Document:

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)

                                                            THE BANK OF NEW YORK
                                                                  (Note Trustee)

                                              Crusade Global Trust No. 2 of 2004

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

Supplementary Terms Notice                              Allens Arthur Robinson +

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TABLE OF CONTENTS

1.       INTRODUCTION                                                         4

2.       DEFINITIONS AND INTERPRETATION                                       5
         2.1      Definitions                                                 5
         2.2      Interpretation                                             33
         2.3      Limitation of liability                                    33
         2.4      Knowledge of Trustee                                       35

3.       DIRECTION AND TRUST BACK                                            35

4.       NOTES                                                               35
         4.1      Conditions of Notes                                        35
         4.2      Summary of conditions of Notes                             35
         4.3      Issue of Notes                                             37
         4.4      Trustee's Covenant to Noteholders and the Note Trustee     38
         4.5      Repayment of Notes on Payment Dates                        39
         4.6      Final Redemption                                           39
         4.7      Period During Which Interest Accrues                       40
         4.8      Calculation of Interest                                    40
         4.9      Step-Up Margin                                             41
         4.10     Aggregate receipts                                         41

5.       CASHFLOW ALLOCATION METHODOLOGY                                     41
         5.1      Total Available Funds                                      41
         5.2      Excess Available Income - Reimbursement of Charge Offs
                    and Principal Draws                                      43
         5.3      Excess Distribution                                        44
         5.4      Initial Principal Distributions                            44
         5.5      Principal Distributions prior to Stepdown Date             45
         5.6      Principal distributions on and after Stepdown Date         47
         5.7      Final Maturity Date                                        48
         5.8      Redraws and Further Advances                               48
         5.9      Determination Date - Payment Shortfall                     49
         5.10     Liquidity Draws                                            49
         5.11     Allocating Liquidation Losses                              50
         5.12     Insurance claims                                           50
         5.13     Payments before Payment Date                               51
         5.14     Charge Offs                                                51
         5.15     Payments into US$ Account                                  52
         5.16     Payments out of US$ Account                                52
         5.17     Payments into Euro Account                                 52
         5.18     Payments out of Euro Account                               52
         5.19     Rounding of amounts                                        53
         5.20     Manager's Report                                           53
         5.21     Payment Priorities Following an Event of Default:
                    Security Trust Deed                                      53
         5.22     Prescription                                               55
         5.23     Accounting Procedures:  Principal & Interest               55

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         5.24     Replacement of Currency Swap                               55
         5.25     Notice of calculations                                     56
         5.26     Bond Factors                                               56
         5.27     Loan Offset Interest                                       56

6.       MASTER TRUST DEED AND SERVICING AGREEMENT                           57
         6.1      Completion of details in relation to Master Trust Deed     57
         6.2      Amendments to Master Trust Deed                            58
         6.3      Amendments to the Servicing Agreement                      96
         6.4      Clause 6.14                                                96

7.       CALL AND TAX REDEMPTION                                             97
         7.1      Call of Class A Notes                                      97
         7.2      Call of Class B Notes                                      97
         7.3      Call of Class C Notes                                      97
         7.4      Tax Event                                                  98
         7.5      Full satisfaction                                          99

8.       SUBSTITUTION AND REMOVAL OF PURCHASED RECEIVABLES                   99
         8.1      Approved Seller substitution                               99
         8.2      Other substitutions                                        99
         8.3      Selection criteria                                        100
         8.4      Removal of Purchased Receivables - Top Ups                100

9.       APPLICATION OF THRESHOLD RATE                                      101
         9.1      Calculation of Threshold Rate                             101
         9.2      Setting Threshold Rate                                    102
         9.3      Loan Offset Deposit Accounts                              102

10.      TITLE PERFECTION EVENTS                                            102

11.      BENEFICIARY                                                        103
         11.1     Issue of Units                                            103
         11.2     Residual Capital Unit                                     103
         11.3     Residual Income Unit                                      103
         11.4     Unit Register                                             104

12.      NOTE TRUSTEE                                                       105
         12.1     Capacity                                                  105
         12.2     Exercise of rights                                        105
         12.3     Representation and warranty                               105
         12.4     Payments                                                  105
         12.5     Payment to be made on Business Day                        105

13.      COMPLIANCE WITH SECURITY TRUST DEED                                105

14.      CUSTODIAN AGREEMENT                                                105

15.      MANAGER'S DIRECTIONS TO BE IN WRITING                              106

16.      UNDERTAKINGS BY APPROVED SELLER AND SERVICER                       106

17.      TAX REFORM                                                         106
         17.1     Taxation of trusts and consolidated groups                106

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         17.2     Amending Bill - taxation of trusts                        107
         17.3     Group tax liabilities                                     108
         17.4     Evidence of tax sharing agreement                         108
         17.5     Objective                                                 109
         17.6     Residual Income Beneficiary                               109

18.      ACKNOWLEDGMENTS                                                    109

19.      SECURITY TRUST DEED                                                109

20.      GOVERNING LAW                                                      112

21.      COUNTERPARTS                                                       112

SCHEDULE 1                                                                  116

SCHEDULE 2                                                                  118
         Application for A$ Notes                                           118
         Crusade Global Trust No. 2 of 2004                                 118

SCHEDULE 3                                                                  120
         Note Acknowledgment                                                120
         Crusade Global Trust No. 2 of 2004                                 120

SCHEDULE 4                                                                  122
         Note Transfer and Acceptance                                       122
         Crusade Global Trust No. 2 of 2004                                 122

SCHEDULE 5                                                                  125

SCHEDULE 6                                                                  127
         Independent auditor's Annual Servicer Compliance Certificate
                to the Directors of Crusade Management Limited              127

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1.       INTRODUCTION

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         This Supplementary Terms Notice is issued on              2004 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 2004 (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 in its capacity as security trustee under
         the Security Trust Deed (the SECURITY TRUSTEE); and

         THE BANK OF NEW YORK of 101 Barclay Street, Floor 21 West, New York,
         New York 10286, United States of America (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 2004.

         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 Trustee and the Manager agree, and St.George, the Custodian and the
         Security Trustee acknowledge 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 Trustee and the Manager agree, and St.George, the Custodian and the
         Security Trustee acknowledge 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 Trustee and the Manager agree, and St.George, the Custodian and the
         Security Trustee acknowledge 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 the
         Offshore Notes issued by the Trust under the Note Trust Deed in
         accordance with this Supplementary Terms Notice.

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         The Security Trustee has agreed to act as security trustee for the
         Mortgagees under the Security Trust Deed.

         The Trustees and the Manager agree, and St.George, the Custodian and
         the Security Trustee acknowledge that the Trust will be a TRUST for the
         purposes of the Transaction Documents.

         The parties acknowledge that the matters in clauses 3, 4, 5, 6, 7, 8,
         9, 10, 11, 14, 15, 16 and 17 of this Supplementary Terms Notice contain
         decisions not made by the Note Trustee.

2.       DEFINITIONS AND INTERPRETATION

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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
         2004, and do not apply to any other Trust (as defined in the Master
         Trust Deed).

         A$ CLASS A-1 INTEREST AMOUNT means, for any Quarterly Payment Date in
         relation to a Confirmation for Class A-1 Notes, the amount in
         Australian dollars which is calculated:

         (a)      on a daily basis at the applicable rate set out in the Class
                  A-1 Currency Swap relating to the Class A-1 Notes which shall
                  be 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 (or,
                  in the case of the first Interest Period, the rate will be
                  determined by linear interpolation of 2 and 3 months) plus the
                  relevant Spread;

         (b)      on the aggregate of the A$ Equivalent of the Invested Amount
                  of each Class A-1 Note 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.

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         A$ CLASS A-2 INTEREST AMOUNT means for any Quarterly Payment Date, in
         relation to a Confirmation for Class A-2 Notes, the amount, in
         Australian dollars, which is calculated:

         (a)      on a daily basis at the applicable rate set out in the Class
                  A-2 Currency Swap relating to the Class A-2 Notes, which shall
                  be 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 (or,
                  in the case of the first Interest Period, the rate will be
                  determined by linear interpolation of 2 and 3 months) plus the
                  relevant Spread;

         (b)      on the aggregate of the A$ Equivalent of the Invested Amount
                  of each Class A-2 Note as of 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;

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

         (c)      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:

         (a)      the Class A-1 Currency Swap for the exchange of United States
                  dollars for Australian dollars; or

         (b)      the Class A-2 Currency Swap for the exchange of Euros for
                  Australian dollars.

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

         A$ NOTE means a Class A-3 Note, 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.

         ARREARS subsist in relation to a 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

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         (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.

         ATTORNEY has the meaning given in the Security Trust Deed.

         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;

         (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; and

         (d)      in relation to the Note Registrar, any duly authorised officer
                  of the Note Registrar and any other duly authorised person of
                  the Note Registrar.

         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 (and for this
                           purpose net receipts under the Basis Swap will be
                           determined before any payment in Condition 4);

                  (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 during that Monthly Collection Period in
                           respect of the Assets in the nature of income; and

                  (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.

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         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:

                  (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)     and, for the purposes of the definition of EURO
                           ACCOUNT, a person authorised under the Banking Act
                           1987 (UK) to carry on a deposit taking business; or

                  (iii)    and, for the purposes of the definition of US$
                           ACCOUNT, 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-1 Notes 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 (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 any day, other than a Saturday, Sunday or public
         holiday, on which Banks are open for business in London, New York,
         Sydney and The Trans-European Real-Time Gross Settlement Express
         Transfer (TARGET) System or any successor to it is open.

         CALCULATION AGENT means The Bank of New York or any successor as
         Calculation Agent under the Agency Agreement.

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         CALL DATE means the first Quarterly Payment Date falling immediately
         after the Quarterly Payment 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.

         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)(iv)(A), 5.2(a)(iv)(B) or 5.2(a)(iv)(C).

         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 in relation to that Class B Note prior to that Quarterly
         Determination Date and which have not been reinstated under clause
         5.2(a)(v).

         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 in relation to that Class C Note prior to that Quarterly
         Determination Date and which have not been reinstated under clause
         5.2(a)(vi).

         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)(iv)(D).

         CLASS where used in relation to the Notes, means each class constituted
         by the Class A-1 Notes, the Class A-2 Notes, the Class A-3 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 ratio, expressed as a percentage (rounded to six decimal
         places) equal to the aggregate of the A$ Equivalent of the Invested
         Amounts for Class A Notes for that Quarterly Determination Date, less
         the A$ Equivalent of all Class A Principal Payments to be made on the
         next Quarterly Payment Date divided by the aggregate A$ Equivalent of
         the Initial Invested Amounts for the Class A Notes.

         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 5.14(c)(i).

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

         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 Class A-1 Note, a Class A-2 Note or a Class A-3
         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

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         (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)      96.52%; and

                          (B)      the aggregate Unpaid Balance of the Purchased
                                   Receivables 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 5.16 or clause 5.18 (as the case may be) following a
         payment under clauses 5.5(a)(iii) or 5.6(a)(iii).

         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)(iv) on that Determination Date.

         CLASS A-1 CURRENCY SWAP means:

         (a)      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 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 A$ or US$ to the Trustee in exchange for certain
                  amounts in US$ or A$ (as the case maybe) in relation to the
                  Class A-1 Notes; or

         (b)      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 Class A-1 Notes.

         CLASS A-1 NOTE means each of the US$500,000,000 Class A-1 Mortgaged
         Backed Pass Through Floating Rate Notes due 2037 issued by the Trustee
         with the characteristics of a Class A-1 Note under this Supplementary
         Terms Notice and includes any relevant Book-Entry Note (or any part or
         interest in it) and any relevant Definitive Note..

         CLASS A-1 NOTEHOLDER means a Noteholder of a Class A-1 Note.

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         CLASS A-1 PROPORTION means, on any date, the A$ Equivalent of the
         aggregate Invested Amount of all Class A-1 Notes at that date divided
         by the aggregate of the A$ Equivalent of the Invested Amount of all
         Class A-1 Notes and all Class A-2 Notes and the Invested Amount of all
         Class A-3 Notes.

         CLASS A-2 CURRENCY SWAP means:

         (a)      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 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 A$ or Euros to the Trustee in exchange for certain
                  amounts in Euros or A$ (as the case maybe) in relation to the
                  Class A-2 Notes; or

         (b)      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 Class A-2 Notes.

         CLASS A-2 NOTE means each of the C400,000,000 Class A-2 Mortgaged
         Backed Pass Through Floating Rate Notes due 2037.

         CLASS A-2 NOTEHOLDER means a Noteholder of a Class A-2 Note.

         CLASS A-2 NOTE MANAGER means Barclays Bank PLC or Credit Suisse First
         Boston (Europe) Limited.

         CLASS A-2 PERMANENT GLOBAL NOTE means the permanent bearer global note
         issued or to be issued by the Trustee under the Note Trust Deed and the
         terms of the Class A-2 Temporary Global Note and to be given in
         exchange for the Class A-2 Temporary Global Note representing the Class
         A-2 Notes, substantially in the form of Part B of Schedule 4 to the
         Note Trust Deed.

         CLASS A-2 PROPORTION means, on any date, the aggregate of the A$
         Equivalent of the aggregate Invested Amount of all Class A-2 Notes at
         that date divided by the aggregate of the A$ Equivalent of the Invested
         Amount of all Class A-1 Notes and all Class A-2 Notes and the Invested
         Amount of all Class A-3 Notes.

         CLASS A-2 SUBSCRIPTION AGREEMENT means the subscription agreement
         between the Trustee, the Class A-2 Note Managers, the Manager and
         St.George dated on or about [*] September 2004.

         CLASS A-2 TEMPORARY GLOBAL NOTE means the temporary bearer global note
         issued or to be issued by the Trustee under the Note Trust Deed
         representing the Class A-2 Notes substantially in the form of Part A of
         Schedule 2 to the Note Trust Deed.

         CLASS A-3 NOTE means each of the A$500,000,000 Class A-3 Mortgaged
         Backed Pass Through Floating Rate Notes due 2037.

         CLASS A-3 NOTEHOLDER means a Noteholder of a Class A-3 Note.

         CLASS A-3 PROPORTION means, on any date, the aggregate of the Invested
         Amount of all Class A-3 Notes at that date divided by the aggregate of
         the A$ Equivalent of the Invested Amount of all Class A-1 Notes and
         Class A-2 Notes and the Invested Amount of all Class A-3 Notes.

         CLASS B BOND FACTOR means, in relation to a Quarterly Determination
         Date, the ratio, expressed as a percentage (rounded to six decimal
         places) equal to the aggregate of the Invested Amounts for all

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         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 the Class
         B Notes.

         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
         5.14(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 all interest accrued on the Class B Notes in
         respect of an Interest Period in accordance with clause 4.8.

         CLASS B NOTE means each of the A$23,600,000 Class B Mortgaged Backed
         Pass Through Floating Rate Notes due 2037.

         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 A$ Equivalent of 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)      99.00% 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

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         (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)(v) on that Determination Date.

         CLASS C BOND FACTOR means in relation to a Quarterly Determination
         Date, the ratio, expressed as a percentage (rounded to six decimal
         places) equal to 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 the Class C Notes.

         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
         5.14(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 each of the A$9,600,000 Class C Mortgaged Backed
         Pass Through Floating Rate Notes due 2037.

         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 A$ Equivalent of 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)(v) or 5.6(a)(v).

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         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

         (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)(vi) 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.

         CLEARSTREAM, LUXEMBOURG means Clearstream, Banking societe anonyme.

         CLOSING DATE means, in relation to the Trust, 15 September 2004 or such
         later date as may be agreed between the Trustee and the Note Managers.

         COLLECTION ACCOUNT means, in relation to the Trust, the Australian
         dollar account number 837436316 held at Australia and New Zealand
         Banking Group Limited (ABN 11 005 357 522) at its office at 68 Pitt
         Street, Sydney NSW 2000 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:

         (a)      in relation to the Class A-1 Notes, 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; or

         (b)      in relation to the Class A-2 Notes, The Bank of New York as
                  common depository for Euroclear and Clearstream, Luxembourg,
                  or any other common depository for Euroclear and Clearstream,
                  Luxembourg as appointed from time to time to hold any Global
                  Note.

         CONDITIONS means the Conditions for the:

         (a)      Class A-1 Notes in the form set out in schedule 3 of the Note
                  Trust Deed; and

         (b)      Class A-2 Notes in the form set out in schedule 6 of the Note
                  Trust Deed.

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

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         COUPON means, in relation to a Definitive Note,

         (a)      any bearer interest coupon or any bearer principal coupon
                  relating to that Definitive Note;

         (b)      any replacement coupon issued under the relevant Condition; or

         (c)      where the context requires, a talon relating to that
                  Definitive Note.

         COUPONHOLDER means the holder of any Coupon relating to the Notes.

         CURRENCY SWAP means the Class A-1 Currency Swap or the Class A-2
         Currency Swap.

         CURRENCY SWAP PROVIDER means Barclays Bank PLC.

         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, 22 August 2004.

         DEFINITIVE CLASS A-1 NOTE means a note in definitive form issued or to
         be issued in respect of any Class A-1 Note under, and in the
         circumstances specified in the Note Trust Deed, and includes any
         replacement for a Definitive Class A-1 Note issued under the relevant
         Conditions.

