copy proof
                                    (if applicable) of due execution shall if
                                    required by the Trustee be produced by the
                                    proxy at the meeting or adjourned meeting
                                    but the Trustee shall not be obliged to
                                    investigate or be concerned with the
                                    validity of the instrument, or the authority
                                    of, the proxy named in any such instrument.
                                    Any person may act as a proxy whether or not
                                    that person is an A$ Noteholder.

                               (b)  (PROXY REMAINS VALID) Any vote given in
                                    accordance with the terms of an instrument
                                    of proxy conforming with clause 29.9(a)
                                    shall be valid notwithstanding the previous
                                    death or insanity of the principal,
                                    revocation or amendment of the proxy or of
                                    any of the A$ Noteholder's instructions
                                    under which it was executed, so long as no
                                    intimation in writing of such death,
                                    insanity, revocation or amendment is
                                    received by the Trustee at its registered
                                    office or by the chairperson of the meeting
                                    in each case not less than 24 hours before
                                    the commencement of the meeting or adjourned
                                    meeting at which the proxy is used.

                       29.10   CORPORATE REPRESENTATIVES

                               A person authorised under section 250D of the
                               Corporations Act 2001 (Cth), by an A$ Noteholder
                               being a body corporate, to act for it at any
                               meeting shall, in accordance with his or her
                               authority until his or her 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 A$ Noteholder and shall
                               be entitled to produce evidence of his or her
                               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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                       29.11   RIGHTS OF REPRESENTATIVES

                               A Representative of an A$ Noteholder shall have
                               the right to demand or join in demanding a poll
                               and shall (except and to the extent to which the
                               Representative is specially directed to vote for
                               or against any proposal) have power generally to
                               act at a meeting for that A$ Noteholder. The
                               Trustee, the Manager and any officer of the
                               Trustee and the Manager may be appointed a
                               Representative.

                       29.12   POWERS OF A MEETING OF A$ NOTEHOLDERS

                               (a)  (POWERS) Subject to the Security Trust Deed
                                    (and in particular any power of the Note
                                    Trustee to override the decisions of either
                                    or both of the Class B Noteholders and the
                                    Class C Noteholders), a meeting of all or
                                    any Class A$ Noteholders shall, without
                                    prejudice to any rights or powers conferred
                                    on other persons by the Transaction
                                    Documents, only have power to do the
                                    following exercisable by Extraordinary
                                    Resolution:

                                    (i)    to sanction any action that the
                                           Trustee, the Manager or the relevant
                                           Servicer proposes to take to enforce
                                           the provisions of any Transaction
                                           Document;

                                    (ii)   to sanction any proposal by the
                                           Manager, the Trustee or the relevant
                                           Servicer for any modification,
                                           abrogation, variation or compromise
                                           of, or arrangement in respect of, the
                                           rights of the relevant Class or
                                           Classes of A$ Noteholders against the
                                           Trustee, the Manager, an Approved
                                           Seller or the relevant Servicer
                                           whether such rights arise under any
                                           Transaction Document or otherwise;

                                    (iii)  to sanction the exchange or
                                           substitution of the relevant Class or
                                           Classes of A$ Notes for, or the
                                           conversion of the relevant Class or
                                           Classes of A$ Notes into, other
                                           obligations or securities of the
                                           Trustee or any other body corporate
                                           formed or to be formed;

                                    (iv)   under clause 33.2 of the Master Trust
                                           Deed, to consent to any alteration,
                                           addition or modification of any
                                           Transaction Document which shall be
                                           proposed by the Trustee or the
                                           Manager;

                                    (v)    to discharge or exonerate the
                                           Trustee, the Manager, an Approved
                                           Seller or the relevant Servicer from
                                           any liability in respect of any act

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                                           or omission for which it may become
                                           responsible under any Transaction
                                           Document;

                                    (vi)   to authorise the Trustee, the
                                           Manager, the relevant Servicer 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; and

                                    (vii)  to exercise any other power expressly
                                           granted under the Supplementary Terms
                                           Notice.

                               (b)  (NO POWER) No meeting of the Class A$
                                    Noteholders shall have power to, nor shall
                                    any resolution submitted to the meeting
                                    propose or have the effect of:

                                    (i)    removing the Servicer or the Manager
                                           from office;

                                    (ii)   interfering with the management of
                                           the Trust;

                                    (iii)  winding up or terminating the Trust
                                           (except as contemplated by clause
                                           29.12(a)(vii));

                                    (iv)   altering the Authorised Investments
                                           of the Trust;

                                    (v)    amending any Transaction Document
                                           (except as contemplated by clause
                                           29.12(a)); or

                                    (vi)   altering the Interest Payment Dates,
                                           Principal Payment Dates, Interest,
                                           Principal Entitlements or the other
                                           terms of the Supplementary Terms
                                           Notice (subject to clause
                                           29.12(a)(iii)).

                       29.13   EXTRAORDINARY RESOLUTION BINDING ON A$
                               NOTEHOLDERS

                               An Extraordinary Resolution passed at a meeting
                               of any Class or Classes of A$ Noteholders duly
                               convened and held in accordance with this deed
                               shall be binding on all of the relevant Class or
                               Classes of A$ Noteholders whether or not present
                               at such meeting. Each such A$ Noteholder, the
                               Trustee and the Manager shall be bound to give
                               effect to that resolution accordingly.

                       29.14   MINUTES AND RECORDS

                               Minutes of all resolutions and proceedings at
                               every meeting of any Class of A$ Noteholders
                               shall be made and duly entered in the books to be
                               from time to time provided for that purpose by
                               the Trustee and any such minutes purporting to be
                               signed by the chairperson of the meeting at which
                               such resolutions were passed or proceedings
                               transacted or by the chairperson of the next
                               succeeding meeting of that Class of A$
                               Noteholders shall be conclusive evidence of those
                               matters and until the contrary is proved every
                               such meeting in respect of the proceedings of
                               which

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                               minutes have been made and signed shall be deemed
                               to have been duly convened and held and all
                               resolutions passed or proceedings transacted at
                               such meeting to have been duly passed and
                               transacted.

                       29.15   WRITTEN RESOLUTIONS

                               Notwithstanding the preceding provisions of this
                               clause 29, a resolution of a Class or Classes of
                               A$ Noteholders (including an Extraordinary
                               Resolution) may be passed, without any meeting or
                               previous notice being required, by an instrument
                               or instruments in writing which has or have:

                               (a)  in the case of a resolution (including an
                                    Extraordinary Resolution) of the relevant
                                    Class or Classes of A$ Noteholders (as the
                                    case may be), been signed by all of the A$
                                    Noteholders in the relevant Class or Classes
                                    of Class A$ Noteholders; and

                               (b)  any such instrument shall be effective on
                                    presentation to the Trustee for entry in the
                                    records referred to in clause 29.14.

                       29.16   FURTHER PROCEDURES FOR MEETINGS

                               Subject to all other provisions contained in this
                               deed, the Trustee may, without the consent of any
                               A$ Noteholders, prescribe such further
                               regulations regarding the holding of any meetings
                               of any or all Classes of A$ Noteholders and
                               attendance and voting at such meetings as the
                               Trustee may, with the agreement of the Manager,
                               determine including particularly (but without
                               prejudice to the generality of the above) such
                               regulations and requirements as the Trustee
                               thinks reasonable:

                               (a)  (ENTITLEMENT TO VOTE) so as to satisfy
                                    itself that persons who purport to attend or
                                    vote at any meeting of any A$ Noteholders
                                    are entitled to do so in accordance with
                                    this deed; and

                               (b)  (FORMS OF REPRESENTATIVE) as to the form of
                                    appointment of a Representative,

                               but the Trustee may not decrease the percentage
                               of a Class or Classes of A$ Noteholders required
                               to pass an Extraordinary Resolution or an
                               ordinary resolution.

         (mm)     Clause 30.13

                  For the purpose of the Trust, in clause 30.13, a new paragraph
                  (g) is inserted as follows:

                       (g)     The Trustee will not be regarded as negligent or
                               in breach of trust to the extent to which it
                               accepts and relies on an opinion, advice or
                               letter from a professional adviser (legal,
                               financial, audit or

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                               otherwise) which contains a dollar amount
                               limitation on that professional adviser's
                               liability.

         (nn)     Clause 30.15

                  (i)  For the purpose of the Trust, clause 30.15 is amended by
                       deleting each reference to "Civil Penalty Payments" and
                       replacing it with the words "Penalty Payments"

                  (ii) For the purpose of the Trust, in clause 30.15(f) a new
                       sub paragraph (v) is inserted as follows:

                               (v)  the amount of any criminal penalty which the
                                    Trustee is ordered to pay under the Consumer
                                    Credit Legislation.

         (oo)     Clause 32 - Payments Generally

                  For the purpose of the Trust clause 32 is amended as follows:

                  (i)   Clause 32.1 of the Master Trust Deed is deleted and
                        replaced with the following.