         DEFINITIVE NOTE means a Definitive Class A-1 Note or a Definitive Class
         A-2 Note.

         DEFINITIVE CLASS A-2 NOTE means a bearer note in definitive form issued
         or to be issued in respect of Class A-2 Notes under, and in the
         circumstances specified in the Note Trust Deed, and includes any
         replacement for a Definitive Class A-2 Note issued under the relevant
         Conditions.

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

         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 schedule 1 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.

         EURIBOR means the rate "EUR-EURIBOR - Telerate", as the applicable
         Floating Rate Option under the Definitions of the International Swaps
         and Derivates Association, Inc. (ISDA) incorporating the 2000 ISDA
         Definitions, as amended and updated as at the Issue Date (the ISDA
         DEFINITIONS) being applicable for deposits in Euros for a period of 3
         months (or, in the case of the first Interest Period, the linear
         interpolation of 2 and 3 months) which appears on the Telerate page 248
         as of 11.00am, Brussels time, on the relevant Interest Determination
         Date. If such rate does not appear on the Telerate Page 248, the rate
         for that Interest Period will be determined as if the Trustee and the
         Calculation Agent had specified "EUR-EURIBOR - Reference Banks" as the
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         Floating Rate Option under the ISDA Definitions. "EUR-EURIBOR -
         Reference Banks" means that the rate for an Interest Period for a Euro
         Note will be determined on the basis of the rates at which deposits in
         Euros are offered by four major banks in the Euro-zone interbank market
         agreed to by the Calculation Agent and the Currency Swap Provider (the
         REFERENCE BANKS) at approximately 11.00am, Brussels time, on the
         relevant Interest Determination Date to prime banks in the Euro-zone
         interbank market for a period of 3 months (or, in the case of the first
         Interest Period, the linear interpolation of 2 and 3 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 Euro-zone office of each of the Reference Banks
         to provide a quotation of its rate. If at least two such quotations are
         provided by Reference Banks to the Calculation Agent, the rate for that
         Interest Period will be the arithmetic mean of the quotations. If fewer
         than two quotations are provided by Reference Banks to the Calculation
         Agent following the Calculation Agent's request, the rate for that
         Interest Period will be the arithmetic mean of the rates quoted by four
         major banks in the Euro-zone, selected by the Calculation Agent and the
         Currency Swap Provider, at approximately 11.00am, Brussels time, on
         that Interest Determination Date for loans in Euros to leading European
         banks for a period of 3 months (or, in the case of the first Interest
         Period, the linear interpolation of 2 and 3 months) commencing on the
         first day of the Interest Period and in a Representative Amount. If no
         such rates are available in the Euro-zone, then the rate for such
         Interest Period will be the most recently determined rate in accordance
         with this definition.

         EURO AND (EURO) means the single currency introduced at the third stage
         of the European Economic and Monetary Union pursuant to the Treaty
         Establishing the European Community as amended.

         EUROCLEAR means Euroclear Bank S.A/N.V. as operator of the Euroclear
         System.

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

         EURO EQUIVALENT means:

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

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

         EURO EXCHANGE RATE means in relation to a Currency Swap or a Class A-2
         Note to which that Currency Swap relates, on any date, the rate of
         exchange (set as at the commencement of that Currency Swap) applicable
         under that Currency Swap for the exchange of Australian dollars for
         Euros.

         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.

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         EXCLUDED ASSET will have no meaning for the purposes of the Security
         Trust Deed.

         EXCLUDED ADVANCE will have no meaning for the purposes of the Security
         Trust Deed.

         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;

                  (iii)    any Break Payments received during that Monthly
                           Collection Period;

                  (iv)     any amount received by the Trustee from the Approved
                           Seller under clause 5.27 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;

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                  (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;

                  (ix)     from the Approved Seller, the Servicer, the
                           Indemnifier, the Manager or the Custodian, in respect
                           of any breach of a representation, warranty or
                           undertaking by it in respect of a breach under any
                           Transaction Document or under any indemnity contained
                           in the Transaction Documents; and

                  (x)      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

         (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, FINANCE CHARGE COLLECTIONS means the
         aggregate of those amounts relating to the three 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).

         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.

         FURTHER ADVANCE means in relation to any Collection Period, an amount
         provided to an Obligor by the Approved Seller under a Purchased Loan in
         that Collection Period which increases the principal amount of that
         Purchased Loan and which is not a Redraw (notwithstanding that the
         scheduled principal balance is required to be increased by reason of
         the provision of that amount).

         GLOBAL NOTE means the Class A-2 Temporary Global Note or the Class A-2
         Permanent Global Note.

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         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.

         GST means any goods and services tax, broad based consumption tax or
         value added tax imposed by any government agency and includes any goods
         and services tax payable under the A New Tax System (Goods and Services
         Tax) Act 1999 (Cth).

         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, the
         Indemnifier, the Custodian and the Manager dated 14 March 1998.

         INFORMATION MEMORANDUM means the information memorandum relating to the
         Trust and the A$ Notes dated on or about the date of this Supplementary
         Terms Notice (attaching the Prospectus).

         INITIAL INVESTED AMOUNT means:

         (a)      in respect of a Note, the amount stated as the Initial
                  Invested Amount for that Note in clause 4.2(e);

         (b)      in respect of all Notes of a Class:

                  (i)     the sum of the aggregate of the Initial Invested
                          Amount of all Notes of that Class (in the case of the
                          Class A-3 Notes, the Class B Notes or the Class C
                          Notes); or

                  (ii)    the sum of the aggregate of the A$ Equivalent of the
                          Initial Invested Amount of all Notes of that Class (in
                          the case of the Class A-1 Notes or the Class A-2
                          Notes); and

         (c)      in respect of all Notes, the sum of the aggregate of the
                  Initial Invested Amount of all A$ Notes and the aggregate of
                  the relevant A$ Equivalent of the Initial Invested Amounts of
                  all Offshore Notes.

         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

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         (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-1 Note and an Interest Period, LIBOR in relation to
                  that Interest Period plus the relevant Margin for the Class
                  A-1 Notes;

         (b)      a Class A-2 Note and an Interest Period, EURIBOR in relation
                  to that Interest Period plus the relevant Margin for the Class
                  A-2 Notes; and

         (c)      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.

         IRISH PAYING AGENT means AIB/BNY Fund Management (Ireland) Limited.

         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.

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         JOINT LEAD MANAGER means Barclays Bank PLC, Credit Suisse First Boston,
         Sydney Branch or St.George Bank 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 (or, in the case of the first
                  Interest Period, the rate will be determined by linear
                  interpolation of 2 and 3 months) 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 (or, in
                  the case of the first Interest Period, the rate will be
                  determined by linear interpolation of 2 and 3 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 London, selected by the Calculation Agent and the
                  Currency Swap Provider, at approximately 11.00am, London time,
                  on the first day of that Interest Period for loans in US
                  Dollars to leading European banks for a period of three months
                  (or, in the case of the first Interest Period, the rate will
                  be determined by linear interpolation calculated by reference
                  to the duration of that first Interest Period) commencing on
                  the first day of the Interest Period and in a Representative
                  Amount.

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

         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 from the enforcement of the

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         Purchased Receivable and the related Receivable Rights (but does not
         include the proceeds of any Mortgage Insurance Policy).

         LIQUIDITY ACCOUNT means a ledger in the Collection Account established
         under clause 5.10(a).

         LIQUIDITY DRAW has the meaning given in clause 5.10(b).

         LIQUIDITY LIMIT means, at any time, the amount equal to 0.9% of the
         aggregate outstanding principal amount of the Purchased Receivables at
         that time.

         LIQUIDITY RESERVE means, at any time, the amount standing to the credit
         of the Liquidity Account at that time.

         LIQUIDITY SHORTFALL has the meaning given in clause 5.10(b).

         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 a Note, the Margin agreed between the
         Manager and the relevant Note Managers, and notified by the Manager to
         the Trustee under clause 4.2(d), as 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 2004. 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 16th 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, PMI Mortgage
         Insurance Limited, GE Capital Mortgage Insurance Corporation
         (Australia) Pty Ltd, GE Mortgage Insurance Pty Ltd and the Commonwealth
         of Australia.

         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.

         MORTGAGED PROPERTY has the meaning given in the Security Trust Deed.

         MORTGAGEE means:

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

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

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

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

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

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

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

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

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

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

         (k)      each Note Manager in relation to its rights under the
                  Transaction Documents; or

         (l)      the Calculation Agent in relation to its rights under the
                  Transaction Documents.

         NOTE means a Class A Note, a Class B Note or Class C Note, and
         includes:

         (a)      the Conditions relating to an Offshore Note; and

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

         NOTE MANAGER means:

         (a)      in relation to any Class A-1 Notes:

                  (i)      Barclays Capital Inc.; and

                  (ii)     Credit Suisse First Boston LLC, as representative of
                           the underwriters listed in Schedule 1 of the
                           Underwriting Agreement;

         (b)      in relation to any Class A-2 Notes:

                  (i)      Barclays Bank PLC of 5 The North Colonnade, Canary
                           Wharf, London E14 4BB, United Kingdom; or

                  (ii)     Credit Suisse First Boston (Europe) Limited of One
                           Cabot Square, Canary Wharf, London E14 4QJ, United
                           Kingdom;

         (c)      in relation to any A$ Notes:

                  (i)      Credit Suisse First Boston, Sydney Branch (ABN 17 061
                           700 712) of Level 31, 1 Macquarie Place, Sydney NSW
                           2000;

                  (ii)    St. George; or

                  (iii)   Barclays Bank PLC of 5 The North Colonnade, Canary
                          Wharf, London E14 4BB, United Kingdom.

         NOTE REGISTER means the register kept by the Note Registrar to provide
         for the registration and transfer of Class A-1 Notes under the Note
         Trust Deed.

         NOTE REGISTRAR means The Bank of New York or any successor note
         registrar approved in writing by the Note Trustee and appointed under
         the Agency Agreement.

         NOTE TRUST means the trust established under clause 1.11 of the Note
         Trust Deed.

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

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         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;

         (c)      in relation to a Note which is represented by a Book-Entry
                  Note, is the registered holder of that Note at that time; or

         (d)      in relation to a Class A-2 Note which is represented by a
                  Global Note at any time, at that time is shown on the records
                  of Euroclear and Clearstream, Luxembourg (other than
                  Clearstream, Luxembourg if Clearstream, Luxembourg is an
                  account holder of Euroclear and other than Euroclear if
                  Euroclear is an account holder of Clearstream, Luxembourg) as
                  being an account holder with respect to that Global Note (in
                  which regard any certificate or other document issued by
                  Clearstream, Luxembourg or Euorclear as to the Principal
                  Amount of those Notes standing to the account of any person
                  shall be conclusive and binding on those persons for all
                  purposes),

         and in the case of paragraph (b) includes (in relation to any interest
         payable on a Coupon or where the context so requires) the Couponholder
         for that Coupon,

         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.

         NOTEHOLDER MORTGAGEES means, together:

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

         (b)      each A$ Noteholder.

         NOTICE OF CREATION OF TRUST means the Notice of Creation of Trust dated
         31 December 2003 issued under the Master Trust Deed in relation to the
         Trust.

         OFFERING CIRCULAR means the offering circular relating to the Trust and
         the Class A-2 Notes dated on or about the date of this Supplementary
         Terms Notice (attaching the Prospectus).

         OFFSHORE NOTES means a Class A-1 Note or a Class A-2 Note.

         OFFSHORE NOTEHOLDER means a Class A-1 Noteholder or a Class A-2
         Noteholder.

         PAYING AGENT means any person for the time being appointed as a Paying
         Agent under the Agency Agreement and includes the Principal Paying
         Agent and the Irish Paying Agent.

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

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         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 2004"
         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 and, in relation to the final Quarterly Collection
         Period, includes all Principal Draws and Liquidity Draws outstanding on
         the Quarterly Payment Date for that Quarterly Collection Period (after
         applying all amounts then available towards repaying those Principal
         Draws and Liquidity Draws).

         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;

                  (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 Swaps 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 Transaction
                           Documents;

                  (ii)     from the Approved Seller under any obligation of the
                           Approved Seller under the Transaction Documents 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;

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                  (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,

                  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;

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

         (h)      any Excess Available Income to be applied as more fully
                  described in clause 5.2(a)(ii) to Liquidity Draws made on a
                  previous Quarterly Payment Date or Monthly Payment Date; and

         (i)      any Surplus Amount for that Quarterly Payment Date,

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

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

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         PRINCIPAL LOSS means, for a Quarterly Collection Period, the amount of
         any Liquidation Loss for that Quarterly Collection Period referred to
         in clause 5.11(b).

         PRINCIPAL PAYING AGENT means The Bank of New York 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.

         PROSPECTUS means the prospectus relating to the Trust and the Class A-1
         Notes dated on or about the date of this Supplementary Terms Notice.

         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) 31 October 2004. 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.

         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).

         RECEIVER has the meaning given in the Security Trust Deed.

         RECORD DATE means:

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

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

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         (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
         5.14.

         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 and Further
         Advances 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 and Further Advances under clause 5.4; and

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

         REMITTANCE DATE means the day which is two (2) 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.

         SECURED MONEYS has the meaning given in the Security Trust Deed.

         SECURITY TRUST DEED means the agreement so entitled dated 31 December
         2003 between the Trustee, the Manager, the Note Trustee (by accession
         under this Supplementary Terms Notice) and the Security Trustee.

         SECURITY TRUSTEE means the security trustee so named under the Security
         Trust Deed.

         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.

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         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 in relation to a Currency Swap has the meaning given in the
         Currency Swap in respect of payments by the Trustee under that 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 [*] [2007].

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

         SUBSCRIPTION AGREEMENT means:

         (a)      the Underwriting Agreement dated on or about the date of this
                  Supplementary Terms Notice between the Trustee, the Manager,
                  St.George, Credit Suisse First Boston LLC and Barclays Bank
                  Inc. in relation to subscription for the Class A-1 Notes (the
                  UNDERWRITING AGREEMENT);

         (b)      the Class A-2 Subscription Agreement; and

         (c)      the Dealer Agreement dated on or about the date of this
                  Supplementary Terms Notice between the Trustee, the Manager,
                  St.George, the Custodian and the Joint Lead Managers, in
                  relation to subscription for the A$ 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.

         SURPLUS AMOUNT means, on a Quarterly Payment Date, the amount (if any)
         by which the Liquidity Reserve on that Quarterly Payment Date (after
         application of all amounts under clause 5) exceeds the Liquidity Limit
         at that time, as determined by the Manager.

         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 10.00am, 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 Page) having a tenor of 90 days (or, where the relevant date is
         the first day of the first Interest Period, the rate will be determined
         by linear interpolation of 2 and 3 months) 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 any 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

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         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 any
         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;

         (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; and

         (c)      any Liquidity Draws.

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

         (a)      all Invested Amounts of all Class A-1 Notes; and

         (b)      the US$ Equivalent of all Invested Amounts of all A$ Notes and
                  all Class A-2 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-1 Notes and the aggregate of the US$
         Equivalent of the Stated Amounts of all Class A-2 Notes and all A$
         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
                          months immediately preceding that Payment Date (or,
                          where that Payment Date occurs within 12 months of the
                          Closing Date, for the period commencing on the Closing
                          Date and ending on that Payment Date) (the RELEVANT
                          PERIOD) exceeds 4%; and

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                  (ii)    cumulative Mortgage Shortfalls up to and including
                          that Payment Date 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 on the Call Date.

         TRUST means the Crusade Global Trust No. 2 of 2004 constituted under
         the Master Trust Deed and the Notice of Creation of Trust.

         TRUST DOCUMENT for the purposes of the Security Trust Deed includes
         each Transaction Document.

         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 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 relevant US$ Exchange Rate;

         (b)      in relation to an amount denominated or to be denominated in
                  Euros, that amount converted to (and denominated in) US$ at
                  the relevant US$ Exchange Rate; or

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

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         US$ EXCHANGE RATE means, on any date:

         (a)      in relation to an amount denominated or to be denominated in
                  Australian dollars, the rate of exchange (set as at the
                  commencement of the Currency Swap) applicable under the Class
                  A-1 Currency Swap for the exchange of Australian dollars for
                  United States dollars; and

         (b)      in relation to an amount denominated or to be denominated in
                  Euros, the rate for the exchange of Euros for United States
                  dollars (set as at the commencement of the Currency Swaps).

         US$ NOTEHOLDER means, for the purposes of the Security Trust Deed, a
         Class A-1 Noteholder.

         VOTING MORTGAGEE means:

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

         (b)      at any other time (subject to the Note Trust Deed and clause
                  40.17 of the Security Trust Deed):

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

                  (ii)     each other Mortgagee (other than an Offshore
                           Noteholder).

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, any reference to UNITED STATES DOLLARS, USD and US$ is to
         currency of the United States of America, and any reference to EUROS
         and C is to lawful currency of the time being of the member states of
         the European Union that adopt the single currency in accordance with
         the treaty establishing the European Community.

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

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                           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 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.

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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
                  2004, is created in relation to Other Secured Liabilities
                  secured by the Purchased Receivable Securities.

         (b)      The Trustee, the Manager, St.George, the Custodian and the
                  Security Trustee agree that the Trust Back will be a TRUST for
                  the purposes of the Transaction Documents.