                        32.1   PAYMENTS TO NOTEHOLDERS

                               (a)  Any payment made by or on behalf of the
                                    Trustee in respect of any Class A Note shall
                                    be made in accordance with the relevant
                                    Supplementary Terms Notice, the relevant
                                    Note Trust Deed and the relevant Agency
                                    Agreement;

                               (b)  Any payment made by or on behalf of the
                                    Trustee in respect of any A$ Note shall be
                                    made to the person whose name is, on the
                                    Record Date, entered in the Register as the
                                    holder of the relevant A$ Note (or in the
                                    case of joint A$ Noteholders, to the person
                                    whose name first appears in the Register).

                  (ii)  Clause 32.2 of the Master Trust Deed is deleted and
                        replaced with the following.

                        32.2   MANAGER TO ARRANGE PAYMENTS

                               The Trustee will:

                               (a)  prepare or cause to be prepared all cheques
                                    which are to be issued to A$ Noteholders and
                                    to Beneficiaries and stamp the same as
                                    required by law; or

                               (b)  otherwise arrange payments under clause
                                    32.7.

                               The Trustee will sign (by autographical,
                               mechanical or other means) cheques for despatch
                               on the day on which they ought to be despatched.

                  (iii) Clause 32.4 of the Master Trust Deed is deleted and
                        replaced with the following.

                        32.4   PAYMENT GOOD DISCHARGE

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                               There is a full satisfaction of the moneys
                               payable under an A$ Note, and a good discharge to
                               the Trustee, the Manager or the Servicer (as the
                               case may be) in relation to that A$ Note, when
                               the cheque is despatched by post in accordance
                               with clause 32.2(a) or, if not posted, delivered
                               to the A$ Noteholder or as directed by the A$
                               Noteholder. None of the Trustee, the Manager or
                               the Servicer shall be responsible for any moneys
                               which are not credited to the bank account of an
                               A$ Noteholder or a Beneficiary if the Trustee's
                               bank has been instructed to effect the direct
                               transfer referred to in clause 32.7(c).

                               There is a full satisfaction of the moneys
                               payable under a Class A Note, and a good
                               discharge to the Trustee, the Manager or the
                               Servicer (as the case may be) in relation to that
                               Class A Note, when so provided under the Note
                               Trust Deed.

                  (iv)  Clause 32.6 of the Master Trust Deed is deleted and
                        replaced with the following.

                  (I)   32.6   TAXATION

                               (a)  (NET PAYMENTS) Subject to this clause,
                                    payments in respect of the Notes shall be
                                    made free and clear of, and without
                                    deduction for, or by reference to, any
                                    present or future Taxes of any Australian
                                    Jurisdiction unless required by law.

                               (b)  (INTEREST WITHHOLDING TAX - A$ NOTES) All
                                    payments in respect of the A$ Notes will be
                                    made without withholding or deduction for,
                                    or on account of, any present or future
                                    taxes, duties or charges of whatsoever
                                    nature unless the Trustee or any person
                                    making payments on behalf of the Trustee is
                                    required by applicable law to make any such
                                    payment in respect of the A$ Notes subject
                                    to any withholding or deduction for, or on
                                    account of, any present or future taxes,
                                    duties or charges of whatever nature. In the
                                    event the Trustee or the person making
                                    payments on behalf of the Trustee (as the
                                    case may be) makes such payment after such
                                    withholding or deduction has been made, the
                                    Trustee or the person making such payments
                                    on behalf of the Trustee (as the case may
                                    be) shall account to the relevant
                                    authorities for the amount so required to be
                                    withheld or deducted and neither the Trustee
                                    nor any person making payments on behalf of
                                    the Trustee( as the case may be) will be
                                    obliged to make any additional payments to
                                    A$ Noteholders in respect of that
                                    withholding or deduction.

                               (c)  (INTEREST WITHHOLDING TAX - CLASS A NOTES)
                                    Payments on CLASS A NOTES by or on behalf of
                                    the

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                                    Trustee will be made subject to deduction
                                    for any Interest Withholding Tax and all
                                    other withholdings and deductions referred
                                    to in Condition 7 of the Class A Notes. In
                                    the event the Trustee or the person making
                                    payments on behalf of the Trustee (as the
                                    case may be) makes such payment after such
                                    withholding or deduction has been made, the
                                    Trustee or the person making such payments
                                    on behalf of the Trustee (as the case may
                                    be) shall account to the relevant
                                    authorities for the amount so required to be
                                    withheld or deducted and neither the Trustee
                                    nor any person making payments on behalf of
                                    the Trustee( as the case may be) will be
                                    obliged to make any additional payments to
                                    Class A Noteholders in respect of that
                                    withholding or deduction.

                                    The interest payments on the Notes will not
                                    be subject to TFN withholding as the Notes
                                    will not be "Part VA Investments".

                  (v)   A new Clause 32.7 is inserted into the Master Trust Deed
                        as follows.

                        32.7   PAYMENT METHODS - A$ NOTES

                               Any moneys payable by the Trustee, the Manager or
                               the Servicer to an A$ Noteholder or to a
                               Beneficiary under this Master Trust Deed and the
                               relevant Supplementary Terms Notice shall be paid
                               by the Trustee in Sydney or if the Trustee elects
                               may be paid by:

                               (a)  (CHEQUE) crossed not negotiable cheque in
                                    favour of the A$ Noteholder or the
                                    Beneficiary (as the case may be) and
                                    despatched by post to the address of the A$
                                    Noteholder shown in the Register on the
                                    Record Date or to the address of the
                                    Beneficiary for the purposes of clause 31;

                               (b)  (ELECTRONIC TRANSFER) electronic transfer
                                    through Austraclear;

                               (c)  (DIRECT PAYMENT) by direct transfer to a
                                    designated account of the A$ Noteholder or
                                    the Beneficiary held with a bank or other
                                    financial institution in Australia; or

                               (d)  (OTHER AGREED MANNER) any other manner
                                    specified by the A$ Noteholder or the
                                    Beneficiary (as the case may be) and agreed
                                    to by the Manager and the Trustee.

         (pp)     Clause 33.14

                  For the purposes of clause 30.12 of the Master Trust Deed,
                  insert a new paragraph (j) as follows and renumber the
                  existing paragraph (j) as paragraph (k):

                        (j)    (FOR ACTS OF NOTE REGISTRAR) for any act,
                               omission or default of any Note Registrar
                               appointed under the relevant Agency Agreement or
                               Note Trust Deed, in relation to its duties and

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                               obligations under the relevant Agency Agreement
                               or Note Trust Deed, except where the Note
                               Registrar is the Trustee.

6.3    AMENDMENTS TO THE SERVICING AGREEMENT

       The Servicing Agreement is amended for the purpose of the Trust as
       follows:

       (a)    A new clause 3.1(v) is inserted as follows:

              (v)    deliver to the Manager a certificate in the form of
                     Schedule 5 of the Supplementary Terms Notice in respect of
                     that Trust;

       (b)    A new clause 3.1(w) is inserted as follows:

              use its best endeavours to procure that, each year, an independent
              public accountant:

              (i)    conducts an examination of the documents and records
                     relating to the servicing by the Servicer of the Loans
                     secured by Mortgages in respect of that Trust during the
                     most recent calendar year ended 30 September, which
                     complies with the Uniform Single Attestation Program for
                     Mortgage Bankers issued by the Mortgage Bankers Associate
                     of America or similar procedure; and

              (ii)   delivers to the Manager a compliance certificate similar to
                     that attached as Schedule 6 of the Supplementary Terms
                     Notice in respect of that examination,

              in each case such that the Manager is able to comply with its
              obligations under Section 302 of the United States Sarbanes-Oxley
              Act of 2002 and Rules 13a-14 and 15d-14 of the United States
              Securities Exchange Act of 1934, provided that in the case of
              Crusade Global Trust No. 2 of 2003, the first year in which a
              certificate or audit report referred to above is deliverable, or
              on examination is required, will be 2004.

       (c)    Clause 5.2(a) is amended by replacing the words "on the Remittance
              Date for that Collection Period" with the words "on or before the
              expiration of five (5) Business Days from receipt by the
              Servicer".

       (d)    Clause 5.2(b)(ii) is amended by replacing the words "five Business
              Days following receipt by the Servicer" with the words
              "immediately upon receipt by the Servicer".

       (e)    Clause 7.3(a) is amended by replacing the number "120" with the
              number "90".

6.4    CLAUSE 6.14

       For the purposes of clause 6.14 of the Master Trust Deed, all references
       to Notes in that clause shall be references only to Class A Notes.

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7.       CALL AND TAX REDEMPTION
--------------------------------------------------------------------------------
7.1      CALL OF CLASS A NOTES

         (a)   The Trustee must, when so directed by the Manager (at the
               Manager's option), having given not more than 60 nor less than 45
               days' notice to the Class A Noteholders in accordance with, in
               the case of the Class A Notes, Condition 12, and purchase or
               redeem all, but not some only of the Class A Notes by repaying
               the Invested Amount, or, if the Class A Noteholders, by
               Extraordinary Resolution of the Class A Noteholders so agree, the
               Stated Amount, of those Class A Notes, together with accrued
               interest to (but excluding) the date of repurchase or redemption
               on any Quarterly Payment Date falling on or after the Quarterly
               Payment Date on which the Total Stated Amount of all Notes is
               equal to or less than 10% of the aggregate of the Initial
               Invested Amount of all Notes provided that the Trustee will be in
               a position on such Quarterly Payment Date to discharge (and the
               Manager so certifies to the Trustee and the Note Trustee upon
               which the Trustee and the Note Trustee will rely conclusively)
               all its liabilities in respect of the Class A Notes (at their
               Invested Amount or their Stated Amount if so agreed by the Class
               A Noteholders) and any amounts which would be required under the
               Security Trust Deed to be paid in priority or pari passu with the
               Class A Notes if the security for the Notes were being enforced.

7.2      CALL OF CLASS B NOTES

         The Trustee must, when so directed by the Manager (at the Manager's
         option), having given not more than 60 nor less than 45 days' notice to
         the Class B Noteholders and purchase or redeem all, but not some only
         of the Class B Notes by repaying the Invested Amount, or, if the Class
         B Noteholders, by Extraordinary Resolution of the Class B Noteholders
         so agree, the Stated Amount, of those Class B Notes, together with
         accrued interest to (but excluding) the date of repurchase or
         redemption on any Quarterly Payment Date falling on or after the
         Quarterly Payment Date on which the Total Stated Amount of all Notes is
         equal to or less than 10% of the aggregate of the Initial Invested
         Amount of all Notes, provided that:

         (a)   the Trustee will be in a position on such Quarterly Payment Date
               to discharge (and the Manager so certifies to the Trustee upon
               which the Trustee will rely conclusively) all its liabilities in
               respect of the Class B Notes (at their Invested Amount or their
               Stated Amount if so agreed by the Class B Noteholders) and any
               amounts which would be required under the Security Trust Deed to
               be paid in priority or pari passu with the Class B Notes if the
               security for the Notes were being enforced; and

         (b)   all Class A Notes have been redeemed in full before that
               Quarterly Repayment Date, or will be redeemed in full on that
               Quarterly Repayment Date.

7.3      CALL OF CLASS C NOTES

         The Trustee must, when so directed by the Manager (at the Manager's
         option), having given not more than 60 nor less than 45 days' notice to
         the Class C Noteholders and purchase or redeem all, but not some only
         of the Class C Notes by repaying the Invested Amount, or, if

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         the Class C Noteholders, by Extraordinary Resolution of the Class C
         Noteholders so agree, the Stated Amount, of those Class C Notes,
         together with accrued interest to (but excluding) the date of
         repurchase or redemption on any Quarterly Payment Date falling on or
         after the Quarterly Payment Date on which the Total Stated Amount of
         all Notes is equal to or less than 10% of the aggregate of the Initial
         Invested Amount of all Notes, provided that:

         (a)   the Trustee will be in a position on such Quarterly Payment Date
               to discharge (and the Manager so certifies to the Trustee upon
               which the Trustee will rely conclusively) all its liabilities in
               respect of the Class C Notes (at their Invested Amount or their
               Stated Amount if so agreed by the Class C Noteholders) and any
               amounts which would be required under the Security Trust Deed to
               be paid in priority or pari passu with the Class C Notes if the
               security for the Notes were being enforced. Repayment and
               purchase of the Class C Notes in accordance with this clause 7.3
               shall be in full satisfaction of the Trustee's obligations under
               the Class C Notes; and

         (b)   all Class B Notes have been redeemed in full before that
               Quarterly Repayment Date or will be redeemed in full on that
               Quarterly Repayment Date.

7.4      FULL SATISFACTION

         Repayment and redemption of Class A Notes, Class B Notes or Class C
         Notes in accordance with clause 7.1, 7.2 and 7.3 (as the case may be),
         shall be in full satisfaction of the Trustee's obligations under the
         Notes.

7.5      TAX EVENT

         If the Manager satisfies the Trustee and the Note Trustee immediately
         prior to giving the notice referred to below that either:

         (a)   on the next Quarterly Payment Date the Trustee would be required
               to deduct or withhold from any payment of principal or interest
               in respect of the Notes or the Currency Swap any amount for or on
               account of any present or future taxes, duties, assessments or
               governmental charges of whatever nature imposed, levied,
               collected, withheld or assessed by the Commonwealth of Australia
               or any of its political sub-divisions or any of its authorities;
               or

         (b)   the total amount payable in respect of interest in relation to
               any of the Purchased Receivables for a Collection Period ceases
               to be receivable (whether or not actually received) by the
               Trustee during such Collection Period,

         the Trustee must, when so directed by the Manager, at the Manager's
         option provided that the Trustee will be in a position on such
         Quarterly Payment Date to discharge (and the Manager will so certify to
         the Trustee and the Note Trustee all its liabilities in respect of the
         Class A Notes (at their Invested Amount or if the Class A Noteholders
         have agreed by Extraordinary Resolution and have so notified the
         Trustee and the Manager not less than 21 days before such Quarterly
         Payment Date, at their Stated Amount) and any amounts which would be
         required under the Security Trust Deed to be paid in priority or pari
         passu with the Class A Notes if the security for the Notes were being
         enforced), having given not more than 60 nor less than 45 days' notice
         to the Class A Noteholders in accordance with Condition 12 redeem all,
         but not some only, of the Class A Notes at their Invested Amount

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         (or, if the Class A Noteholders by Extraordinary Resolution have so
         agreed, at their Stated Amount) together with accrued interest to (but
         excluding) the date of redemption on any subsequent Quarterly Payment
         Date, provided that the Class A Noteholders may by Extraordinary
         Resolution elect, and shall notify the Trustee and the Manager not less
         than 21 days before the next Quarterly Payment Date following the
         receipt of notice of such proposed redemption, that they do not require
         the Trustee to redeem the Class A Notes.

8.       SUBSTITUTION AND REMOVAL OF PURCHASED RECEIVABLES
--------------------------------------------------------------------------------
8.1      APPROVED SELLER SUBSTITUTION

         (a)   The Trustee must, at the direction of the Manager (at the
               Manager's option), at any time replace a Receivable of the Trust
               which has been repurchased by the Approved Seller under clause
               12.6(d) of the Master Trust Deed using the funds received from
               the repurchase to purchase a substitute Eligible Receivable from
               the Approved Seller, if available.

         (b)   The Approved Seller may elect to sell a substitute Receivable to
               the Trustee (which the Trustee shall acquire if it is directed by
               the Manager to do so), provided the substitute Receivable
               satisfies the following requirements:

               (i)   it complies with the Eligibility Criteria;

               (ii)  at the time of substitution, the substitute Receivable has
                     a maturity date no later than the date being 2 years prior
                     to the Final Maturity Date;

               (iii) the substitution will not adversely affect the Rating;

               (iv)  the relevant Mortgage Insurer has confirmed that the
                     substitute Receivable is covered by the relevant Mortgage
                     Insurance Policy; and

               (v)   it is selected by the Manager in accordance with clause
                     8.3.

8.2      OTHER SUBSTITUTIONS

         The Trustee must, at the direction of the Manager (at the Manager's
         option), at any time:

         (a)   replace a Mortgage relating to a Purchased Receivable;

         (b)   allow an Obligor to replace the Mortgaged Property secured by
               such a Mortgage; or

         (c)   allow an Obligor to refinance a Purchased Receivable to purchase
               a new Mortgaged Property,

         provided that all of the following conditions are met:

               (i)   the same Obligor or Obligors continue to be the Obligor or
                     Obligors under the replacement Mortgage and that Purchased
                     Receivable or refinanced Receivable (as the case may be);

               (ii)  either the replacement Mortgage, or the replacement
                     Mortgaged Property, do not result in the relevant Purchased
                     Receivable failing to comply with the Eligibility Criteria
                     or the refinanced Receivable satisfies the Eligibility
                     Criteria (as the case may be);

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               (iii) any such replacement or refinancing occurs simultaneously
                     with the release of the previous Mortgage, Mortgaged
                     Property or Receivable (as the case may be);

               (iv)  the principal outstanding under the relevant Receivable is,
                     after the replacement or refinancing, the same as before
                     that replacement or refinancing; and

               (v)   clause 8.3 applies.