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 Offshore 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 clauses 6.2 and clause 6.3 (as applicable) 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:

                                                  (i)      Class A-1 Notes

                                                  (ii)     Class A-2 Notes

                                                  (iii)    Class A-3 Notes

                                                  (iv)     Class B Notes

                                                  (v)      Class C Notes

         (b)      Total Initial Invested Amount   (i)      Class A-1 Notes -
                  of each Class of                         US$[*] Notes:

                                                  (ii)     Class A-2 Notes -
                                                           (euro)[*]

                                                  (iii)    Class A-3 Notes -
                                                           A$[*]

                                                  (iv)     Class B Notes - A$[*]

                                                  (v)      Class C Notes - A$[*]

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

         (d)      Margin:                         In relation to a Note for an
                                                  Interest Period ending prior
                                                  to the Call Date, the
                                                  following:

                                                  (i)      Class A-1 Notes -
                                                           [*]% per annum;

                                                  (ii)     Class A-2 Notes -
                                                           [*]% per annum;

                                                  (iii)    Class A-3 Notes -
                                                           [*]% per annum

                                                  (iv)     Class B Notes - [*]%
                                                           per annum

                                                  (v)      Class C Notes - [*]%
                                                           per annum

                                                  In relation to a Note for an
                                                  Interest Period ending after
                                                  the Call Date, the Step-Up
                                                  Margin in respect of the Class
                                                  for that Note.

         (e)      Initial Invested Amount:        Class A-1 Notes: US$100,000
                                                  per Note and in multiples of
                                                  US1$ in excess thereof.

                                                  Class A-2 Notes:(euro)100,000
                                                  per Note.

                                                  Class A-3 Notes: A$100,000 per
                                                  Note.

                                                  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).

                                                  (ii)     Class B Notes - AA
                                                           (S&P)).

                                                  (iii)    Class C Notes - A
                                                           (S&P).

         (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-1 Notes - the
                                                           19th day of February,
                                                           May, August and
                                                           November in each year
                                                           (New York time)

                                                  (ii)     Class A-2 Notes - the
                                                           19th day of February,
                                                           May, August and
                                                           November in each year
                                                           (London time)

                                                  (iii)    A$ Notes - the 19th
                                                           day of February, May,
                                                           August and November
                                                           (Sydney time)

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                                                  (iv)     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-1 Notes will be 19
                                                           November 2004 (New
                                                           York time), the first
                                                           Quarterly Payment
                                                           Date for the Class
                                                           A-2 Notes will be 19
                                                           November 2004 (London
                                                           time) and the first
                                                           Quarterly Payment
                                                           Date for the A$ Notes
                                                           will be 19 November
                                                           2004 (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-1 Notes - the
                                                           Quarterly Payment
                                                           Date falling in
                                                           November 2037 (New
                                                           York time).

                                                  (ii)     Class A-2 Notes - the
                                                           Quarterly Payment
                                                           Date falling in
                                                           November 2037 (London
                                                           time).

                                                  (iii)    A$ Notes - the
                                                           Quarterly Payment
                                                           Date falling in
                                                           November 2037 (Sydney
                                                           time).

                                                  (iv)     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-1 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

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                           or regulations of any jurisdiction of the United
                           States of America regulating the offer or issue of,
                           or subscription for, Notes.

         (b)      The Class A-2 Notes must be issued in minimum parcels of
                  subscriptions which have an aggregate Initial Participation
                  Amount of (euro)100,000 and:

                  (i)      in circumstances which do not constitute an offer to
                           the public within the meaning of the Companies Act
                           1963 (as amended) of Ireland (the 1963 ACT);

                  (ii)     in circumstances that would not require a prospectus
                           to be issued under the European Communities
                           (Transferable Securities Stock Exchange) Regulations
                           1992 (as amended) of Ireland and in circumstances
                           that would comply with all the applicable provisions
                           of the 1963 Act and the European Community Regulation
                           1984 (as amended) with respect to anything done in
                           relation to the Class A-2 Notes, in, from or
                           otherwise involving the Republic of Ireland.

         (c)      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).

         (d)      No A$ Note or Class A-2 Note has been or will be registered
                  under the Securities Act and the A$ Notes and the Class A-2
                  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.

         (e)      If:

                  (i)      the Trustee, or the Manager on behalf of the Trustee,
                           has issued or agreed to issue any Notes and has
                           received the Subscription Amount for them; and

                  (ii)     on the Note Issue Date, the aggregate Subscription
                           Amount received is less than the amount specified in
                           the corresponding Note Issue Direction,

                  then (unless otherwise agreed);

                  (iii)    no Notes or no further Notes (as the case may be)
                           shall be issued; and

                  (iv)     all Subscription Amounts received will be repaid
                           without interest to the prospective subscribers for
                           those Notes, and all issued Notes will be redeemed in
                           full using the relevant Subscription Amounts.

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;

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         (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

                  (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-1 Notes will be made in
                  United States dollars.

         (c)      All payments of principal on Class A-2 Notes will be made in
                  Euros.

         (d)      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)      in relation to the Offshore Notes only, 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)      in relation to A$ Notes only, the date on which all amounts
                  are received by the relevant A$ Noteholders;

         (e)      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

         (f)      the Final Maturity Date.

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4.7      PERIOD DURING WHICH INTEREST ACCRUES

         Each Note bears interest calculated and payable in arrears in
         accordance with this Supplementary Terms Notice from and including the
         Closing Date to but excluding 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 Offshore
                           Notes),

                  and shall accrue due from day to day.

         (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:

                                    (1)      the Note Trustee or the Principal
                                             Paying Agent (in the case of the
                                             Offshore Notes) or

                                    (2)      the relevant Noteholder (in the
                                             case of the A$ Notes)

                                    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-1 Notes will be made in
                  United States dollars.

         (d)      All payments of interest in Class A-2 Notes will be made in
                  Euros.

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

         (f)      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

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                  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 Offshore 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 redeemed all of a Class of Notes on or before
         the Call Date, the Margin for that Class will increase for each
         Interest Period beginning on or after that date to the following
         percentages per annum (each a STEP-UP MARGIN):

         (a)      in the case of the Class A-1 Notes, [*]% per annum;

         (b)      in the case of the Class A-2 Notes, [*]% per annum;

         (c)      in the case of the Class A-3 Notes, [*]% per annum;

         (d)      in the case of the Class B Notes, [*]% per annum; and

         (e)      in the case of the Class C Notes, [*]% per annum.

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.

         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

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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 up 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

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

         (b)      (LIMIT) The Trustee shall only make a payment under paragraph
                  (a) 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 up 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 [or the Basis Swap (if the
                           relevant Fixed Rate Loan is subject to the Basis
                           Swap)] [TO BE DISCUSSED WITH S&P] 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);

                  (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 (vi) to (x) (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:

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

                           (B)      the payment to the Currency Swap Provider
                                    under the Class A-1 Currency Swap of the A$
                                    Class A-1 Interest Amount payable under that
                                    Currency Swap at that date; and

                           (C)      the payment to the Currency Swap Provider
                                    under the Class A-2 Currency Swap of the A$
                                    Class A-2 Interest Amount payable under that
                                    Currency Swap at that date;

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                           (D)      the payment to the Class A-3 Noteholders of
                                    the Class A-3 Interest amount for the
                                    relevant Interest Period;

                           (E)      payment to the relevant Swap Provider of the
                                    net amount (if any) due to it under the
                                    Interest Rate Swap; and

                           (F)      payment to the relevant Swap Provider of the
                                    net amount (if any) due to it under the
                                    Basis Swap.

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

                  (viii)   eighth, the payment to the Class B Noteholders of the
                           relevant Class B Interest amount as at that date;
                           (ix) ninth, any amounts that would have been payable
                           under subparagraph (x) on any previous Quarterly
                           Payment Date, if there had been sufficient Total
                           Available Funds, which have not been paid by the
                           Trustee; and

                  (x)      tenth, the payment to the Class C Noteholders of the
                           Class C Interest amount for the relevant Interest
                           Period.

         (d)      The Trustee shall only make a payment under any of
                  sub-paragraphs (c)(i) to (c)(x) 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.

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, towards reimbursement of all Principal Charge
                           Offs for that Quarterly Collection Period;

                  (ii)     second, towards all Liquidity Draws which have not
                           been repaid as at that Quarterly Payment Date;

                  (iii)    third, towards all Principal Draws which have not
                           been repaid as at that Quarterly Payment Date;

                  (iv)     fourth, pari passu and rateably between themselves
                           (based on the Redraw Principal Outstanding and in the
                           case of the Class A-1 Notes on the Class A-1 A$
                           Equivalent of the Stated Amount of the Class A-1
                           Notes, and in the case of the Class A-2 Notes on the
                           Class A-2 A$ Equivalent of the Stated Amount of the
                           Class A-2 Notes and in the case of the Class A-3
                           Notes on the Stated Amount of the Class A-3 Notes, as
                           the case may be):

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                           (A)      as a payment, to the Currency Swap Provider
                                    under the Confirmation relating to the Class
                                    A-1 Notes, of the A$ Equivalent of any
                                    Carryover Class A Charge Offs relating to
                                    the Class A-1 Notes;

                           (B)      as a payment to the Currency Swap Provider
                                    under the Confirmation relating to the Class
                                    A-2 Notes of the A$ Equivalent of any
                                    Carryover Class A Charge Offs relating to
                                    the Class A-2 Notes;

                           (C)      as a payment to the Class A-3 Noteholders of
                                    an amount equal to the Carryover Class A
                                    Charge Offs relating to the Class A-3 Notes;
                                    and

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

                  (v)      fifth, to be applied as a payment to the Class B
                           Noteholders of an amount equal to the Carryover Class
                           B Charge Offs relating to the Class B Notes; and

                  (vi)     sixth, to be applied as a payment to the Class C
                           Noteholders of an amount equal to the Carryover Class
                           C Charge Offs relating to the Class C Notes.

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

         (b)      The Trustee may not recover any Excess Distributions from the
                  Residual Income Beneficiary once they are paid to the Residual
                  Income Beneficiary except where there has been a manifest
                  error in the relevant calculation of the Excess Distributions.

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

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                  (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
                           and Further Advances 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 and Further Advances;

                  (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 and Further
                           Advances an amount up 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:

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

                  (ii)     second, as a deposit to the Liquidity Reserve until
                           amounts standing to the credit of the Liquidity
                           Reserve equal to the then Liquidity Limit;

                  (iii)    third, pari passu and rateably between the Class A-1
                           Notes, Class A-2 Notes and Class A-3 Notes:

                           (A)      as a payment to the Currency Swap Provider
                                    under the Class A-1 Currency Swap, of an
                                    amount equal to the lesser of:

                                    (1)      the Class A-1 Proportion of the
                                             amount available for distribution
                                             under this sub-paragraph (iii)
                                             after all payments which have
                                             priority under this clause 5.5; and

                                    (2)      the A$ Equivalent of the Invested
                                             Amounts for all Class A-1 Notes;
                                             and

                           (B)      as a payment to the Currency Swap Provider
                                    under the Class A-2 Currency Swap, of an
                                    amount equal to the lesser of:

                                    (1)      the Class A-2 Proportion of the
                                             amount available for distribution
                                             under this sub-paragraph (iii)
                                             after all payments which have
                                             priority under this clause 5.5; and

                                    (2)      the A$ Equivalent of the Invested
                                             Amounts for all Class A-2 Notes;
                                             and

                           (C)      as a payment to the Class A-3 Noteholders,
                                    of an amount equal to the lesser of:

                                    (1)      the Class A-3 Proportion of the
                                             amount available for distribution
                                             under this sub-paragraph (iii)
                                             after all payments which have
                                             priority under this clause 5.5; and

                                    (2)      the Invested Amounts in respect of
                                             all Class A-3 Notes;

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

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

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

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

                           (A)      the amount available for distribution under
                                    this sub-paragraph (v) 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)(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.

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5.6      PRINCIPAL DISTRIBUTIONS ON AND AFTER STEPDOWN DATE

         (a)      Subject to paragraph (b), on the Stepdown Date and on each
                  Quarterly Payment Date after 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 deposit to the Liquidity Account until
                           the amount standing to the credit of the Liquidity
                           Account is equal to the then current Liquidity Limit;

                  (iii)    third, as a payment, out of the Class A Principal
                           Distribution Amount pari passu and rateably between
                           the Class A-1 Notes, the Class A-2 Notes and the
                           Class A-3 Notes:

                           (A)      to the Currency Swap Provider under the
                                    Class A-1 Currency Swap, of an amount equal
                                    to the lesser of:

                                    (1)      the Class A-1 Proportion of that
                                             Class A Principal Distribution
                                             Amount; and

                                    (2)      the A$ Equivalent of the aggregate
                                             Invested Amounts of the Class A-1
                                             Notes on that Payment Date;

                           (B)      to the Currency Swap Provider under the
                                    Class A-2 Currency Swap, of an amount equal
                                    to the lesser of:

                                    (1)      the Class A-2 Proportion of that
                                             Class A Principal Distribution
                                             Amount; and

                                    (2)      the A$ Equivalent of the aggregate
                                             Invested Amounts of the Class A-2
                                             Notes on that Payment Date; and

                           (C)      as a payment to the Class A-3 Noteholders of
                                    principal on the Class A-3 Notes of an
                                    amount equal to the lesser of:

                                    (1)      the Class A-3 Proportion of that
                                             amount of the Class A Principal
                                             Distribution Amount; and

                                    (2)      the aggregate Invested Amount of
                                             the Class A-3 Notes on that Payment
                                             Date,

                  (iv)     fourth, 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 lesser
                           of:

                           (A)      the Class B Principal Distribution Amount;
                                    and

                           (B)      the aggregate Invested Amount of the Class B
                                    Notes on that Payment Date; and

                  (v)      fifth, 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 lesser
                           of:

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                           (A)      the Class C Principal Distribution Amount;
                                    and

                           (B)      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 sub-paragraphs (a)(i) to (a)(v) (inclusive)
                           above 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 clauses
         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 AND FURTHER ADVANCES

         (a)      The Approved Seller, after receiving confirmation that it may
                  do so from the Manager, may make:

                  (i)      Redraws to Obligors under Purchased Receivables so
                           that the then scheduled principal balance of those
                           Purchased Receivables is not exceeded; and

                  (ii)     Further Advances such that the then scheduled
                           principal balance of those Purchased Loans is
                           exceeded, provided that the restrictions in paragraph
                           (f) are observed.

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

         (c)      On each Quarterly Determination Date the Manager shall
                  determine an amount, not exceeding 2% of the total Invested
                  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
                  and Further Advances 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 and Further Advances made on or
                  before that Business Day for which it has not received
                  reimbursement but only to the extent of the aggregate of:

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                  (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 up to the
                  amount which the Trustee is permitted to draw under clause
                  3.1(c) of the Redraw Facility Agreement at that time.

         (f)      The Approved Seller may not make a Further Advance, and the
                  Manager may not confirm the making of a Further Advance, under
                  sub-paragraph (a) unless:

                  (A)      the Further Advance is made not more than 2 years
                           after the Closing Date;

                  (B)     the aggregate amount of that Further Advance and other
                          Further Advances made on or before the relevant
                          funding date, does not exceed 5% of the total Initial
                          Invested Amount of all Notes;

                  (C)     no Carryover Charge Offs subsist at the relevant
                          funding date;

                  (D)     the aggregate outstanding principal balance of
                          Purchased Loans which 60 days or more in Arrears as at
                          the relevant funding date is less than 4% of the
                          aggregate outstanding principal balance of all
                          Purchased Loans at that time;

                  (E)     following the Further Advance, the weighted average
                          LVR of all Purchased Loans is less than or equal to
                          the weighted average LVR of all Purchased Loans when
                          acquired by the Issuer on the Closing Date;

                  (F)     if, following the Further Advance, the LVR of the
                          relevant Purchased Loan is greater than 80%, a
                          Specific Insurance Policy is entered into by the
                          Issuer in respect of that Purchased Loan; and

                  (G)     after the Further Advance is made, the relevant
                          Purchased Loan satisfies the Eligibility Criteria.

5.9      DETERMINATION DATE - PAYMENT SHORTFALL

         If the Manager determines on any Determination Date that there is a
         Payment Shortfall for the relevant 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 Payment Date following that Determination Date.

5.10     LIQUIDITY DRAWS

         (a)      The Manager, on behalf of the Trustee, shall, by no later than
                  the Closing Date, establish as a separate ledger of the
                  Collection Account an account (the LIQUIDITY ACCOUNT) to which

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                  amounts may be credited, or from which amounts may be drawn,
                  under this Supplementary Terms Notice.

         (b)      If the Manager determines on any Determination Date that,
                  after having made a Principal Draw, the relevant Payment
                  Shortfall will not be fully met (the remaining shortfall being
                  a LIQUIDITY SHORTFALL), the Manager must direct the Trustee to
                  apply from the Liquidity Account an amount (the LIQUIDITY
                  DRAW) on or before the Payment Date following that
                  Determination Date equal to the lesser of:

                  (i)      the Liquidity Shortfall; and

                  (ii)     the Liquidity Reserve.

         The Trustee must, if so directed by the Manager, make that Liquidity
         Draw and have the proceeds of the Liquidity Draw deposited or
         transferred into the Collection Account on or before the relevant
         Payment Date. The Manager must deal with the amount so deposited in
         accordance with this clause 5.

5.11     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),

         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.

5.12     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.

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5.13     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.

5.14     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 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 (or, where
                          applicable, the Euro Equivalent or the US$ Equivalent
                          (as the case may be) of the amount of that excess
                          which is so attributable) 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).

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5.15     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 Class A-1 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 Class A-1 Currency Swap they will promptly pay that
                  amount to the credit of the US$ Account.

5.16     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)(vi)(B), will be paid
                           pari passu in relation to Class A-1 Notes as payments
                           of Class A Interest on those Class A-1 Notes;

                  (ii)     under clause 5.2(a)(iv)(A), will be paid pari passu
                           in relation to Class A-1 Notes in or towards
                           reinstating the Stated Amount of those Class A-1
                           Notes, to the extent of the Carryover Class A Charge
                           Offs; and

                  (iii)    amounts credited under clauses 5.5(a)(iii) and
                           5.6(a)(iii)(A)(1), pari passu to Class A-1
                           Noteholders as Class A Principal Payments on the
                           Class A-1 Notes until the Invested Amounts of the
                           Class A-1 Notes have been reduced to zero.

5.17     PAYMENTS INTO EURO ACCOUNT

         (a)      The Trustee shall direct the Currency Swap Provider to pay all
                  amounts denominated in Euros payable to the Trustee by the
                  Currency Swap Provider under the Class A-2 Currency Swap into
                  the Euro 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 Euros from the Currency Swap
                  Provider under the Class A-2 Currency Swap they will promptly
                  pay that amount to the credit of the Euro Account.

5.18     PAYMENTS OUT OF EURO 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 Euro Account as follows and in
                  accordance with the Note Trust Deed and the Agency Agreement.

         (b)      All amounts credited to the Euro Account by the Currency Swap
                  Provider in relation to a payment by the Trustee in no order
                  of priority:

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                  (i)      under clauses 5.1(c)(v) and (c)(vi)(C), will be paid
                           pari passu in relation to Class A-2 Notes as payments
                           of Class A Interest on those Class A-2 Notes;

                  (ii)     under clause 5.2(a)(iv)(B), will be paid pari passu
                           in relation to Class A-2 Notes in or towards
                           reinstating the Stated Amount of those Class A-2
                           Notes, to the extent of the Carryover Class A Charge
                           Offs; and

                  (iii)    amounts credited under clauses 5.5(a)(iii) and
                           5.6(a)(iii)(B)(1), pari passu to Class A-2
                           Noteholders as Class A Principal Payments on the
                           Class A-2 Notes until the Invested Amounts of the
                           Class A-2 Notes have been reduced to zero.

5.19     ROUNDING OF AMOUNTS

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

5.20     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 4pm (Sydney time) on the Quarterly Payment Date
         following that Collection Period.

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

         (a)      The proceeds from the enforcement of the Charge over the
                  Mortgaged Property (each as defined in the Security Trust
                  Deed) are to be applied in the following order of priority,
                  subject to any other priority which may be required by statute
                  or law:

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

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

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

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

                           (D)      the Receiver's remuneration;

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

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

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

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

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

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

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

                           (D)      all Secured Moneys owing to the Currency
                                    Swap Provider specified in the Class A-1
                                    Currency Swap (but without double counting
                                    with payments under sub-paragraph (ii) or
                                    (v)(B));

                           (E)      all Secured Moneys owed to the Currency Swap
                                    Provider specified in the Class A-2 Currency
                                    Swap (but without double counting with
                                    payments under sub-paragraph (ii) or
                                    (v)(B));

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

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

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

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

                  (x)      tenth, to pay any surplus to the Trustee to be
                           distributed in accordance with the Master Trust Deed
                           and the Supplementary Terms Notice.

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

         (c)      For the purposes of this clause 5.21, the A$ Equivalent of the
                  US$ denominated principal amount owed to the Class A-1
                  Noteholders will be determined by the Manager and notified to
                  the Trustee as being the A$ amount equal to:

                  (i)      if the Currency Swap is then in full force and
                           effect, the A$ Exchange Rate multiplied by the
                           aggregate Secured Moneys (in US$) of the Class A-1
                           Notes; or

                  (ii)     if the Currency Swap is not then in full force and
                           effect, the spot rate of exchange advised to the
                           Security Trustee by the Manager which is used for
                           calculation of amounts payable on the occurrence of
                           an Early Termination Date under the relevant Currency
                           Swap (as defined in that Currency Swap) multiplied by
                           the aggregate Secured Moneys (in US$) of the Class
                           A-1 Notes.

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         (d)      For the purposes of this clause 5.21, the A$ Equivalent of the
                  Euro denominated principal amount owed to the Class A-2
                  Noteholders will be determined by the Manager and notified to
                  the Trustee as being the A$ amount equal to:

                  (i)      if the Currency Swap is then in full force and
                           effect, the A$ Exchange Rate multiplied by the
                           aggregate Secured Moneys (in Euros) of the Class A-2
                           Notes; or

                  (ii)     if the Currency Swap is not then in full force and
                           effect, the spot rate of exchange advised to the
                           Security Trustee by the Manager which is used for
                           calculation of amounts payable on the occurrence of
                           an Early Termination Date under the relevant Currency
                           Swap (as defined in that Currency Swap) multiplied by
                           the aggregate Secured Moneys (in Euros) of the Class
                           A-2 Notes.

5.22     PRESCRIPTION

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

5.23     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.

5.24     REPLACEMENT OF CURRENCY SWAP

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

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

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                  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.

5.25     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)(vi)(B), 5.1(c)(vi)(C), 5.2(a)(iv)(A),
         5.1(a)(iv)(B), 5.5(a)(iii)(A), 5.5(a)(iii)(B), 5.6(a)(iii)(A) and
         5.6(b)(iii)(B) 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.

5.26     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 Factor and the Class C Bond
                  Factor.

         (b)      The Manager shall notify all 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 relevant Class A Bond
                  Factors, the Class B Bond Factor and the Class C Bond Factor.

5.27     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.

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6.       MASTER TRUST DEED AND SERVICING AGREEMENT
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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 by the Manager, the
                                    Trustee and the Security Trustee in writing
                                    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 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)

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                  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.

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

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                           case may be) from S&P and a rating of Aaa (long term)
                           or P-1 (short term) (as the case may be) from Moody's
                           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 (if
                                    applicable).

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

                           any other assets of a class of assets that are:

                           (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" (if applicable) 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.

         (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",
                           "head of", "group executive" or "counsel" in their
                           title).

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         (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

         (e)      The definition of Euroclear is deleted and the following
                  definition inserted:

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

         (f)      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, DTC, Euroclear or Clearstream,
                                    Luxembourg from time to time by the Trustee;

         (g)      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:

                                    (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 Offshore Noteholders in
                                    accordance with the Note Trust Deed, by
                                    majority consisting of not less than 75%
                                    calculated as follows:

                                            A + E + U
                                            ---------

                                               T

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                                            Where: A =   the US$ Equivalent of
                                                         the aggregate Invested
                                                         Amount of all A$ Notes
                                                         held by A$ Noteholders
                                                         who voted in favour of
                                                         the resolution;

                                                   E =   the US$ Equivalent of
                                                         the aggregate Invested
                                                         Amount of the Class A-2
                                                         Notes held by Class A-2
                                                         Noteholders who voted
                                                         in favour of the
                                                         resolution;

                                                   U =   the aggregate Invested
                                                         Amount of the Class A-1
                                                         Notes of the Class A-1
                                                         Notes held by Class A-1
                                                         Noteholders who voted
                                                         in favour of the
                                                         resolution

                                                   T =   the Total Invested
                                                         Amount.

                           (c)      all Class A Noteholders means, subject to
                                    the provisions of the Security Trust Deed a
                                    resolution passed, in a meeting of all Class
                                    A-1 Noteholders and all Class A-2
                                    Noteholders duly convened and held in
                                    accordance with the Note Trust Deed and in a
                                    meeting of Class A-3 Noteholders held in
                                    accordance with the provisions contained in
                                    clause 29 of this Master Trust Deed, by
                                    majority consisting of not less than 75%
                                    calculated as follows:

                                            A + E + U
                                            ---------

                                                 T

                                            Where: A =   the US$ Equivalent of
                                                         the aggregate Invested
                                                         Amount of all Class A-3
                                                         Notes held by Class A-3
                                                         Noteholders who voted
                                                         in favour of the
                                                         resolution;

                                                   E =   the US$ Equivalent of
                                                         the aggregate Invested
                                                         Amount of the Class A-2
                                                         Notes held by Class A-2
                                                         Noteholders who voted
                                                         in favour of the
                                                         resolution;

                                                   U =   the aggregate Invested
                                                         Amount of the Class A-1
                                                         Notes held by Class A-1
                                                         Noteholders who voted
                                                         in favour of the
                                                         resolution;

                                                   T =   the aggregate Invested
                                                         Amount of all Class A
                                                         Notes.

                           (d)      all Offshore Noteholders or a Class of
                                    Offshore Noteholders, has the meaning given
                                    in the Note Trust Deed; and

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                           (e)      the Voting Mortgagees means, subject to the
                                    provisions of the Security Trust Deed;

                                    (i)     where the Note Trustee is the only
                                            Voting Mortgagee, a resolution of
                                            the Note Trustee alone; or

                                    (ii)    otherwise, in relation to the Voting
                                            Mortgagees;

                                            (A)      a resolution passed at a
                                                     meeting of the Voting
                                                     Mortgagees duly covered and
                                                     held in accordance with the
                                                     provisions contained in the
                                                     Security Trustee Deed by a
                                                     majority consisting of not
                                                     less than 75% of the votes
                                                     capable of being cast at
                                                     that meeting by Voting
                                                     Mortgagees present in
                                                     person or by proxy; or

                                            (B)      a resolution in writing
                                                     pursuant to the Security
                                                     Trust Deed signed by all
                                                     the Voting Mortgagees.

         (h)      CLAUSE 1.1 - APPROVED BANK

                  For the purpose of the definition of the Approved Bank delete
                  the words and F1+ (Fitch IBCA).

         (i)      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.

                  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.

                  OFFSET ARRANGEMENt means any agreement or arrangement between
                  the Approved Seller and a borrower under which the amount of
                  interest which would (but for such agreement or arrangement)
                  have been payable under or in respect of a Loan is reduced by
                  reference to any credit balance on any savings or cheque
                  account in the name of a borrower (whether alone or jointly
                  with another person) which is kept with the Seller.

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                  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."

         (j)      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.

         (k)      CLAUSE 1.1 - RESIDUAL INCOME BENEFICIARY

                  New definitions are inserted in clause 1.1 as follows:

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

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

         (l)      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.

         (m)      CLAUSE 4 - NOTES

                  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 Offshore 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 an
                           Offshore Note) the Note Trust Deed and the relevant
                           Conditions.

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                  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-1 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.

                           (c)      Class A-2 Notes will be in bearer form in
                                    respect of Global Notes and Definitive
                                    Notes.

                  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 Offshore Notes, the 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 Offshore Notes,
                           the Note Trust Deed and the relevant Conditions (and,
                           in particular, subject to any such provisions which
                           provide for principal 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

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                           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 Offshore Notes) the
                           Note Trust Deed and the relevant Conditions.

                  4.8      NOTE REGISTER

                           In the event that any Definitive Notes (in relation
                           to any Class A-1 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 Class A-1 Notes in accordance with
                           standard United States practice and law.

         (n)      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 Offshore Noteholders.

         (o)      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.

         (p)      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(c)(iii), the Trustee
                           will enter into the Subscription Agreements.

         (q)      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

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                                    (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 Offshore Notes only, the
                                    Trustee shall issue those Offshore Notes in
                                    accordance with the relevant Note Trust Deed
                                    and the relevant Supplementary Terms Notice.

         (r)      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
                           Offshore Notes) the Note Trust Deed and Conditions,
                           there shall be no restriction on the transfer of
                           Notes.

                  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 Offshore 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, or would
                                   otherwise fail to comply with all applicable
                                   provisions of the Financial Services and
                                   Markets Act 2000 and all rules and
                                   regulations made thereunder.

                           (d)     None of the Trustee, the Manager, the
                                   Servicer, the Note Managers, 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).

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                  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.

                  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:

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

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

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

                                    (iv)     (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.

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                  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.

                  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

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                                   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
                                   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

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                           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.

                  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.

         (s)      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

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                                    an Authorised Signatory before the Note
                                    Acknowledgement has been 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.

         (t)      CLAUSE 8.5 - AUTHORISED INVESTMENT

                  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

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                  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.

         (u)      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.

         (v)      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.

         (w)      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,
                           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.

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(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
                           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.

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                  (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 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.

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                  (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.

                  (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.

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                  (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.

         (x)      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.

         (y)      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:

                           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.

         (z)      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
                  undertakings:

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                  (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;

                  (ii)     (OFFSET ARRANGEMENTS) it will, following the
                           occurrence of a Title Perfection Event, ensure that
                           any Offset Arrangement in respect of a Loan is
                           terminated on or prior to the legal assignment of
                           that Loan to the Trustee under clause 12.9(b).

         (aa)     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.

         (bb)     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.

         (cc)     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 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.

         (dd)     CLAUSE 16.1(C) - RETIREMENT BY MANAGER

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                  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".

         (ee)     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".

         (ff)     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.

         (gg)     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, Euroclear and Clearstream, Luxembourg; and

         (hh)     CLAUSE 18.3 - TO ACT HONESTLY, DILIGENTLY AND PRUDENTLY

                  Clause 18.3 of the Master Trust Deed is amended by:

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

                  (ii)     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

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                                    relation to the Trust provided that the
                                    Manager reasonably believes such breach will
                                    have a Material Adverse Effect.

         (ii)     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. (jj) 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."

         (kk)     CLAUSE 24 - INCOME ENTITLEMENTS AND PAYMENTS

                  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

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                           (b)      the 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 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.

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                           (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.

                  24.7     SUBORDINATION OF RESIDUAL INCOME BENEFICIARY
                           ENTITLEMENTS

                           (a)      No moneys may be paid out of a Trust during
                                    a Financial Year to 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

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                           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.

         (ll)     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;

                                    (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

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                                             (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:

                                             (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

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                                    (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 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

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                                    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

                                    (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.

         (mm)     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     OFFSHORE NOTEHOLDERS

                                    (a)      Any proposal requiring the consent
                                             of Offshore Noteholders (or any
                                             Class of Offshore 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 the Offshore
                                             Noteholders or Offshore Notes.

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                           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).

                           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) 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 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 Beneficiaries
                                             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;

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                                             (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;

                                             (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

                                             (vi)     (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

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                                             meetings from which the adjournment
                                             took place had a quorum been
                                             present at such meeting.

                                    (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 of any
                                             business other than the question on
                                             which the poll has been demanded.
                                             The demand for a poll may be
                                             withdrawn.

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                                    (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 each 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 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

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                                             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.

                           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 and the
                                             Class A-3 Noteholders 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:

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                                             (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 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

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                                            (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 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:

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                                    (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.

         (nn)     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 otherwise) which contains
                                   a dollar amount limitation on that
                                   professional adviser's liability.

         (oo)     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.

         (pp)     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 Offshore Note
                                    shall be made in accordance with the
                                    relevant Supplementary Terms Notice, the
                                    Note Trust Deed and the 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).

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                  (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

                                    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 an Offshore Note, and a good
                                    discharge to the Trustee, the Manager or the
                                    Servicer (as the case may be) in relation to
                                    that Offshore 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.

                           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

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                                             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 -
                                             OFFSHORE NOTES) Payments on
                                             Offshore Notes by or on behalf of
                                             the 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
                                             Offshore 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 Offshore
                                             Noteholders in respect of that
                                             withholding or deduction.

                                    (d)      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.

         (qq)     CLAUSE 33.14

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                  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 Agency Agreement or Note
                                    Trust Deed, in relation to its duties and
                                    obligations under the 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 2004, 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 Offshore
         Notes.

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7.       CALL AND TAX REDEMPTION

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

7.1      CALL OF CLASS A 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 A Noteholders in accordance with, in the case of the Class
         A-1 Notes and the Class A-2 Notes, Condition 12 and in the case of the
         Class A-3 Notes, in accordance with the terms of this Supplementary
         Terms Notice and the Master Trust Deed, purchase or redeem all, but not
         some only of the Class A Notes by repaying the Invested Amount, or, if
         all 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 (the CALL DATE) 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 all 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 in accordance with the terms of the
         Supplementary Terms Notice and the Master Trust Deed 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 in accordance with the terms of the
         Supplementary Terms Notice and the Master Trust Deed, and purchase or
         redeem all, but not

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         some only of the Class C Notes by repaying the Invested Amount, or, if
         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; 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      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 (or a Paying
                  Agent) would be required to deduct or withhold from any
                  payment of principal or interest in respect of the Notes or a
                  Currency Swap in respect of any Offshore Notes any amount for
                  or on account of any present or future taxes, duties,
                  assessments or governmental charges of whatever nature
                  imposed, levied, collected, withheld or assessed by 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 (but, for the
                  avoidance of doubt, this paragraph does not apply to the
                  failure by the Trustee to receive any interest on any
                  Purchased Receivable merely by reason of the failure by the
                  relevant Obligors to pay that interest in breach of the
                  relevant Purchased Receivable),

         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
         those Notes (at their Invested Amount or if the Noteholders of those
         Notes 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 those Notes if the security for the Notes were being
         enforced), having given not more than 60 nor less than 45 days' notice
         to the Noteholders of those Notes (and all other Noteholders whose
         Notes are to be redeemed at the same time), in accordance with
         Condition 12 for any Offshore Notes redeem all, but not some only, of
         those Notes at their Invested Amount (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

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         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.