8.3      SELECTION CRITERIA

         The Manager will apply the following criteria (in descending order of
         importance) when selecting a substitute Eligible Receivable under
         clause 8.1 or approving a substitution under clause 8.2:

         (a)   the substitute Eligible Receivable will have an Unpaid Balance
               within A$30,000 of the outgoing Eligible Receivable's Unpaid
               Balance, as determined at the time of substitution;

         (b)   an outgoing owner-occupied or investment Mortgage will be
               replaced by another owner-occupied or investment Mortgage (as the
               case may be);

         (c)   the substitute Eligible Receivable will have a then current LVR
               no more than five per cent (5%) greater than the outgoing
               Eligible Receivables then current LVR, as determined at the time
               of substitution;

         (d)   an outgoing Eligible Receivable will be substituted by another
               Eligible Receivable with a security property located in the same
               State or Territory;

         (e)   an outgoing Eligible Receivable will be substituted by another
               Eligible Receivable with a security property with the same or
               similar postcode; and

         (f)   in the case of substitution under clause 8.1, the substitute
               Eligible Receivable will have the closest original loan amount to
               that of the outgoing Eligible Receivable.

         The Trustee is entitled to rely on the information provided by the
         Manager in this regard.

8.4      REMOVAL OF PURCHASED RECEIVABLES - TOP UPS

         (a)   If during any Collection Period an Obligor requests from the
               Servicer an increase in the principal balance under the
               Receivable Agreement for the relevant Purchased Receivable (other
               than as a Redraw) and that request is approved by the Servicer,
               the Manager must direct the Trustee to offer to transfer that
               Purchased Receivable from the Trust to St.George subject to this
               clause 8.4.

         (b)   If the Trustee receives a direction from the Manager under
               paragraph (a) in respect of a Purchased Receivable, it must
               deliver to St.George an offer in writing to extinguish the
               Trustee's equitable title to the relevant Purchased Receivables
               in favour of St.George. The Manager must prepare that offer on
               behalf of the Trustee, and that offer must specify:

               (i)   details of the Purchased Receivable;

               (ii)  the proposed date of extinguishment of equitable title;

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               (iii) the unpaid principal amount of the Purchased Receivable;

               (iv)  the Unpaid Balance of the Purchased Receivable as at the
                     proposed date of extinguishment of equitable title; and

               (v)   such other details as St.George reasonably requires in such
                     offers from time to time.

         (c)   If St.George receives an offer under paragraph (b) in respect of
               a Purchased Receivable it may, but is not obliged to, accept that
               offer by paying the Unpaid Balance of that Purchased Receivable
               on the date of extinguishment. On that payment, and without the
               need for any person to do any other act, matter or thing:

               (i)   the Trustee shall cease to have any interest in the
                     relevant Purchased Receivables and related Receivable
                     Rights;

               (ii)  St.George shall hold both the legal and beneficial interest
                     in those Purchased Receivables and Receivable Rights and be
                     entitled to all interest and fees that accrue in respect of
                     them from (and including) the date of extinguishment; and

               (iii) no rights or interest under or in respect of those
                     Receivables or Receivable Rights shall form part of the
                     Assets of the Trust.

         (d)   Notwithstanding any negotiations or discussions undertaken
               between St.George, the Manager or the Trustee prior to St.George
               accepting the offer under paragraph (b), St.George is not obliged
               to accept that offer and no contract for the sale or purchase of
               any Purchased Receivables or related Receivable Rights referred
               to in that offer will arise unless and until St.George accepts
               that offer in accordance with this clause.

         (e)   If St.George does not accept an offer under paragraph (b) to
               transfer a Purchased Receivable, the request by the Obligor in
               respect of that Purchased Receivable referred to in paragraph (a)
               must not be accepted and the principal balance of that Purchased
               Receivable may not be increased in accordance with that request.

9.       APPLICATION OF THRESHOLD RATE
--------------------------------------------------------------------------------
9.1      CALCULATION OF THRESHOLD RATE

         If at any time the Basis Swap is terminated, the Manager must, on each
         of:

         (a)   the earlier of:

               (i)   the date which is 3 Business Days following the date on
                     which the Basis Swap is terminated; and

               (ii)  the Determination Date immediately following the date on
                     which the Basis Swap is terminated; and

         (b)   each successive Determination Date for so long as the Basis Swap
               has not been replaced by a similar Hedge Agreement or until the
               Trustee and the Manager otherwise agree (and the Designated
               Rating Agency for each Class of Notes has confirmed in writing
               that that agreement would not result in a downgrading of the

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               rating given to any relevant Note or the withdrawal of the rating
               of any relevant Note),

         calculate the Threshold Rate as at that date and notify the Trustee,
         the Servicer and the Approved Seller of that Threshold Rate on the
         relevant Payment Date.

9.2      SETTING THRESHOLD RATE

         If the Servicer is notified of a Threshold Rate under clause 9.1, it
         will, not more than 7 Business Days following the date on which the
         Basis Swap is terminated, ensure that the interest rate payable on each
         Purchased Receivable which is subject to a variable rate is set not
         less than the Threshold Rate and shall promptly notify the relevant
         Obligors of the change in accordance with the Receivable Agreements.

9.3      LOAN OFFSET DEPOSIT ACCOUNTS

         If at any time there is no current Basis Swap in place, the Servicer
         and the Approved Seller must ensure that the interest rates applicable
         to the Loan Offset Deposit Accounts are such that, if the Approved
         Seller does not meet any of its obligations under clause 5.25, the
         Servicer will not be required, as a direct result of that non-payment,
         to increase the Threshold Rate under this clause 9.

10.      TITLE PERFECTION EVENTS
--------------------------------------------------------------------------------
10.1     EACH OF THE FOLLOWING IS A TITLE PERFECTION EVENT.

         (a)   (DOWNGRADE) The Approved Seller ceases to have a long term rating
               of at least BBB from S&P, Baa2 from Moody's or BBB from Fitch
               Ratings.

         (b)   (EVENT OF INSOLVENCY) An Insolvency Event occurs with respect to
               the Approved Seller.

         (c)   (NON COMPLIANCE) The Servicer as Approved Seller fails to pay any
               Collections (as defined in the Servicing Agreement) within the
               time required under the Servicing Agreement.

         (d)   (SERVICER TRANSFER EVENT) For so long as the Servicer is also an
               Approved Seller to the Trust, a Servicer Transfer Event occurs.

         (e)   (BREACH OF REDRAW FACILITY AGREEMENT) For so long as the Approved
               Seller is also the Redraw Facility Provider, the Redraw Facility
               Provider breaches its obligations, undertakings or
               representations under the Redraw Facility Agreement and such
               breach has had, or if continued will have, a Material Adverse
               Effect (as determined by the Trustee after taking appropriate
               expert advice).

         (f)   (BREACH OF REPRESENTATIONS) The Approved Seller breaches any
               representation, warranty, covenant or undertaking made by it in a
               Transaction Document, which breach, if capable of remedy, is not
               remedied within 30 days of the earlier of:

               (i)   the Approved Seller becoming aware of the breach; and

               (ii)  the Approved Seller being notified of the breach by the
                     Trustee, Manager or Servicer.

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11.      BENEFICIARY
--------------------------------------------------------------------------------
11.1     ISSUE OF UNITS

         (a)   The beneficial interest in the Trust will be constituted by the
               issue of:

               (i)   a single residual capital unit (the RESIDUAL CAPITAL UNIT);
                     and

               (ii)  a single residual income unit (the RESIDUAL INCOME UNIT).

                  The holders of the Residual Capital Unit and the Residual
                  Income Unit (each, a UNIT) hold the beneficial interest in the
                  Trust in accordance with the Master Trust Deed and this
                  Supplementary Terms Notice.

         (b)   The Trustee must, on receipt of the issue price of each Unit
               specified below, issue the relevant Unit by registering the
               holder in the register kept under this clause 11.

         (c)   A failure by the Trustee to issue a Unit does not affect a
               Beneficiary's rights as a beneficiary of the Trust under the
               Master Trust Deed and this Supplementary Terms Notice.

11.2     RESIDUAL CAPITAL UNIT

         (a)   The holder of the Residual Capital Unit is Allens Arthur Robinson
               Corporate Advisory Pty Ltd.

         (b)   The issue price of the Residual Capital Unit is the amount of
               $10, paid on establishment of the Trust.

         (c)   The holder of the Residual Capital Unit has no right to receive
               distributions in respect of the Trust other than the right to
               receive an amount of $10 on the termination of the Trust. The
               Residual Capital Unit may not be redeemed at any other time or in
               any other way.

         (d)   The Residual Capital Unit is not transferable.

         (e)   No other Residual Capital Units may be issued.

11.3     RESIDUAL INCOME UNIT

         (a)   The holder of the Residual Income Unit is Crusade Management
               Limited.

         (b)   The issue price of the Residual Income Unit is the amount of $10,
               paid on establishment of the Trust.

         (c)   The beneficial interest held by the holder of the Residual Income
               Unit is limited to the Trust and each Asset of the Trust (other
               than any Asset of the Trust held on trust for the holder of the
               Residual Capital Unit under clause 11.2) subject to and in
               accordance with the Master Trust Deed and this Supplementary
               Terms Notice.