7.5      FULL SATISFACTION

         Repayment and redemption of Class A Notes, Class B Notes or Class C
         Notes in accordance with clause 7.1, 7.2, 7.3 or 7.4 (as the case may
         be) shall be in full satisfaction of the Trustee's obligations under
         the relevant 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
                           of any Notes;

                  (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);

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                  (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);

                  (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

         (a)      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:

                  (i)      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;

                  (ii)     an outgoing owner-occupied or investment Mortgage
                           will be replaced by another owner-occupied or
                           investment Mortgage (as the case may be);

                  (iii)    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;

                  (iv)     an outgoing Eligible Receivable will be substituted
                           by another Eligible Receivable with a security
                           property located in the same State or Territory;

                  (v)      an outgoing Eligible Receivable will be substituted
                           by another Eligible Receivable with a security
                           property with the same or similar postcode; and

                  (vi)     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.

         (b)      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 unless it is a Further Advance made
                  in accordance with clause 5.8.

         (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

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                  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;

                  (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

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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

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         (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 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 5.27, 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

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

         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 or Baa2 from Moody's.

         (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

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                  (ii)     the Approved Seller being notified of the breach by
                           the Trustee, Manager or Servicer.

11. BENEFICIARY

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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 Residual Capital Beneficiary 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 except that the
                  Residual Capital Beneficiary may transfer the Residual Capital
                  Unit to the Residual Income Beneficiary provided that the
                  Trustee and the Note Trustee have received a tax opinion, in a
                  form and substance acceptable to the Trustee (acting
                  reasonably), that the transfer of the Residual Capital Unit
                  will not adversely affect the taxation treatment of the Trust
                  and each of the other parties to this Supplementary Terms
                  Notice, after being given prior notice in writing, is
                  reasonably satisfied that they and the Noteholders will not be
                  adversely affected by the transfer of the Residual Capital
                  Unit to the Residual Income Beneficiary.

         (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.

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         (c)      The beneficial interest held by the Residual Income
                  Beneficiary is limited to the Trust and each Asset of the
                  Trust (subject to the rights of the Residual Capital
                  Beneficiary 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 Residual
                  Income Beneficiary 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
                           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 Residual Capital Beneficiary.

         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.

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12.      NOTE TRUSTEE

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12.1     CAPACITY

         The Note Trustee is a party to this Supplementary Terms Notice in its
         capacity as trustee for the Offshore Noteholders from time to time
         under the Note Trust Deed.

12.2     EXERCISE OF RIGHTS

         (a)      The rights, remedies and discretions of the Offshore
                  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 Trust Deed, may only be
                  exercised by the Note Trustee on behalf of the Offshore
                  Noteholders in accordance with the Note Trust Deed.

         (b)      The Offshore 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 Offshore Noteholders, in each case subject to the terms
         of the Transaction Documents.

12.4     PAYMENTS

         Any payment to be made to the Offshore 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.      COMPLIANCE WITH SECURITY TRUST DEED

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

         The parties to this Supplementary Terms Notice agree to comply with
         clause 16.9 of the Security Trust Deed.

14.      CUSTODIAN AGREEMENT

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         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).

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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 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;

         (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; (ii) result in the downgrade or
                           withdrawal of the rating of any Notes. 17. TAX REFORM

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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.

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         (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 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 Beneficiaries, 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 Agency permits) 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 by the Manager 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.

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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 Manager shall, as soon as is practicable, direct the
                  Trustee to take steps to ensure that the Trust ceases to be a
                  member of that consolidated group;

         (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

                  (i)      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 direction
                           to the Trustee and a draft deed amending this
                           Supplementary Terms Notice that, if executed, will
                           achieve the Objective; and

                  (ii)     upon the Trustee being notified by the Manager 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 17.3:

                  (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.

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17.5     OBJECTIVE

         (a)      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 in clause 5, 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:

                  (i)      the Trustee shall not be obliged to obtain the
                           consent of any Noteholder or the Residual Income
                           Beneficiary to the deed amending this Supplementary
                           Terms Notice; and

                  (ii)     subject to its terms, the deed amending this
                           Supplementary Terms Notice shall be effective when
                           executed, and may:

                           (A)      permit the Trustee to accumulate a reserve
                                    out of moneys that would otherwise be
                                    payable to the Residual Income Beneficiary;
                                    and/or

                           (B)      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 Residual Income Beneficiary,
         and shall consider proposals made by the Residual Income Beneficiary
         that will enable the Trustee to meet the Objective.

18.      ACKNOWLEDGMENTS

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         (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 (other than the Note
                  Trustee) 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.      SECURITY TRUST DEED

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         For the purposes of clause 1.2(c) of the Security Trust Deed, the
         following provisions shall apply and the Security Trust Deed is amended
         and supplemented accordingly.

         (a)      Subject to the provisions of this Supplementary Terms Notice
                  and the Security Trust Deed, if there is at any time, with
                  respect to enforcement, a conflict between a duty owed by the
                  Security Trustee to any Mortgagee or class of Mortgagees, and
                  a duty owed by it to another

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                  Mortgagee or class of Mortgagees, the Security Trustee must
                  give priority to the interests of the Noteholders (which, in
                  the case of Offshore Noteholders shall be determined by the
                  Note Trustee acting on their behalf (as provided in clause
                  40.17 of the Security Trust Deed) or the Offshore Noteholders,
                  as provided herein and in the Note Trust Deed and which, in
                  the case of:

                  (i)      Class A-1 Noteholders shall be determined by the
                           Class A-1 Noteholders;

                  (ii)     Class A-2 Noteholders shall be determined by the
                           Class A-2 Noteholders;

                  (iii)    Class A-3 Notes shall be determined by the Class A-3
                           Noteholders;

                  (iv)     Class B Noteholders shall be determined by the Class
                           B Noteholders; and

                  (v)      Class C Noteholders shall be determined by the Class
                           C Noteholders,

                          in each case as provided herein).

         (b)      Subject to the provisions of this Supplementary Terms Notice
                  and the Security Trust Deed (other than paragraph (a) above),
                  the Security Trustee must give:

                  (i)      priority to the interests only of the Class A
                           Noteholders if, in the Security Trustee's opinion (in
                           relation to which in determining the interests of the
                           Class A Noteholders, the Security Trustee may rely on
                           the instructions given in a resolution passed in a
                           meeting held in accordance with clause 40 of the
                           Security Trust Deed, by Class A Noteholders or their
                           Representatives holding Class A Notes representing at
                           least 75% of the aggregate Invested Amount of all
                           Class A Notes) there is a conflict between the
                           interests of the Class A Noteholders and the
                           interests of the Class B Noteholders, the Class C
                           Noteholders or the other Mortgagees;

                  (ii)     give priority to the interests only of the Class B
                           Noteholders if, in the Security Trustee's opinion (in
                           relation to which in determining the interests of the
                           Class B Noteholders, the Security Trustee may rely on
                           the instructions given in a resolution passed in a
                           meeting held in accordance with clause 40 of the
                           Security Trust Deed, by Class B Noteholders or their
                           Representatives holding Class B Notes representing at
                           least 75% of the aggregate Invested Amount of all
                           Class B Notes) there is a conflict between the
                           interests of the Class B Noteholders and the
                           interests of the Class C Noteholders, or the other
                           Mortgagees;

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

         (d)      In clause 38.12(a) of the Security Trust Deed, the reference
                  to "clause 2.2" in the first line is replaced with "clause
                  19(a) to (c) (inclusive) of the Supplementary Terms Notice".

         (e)      For the purposes of clause 40.7(e)(ii) of the Security Trust
                  Deed, on a poll, every person who is present shall have one
                  vote for each US$10,000 (in the case of Class A-1 Noteholders)
                  or, in the case of the Class A-2 Noteholders, the Euro
                  Equivalent of US$10,000, or in the case of the A$ Noteholders,
                  the A$ Equivalent of US$10,000 (but

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                  not part thereof) of the Secured Moneys that he holds or in
                  respect of which he is a Representative.

         (f)      For the purposes of the Security Trust Deed, all references to
                  SERIES NOTICE are references to SUPPLEMENTARY TERMS NOTICE.

         (g)      For the purposes of clauses 7.5 and 40.17(c)(ii) of the
                  Security Trust Deed, a reference to CLASS A NOTEHOLDER or
                  CLASS A NOTEHOLDERS is a reference to OFFSHORE NOTEHOLDER or
                  OFFSHORE NOTEHOLDERS (as the case may be).

         (h)      For the purposes of the Security Trust Deed, all references to
                  "US NOTEHOLDER" and "US$ NOTEHOLDER" are references to
                  "OFFSHORE NOTEHOLDER" and all references to "A US NOTEHOLDER"
                  and "A US$ NOTEHOLDER" are references to "AN OFFSHORE
                  NOTEHOLDER".

         (i)      Clause 9.4(c) of the Security Trust Deed is amended to read as
                  follows:

                  "(c)     If an Event of Default is a payment default in
                           respect of a subordinated Class of Notes, as long as
                           there are Class A Notes outstanding that rank prior
                           to those subordinated Notes, the Security Trustee
                           shall not take any action without the consent of the
                           Class A Noteholders (or, in the case of Class A-1
                           Noteholders, the Note Trustee on behalf of the Class
                           A-1 Noteholders, or the Class A-1 Noteholders
                           pursuant to the Note Trust Deed)."

         (j)      Class 8.1(c) of the Security Trust Deed is amended by
                  inserting the words "in its capacity as trustee of the Trust"
                  at the end of that clause.

         (k)      Clause 16.7(b) of the Security Trust Deed is amended by:

                  (i)      replacing the reference to "clause 16.1(a)(v)(D)"
                           with "clause 5.21(a)(v)(D) of the Supplementary Terms
                           Notice"; and

                  (ii)     deleting the reference to "clause 16.1(c)".

         (l)      Clause 30.2 of the Security Trust Deed is amended by replacing
                  the reference to "clause 1.2" with "clause 1.2(c)".

         (m)      Clause 29.1(b) of the Security Trust Deed is deleted in its
                  entirely.

         (n)      In Clause 48(d) of the Security Trust Deed, after the words
                  "with any request or directions arising directly" the word
                  "form" is amended to read "from".

         (o)      Clause 9.7(a) of the Security Trust Deed is amended by:

                  (i)      deleting after the words "subject to clause
                           40.17(d)", the words ", with the prior written
                           consent of the Noteholder Mortgagees"; and

                  (ii)     inserting, after the words "having first given notice
                           to", the words "the Noteholder Mortgagees and".

         (p)      The parties to the Security Trust Deed and the Note Trustee
                  agree that as of the date of this Supplementary Terms Notice
                  the Note Trustee shall be entitled to all the powers, rights,
                  benefits and obligations of the Note Trustee under the
                  Security Trust Deed as if named as the Note Trustee in the
                  Security Trust Deed.

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20.      GOVERNING LAW

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

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

21.      COUNTERPARTS

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

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

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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

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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

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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 THE BANK
OF NEW YORK 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$1,000,000;

(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, 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 Great Australian Home Loan product; its Essential
         Home Loan product, or 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
         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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SCHEDULE 2

APPLICATION FOR A$ NOTES

CRUSADE GLOBAL TRUST NO. 2 OF 2004

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

To: Perpetual Trustees Consolidated Limited as trustee of the Crusade Global
Trust No. 2 of 2004 (the TRUSTEE)

From:                                                           (ABN [*])
           ----------------------------------------------------
           (Name)

           of                                            (the APPLICANT).
              ------------------------------------------
                            (Address)

APPLICATION

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

The Applicant applies for the following [Class A-3 Notes/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 2004 (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 dated [*] 2004 and the Security Trust Deed dated
31 December 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:

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(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;

(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 A$ 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.

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SCHEDULE 3

NOTE ACKNOWLEDGMENT

CRUSADE GLOBAL TRUST NO. 2 OF 2004

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

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 dated [*] 2004 and the
Security Trust Deed dated 31 December 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 the Master Trust Deed, the Supplementary Terms
Notice in relation to the Notes and the Security Trust Deed referred to above.

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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.

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 the
Master Trust Deed, the Supplementary Terms Notice in relation to the Notes and
the Security Trust Deed referred to above. 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

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SCHEDULE 4

NOTE TRANSFER AND ACCEPTANCE

CRUSADE GLOBAL TRUST NO. 2 OF 2004

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

To:      Perpetual Trustees Consolidated Limited               Date Lodged [*]
         as trustee of the                                     REGISTRY USE ONLY
         Crusade Global Trust No. 2 of 2004 (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 2004

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:
                ----------------------------------------

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PAYMENTS (Tick where appropriate)

*        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 dated [*] 2004 and
         the related Security Trust Deed dated 31 December 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 4:00pm
         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.

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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.

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)      (i)      as part of their distribution at any time;
                                    or

                  (ii)     (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 the Lead
                                    Manager(s),

                  (iii)    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.      No transfer may be made of any 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, or would
         otherwise fail to comply with all applicable provisions of the
         Financial Services and Markets Act 2000 and all rules and regulations
         made thereunder.

13.      [INSERT ANY RESTRICTIONS ON THE TRANSFER OF NOTES.]

[MARKING WHERE CLAUSE 8.15 APPLIES]

14.      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 Trust No. 2 of 2004

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

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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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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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SCHEDULE 6

INDEPENDENT AUDITOR'S ANNUAL SERVICER COMPLIANCE CERTIFICATE TO THE DIRECTORS OF
CRUSADE MANAGEMENT LIMITED

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

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. 2 of 2004 (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

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         Crusade Euro Trust Servicing Agreement dated 19 March 1998, and the
         Supplementary Terms Notice, attached as Appendix 1, in respect of the
         Crusade Global Trust No. 2 of 2004 (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 127exv4w1

 

Exhibit 4.1

LINCOLN NATIONAL CORPORATION

Issuer

INDENTURE

 

Dated as of

September 15, 1994

 

The Bank of New York

Trustee

 

Providing for the Issuance of

Debt Securities in Series

 

 

Table of Contents

	 	 	 	 	 	 	 
	ARTICLE ONE DEFINITIONS AND INCORPORATION BY REFERENCE	 	 	1	 
	SECTION 1.01

	 	Definitions.
	 	 	1	 
	SECTION 1.02

	 	Incorporation by Reference of Trust Indenture Act.
	 	 	5	 
	SECTION 1.03

	 	Rules of Construction.
	 	 	6	 
	ARTICLE TWO THE SECURITIES	 	 	6	 
	SECTION 2.01

	 	Terms and Form.
	 	 	6	 
	SECTION 2.02

	 	Execution and Authentication.
	 	 	9	 
	SECTION 2.03

	 	Registrar and Paying Agent.
	 	 	11	 
	SECTION 2.04

	 	Paying Agent to Hold Money in Trust.
	 	 	12	 
	SECTION 2.05

	 	Securityholder Lists.
	 	 	12	 
	SECTION 2.06

	 	Transfer, Registration and Exchange.
	 	 	12	 
	SECTION 2.07

	 	Replacement Securities.
	 	 	15	 
	SECTION 2.08

	 	Outstanding Securities.
	 	 	15	 
	SECTION 2.09

	 	Temporary Securities.
	 	 	16	 
	SECTION 2.10

	 	Securities in Global Form.
	 	 	17	 
	SECTION 2.11

	 	Cancellation.
	 	 	17	 
	SECTION 2.12

	 	Defaulted Interest.
	 	 	17	 
	SECTION 2.13

	 	Persons Deemed Owners.
	 	 	18	 
	SECTION 2.14

	 	CUSIP Numbers
	 	 	18	 
	ARTICLE THREE REDEMPTION	 	 	18	 
	SECTION 3.01

	 	Applicability of Article.
	 	 	18	 
	SECTION 3.02

	 	Notice to Trustee.
	 	 	18	 
	SECTION 3.03

	 	Selection of Securities to Be Redeemed.
	 	 	19	 
	SECTION 3.04

	 	Notice of Redemption.
	 	 	19	 
	SECTION 3.05

	 	Effect of Notice of Redemption.
	 	 	20	 
	SECTION 3.06

	 	Deposit of Redemption Price or Securities.
	 	 	21	 
	SECTION 3.07

	 	Securities Redeemed in Part.
	 	 	21	 
	ARTICLE FOUR COVENANTS	 	 	21	 
	SECTION 4.01

	 	Payment of Securities.
	 	 	21	 
	SECTION 4.02

	 	Maintenance of Office or Agency.
	 	 	22	 
	SECTION 4.03

	 	Money for Securities Payments to Be Held in Trust.
	 	 	23	 
	SECTION 4.04

	 	SEC Reports.
	 	 	24	 
	SECTION 4.05

	 	Statement as to Compliance.
	 	 	24	 
	SECTION 4.06

	 	Limitations on Liens on Stock of Restricted Subsidiaries.
	 	 	25	 

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	SECTION 4.07

	 	Limitations on Issue or Disposition of Stock of Restricted Subsidiaries.
	 	 	25	 
	SECTION 4.08

	 	Waiver of Certain Covenants.
	 	 	25	 
	ARTICLE FIVE SUCCESSOR CORPORATION AND ASSUMPTION	 	 	26	 
	SECTION 5.01

	 	When Company May Merge, etc.
	 	 	26	 
	SECTION 5.02

	 	Successor Corporation Substituted.
	 	 	26	 
	ARTICLE SIX DEFAULTS AND REMEDIES	 	 	26	 
	SECTION 6.01

	 	Events of Default.
	 	 	26	 
	SECTION 6.02

	 	Collection of Indebtedness by Trustee; Trustee May Prove Debt.
	 	 	28	 
	SECTION 6.03

	 	Application of Proceeds.
	 	 	30	 
	SECTION 6.04

	 	Suits for Enforcement.
	 	 	31	 
	SECTION 6.05

	 	Restoration of Rights on Abandonments of Proceedings.
	 	 	31	 
	SECTION 6.06

	 	Limitations on Suits by Securityholders.
	 	 	31	 
	SECTION 6.07

	 	Unconditional Right of Securityholder to Institute Certain Suits.
	 	 	32	 
	SECTION 6.08

	 	Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default.
	 	 	32	 
	SECTION 6.09

	 	Control by Holders of Securities.
	 	 	32	 
	SECTION 6.10

	 	Waiver of Past Defaults.
	 	 	33	 
	SECTION 6.11

	 	Trustee to Give Notice of Default, But May Withhold in Certain Circumstances.
	 	 	33	 
	SECTION 6.12

	 	Right of Court to Require Filing of Undertaking to Pay Costs.
	 	 	34	 
	ARTICLE SEVEN TRUSTEE	 	 	35	 
	SECTION 7.01

	 	Duties of Trustee.
	 	 	35	 
	SECTION 7.02

	 	Rights of Trustee.
	 	 	36	 
	SECTION 7.03

	 	Individual Rights of Trustee.
	 	 	37	 
	SECTION 7.04

	 	Trustee’s Disclaimer.
	 	 	37	 
	SECTION 7.05

	 	Notice of Defaults.
	 	 	37	 
	SECTION 7.06

	 	Reports by Trustee to Holders.
	 	 	37	 
	SECTION 7.07

	 	Compensation and Indemnity.
	 	 	37	 
	SECTION 7.08

	 	Replacement of Trustee.
	 	 	38	 
	SECTION 7.09

	 	Successor Trustee by Merger, etc.
	 	 	39	 
	SECTION 7.10

	 	Eligibility; Disqualification.
	 	 	39	 
	SECTION 7.11

	 	Preferential Collection of Claims against Company.
	 	 	39	 
	ARTICLE EIGHT DISCHARGE OF INDENTURE	 	 	39	 
	SECTION 8.01

	 	Termination of the Company’s Obligations.
	 	 	39	 
	SECTION 8.02

	 	Termination of the Company’s Obligations under Certain Circumstances.
	 	 	40	 
	SECTION 8.03

	 	Application of Trust Money.
	 	 	42	 
	SECTION 8.04

	 	Repayment to Company.
	 	 	42	 
	SECTION 8.05

	 	Indemnity for Government Obligations.
	 	 	42	 

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	ARTICLE NINE AMENDMENTS, SUPPLEMENTS AND WAIVERS	 	 	42	 
	SECTION 9.01

	 	Without Consent of Holders.
	 	 	42	 
	SECTION 9.02

	 	With Consent of Holders.
	 	 	44	 
	SECTION 9.03

	 	Compliance with Trust Indenture Act.
	 	 	45	 
	SECTION 9.04

	 	Revocation and Effect of Consents.
	 	 	45	 
	SECTION 9.05

	 	Notation on or Exchange of Securities.
	 	 	45	 
	SECTION 9.06

	 	Trustee to Sign Amendments, etc.
	 	 	45	 
	ARTICLE TEN REPAYMENT AT THE OPTION OF HOLDERS	 	 	46	 
	SECTION 10.01

	 	Applicability of Article.
	 	 	46	 
	ARTICLE ELEVEN CONCERNING THE SECURITYHOLDERS	 	 	46	 
	SECTION 11.01

	 	Evidence of Action Taken by Securityholders.
	 	 	46	 
	SECTION 11.02

	 	Proof of Execution of Instruments and of Holding of Securities.
	 	 	47	 
	SECTION 11.03

	 	Holders to be Treated as Owners.
	 	 	48	 
	SECTION 11.04

	 	Securities Owned by Company Deemed Not Outstanding.
	 	 	48	 
	SECTION 11.05

	 	Right of Revocation of Action Taken.
	 	 	49	 
	SECTION 11.06

	 	Meetings of Holders.
	 	 	49	 
	SECTION 11.07

	 	Call, Notice and Place of Meetings.
	 	 	49	 
	SECTION 11.08

	 	Persons Entitled to Vote at Meetings.
	 	 	50	 
	SECTION 11.09

	 	Quorum; Action.
	 	 	50	 
	SECTION 11.10

	 	Determination of Voting Rights; Conduct and Adjournment of Meetings.
	 	 	51	 
	SECTION 11.11

	 	Counting Votes and Recording Action of Meetings.
	 	 	51	 
	ARTICLE TWELVE SINKING FUNDS	 	 	52	 
	SECTION 12.01

	 	Applicability of Article.
	 	 	52	 
	SECTION 12.02

	 	Satisfaction of Sinking Fund Payments with Securities.
	 	 	52	 
	SECTION 12.03

	 	Redemption of Securities for Sinking Fund.
	 	 	53	 
	ARTICLE THIRTEEN Miscellaneous	 	 	53	 
	SECTION 13.01

	 	Trust Indenture Act Controls.
	 	 	53	 
	SECTION 13.02

	 	Notices.
	 	 	53	 
	SECTION 13.03

	 	Communication by Holders with Other Holders.
	 	 	55	 
	SECTION 13.04

	 	Certificate and Opinion as to Conditions Precedent.
	 	 	55	 
	SECTION 13.05

	 	Statements Required in Certificate or Opinion.
	 	 	55	 
	SECTION 13.06

	 	When Treasury Securities Disregarded.
	 	 	56	 
	SECTION 13.07

	 	Legal Holidays.
	 	 	56	 
	SECTION 13.08

	 	Governing Law.
	 	 	56	 
	SECTION 13.09

	 	No Adverse Interpretation of Other Agreements.
	 	 	56	 
	SECTION 13.10

	 	Successors.
	 	 	56	 

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	SECTION 13.11

	 	Duplicate Originals.
	 	 	56	 
	SECTION 13.12

	 	Securities in Foreign Currencies.
	 	 	57	 
	SIGNATURES

	 	 	 	 	57	 

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CROSS-REFERENCE TABLE

	 	 	 	 	 
	TIA	 	INDENTURE
	SECTION
	 	SECTION

	310(a)(1)
	 	 	7.10	 
	310(a)(2)
	 	 	7.10	 
	310(a)(3)
	 	 	N.A.	 
	310(a)(4)
	 	 	N.A.	 
	310(a)(5)
	 	 	N.A.	 
	310(b)
	 	 	7.08; 7.10	 
	310(c)
	 	 	N.A.	 
	311(a)
	 	 	7.11	 
	311(b)
	 	 	7.11	 
	311(c)
	 	 	N.A.	 
	312(a)
	 	 	2.05	 
	312(b)
	 	 	13.03	 
	312(c)
	 	 	13.03	 
	313(a)
	 	 	7.06	 
	313(b)(1)
	 	 	N.A.	 
	313(b)(2)
	 	 	7.06	 
	313(c)
	 	 	7.06	 
	313(d)
	 	 	7.06	 
	314(a)
	 	 	4.04	 
	314(b)
	 	 	N.A.	 
	314(c)(1)
	 	 	13.04	 
	314(c)(2)
	 	 	13.04	 
	314(c)(3)
	 	 	N.A.	 
	314(d)
	 	 	N.A.	 
	314(e)
	 	 	13.05	 
	314(f)
	 	 	N.A.	 
	315(a)
	 	 	7.01	(b)
	315(b)
	 	 	7.05	 
	315(c)
	 	 	7.01	(a)
	315(d)
	 	 	7.01	(c)
	315(e)
	 	 	6.12	 
	316(a)(last sentence)
	 	 	13.06	 
	316(a)(1)(A)
	 	 	6.09	 
	316(a)(1)(B)
	 	 	6.10	 
	316(a)(2)
	 	 	N.A.	 
	316(b)
	 	 	6.07	 
	317(a)(1)
	 	 	6.04	 
	317(a)(2)
	 	 	6.04	 
	317(b)
	 	 	2.04	 
	318(a) 
	 	 	13.01	 

N.A. means Not Applicable

Note: This cross-reference table is not part of the Indenture.

-i-

 

     INDENTURE dated as of September 15, 1994 between Lincoln National
Corporation, a company incorporated under the laws of Indiana (the “Company”),
and The Bank of New York, a New York banking corporation, as trustee hereunder
(“Trustee”).

     Each party agrees as follows for the benefit of the other parties and for
the equal and ratable benefit of the Holders of the Company’s Securities issued
hereunder:

Recitals

     The Company has authorized the execution and delivery of this Indenture to
provide for the issuance from time to time of its unsecured debentures, notes
or other evidences of indebtedness (“Securities”) to be issued in one or more
series as herein provided.

     For and in consideration of the premises and the purchase of the
Securities by the Holders thereof, it is mutually covenanted and agreed as
follows for the equal and ratable benefit of the Holders of the Securities:

ARTICLE ONE

DEFINITIONS AND INCORPORATION BY REFERENCE

SECTION 1.01 Definitions.

     “Additional Amounts” means any additional amounts which are required by a
Security or by or pursuant to a Board Resolution, under circumstances specified
therein, to be paid by the Company in respect of certain taxes imposed on
certain Holders, or as otherwise specified in the terms of a Security
established pursuant to Section 2.01, and which are owing to such Holders.

     “Agent” means any Registrar, Paying Agent or co-Registrar or agent for
service of notice and demands. See Section 2.03.

     “Affiliate” of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this definition,
“control” when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms “controlling” and “controlled” have the meanings correlative to
the foregoing.

     “Authorized Newspaper” means a newspaper printed in the official language
of the country of publication or in the English language and customarily
published at least once a day on each Business Day in each calendar week and of
general circulation in New York, New York or in any other place as required in
this Indenture, whether or not such newspaper is published on Legal Holidays,
or, with respect to the Securities of any series, such other newspaper(s), as
may be specified in or pursuant to the Board Resolution of the Company or
supplement to this Indenture pursuant to which such series of Securities is
issued. Whenever, under the provisions of this Indenture or such Board
Resolutions, two or more publications of a notice or other communication are
required or permitted, such publications may be in the same or different

-1-

 

newspapers. If, because of temporary or permanent suspension of
publication or general circulation of any newspaper or for any other reason, it
is impossible or impracticable to publish any notices required by this
Indenture or a Board Resolution in the manner provided, then such publication
in lieu thereof or such other notice as shall be made with the approval of the
Trustee shall constitute a sufficient publication of such notice.

     “Bankruptcy Law” shall have the meaning set forth in Section 7.07.

     “Bearer Security” means any Security in the form established pursuant to
Section 2.01 which is payable to bearer.

     “Board of Directors” means the Board of Directors of the Company or the
Executive Committee or any other committee of the Board of Directors duly
authorized to act for the Company hereunder.

     “Board Resolution” means a copy of the resolutions certified by the
Secretary or an Assistant Secretary of the Company as properly adopted by the
Board of Directors of the Company and in full force and effect and delivered to
the Trustee.

     “Business Day”, except as may otherwise be provided in the form of
Securities of any particular series pursuant to the provisions of this
Indenture, with respect to any Place of Payment means each Monday, Tuesday,
Wednesday, Thursday and Friday which is not a Legal Holiday in that Place of
Payment.

     “Capital Stock” means any and all shares, interests, rights to purchase,
warrants, options, participations or other equivalents of or interests in
(however designated) corporate stock.

     “Company” means the party named in the first paragraph of this Indenture
until a successor replaces it pursuant to the Indenture and thereafter means
such successor.

     “Company Request” and “Company Order” mean, respectively, a written
request or order signed in the name of the Company by the Chairman of the
Board, the President, the Chief Financial Officer or the Treasurer thereof or
any other officer specifically authorized to act by the Board of Directors of
the Company as certified to the Trustee, and delivered to the Trustee.

     “Corporate Trust Office” means the office of the Trustee at which at any
particular time its corporate trust business shall be principally administered,
which office at the date hereof is located at 101 Barclay Street, Floor 21
West, New York, New York 10286.

     “Corporation” includes corporations, associations, companies and business
trusts.

     “coupon” means any interest coupon appertaining to a Bearer Security.

     “Debt” shall have the meaning set forth in Section 4.06.

     “Default” means any event which is, or after notice or passage of time
would be, an Event of Default.

     “Discharged” shall have the meaning set forth in Section 8.02.

-2-

 

     “Event of Default” shall have the meaning set forth in Section 6.01.

     “Government Obligations” with respect to any series of Securities means
direct noncallable obligations of the government which issued the currency in
which the Securities of that series are denominated, noncallable obligations
the payment of the principal of and interest on which is fully guaranteed by
such government, and noncallable obligations on which the full faith and credit
of such government is pledged to the payment of the principal thereof and
interest thereon, and shall also include a depositary receipt issued by a bank
or trust company as custodian with respect to any such Government Obligation or
a specific payment of interest on or principal of any such Government
Obligation held by such custodian for the account of the holder of such
depositary receipt, provided that (except as required by law) such custodian is
not authorized to make any deduction from the amount payable to the holder of
such depositary receipt from any amount received by the custodian in respect of
the Government Obligation or the specific payment of interest on or principal
of the Government Obligation evidenced by such depositary receipt.

     “Holder” or “Securityholder” means, with respect to a Registered Security,
a Person in whose name such Security is registered on the Security Register
and, with respect to a Bearer Security or any coupon, the bearer thereof.

     ‘Indenture” means this Indenture, as it may from time to time be amended
or supplemented and shall include the forms and terms of particular series of
Securities established as contemplated herein.

     “Independent Public Accountants” means independent public accountants or a
firm of independent public accountants who may be the independent public
accountants regularly retained by the Company or who may be other independent
public accountants. Such public accountants or firm shall be entitled to rely
upon any Opinion of Counsel as to the interpretation of any legal matters
relating to the Indenture or certificates required to be provided hereunder.

     “Legal Holiday” shall have the meaning set forth in Section 13.07.

     “Lien” means any mortgage, pledge, security interest or lien or other
encumbrance of any nature whatsoever.

     “Notice of Default” shall have the meaning set forth in Section 6.01.

     “Officer” means the Chairman of the Board, the President, any Vice
President, the Treasurer or Secretary thereof or any other officer specifically
authorized to act by the Board of Directors of the Company.

     “Officers’ Certificate” means a certificate signed by two Officers or by
an Officer other than the Secretary and an Assistant Treasurer or an Assistant
Secretary of the Company.

     “Opinion of Counsel” means a written opinion of legal counsel, who (except
as otherwise expressly provided in this Indenture) may be an employee of or
counsel to or for the Company, or any other legal counsel acceptable to the
Trustee.

-3-

 

     ‘Original Issue Discount Security” means any Security which provides that
an amount less than its principal amount is due and payable upon acceleration
of the maturity thereof after an Event of Default.

     “Outstanding”, when used with respect to Securities or a series, shall
have the meaning set forth in Section 2.08.

     “Paying Agent” shall have the meaning set forth in Section 2.03.

     “Periodic Offering” means an offering of Securities of a series from time
to time the specific terms of which Securities, including, without limitation,
the rate or rates of interest, if any, thereon, the maturity or maturities
thereof, the original issue date or dates thereof, the redemption provisions,
if any, and any other terms specified as contemplated by Section 2.01 with
respect thereto, are to be determined by the Company, or one or more of the
Company’s agents designated in an Officers’ Certificate, upon the issuance of
such Securities.

     “Person” means any individual, Corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof.

     “Place of Payment” when used with respect to the Securities of any series,
means the place or places where the principal of and interest and any
Additional Amounts on the Securities of that series are payable as specified as
provided pursuant to Section 2.01.

     “principal”, whenever used with reference to the Securities or any
Security or any portion thereof, shall be deemed to include “and premium, if
any,” and, whenever used with reference to any Security which by its terms
provides (or as to which mandatory provisions of law provide) that less than
the principal amount thereof shall be due and payable upon a declaration of the
acceleration of the maturity thereof, and in the contexts of such a
declaration, of proving a claim under bankruptcy, insolvency or similar laws,
or of determining whether the holders of the requisite aggregate principal
amount of the Securities of any or all series then Outstanding have concurred
in any request, demand, authorization, direction, notice, consent, waiver or
other action by Securityholders hereunder, shall mean the portion of such
principal amount so provided to be due and payable upon a declaration of
acceleration of the maturity thereof.

     “Redemption Date” means the date fixed for redemption of any Security to
be redeemed pursuant to this Indenture.

     “Redemption Price” means the principal amount of any Security to be
redeemed.

     “Registered Security” means any Security registered in the Security
Register.

     “Registrar” shall have the meaning set forth in Section 2.03.

     “Restricted Subsidiary” means each of American States Insurance Company
and The Lincoln National Life Insurance Company so long as it remains a
Subsidiary, and any successor to all or a principal part of the business or
properties of any thereof and any other Subsidiary which the Board of Directors
designates as a Restricted Subsidiary.