         (d)   Subject to clause 24 of the Master Trust Deed, the holder of the
               Residual Income Unit has no right to receive distributions in
               respect of the Trust other than:

               (i)   the right to receive distributions in respect of the Trust
                     under the Master Trust Deed and this Supplementary Terms
                     Notice to the extent that Excess

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                     Distributions are available for distribution under the
                     Master Trust Deed and this Supplementary Terms Notice; and

               (ii)  the right to receive on the termination of the Trust the
                     entire beneficial interest of the Trust, subject to the
                     rights of the holder of the Residual Capital Unit.

               The Residual Income Unit may not be redeemed at any other time
               or in any other way.

         (e)   The Residual Income Unit is not transferable.

         (f)   No other Residual Income Units may be issued.

11.4     UNIT REGISTER

         (a)   The entitlement of any person to a Unit will be evidenced by
               registration in the register maintained under this clause 11.4
               (the UNIT REGISTER).

         (b)   The Trustee will keep the Unit Register at its registered office
               in a form that it considers appropriate and will enter the
               following particulars:

               (i)   the name and address of each Beneficiary;

               (ii)  the date on which the name of each Beneficiary is entered
                     in the Unit Register;

               (iii) the date on which each Beneficiary ceases to be registered
                     as a Beneficiary;

               (iv)  the subscription moneys initially paid for each Unit; and

               (v)   any other details which the Trustee may consider necessary
                     or desirable.

         (c)   Each Beneficiary shall promptly notify the Trustee in writing of
               any change of name or address and the Trustee will alter the Unit
               Register accordingly.

         (d)   The Beneficiary may not assign, or create or allow to exist any
               Security Interest over, its rights or interests in respect of the
               Trust if to do so would have a Material Adverse Effect or might
               have an adverse tax consequence in respect of the Trust.

         (e)   Without limiting clause 11.1, the interest of a Beneficiary will
               be constituted by registration in the Unit Register.

12.      NOTE TRUSTEE
--------------------------------------------------------------------------------
12.1     CAPACITY

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

12.2     EXERCISE OF RIGHTS

         (a)   The rights, remedies and discretions of the Class A Noteholders
               under the Transaction Documents including all rights to vote or
               give instructions to the Security Trustee and to enforce
               undertakings or warranties under the Transaction Documents,
               except as otherwise provided in the Note Trust Deed or the
               Security

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               Trust Deed, may only be exercised by the Note Trustee on behalf
               of the Class A Noteholders in accordance with the Note Trust
               Deed.

         (b)   The Class A Noteholders, except as otherwise provided in the Note
               Trust Deed or the Security Trust Deed, may only exercise
               enforcement rights in respect of the Mortgaged Property through
               the Note Trustee and only in accordance with the Transaction
               Documents.

12.3     REPRESENTATION AND WARRANTY

         The Note Trustee represents and warrants to each other party to this
         Supplementary Terms Notice that it has the power under the Note Trust
         Deed to enter into the Transaction Documents to which it is a party and
         to exercise the rights, remedies and discretions of, and to vote on
         behalf of the Class A Noteholders.

12.4     PAYMENTS

         Any payment to be made to the Class A Noteholders under the Transaction
         Documents may be made to the Principal Paying Agent or the Note Trustee
         (as the case may be) in accordance with the Agency Agreement and the
         Note Trust Deed.

12.5     PAYMENT TO BE MADE ON BUSINESS DAY

         If any payment is due under a Transaction Document on a day which is
         not a Business Day the due date will be the next Business Day unless
         that day falls in the next calendar month, in which case the due date
         will be the preceding Business Day.

13.      SECURITY TRUST DEED
--------------------------------------------------------------------------------

         The parties to this Deed agree to comply with clause 16.9 of the
         Security Trust Deed.

14.      CUSTODIAN AGREEMENT
--------------------------------------------------------------------------------

         The Custodian Agreement is amended for the purpose of the Trust by
         deleting the words and between each Relevant Trust from the
         second/third line of clause 3.1(c).

15.      MANAGER'S DIRECTIONS TO BE IN WRITING
--------------------------------------------------------------------------------

         Any direction given to the Trustee by the Manager under a Transaction
         Document must be in writing.

16.      UNDERTAKINGS BY APPROVED SELLER AND SERVICER
--------------------------------------------------------------------------------

         Each of the Approved Seller and Servicer undertakes that:

         (a)   it will not allow the interest rate on a Purchased Receivable
               which is a Fixed Rate Loan to be re-fixed at the end of its fixed
               rate term if it will result in a downgrade or withdrawal of the
               rating of any Notes;

--------------------------------------------------------------------------------
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         (b)   it will not allow a Purchased Receivable to convert from a Fixed
               Rate Loan to a Floating Rate Loan, or from a Floating Rate Loan
               to a Fixed Rate Loan, if that conversion would result in a
               downgrade or withdrawal of the rating of any Notes;

         (c)   it must ensure that if the use of any Mortgaged Property which
               relates to a Purchased Receivable from owner occupied to
               investment, or from investment to owner occupied, the relevant
               Purchased Receivable continues to satisfy the Eligibility
               Criteria; and

         (d)   it must not provide to any Obligor features in respect of a
               Purchased Receivable which are additional to those that applied
               on the Closing Date unless those additional features would not:

               (i)   affect any Mortgage Insurance Policy relating to that
                     Purchased Receivable; and

               (ii)  result in the downgrade or withdrawal of the rating of any
                     Notes.

17.      TAX REFORM
--------------------------------------------------------------------------------
17.1     TAXATION OF TRUSTS AND CONSOLIDATED GROUPS

         The parties acknowledge that:

         (a)   in relation to the proposed taxation of non-fixed trusts as
               companies:

               (i)   the Commonwealth Government has withdrawn draft legislation
                     under which non-fixed trusts would have been taxed as
                     companies from 1 July 2001;

               (ii)  in November 2002 the Board of Taxation recommended that the
                     Government retain the current flow-through treatment of
                     distributions of non-assessable amounts by non-fixed trusts
                     rather than a company type taxation model; and

               (iii) although the Government has not expressly agreed to the
                     recommendation of the Board of Taxation described at (ii)
                     above, on 12 December 2002 the Government announced its
                     intention to amend the taxation laws in accordance with
                     recommendations of the Board of Taxation which were
                     incidental to the recommendation described at (ii) above.

         (b)   If the Trust becomes a member of a consolidated group of
               companies and trusts under Part 3-90 of the Income Tax Assessment
               Act 1997 (a CONSOLIDATED TAX GROUP), the Trustee could be liable
               for a share of a tax-related liability of the head company of
               that consolidated tax group (a GROUP TAX LIABILITY) if:

               (i)   the head company of the consolidated tax group does not pay
                     that group tax liability by the time it becomes due and
                     payable; and

               (ii)  that group tax liability is not covered by a tax sharing
                     agreement which is consistent with regulations made, or
                     guidelines published by the Commissioner of Taxation,
                     concerning the allocation of group tax liabilities of a
                     consolidated tax group amongst certain members of that
                     group or

--------------------------------------------------------------------------------
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SUPPLEMENTARY TERMS NOTICE                                Allens Arthur Robinson
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                     which is otherwise accepted by the Commissioner of
                     Taxation as allocating the group tax liabilities of the
                     consolidated tax group amongst those members on a
                     reasonable basis (a VALID TAX SHARING AGREEMENT); and

         (c)   it is in the interests of all parties, including the Trustee, the
               Noteholders and the Beneficiary, that:

               (i)   the Trustee always be in a position to pay any Tax
                     liability when due;

               (ii)  the payment of Tax by the Trustee must not affect the
                     amount of principal or interest payable on the Notes or the
                     timing of such payments; and

               (iii) the rating of the Notes be maintained.

17.2     AMENDING BILL - TAXATION OF TRUSTS

         If an amending Bill is introduced into the Federal Parliament (the
         AMENDING BILL), and the result of that amending Bill, if it becomes
         law, will be that the Trustee will become liable to pay Tax on the net
         income of the Trust (as described in clause 17.1(a)), then:

         (a)   the Manager shall promptly consult with the Trustee and each
               Designated Rating Agency to determine what changes, if any, are
               necessary to the cashflow allocation methodology in clause 5 to
               achieve the objective referred to in clause 17.1(c) (the
               OBJECTIVE);

         (b)   within 1 month of the amending Bill being introduced into Federal
               Parliament (or such longer time as the Trustee and each
               Designated Rating Agencies permit) the Manager shall use
               reasonable endeavours to provide a written recommendation to the
               Trustee and a draft deed amending this Supplementary Terms Notice
               that, if executed, will achieve the Objective; and

         (c)   if and when the amending Bill becomes law, upon the Trustee being
               notified that the draft deed amending this Supplementary Terms
               Notice will achieve the Objective (and in this regard the Trustee
               may rely (amongst others) upon advice of tax lawyers), and each
               of the other parties to this Supplementary Terms Notice being
               reasonably satisfied that they will not be adversely affected by
               the proposed amendments to this Supplementary Terms Notice, each
               party to this Supplementary Terms Notice shall execute that
               amendment deed.

17.3     GROUP TAX LIABILITIES

         If the Trust becomes a member of a consolidated tax group and the head
         company of that consolidated tax group does not at that time, or at any
         subsequent time, provide evidence to the satisfaction of the Trustee
         (which may rely upon the advice of tax lawyers, amongst others) that
         the tax liabilities of the consolidated group are covered by a valid
         tax sharing agreement that apportions those tax liabilities to the
         Trustee on a basis acceptable to the Trustee (and the Trustee
         acknowledges that a nil allocation of the group tax liabilities will be
         acceptable to it), then:

         (a)   the Trustee and Manager shall, as soon as is practicable, take
               steps to ensure that the Trust ceases to be a member of that
               consolidated group;

--------------------------------------------------------------------------------
                                                                         Page 94

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         (b)   the Manager shall promptly consult with the Trustee and each
               Designated Rating Agency to determine what changes, if any, are
               necessary to the cashflow allocation methodology in clause 5 to
               achieve the Objective; and

         (c)   within 2 months of such consultations commencing (or such longer
               time as the Trustee and each Designated Rating Agency permit),
               the Manager shall use reasonable endeavours to provide a written
               recommendation to the Trustee and a draft deed amending this
               Supplementary Terms Notice that, if executed, will achieve the
               Objective; and

         (d)   upon the Trustee being notified that the draft deed amending this
               Supplementary Terms Notice will achieve the Objective (and in
               this regard the Trustee may rely (amongst others) upon advice of
               tax lawyers), and each of the other parties to this Supplementary
               Terms Notice being reasonably satisfied that they will not be
               adversely affected by the proposed amendments to this
               Supplementary Terms Notice, each party to this Supplementary
               Terms Notice shall execute that amendment deed.

17.4     EVIDENCE OF TAX SHARING AGREEMENT

         The Manager shall procure that the head company of a consolidated tax
         group of which the Trust becomes a member will:

         (a)   ensure that the group tax liabilities of that consolidated tax
               group are covered by a valid tax sharing agreement that
               apportions those tax liabilities to the Trustee on a basis
               acceptable to the Trustee (and the Trustee acknowledges that a
               nil allocation of the group tax liabilities will be acceptable to
               it); and

         (b)   provide evidence of such a tax sharing agreement being in place
               for the purposes of clause 17.1:

               (i)   at the time the Trust becomes a member of the consolidated
                     tax group; and

               (ii)  on each occasion that there is any alteration, amendment or
                     replacement of a tax sharing agreement covering the tax
                     liabilities of the consolidated tax group.

17.5     OBJECTIVE

         Provided that the Trustee and each Designated Rating Agency receive
         written advice from an experienced and reputable tax lawyer or tax
         accountant to the effect that if the cashflow allocation methodology,
         as amended by the deed amending this Supplementary Terms Notice, is
         followed the Objective will be met, and each Designated Rating Agency
         confirms in writing that the change in Tax law or the deed amending
         this Supplementary Terms Notice will not result in the downgrade or
         withdrawal of rating of any Note:

         (a)   the Trustee shall not be obliged to obtain the consent of any
               Noteholder or Residual Income Beneficiary to the deed amending
               this Supplementary Terms Notice; and

         (b)   subject to its terms, the deed amending this Supplementary Terms
               Notice shall be effective when executed, and may:

--------------------------------------------------------------------------------
                                                                         Page 95

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               (i)   permit the Trustee to accumulate a reserve out of moneys
                     that would otherwise be payable to the Residual Income
                     Beneficiary; and/or

               (ii)  provide for Tax to be paid out of moneys that would
                     otherwise have been payable to the Residual Income
                     Beneficiary.

17.6     RESIDUAL INCOME BENEFICIARY

         Without limiting clause 17.5, in formulating a proposal to meet the
         Objective, the Manager shall have regard to the impact of any change to
         the cashflow allocation methodology to the holder of the Residual
         Income Beneficiary, and shall consider proposals made by the Residual
         Income Beneficiary that will enable the Trustee to meet the Objective.

18.      ACKNOWLEDGMENTS
--------------------------------------------------------------------------------

         (a)   The parties to the Transaction Documents agree that the Code of
               Banking Practice 2003 (CODE) does not apply to any Transaction
               Document or any transaction or service under any Transaction
               Document.

         (b)   The parties to the Transaction Documents acknowledge that St
               George is bound by the Code in respect of its dealings with some
               or all Mortgagors and agree that if the application of the Code
               to those dealings makes an amendment to any Transaction Document
               necessary or desirable in the opinion of St George then the
               parties will negotiate such amendments in good faith.

19.      GOVERNING LAW
--------------------------------------------------------------------------------

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

--------------------------------------------------------------------------------
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SUPPLEMENTARY TERMS NOTICE                                Allens Arthur Robinson
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EXECUTED as a deed.

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

TRUSTEE

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEES CONSOLIDATED LIMITED
by its attorney under power of attorney
in the presence of:

--------------------------------------    --------------------------------------
Witness Signature                         Attorney Signature

--------------------------------------    --------------------------------------
Print Name                                Print Name

MANAGER

SIGNED SEALED AND DELIVERED for
CRUSADE MANAGEMENT LIMITED
by its attorney under power of attorney
in the presence of:

--------------------------------------    --------------------------------------
Witness Signature                         Attorney Signature

--------------------------------------    --------------------------------------
Print Name                                Print Name

--------------------------------------------------------------------------------
                                                                         Page 97

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SUPPLEMENTARY TERMS NOTICE                                Allens Arthur Robinson
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APPROVED SELLER/SERVICER

SIGNED SEALED AND DELIVERED for
ST.GEORGE BANK LIMITED by its attorney
under power of attorney in the presence of:

--------------------------------------    --------------------------------------
Witness Signature                         Attorney Signature

--------------------------------------    --------------------------------------
Print Name                                Print Name

CUSTODIAN

SIGNED SEALED AND DELIVERED for
ST.GEORGE CUSTODIAL PTY LIMITED
by its attorney under power of attorney
in the presence of:

--------------------------------------    --------------------------------------
Witness Signature                         Attorney Signature

--------------------------------------    --------------------------------------
Print Name                                Print Name

--------------------------------------------------------------------------------
                                                                         Page 98

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SUPPLEMENTARY TERMS NOTICE                                Allens Arthur Robinson
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SECURITY TRUSTEE

SIGNED SEALED AND DELIVERED for
P.T. LIMITED by its attorney under
power of attorney in the presence of:

--------------------------------------    --------------------------------------
Witness Signature                         Attorney Signature

--------------------------------------    --------------------------------------
Print Name                                Print Name

NOTE TRUSTEE

SIGNED SEALED AND DELIVERED by
WILMINGTON TRUST COMPANY
in the presence of:

--------------------------------------    --------------------------------------
Witness Signature                         Signature

--------------------------------------    --------------------------------------
Print Name                                Print Name

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SCHEDULE 1

An Eligible Receivable means a Loan which, as at the Cut-Off Date for that Loan:

(a)   it is sourced from the Approved Seller's general portfolio of residential
      mortgage loans;

(b)   is secured by a Receivable Security that constitutes a first ranking
      mortgage over residential (owner-occupied or investment) land situated in
      capital city metropolitan areas or regional centres in Australia which is
      or will be registered under the Real Property Legislation, or where a
      Receivable Security is not, or will not be when registered be, a first
      ranking mortgage, the relevant Sale Notice includes an offer in relation
      to all prior ranking registered mortgages;

(c)   is secured by a Receivable Security over a Mortgaged Property which has
      erected on it a residential dwelling and which is required by the
      Receivable Agreement to be covered by general insurance by insurers
      approved in accordance with the Transaction Documents;

(d)   has an LVR less than or equal to 95% for owner occupiers and 90% for
      investment properties;

(e)   was not purchased by the Approved Seller but was approved and originated
      by the Approved Seller in the ordinary course of its business;

(f)   under which the relevant Obligor does not owe more than A$600,000;

(g)   the relevant Obligor in respect of which was required to repay the
      Receivable within 30 years of the Cut-Off Date;

(h)   no payment from the Obligor is in Arrears for more than 30 consecutive
      days;

(i)   the sale of an equitable interest in, or the sale of an equitable interest
      in any related Receivable Security, does not contravene or conflict with
      any law;

(j)   together with the related Receivable Security, has been or will be
      stamped, or has been taken by the relevant stamp duties authority to be
      stamped, with all applicable duty;

(k)   is on fully amortising repayment terms;

(l)   is secured by a Receivable Security that is covered by mortgage insurance
      from a Mortgage Insurer under the relevant Mortgage Insurance Policy for
      100% of amounts outstanding under the relevant loans (but not including
      timely payment cover);

(m)   complies in all material respects with applicable laws, including the
      Consumer Credit Legislation;

(n)   is fully drawn;

(o)   is subject to the terms and conditions of the Approved Seller's Fixed Rate
      Loans, which bear a fixed rate of interest for up to 5 years as of the cut
      off date; its Essential Home Loan product, its Standard Variable Rate Home
      Loan product, including sub products of Loyalty Loans, which are entitled
      to a "loyalty" rate due to a home loan relationship with the Approved
      Seller of 5 years or more and Discount Variable Rate Home Loans and

--------------------------------------------------------------------------------
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      Introductory Fixed Rate Home Loans, which are available only for new
      borrowers to St.George Bank; and

(p)   which has a maturity date at least one year before the maturity date of
      the Notes.