-4-

 

     “SEC” means the Securities and Exchange Commission as from time to time
constituted, created under the Securities Exchange Act of 1934, as amended, or
if at any time after the execution of this instrument such Commission is not
existing and performing the duties assigned to it under the TIA, then the body
performing such duties at such time.

     “Securities” means the debt securities, as amended or supplemented from
time to time pursuant to this Indenture, that are issued under this Indenture.

     “Security Register” shall have the meaning set forth in Section 2.03.

     “Subsidiary” means any corporation of which at the time of determination
the Company and/or one or more Subsidiaries owns or controls directly or
indirectly more than 50% of the shares of Voting Stock.

     “TIA” means the Trust Indenture Act of 1939 (15 U.S. Code Sections
77aaa-77bbbb), as amended from time to time.

     “Trustee” means the party named as such in this Indenture until a
successor replaces it pursuant to this Indenture and thereafter means such
successor.

     “Trust Officer” means any officer or assistant officer of the Trustee
assigned by the Trustee to administer its corporate trust matters.

     “United States” means the United States of America (including the States
and the District of Columbia), its territories and possessions and other areas
subject to its jurisdiction.

     “U.S. Depository” or “Depository” means, with respect to the Securities of
any series issuable or issued in whole or in part in the form of one or more
global Securities, the Person designated as U.S. Depository pursuant to Section
2.01, which must be a clearing agency registered under the Securities Exchange
Act of 1934, as amended, and, if so provided pursuant to Section 2.01 with
respect to the Securities of any series, any successor to such Person. If at
any time there is more than one such Person, “U.S. Depository” shall mean, with
respect to any series of Securities, the qualifying entity which has been
appointed with respect to the Securities of that series.

     “Voting Stock” means stock of a Corporation of the class or classes having
general voting power under ordinary circumstances in the election of directors,
managers or trustees of such Corporation (irrespective of whether or not at the
time stock of any other class or classes shall have or might have voting power
by reason of the happening of any contingency).

     “Yield to Maturity” means the yield to maturity on a series of Securities
at the most recent redetermination of interest on such series, and calculated
in accordance with accepted financial practice.

SECTION 1.02 Incorporation by Reference of Trust Indenture Act.

     Whenever this Indenture refers to a provision of the TIA, the provision is
incorporated by reference in and made a part of this Indenture. The following
TIA terms used in this Indenture have the following meanings:

-5-

 

     “Commission” means the SEC.

     “indenture securities” means the Securities.

     “indenture security holder” means a Securityholder.

     “indenture to be qualified” means this Indenture.

     ‘indenture trustee” or “institutional trustee” means the Trustee.

     “obligor” on the indenture securities means the Company or any other
obligor on the Securities.

     All other TIA terms used in this Indenture that are defined by the TIA,
defined by TIA reference to another statute or defined by SEC rule have the
meanings thereby assigned to them.

SECTION 1.03 Rules of Construction.

     Unless the context otherwise requires:

     (1) a term has the meaning assigned to it;

     (2) “or” is not exclusive;

     (3) words in the singular include the plural, and in the plural include
the singular;

     (4) an accounting term not otherwise defined has the meaning assigned to
it in accordance with United States generally accepted accounting principles;
and

     (5) the Article and Section headings herein and in the Table of Contents
are for convenience only and do not constitute a part of this Indenture and
shall not affect the meaning, construction or effect of this Indenture.

ARTICLE TWO

THE SECURITIES

SECTION 2.01 Terms and Form.

     The aggregate principal amount of Securities that may be authenticated and
delivered under this Indenture is unlimited. The Securities may be issued in
one or more series of Securities and shall bear the title, interest, if any, at
the rates and from the dates, shall mature at the times, may be redeemable at
the prices and upon the terms, shall be denominated and payable at the place or
places and in the currency or currencies (which may be other than United States
dollars), including composite currencies, and shall contain or be subject to
such other terms as shall be approved by or pursuant to a Board Resolution of
the Company or in one or more supplements to this Indenture.

-6-

 

     The Securities of each series hereunder shall be in one or more forms
approved from time to time by or pursuant to a Board Resolution of the Company
or in one or more supplements to this Indenture establishing the following:

     (1) the title or designation of the Securities and the series in which
such Securities shall be included (which, unless such Securities constitute
part of a series of Securities previously issued, shall distinguish the
Securities of the series from all other Securities);

     (2) any limit upon the aggregate principal amount of the Securities of
such title or the Securities of such series which may be authenticated and
delivered under this Indenture (except for Securities authenticated and
delivered upon registration or transfer of, or in exchange for, or in lieu of,
other Securities of the series pursuant to Sections 2.06, 2.07, 2.09 or 3.07);

     (3) whether Securities of the series are to be issuable as Registered
Securities, Bearer Securities (with or without coupons) or both; any
restrictions applicable to the offer, sale or delivery of Bearer Securities
and the terms upon which Bearer Securities of the series may be exchanged for
Registered Securities of the series; and whether any Securities of the series
are to be issuable initially in global form and, if so (i) whether beneficial
owners of interests in any such global Security may exchange such interest for
Securities of such series and of like tenor of any authorized form and
denomination and the circumstances under which any such exchanges may occur,
if other than in the manner specified in Section 2.09 and (ii) the name of the
Depository or the U.S. Depository, as the case may be, with respect to any
global Security;

     (4) the date as of which any Bearer Securities of the series and any
temporary global Security representing Outstanding Securities of the series
shall be dated if other than the date of original issuance of the first
Security of the series to be issued;

     (5) if Securities of the series are to be issuable as Bearer Securities,
whether interest in respect of any portion of a temporary Bearer Security in
global form (representing all of the Outstanding Bearer Securities of the
series) payable in respect of any date or dates prior to the exchange of such
temporary Bearer Security for definitive Securities of the series shall be
paid to any clearing organization with respect to the portion of such
temporary Bearer Security held for its account and, in such event. the terms
and conditions (including any certification requirements) upon which any such
interest payment received by a clearing organization will be credited to the
Persons entitled to interest payable on such date or dates;

     (6) the date or dates on which the principal of such Securities is
payable;

     (7) the rate or rates at which such Securities shall bear interest, if
any, or the method in which such rate or rates are determined, the date or
dates from which such interest shall accrue, the dates on which such interest
shall be payable and the record date for Holders entitled to the interest
payable on Registered Securities on any such date, whether and under what
circumstances Additional Amounts on such Securities shall be payable and, if
so, whether the Company has the option to redeem the affected Securities
rather than pay such Additional Amounts, and the basis upon which interest
shall be calculated if other than as otherwise provided in this Indenture;

-7-

 

     (8) the place or places, if any, in addition to or other than The Borough
of Manhattan, The City of New York, New York or the City of Chicago, Illinois
where the principal of and interest on or Additional Amounts, if any, payable
in respect of such Securities shall be payable;

     (9) the period or periods within which, the price or prices at which and
the terms and conditions upon which such Securities may be redeemed, in whole
or in part, at the option of the Company;

     (10) the obligation, if any, of the Company to redeem or purchase such
Securities pursuant to a sinking fund, at the option of a Holder thereof or
otherwise and the period or periods within which, the price or prices at which
and the terms and conditions upon which such Securities shall be redeemed or
purchased in whole or in part, pursuant to such obligation, and any provisions
for the remarketing of such Securities;

     (11) the denominations in which Registered Securities of the series, if
any, shall be issuable, and the denominations in which Bearer Securities of
the series, if any, shall be issuable, in either case if other than as
otherwise provided in this Indenture;

     (12) if other than the principal amount thereof, the portion of the
principal amount of such Securities which shall be payable upon declaration of
acceleration of the maturity thereof pursuant to Section 6.02;

     (13) if other than such coin or currency of the United States of America
as at the time of payment is legal tender for payment of public or private
debts, the coin or currency, including composite currencies, in which payment
of the principal of or interest, if any, and any Additional Amounts in respect
of such Securities shall be payable and whether the Securities of the series
may be discharged other than as provided in Article 8;

     (14) if the principal of or interest, if any, and any Additional Amounts
in respect of such Securities are to be payable, at the election of the
Company or a Holder thereof, in a coin or currency, including composite
currencies, other than that in which the Securities are stated to be payable,
the period or periods within which, and the terms and conditions upon which,
such election may be made;

     (15) if the amount of payments of principal of or interest, if any, or
any Additional Amounts in respect of such Securities may be determined with
reference to an index, formula or other method based on a coin or currency
other than that in which the Securities are stated to be payable, the manner
in which such amounts shall be determined;

     (16) if the Securities of such series are to be issuable in definitive
form (whether upon original issue or upon exchange of a temporary Security of
such series) only upon receipt of certain certificates or other documents or
satisfaction of other conditions, then the form and terms of such
certificates, documents or conditions;

     (17) any terms which may be related to warrants issued by the Company in
connection with, or for the purchase of, Securities of such series, including
whether and under what circumstances the Securities of any series may be used
toward the exercise price of any such warrants;

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     (18) the terms and conditions upon which the Securities of the series
will be convertible into shares of common stock or other securities of the
Company, including the conversion price, conversion period and other
conversion provisions.

     (19) any other events of default or covenants with respect to Securities
of such series; and

     (20) any other terms of such Securities (which terms shall not be
inconsistent with the provisions of this Indenture).

     If the form of the Security of any series is approved by or pursuant to a
Board Resolution of the Company, an Officers’ Certificate of the Company
delivered to the Trustee shall state that all conditions precedent relating to
the authentication and delivery of such Security have been complied with and
shall be accompanied by a copy of the Board Resolution of the Company by or
pursuant to which the form of such Security has been approved. The Securities
may have notations, legends or endorsements required by law, stock exchange
rule or usage. Each Security shall be dated the date of its authentication.
Each Security may contain any other terms as are not inconsistent with the
provisions of this Indenture.

     All Securities of any one series and coupons appertaining to Bearer
Securities of such series, if any, shall be substantially identical except as
to denomination and the rate or rates of interest, if any, the time or times at
which the principal thereof may be payable, the date from which interest, if
any, shall accrue and except as may otherwise be provided in or pursuant to
such Board Resolution and set forth in the Officers’ Certificate hereinabove
described or in any such indenture supplemental hereto. All Securities of any
one series need not be issued at the same time and, unless otherwise provided,
a series may be reopened for issuances of additional Securities of such series
or to establish additional terms of such series of Securities.

     The Securities of each series may be issued as Registered Securities
without coupons or, if provided by the terms of the instrument establishing
such series of Securities, as Bearer Securities, with or without coupons and,
in either case, may be issued initially, temporarily or permanently in global
form (as provided in Section 2.10). Unless the form of a Security for a series
provides otherwise, the Registered Securities shall be issued in denominations
of $1,000 or integral multiples thereof and Bearer Securities shall be issuable
in the denomination of $5,000.

     Except as otherwise specified as contemplated by this Section 2.01 for
Securities of any series, interest on the Securities of each series shall be
computed on the basis of a 360-day year of twelve 30-day months.

SECTION 2.02 Execution and Authentication.

     Two Officers of the Company shall sign the Securities and the coupons for
the Company by manual or facsimile signature. The Company’s seal, if any, may
be reproduced on the Securities, but the Company’s seal shall not be required
to be included on the Securities.

     If an Officer whose signature is on a Security or coupon no longer holds
that office at the time the Trustee authenticates the Security, the Security
and coupon shall be valid and binding on the Company nevertheless.

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     The aggregate principal amount of Securities Outstanding hereunder at any
time shall be unlimited except that such Outstanding amount (exclusive of any
premium) may not exceed the amount authorized from time to time by the Board of
Directors of the Company and except as provided in Section 2.07. Upon receipt
of a Company Order for the authentication and delivery of Securities of a
series, the Trustee shall authenticate and deliver for original issue
Securities of a series as to which an Officers’ Certificate of the Company or a
supplemental indenture has been delivered to the Trustee pursuant to Section
2.01.

     No Security or any coupon appertaining thereto shall be valid until the
Trustee or the authenticating agent referred to below manually signs the
certificate of authentication on the Security. Each Registered Security shall
be dated the date of its authentication. Bearer Securities and any temporary
Bearer Security in global form shall be dated as specified in the Officers’
Certificate of the Company or in the supplements to this Indenture contemplated
by Section 2.01. The signature of the Trustee or the authenticating agent
referred to below shall be conclusive evidence that the Security has been
authenticated under this Indenture.

     The Trustee may appoint an authenticating agent to authenticate
Securities. An authenticating agent may authenticate Securities whenever the
Trustee may do so. Each reference in this Indenture to authentication by the
Trustee includes authentication by such agent. An authenticating agent has the
same rights as an Agent to deal with the Company or an Affiliate thereof.

     Except as permitted by Section 2.07, the Trustee shall not authenticate
and deliver any Bearer Security unless all appurtenant coupons for interest
then matured have been detached and cancelled.

     The Trustee’s authentication shall be in the following form:

		
	Dated: 	Trustee’s Certificate of Authentication

            This is one of the Securities of the series designated herein and referred
to in the within-mentioned Indenture.

	 	 	 	 	 
	 	 	THE BANK OF NEW YORK, as Trustee
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	
 
	

	 	 	 	Authorized Signatory

If the forms and terms of the Securities of the series and any related coupons
have been established in or pursuant to one or more Officers’ Certificates as
permitted by Section 2.01 and 2.02, in authenticating such Securities and
accepting the additional responsibilities under this Indenture in relating to
such Securities the Trustee shall be entitled to receive, and (subject to
Section 7.01) shall be fully protected in relying upon an Opinion of Counsel to
the effect that:

	 	 	(a) the form and terms of such Securities and coupons, if any, have been
duly authorized and established pursuant to Sections 2.01 and 2.02 and
comply with this Indenture, and

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	 	 	(b) such Securities, when authenticated and delivered by the Trustee and
issued by the Company, and such coupons, if any, when issued by the
Company, in the manner and subject to any conditions specified in such
Opinion of Counsel, will constitute valid and legally binding obligations
of the Company, enforceable in accordance with their terms, subject to
customary exceptions,

provided, however, that, with respect to Securities of a series subject to a
Periodic Offering, the Trustee shall be entitled to receive such Opinion of
Counsel only once at or prior to the time of the first authentication of
Securities of such series and that the Opinion of Counsel above may state:

	 	 	(x) that the forms of such Securities have been, and the terms of such
Securities (when established in accordance with such procedures as may be
specified from time to time in a Company Order, all as contemplated by
and in accordance with a Board Resolution or any Officers’ Certificate
pursuant to Section 2.01, as the case may be) will have been, duly
authorized by the Company and established in conformity with the
provisions of this Indenture; and
	 
	 	 	(y) that such Securities, together with the coupons, if any, appertaining
thereto, when (1) executed by the Company, (2) completed, authenticated
and delivered by the Trustee in accordance with this Indenture, and (3)
issued by the Company in the manner and subject to any conditions
specified in such Opinion of Counsel, will constitute valid and legally
binding obligations of the Company, enforceable in accordance with their
terms, subject to customary exceptions.

     With respect to Securities of a series subject to a Periodic Offering, the
Trustee may conclusively rely, as to the authorization by the Company of any of
such Securities, the form and terms thereof and the legality, validity, binding
effect and enforceability thereof, upon the Opinion of Counsel and other
documents delivered pursuant to Section 2.01 and this Section, as applicable,
at or prior to the time of the first authentication of Securities of such
series unless and until it has received written notification that such opinion
or other documents have been superseded or revoked. In connection with the
authentication and delivery of Securities of a series subject to a Periodic
Offering, the Trustee shall be entitled to assume that the Company’s
instructions to authenticate and deliver such Securities do not violate any
rules, regulations or orders of any governmental agency or commission having
jurisdiction over the Company.

SECTION 2.03 Registrar and Paying Agent.

     The Company shall designate a Registrar who shall maintain an office or
agency where Securities may be presented for registration of transfer and where
each series of Registered Securities may be presented for exchange
(“Registrar”) and a Paying Agent who shall maintain an office or agency where
Securities and coupons may be presented for payment (“Paying Agent”) and an
office or agency where notices and demands to or upon the Company in respect of
the Securities and this Indenture may be served. The Registrar shall keep a
register (“Security Register”) of each series of Registered Securities and of
their transfer and exchange. The Company may have one or more co-Registrars and
one or more additional Paying Agents and shall maintain the Registrar or a
co-Registrar and a Paying Agent in each place required by Section 4.02. The
term “Paying Agent” includes any additional paying agent. In the event that

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the Trustee shall not be the Registrar, it shall have the right to examine
the Security Register at all reasonable times.

     The Company shall enter into an appropriate agency agreement with any
Agent not a party to this Indenture. The agreement shall implement the
provisions of this Indenture that relate to such Agent. The Company shall
notify the Trustee of the name and address of any such Agent. If the Company
fails to maintain a Registrar or Paying Agent, or the Company fails to maintain
an agent for service of notices, process and demands, or the Company fails to
give the foregoing notice, the Trustee shall act as such.

     The Company initially appoints the Trustee to be the Registrar, Paying
Agent and agent for services of notices and demands.

SECTION 2.04 Paying Agent to Hold Money in Trust.