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                                                                        Page 101

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SCHEDULE 2

APPLICATION FOR A$ NOTES

CRUSADE GLOBAL TRUST NO. 2 OF 2003
--------------------------------------------------------------------------------

To:   Perpetual Trustees Consolidated Limited as trustee of the Crusade Global
Trust No. 2 of 2003 (the TRUSTEE)

From:                                                    (ABN [*])
      ---------------------------------------------------
      (Name)

      of                                          (the APPLICANT).
        ------------------------------------------
                        (Address)

APPLICATION
--------------------------------------------------------------------------------

The Applicant applies for the following CLASS B NOTES/CLASS C NOTES (delete
whichever is not applicable) (the NOTES) to be issued by the Trustee as trustee
of the Crusade Global Trust No. 2 of 2003 (the TRUST) under the Master Trust
Deed dated 14 March 1998 (as amended from time to time) establishing the Crusade
Trusts (the MASTER TRUST DEED):

1.    The Notes applied for are:

2.    The amount of Notes applied for is:

APPLICANT BOUND
--------------------------------------------------------------------------------

The Applicant agrees that the Notes will be issued subject to, and agrees to be
bound by, the provisions of the Master Trust Deed, the Supplementary Terms
Notice in relation to the Notes and the Security Trust Deed dated [*] 2003 in
relation to the Trust.

ACKNOWLEDGMENT BY APPLICANT
--------------------------------------------------------------------------------

The Applicant acknowledges that the liability of the Trustee 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.

The Applicant further acknowledges that:

(a)   it has independently and without reliance on St.George Bank Limited
      (ST.GEORGE), the Trustee, the Manager or any other person (including
      without reliance on any materials prepared or distributed by any of the
      above) made its own assessment and investigations regarding its investment
      in the Notes;

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                                                                        Page 102

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(b)   it understands that the Notes do not represent deposit or other
      liabilities of St.George or Associates of St.George;

(c)   the Applicant's holding of the Notes is subject to investment risk,
      including possible delays in repayment and loss of income and principal
      invested; and

(d)   neither St.George nor any Associate of St.George 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.

GENERAL
--------------------------------------------------------------------------------

Payments due under the Notes may be made:

o     by cheque posted to the above address

o     to the credit of the following account:

      Name of Bank:
      Address of Bank:
      Account Details:
      Account No.:
      Name of Account:

A Marked Note Transfer of the abovementioned Notes is required: Yes/No.

Applicant's Tax File Number:

INTERPRETATION
--------------------------------------------------------------------------------

Each expression used in this Application for A$ Notes that is not defined has
the same meaning as in the Master Trust Deed or the relevant Supplementary Terms
Notice.

Dated:

SIGNED:
         ------------------------------------

*        This Application for A$ Notes together with a cheque for the amount of
         the Notes applied for should be sent to the Trustee at the address
         above.

*        Where the Applicant is a trustee, this Application for A$ Notes must be
         completed in the name of the trustee and signed by the trustee without
         reference to the trust.

*        Where this Application for A$ Notes is executed by a corporation, it
         must be executed either under common seal by two directors or a
         director and a secretary or under a power of attorney.

*        If this Application for A$ Notes is signed under a power of attorney,
         the attorney is taken, upon signing, to certify that it has not
         received notice of revocation of that power of attorney. A certified
         copy of the power of attorney must be lodged with this Application for
         A$ Notes.

--------------------------------------------------------------------------------
                                                                        Page 103

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SCHEDULE 3

NOTE ACKNOWLEDGMENT

CRUSADE GLOBAL TRUST NO. 2 OF 2003
--------------------------------------------------------------------------------

CLASS:

INITIAL INVESTED AMOUNT:

INTEREST RATE:

INTEREST PAYMENT DATES:

PRINCIPAL AMORTISATION DATES:

FINAL MATURITY DATE:

This confirms that:

NOTEHOLDER:

ABN (if applicable):

ADDRESS:

appears in the Register as the holder of the abovementioned Notes (the NOTES).

The Notes are issued by Perpetual Trustees Consolidated Limited (the TRUSTEE) in
its capacity as trustee of the abovementioned Trust (the TRUST) under a Master
Trust Deed dated 14 March 1998 (as amended from time to time) establishing the
Crusade Trusts (the MASTER TRUST DEED).

The Notes are issued subject to the provisions of the Master Trust Deed, the
Supplementary Terms Notice in relation to the Notes and the Security Trust Deed
dated [*] 2003. A copy of the Master Trust Deed, the Supplementary Terms Notice
and the Security Trust Deed are available for inspection by Note Holders at the
offices of Crusade Management Limited (ABN 90 072 715 916) at ST.GEORGE HOUSE,
14-16 MONTGOMERY STREET, KOGARAH, NEW SOUTH WALES 2217.

The Trustee'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 Trustee in relation to the Notes may only be
satisfied out of the Assets of the Trust except in the case of (and to the
extent of) any fraud, negligence or wilful default on the part of the Trustee or
its officers, employees, any agent or delegate employed by the Trustee other
than in accordance with Section 53 of the Trustee Act to carry out any
transactions contemplated by this Deed.

Each 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.

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The Trustee shall not be liable to satisfy any obligations or liabilities from
its personal assets except in the case (and to the extent) of any fraud,
negligence or Default on the part of the Trustee or its officers, employees or
an agent or delegate employed by the Trustee other than in accordance with
Section 53 of the Trustee Act to carry out any transactions contemplated by this
Deed. Neither the Trustee nor the Manager guarantees the payment of interest or
the repayment of principal due on the Notes.

This Note Acknowledgment is not a certificate of title and the Register is the
only conclusive evidence of each abovementioned Noteholder's entitlement to
Notes.

Transfers of Notes must be under a Note Transfer in the form contained in
Schedule 4 to the Master Trust Deed (copies of which are available from then
Trustee at its abovementioned address). Executed Note Transfers must be
submitted to the Trustee.

Each expression used in this Note Acknowledgment that is not defined has the
same meaning as in the Master Trust Deed.

This Note Acknowledgment and the Notes to which it relates will be governed by
the laws of the New South Wales.

Dated:

Executed in New South Wales for and on behalf of Perpetual Trustees Consolidated
Limited

-------------------------------------------
Authorised Signatory

--------------------------------------------------------------------------------
                                                                        Page 105

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SCHEDULE 4

NOTE TRANSFER AND ACCEPTANCE

CRUSADE GLOBAL TRUST NO. 2 OF 2003
--------------------------------------------------------------------------------

To:   Perpetual Trustees Consolidated Limited               Date Lodged [*]
      as trustee of the                                     REGISTRY USE ONLY
      Crusade Global Trust No. 2 of 2003 (the TRUSTEE)

TRANSFEROR

(Full name, ACN/ABN (if applicable) and address):

(please print)

APPLIES TO ASSIGN AND TRANSFER TO

TRANSFEREE

(Full name, ACN/ABN (if applicable) and address):

(please print)

and its/their executors, administrators or assigns

The following Notes in the Crusade Global Trust No. 2 of 2003

Number of Notes:
Class:
Initial Invested Amount:
Interest Payment Dates:
Principal Amortisation Dates:
Final Maturity Date:

Consideration Payable: $[*]

and all my/our/its property and interests in rights to those Notes and to the
interest accrued on them.

TRANSFEROR
           ------------------------------------------------------------
(Signature: see Notes)

WITNESS                                             Date:
        ----------------------------------------

TRANSFEREE
           ------------------------------------------------------------
(Signature: see Notes)

WITNESS                                             Date:
        ----------------------------------------

PAYMENTS (Tick where appropriate)

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*     In accordance with existing instructions (existing holders only)

*     By cheque posted to the above address

*     By credit to the following account in Australia in the name of the
      Transferee only

Tax File Number (if applicable):

Authorised signature of Transferee
                                   --------------------------------
Date:

NOTES:

1.       The Transferor and the Transferee acknowledge that the transfer of the
         Notes specified in this Transfer and Acceptance (the NOTES) shall only
         take effect on the entry of the Transferee's name in the Register as
         the holder of the Notes.

2.       The Transferee agrees to accept the Notes subject to the provisions of
         the Master Trust Deed dated 14 March 1998 (as amended from time to
         time) establishing the Crusade Trusts (the TRUST DEED), the
         Supplementary Terms Notice in relation to the Notes and the related
         Security Trust Deed dated [*] 2003.

3.       The Transferee acknowledges that it has independently and without
         reliance on St.George Bank Limited (ABN 92 055 513 070), the Trustee,
         Crusade Management Limited (ABN 90 072 715 916) (the MANAGER) or any
         other person (including without reliance on any materials prepared or
         distributed by any of the above) made its own assessment and
         investigations regarding its investment in the Notes.

4.       The Trustee's liability to make payments in respect of the Notes is
         limited to its right of indemnity from the assets of the abovementioned
         Trust from time to time available to make such payments under the Trust
         Deed.

5.       Where the Transferor and/or the Transferee is a trustee, this Note
         Transfer must be completed in the name of the trustee and signed by the
         trustee without reference to the trust.

6.       Where this Note Transfer is executed by a corporation, it must be
         executed either under common seal by two directors or a director and a
         secretary or under a power of attorney.

7.       If this Transfer and Acceptance is signed under a power of attorney,
         the attorney certifies that it has not received notice of revocation of
         that power of attorney. A certified copy of the power of attorney must
         be lodged with this Note Transfer.

8.       This Note Transfer must be lodged with the Trustee for registration.

9.       The Trustee may, in the manner and for the period specified in the
         Trust Deed and any relevant Supplementary Terms Notice, close the
         Register. The total period that the Register may be closed will not
         exceed 30 days (or such other period agreed to by the Manager) in
         aggregate in any calendar year. No Note Transfer received after 4:00 pm
         Sydney time on the day of closure of the Register or whilst the
         Register is closed will be registered until the Register is re-opened.

10.      If the Transferee is a non-resident for Australian taxation purposes,
         withholding tax will be deducted from all interest payments unless an
         exemption is provided to the Trustee or withholding tax is no longer
         payable as a result of any change in the relevant Australian laws.

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11.      The Notes covered hereby have not been registered under the United
         States Securities Act of 1933 as amended (the SECURITIES ACT) and may
         not be offered and sold within the United States or to or for the
         account or benefit of United States persons:

         (i)      as part of their distribution at any time; or

         (ii)     otherwise until 40 days after the completion of the
                  distribution of the series of Notes of which such Notes are a
                  part, as determined and certified by Lead Manager,

         except in either case in accordance with Regulation S under the
         Securities Act. Terms used above have the meanings given to them by
         Regulation S.

12.      INSERT ANY RESTRICTIONS ON THE TRANSFER OF NOTES.

MARKING WHERE CLAUSE 8.15 APPLIES

13.      The Trustee certifies that the Transferor is inscribed in the Register
         as the holder of the Notes specified in this Note Transfer and that it
         will not register any transfer of such Notes other than under this Note
         Transfer before INSERT DATE.

Dated:

For and on behalf of Perpetual Trustees Consolidated Limited as trustee of the
Crusade Global Trust No. 2 of 2003

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

--------------------------------------------------------------------------------
                                                                        Page 108

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SUPPLEMENTARY TERMS NOTICE                                Allens Arthur Robinson
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SCHEDULE 5
                       FORM OF ANNUAL SERVICER COMPLIANCE
                              OFFICER'S CERTIFICATE

The undersigned, a duly authorized representative of St.George Bank Limited, as
Servicer ("St.George Bank" or the "Servicer"), pursuant to the agreement between
Perpetual Trustees Consolidated Limited, St.George Bank Limited and Crusade
Management Limited, dated [__], (the "Agreement"), does hereby certify that:

         1.       Capitalized terms used but not defined in this Officer's
                  Certificate have their respective meanings set forth in the
                  Agreement, unless the context requires otherwise or unless
                  otherwise defined in this Officer's Certificate.

         2.       As of the date hereof, St.George Bank is the Servicer of
                  Crusade Global Trust No. [ ] of [ ] (the TRUST[S]).

         3.       This Officer's Certificate is delivered pursuant to the
                  Agreement.

         4.       A review of the activities of the Servicer during the calendar
                  year ended September 30, ____ and of its performance under the
                  pooling and servicing agreement or similar agreements was made
                  under my supervision.

         5.       Based on such review, to my knowledge, the Servicer has
                  fulfilled its obligations under the pooling and servicing
                  agreements or similar agreements relating to the Trust[s]
                  (including the Master Trust Deed, the Servicing Agreement and
                  [the/each] Supplementary Terms Notice relating to [the/a]
                  Trust) throughout such calendar year and, except as set forth
                  in paragraph 6 below.

         6.       The following is a description of any exceptions to paragraph
                  5 above:

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SUPPLEMENTARY TERMS NOTICE                                Allens Arthur Robinson
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IN WITNESS WHEREOF, the undersigned, a duly authorized officer of the Servicer,
has duly executed this Officer's Certificate this ____ day of ___________,___.

                                              ST.GEORGE BANK LIMITED

                                              as Servicer

                                              By:
                                                 -----------------------------
                                                 Name:
                                                      ------------------------
                                                 Title:
                                                      ------------------------

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SUPPLEMENTARY TERMS NOTICE                                Allens Arthur Robinson
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SCHEDULE 6

INDEPENDENT AUDITOR'S ANNUAL SERVICER COMPLIANCE CERTIFICATE
TO THE DIRECTORS OF CRUSADE MANAGEMENT LIMITED
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SCOPE

We have reviewed St.George Bank Limited's (the "Servicer's") activities for the
purpose of determining its compliance with the servicing standards contained in
the Master Trust Deed dated 14 March 1998, the Crusade Euro Trust Servicing
Agreement dated 19 March 1998, and the Supplementary Terms Notice (collectively
the "Documents"), attached as Appendix 1, in relation to the Crusade Global
Trust No.[*] of [*] (the "Trust") for the year ended 30 September [*], in
accordance with the statement by the Division of Corporation Finance of the
Securities and Exchange Commission dated [*], and our engagement letter dated
[*].

We have reviewed the servicing standards contained in the Documents to enable us
to report on whether those servicing standards are similar to those contained in
the Uniform Single Attestation Program for Mortgage Bankers ("USAP"), attached
as Appendix 2, which establishes a minimum servicing standard for the asset
backed securities market in the United States of America. No equivalent of the
USAP exists in Australia.

The management of the Servicer is responsible for maintaining an effective
internal control structure including internal control policies and procedures
relating to the servicing of mortgage loans. We have conducted an independent
review of the servicing standards included in Appendix 1, in order to express a
statement on the Servicer's compliance with them to Crusade Management Limited.

Our review of the servicing standards has been conducted in accordance with
Australian Auditing Standards applicable to performance audits and accordingly
included such tests and procedures as we considered necessary in the
circumstances. In conducting our review we have also had regard to the guidance
contained in the USAP. These procedures have been undertaken to enable us to
report on whether anything has come to our attention to indicate that there has
been significant deficiencies in the Servicer's compliance with the servicing
standards contained in the Documents for the year ended 30 September [*].

Our review did not include an assessment of the adequacy of the servicing
standards themselves.

This statement has been prepared for the use of Crusade Management Limited as at
30 September [*] in accordance with the requirements of the statement by the
Division of Corporation Finance of the Securities and Exchange Commission dated
[*], and the engagement letter dated [*]. We disclaim any assumption of
responsibility for any reliance on this review statement, to any person other
than Crusade Management Limited.

STATEMENT

Based on our review;

o   nothing has come to our attention to indicate that there has been any
    significant deficiencies in St.George Bank Limited's compliance with the
    servicing standards contained in the Master Trust Deed dated 14 March 1998,
    the Crusade Euro Trust Servicing Agreement dated 19 March

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SUPPLEMENTARY TERMS NOTICE                                Allens Arthur Robinson
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    1998, and the Supplementary Terms Notice, attached as Appendix 1, in respect
    of the Crusade Global Trust No.[*] of [*] (the "Trust") for the year ended
    30 September [*];

o   the servicing standards contained in the Master Trust Deed dated 14 March
    1998, the Crusade Euro Trust Servicing Agreement dated 19 March 1998, and
    the Supplementary Terms Notice are similar to the minimum servicing
    standards contained in the Uniform Single Attestation Program for Mortgage
    Bankers ("USAP"), except for the following:

        -   Section III of USAP sets minimum servicing standards in respect of
            Disbursements. In respect of the Trust, this function is the
            responsibility of the Trust Manager.

[Name of organisation]

[Name and title of signatory]

Place:

Date:

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                                                                       Page 112

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