     Each Paying Agent shall hold in trust for the benefit of Securityholders
or the Trustee all money held by the Paying Agent for the payment of principal
of or any interest, or Additional Amounts on the Securities, and shall notify
the Trustee of any default by the Company (or any other obligor on the
Securities) in making any such payment. If the Company or a Subsidiary acts as
Paying Agent, it shall on or before each due date of the principal of or any
interest or Additional Amounts on any Securities segregate the money and hold
it as a separate trust fund. The Company at any time may require a Paying Agent
to pay all money held by it to the Trustee and the Trustee may at any time
during the continuance of any payment default, upon written request to a Paying
Agent, require such Paying Agent to pay to the Trustee all sums so held in
trust by such Paying Agent. Upon doing so the Paying Agent shall have no
further liability for the money.

SECTION 2.05 Securityholder Lists.

     The Trustee shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of
Holders of Registered Securities. If the Trustee is not the Registrar, the
Company shall furnish to the Trustee from information in the possession or
control of the Company (a) on or before each interest payment date, as of the
relevant record date, for any series of Securities, (b) pursuant to the form of
Security for each series of non-interest bearing Securities and (c) at such
other times as the Trustee may request in writing a list in such form and as of
such date as the Trustee may reasonably require of the names and addresses of
Securityholders, provided that if the provisions of (a) or (b) do not provide
for the furnishing of such information at stated intervals of not more than six
months, at least as frequently as semiannually, not later than May 15 and
November 15 of each year.

SECTION 2.06 Transfer, Registration and Exchange.

     When a Registered Security is presented at an office or agency maintained
for that series pursuant to Section 4.02 in proper form for registration of
transfer with a request to register a transfer, the Registrar or co-Registrar
at that office shall register the transfer as requested.

     At the option of the Securityholder, Registered Securities of any series
may be exchanged upon surrender to the Registrar or a co-Registrar for
Registered Securities of the same series of

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like aggregate principal amount, stated maturity and tenor and of other
authorized denominations upon surrender at any office or agency maintained for
that series pursuant to Section 4.02.

     If so provided with respect to Securities of a series, at the option of
the Holder, Bearer Securities of any such series may be exchanged for
Registered Securities of the same series containing identical terms and
provisions, of any authorized denominations and aggregate principal amount,
upon surrender of the Bearer Securities to be exchanged at any office or agency
maintained for that series pursuant to Section 4.02, with all unmatured coupons
and all matured coupons in default thereto appertaining. If the Holder of a
Bearer Security is unable to produce any such unmatured coupon or coupons or
matured coupon or coupons in default, such exchange may be effected if the
Bearer Securities are accompanied by payment in funds acceptable to the Company
and the Trustee in an amount equal to the face amount of such missing coupon or
coupons, or the surrender of such missing coupon or coupons may be waived by
the Company and the Trustee if there is furnished to them such security or
indemnity as they may require to save each of them and any Paying Agent for
that series harmless. If thereafter the Holder of such Security shall surrender
to any Paying Agent for that series any such missing coupon in respect of which
such a payment shall have been made, such Holder shall be entitled to receive
the amount of such payment; provided, however, that except as otherwise
provided in Section 4.02, interest represented by coupons shall be payable only
upon presentation and surrender of those coupons at an office or agency located
outside the United States. Notwithstanding the foregoing, in case a Bearer
Security of any series is surrendered at any such office or agency maintained
for that series pursuant to Section 4.02 in exchange for a Registered Security
of the same series and like tenor after the close of business at such office or
agency on any record date for the payment of interest and any Additional
Amounts thereon and before the opening of business at such office or agency on
the relevant payment date therefor, such Bearer Security shall be surrendered
without the coupon relating to such payment date or proposed date of payment,
as the case may be (or if such coupon is so surrendered with such Bearer
Security, such coupon shall be returned to the person so surrendering the
Bearer Security), and interest will not be payable on such payment date or
proposed date for payment, as the case may be, in respect of the Registered
Security issued in exchange for such Bearer Security, but will be payable only
to the Holder of such coupon when due in accordance with the provisions of this
Indenture.

     Every Security presented or surrendered for registration of transfer or
exchange shall (if so required by the Company or the Registrar or co-Registrar)
be duly endorsed, or be accompanied by a written instrument of transfer in form
satisfactory to the Company and the Registrar duly executed by the Holder
thereof or his attorney duly authorized in writing. To permit transfers and
exchanges, the Company shall execute and the Trustee shall authenticate
Securities at the Registrar’s or co-Registrar’s request.

     Notwithstanding the foregoing, except as otherwise specified as
contemplated by Section 2.01, any global Security shall be exchangeable only if
(i) the Securities Depository is at any time unwilling, unable or ineligible to
continue as Securities Depository and a successor Depository is not appointed
by the Company within 90 days of the date the Company is so informed in
writing, (ii) the Company executes and delivers to the Trustee a Company Order
to the effect that such global Security shall be so exchangeable, or (iii) an
Event of Default has occurred and is continuing with respect to the Securities.
If the beneficial owners of interests in a global Security are entitled to
exchange such interests for Securities of such series and of like

-13-

 

tenor and principal amount of any authorized form and denomination, as
specified as contemplated by Section 2.01, then without unnecessary delay but
in any event not later than the earliest date on which such interests may be so
exchanged, the Company shall deliver to the Trustee definitive Securities of
that series in aggregate principal amount equal to the principal amount of such
global Security, executed by the Company. On or after the earliest date on
which such interests may be so exchanged, such global Securities shall be
surrendered from time to time by the U.S. Depository or such other Depository
as shall be specified in the Company Order with respect thereto, and in
accordance with instructions given to the Trustee and the U.S. Depository or
such Depository, as the case may be, which instructions shall be in writing but
need not be accompanied by an Officers’ Certificate of the Company or an
Opinion of Counsel, as shall be specified in the Company Order with respect
thereto to the Trustee, as the Company’s agent for such purpose, to be
exchanged, in whole or in part, for definitive Securities of the same series
without charge. The Trustee shall authenticate and make available for delivery,
in exchange for each portion of such surrendered global Security, a like
aggregate principal amount of definitive Securities of the same series of
authorized denominations and of like tenor as the portion of such global
Security to be exchanged which shall be in the form of Bearer Securities or
Registered Securities, or any combination thereof, as shall be specified by the
beneficial owner thereof (unless the Securities of the series are not issuable
both as Bearer Securities and as Registered Securities, in which case the
definitive Securities exchanged for the global Security shall be issuable only
in the form in which the Securities are issuable, as specified as contemplated
by Section 2.01); provided, however, that no such exchanges may occur during a
period beginning at the opening of business 15 days before any selection of
Securities of that series to be redeemed and ending on the relevant Redemption
Date; and provided, further, that (unless otherwise specified as contemplated
by Section 2.01) no Bearer Security delivered in exchange for a portion of a
global Security shall be mailed or otherwise delivered to any location in the
United States. Promptly following any such exchange in part, such global
Security shall be returned by the Trustee to such depository or the U.S.
Depository referred to above in accordance with the instructions of the Company
referred to above. If a Registered Security is issued in exchange for any
portion of a global Security after the close of business at the office or
agency where such exchange occurs on any record date for the payment of
interest or any Additional Amounts thereon, and before the opening of business
at such office or agency on the relevant payment date therefor, interest and
any Additional Amounts in respect of such Registered Security will not be
payable on such payment date, but will be payable on such payment date only to
the Person to whom interest or any Additional Amounts in respect of such
portion of such global Security is payable in accordance with the provisions of
this Indenture.

     No service charge shall be made for any registration of transfer or
exchange, or redemption of Securities, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any registration of transfer or exchange of
Securities, other than exchanges pursuant to Section 2.09, 3.07 or 9.05 not
involving any transfer.

     The Company shall not be required (a) to issue, register the transfer of,
or exchange any Securities of any series for a period of 15 days next preceding
the day of any selection of Securities of such series to be redeemed pursuant
to Section 3.03, or (b) to register the transfer of or exchange any Securities
of any series selected, called or being called for redemption in whole or in
part except, in the case of any Registered Security to be redeemed in part, the
portion thereof not so to be redeemed or (c) to exchange any Bearer Security so
selected for redemption

-14-

 

except, to the extent provided with respect to Securities of a series,
that such a Bearer Security may be exchanged for a Registered Security of that
series, provided that such Registered Security shall be immediately surrendered
for redemption with written instruction for payment consistent with the
provisions of this Indenture.

     All Securities issued upon any registration of transfer or exchange of
Securities shall be the valid obligations of the Company evidencing the same
debt, and entitled to the same benefits under this Indenture, as the Securities
endorsed thereon surrendered upon such registration of transfer or exchange.

SECTION 2.07 Replacement Securities.

     If the Holder of a mutilated or defaced Security or a Security with a
mutilated or defaced coupon appertaining to it surrenders such Security to the
Trustee or if the Holder of a Security presents evidence to the satisfaction of
the Company and the Trustee that the Security has been lost, destroyed or
wrongfully taken or that a coupon has been lost, stolen or wrongfully taken and
surrenders the Security to which such coupon appertains with all appurtenant
coupons not so lost, stolen or wrongfully taken, the Company shall issue and
the Trustee shall authenticate a replacement Security of the same series and of
like tenor, with coupons corresponding to the coupons, if any, appertaining to
the surrendered Security. In case any such mutilated, defaced, lost, destroyed
or wrongfully taken Security or coupon has or is about to become due and
payable, the Company may pay the Security or coupon instead of issuing a new
Security or coupon; provided, however, that payment of principal of and any
interest on and Additional Amounts with respect to Bearer Securities shall,
except as otherwise provided in Section 4.02, be payable only at an office or
agency located outside the United States and, unless otherwise specified as
contemplated by Section 2.01, any interest on Bearer Securities shall be
payable only upon presentation and surrender of the coupons appertaining
thereto. If required by the Trustee or the Company, an indemnity bond must be
provided which is sufficient in the judgment of the Company and the Trustee to
protect the Company and the Trustee or any Agent from any loss which any of
them may suffer if a Security is replaced. The Company and the Trustee may
charge the Holder for their fees and expenses in replacing a Security.

     Every replacement Security of any series, with its coupons, if any, is an
additional obligation of the Company and shall be entitled to all of the
benefits of this Indenture equally and proportionately with any and all other
Securities of that series and their coupons, if any, duly issued under this
Indenture.

SECTION 2.08 Outstanding Securities.

     Securities Outstanding at any time are all Securities authenticated by the
Trustee except for those cancelled by it and those described in this Section. A
Security does not cease to be Outstanding because the Company or one of its
Affiliates holds the Security except as provided in Section 13.06.

     If a Security is replaced pursuant to Section 2.07, it ceases to be
Outstanding unless the Trustee receives proof satisfactory to it that the
replaced Security is held by a bona fide purchaser.

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     If the Paying Agent holds on a Redemption Date or maturity date money
sufficient to pay Securities payable on that date, then on and after that date
such Securities cease to be Outstanding and interest on them ceases to accrue,
provided that, if such Securities are to be redeemed, notice of such redemption
has been duly given pursuant to this Indenture or provision therefor
satisfactory to the Trustee has been made.

     If the Company is deemed to be discharged from its obligations with
respect to the Securities of any series pursuant to Section 8.01 or 8.02, the
Securities of such series shall cease to be Outstanding.

     In determining whether the Holders of the requisite principal amount of
Outstanding Securities of any or all series have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, the principal
amount of an Original Issue Discount Security that shall be deemed to be
Outstanding for such purposes shall be the amount of the principal thereof that
would be due and payable as of the date of such determination upon a
declaration of acceleration of the maturity thereof pursuant to Section 6.01,
as adjusted pursuant to Section 13.12 if applicable.

SECTION 2.09 Temporary Securities.

     Until definitive Securities are ready for delivery, the Company may
prepare and the Trustee shall authenticate temporary Securities. Temporary
Securities and, if Bearer Securities, temporary coupons shall be substantially
in the form of definitive Securities and, if Bearer Securities, definitive
coupons but may have variations in form that the Company considers appropriate
for temporary Securities. In the case of Bearer Securities of any series, such
temporary Securities may be in global form representing all of the Outstanding
Bearer Securities of such series. Except in the case of temporary Securities in
global form (which shall be exchanged in accordance with the provisions
thereof), without unreasonable delay, the Company shall prepare definitive
Securities (accompanied by any unmatured coupons pertaining thereto) of like
tenor as the temporary Securities.

     After the preparation of definitive Securities of a series, the temporary
Securities of such series shall be exchangeable upon request for definitive
Securities of such series containing identical terms and provisions upon
surrender of the temporary Securities of such series at an office or agency of
the Company maintained for such purpose pursuant to Section 4.02, without
charge to the Holder. Upon surrender for cancellation of any one or more
temporary Securities of any series (accompanied by any unmatured coupons
appertaining thereto), the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor a like principal amount of
definitive Securities of authorized denominations of the same series containing
identical terms and provisions; provided, however, that no definitive Bearer
Security, except as provided pursuant to Section 2.01, shall be delivered in
exchange for a temporary Registered Security; and provided, further, that a
definitive Bearer Security shall be delivered in exchange for a temporary
Bearer Security only in compliance with the conditions set forth therein.
Unless otherwise specified as contemplated by Section 2.01 with respect to a
temporary global Security, until so exchanged the temporary Securities of any
series shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities of such series.

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SECTION 2.10 Securities in Global Form.

     If Securities of a series are issuable in global form, any such Security
may provide that it shall represent the aggregate amount of Outstanding
Securities from time to time endorsed thereon and may also provide that the
aggregate amount of Outstanding Securities represented thereby may from time to
time be reduced to reflect exchanges. Any endorsement of a Security in global
form to reflect the amount, or any increase or decrease in the amount, or
changes in the rights of Holders, of Outstanding Securities represented thereby
shall be made in such manner and by such Person or Persons as shall be
specified therein.

SECTION 2.11 Cancellation.

     The Company at any time may deliver Securities or coupons to the Trustee
for cancellation. The Registrar and Paying Agent shall forward to the Trustee
any Securities surrendered to them for transfer, exchange or payment and all
coupons surrendered for payment. The Trustee shall cancel all Securities
surrendered for transfer, exchange, payment or cancellation and all coupons
surrendered for payment and return such cancelled Securities to the Company
upon Company Order, provided, however, that the Trustee may but shall not be
required to destroy cancelled Securities. The Company may not issue new
Securities to replace Securities that it has paid or delivered to the Trustee
for cancellation.

SECTION 2.12 Defaulted Interest.

     If the Company defaults in a payment of interest or any Additional Amounts
on any series of Registered Securities, the Company shall pay the defaulted
interest and any Additional Amounts to Persons who are Holders of Registered
Securities of such series on a subsequent special record date in the following
manner. The Company shall fix the special record date (which shall be between
10 and 30 days before the payment date) for the payment of such defaulted
interest and any Additional Amounts on such Securities and the payment date for
such defaulted interest. At least 15 days before the special record date, the
Company shall mail each Holder of Registered Securities a notice that states
the special record date, the payment date and the amount of defaulted interest
and any Additional Amounts to be paid, provided the Company has made
arrangements satisfactory to the Trustee for payment of the aggregate amount to
be paid on such payment date. On such payment date the Trustee shall pay out of
funds provided by the Company such defaulted interest and any Additional
Amounts. In case a Bearer Security of any series is surrendered at the office
or agency of the Company maintained pursuant to Section 4.02 in a Place of
Payment for such series in exchange for a Registered Security of such series
after the close of business at such office or agency on any special record date
and before the opening of business at such office or agency on the related
proposed date for payment of defaulted interest and any Additional Amounts,
such Bearer Security shall be surrendered without the coupon relating to such
proposed date of payment and defaulted interest and any Additional Amounts will
not be payable on such proposed date of payment in respect of the Registered
Security issued in exchange for such Bearer Security, but will be payable only
to the Holder of such coupon on or after such payment date in accordance with
the provisions of this Indenture. The Company may pay defaulted interest and
any Additional Amounts in any other lawful manner.

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SECTION 2.13 Persons Deemed Owners.

     Prior to due presentment of a Registered Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name such Registered Security is registered as
the owner of such Registered Security for the purpose of receiving payments of
principal of and (subject to Sections 2.06 and 4.01) interest on and Additional
Amounts with respect to such Registered Security and for all other purposes
whatsoever, whether or not such Registered Security shall be overdue, and
neither the Company, the Trustee nor any agent of the Company or the Trustee
shall be affected by notice to the contrary.

     The Company, the Trustee and any agent of the Company or the Trustee may
treat the bearer of any Bearer Security and the bearer of any coupon as the
absolute owner of such Security or coupon for the purpose of receiving payment
thereof or on account thereof and for all other purposes whatsoever, whether or
not such Security or coupon shall be overdue, and neither the Company, the
Trustee nor any agent of the Company or the Trustee shall be affected by notice
to the contrary.

SECTION 2.14 CUSIP Numbers

     The Company in issuing the Securities may use “CUSIP” numbers (if then
generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices
of redemption as a convenience to Holders, provided that any such notice may
state that no representation is made as to the correctness of such numbers
either as printed on the Securities or as contained in any notice of a
redemption and that reliance may be placed only on the other identification
numbers printed on the Securities, and any such redemption shall not be
affected by any defect in or omission of such numbers.

ARTICLE THREE

REDEMPTION

SECTION 3.01 Applicability of Article.

     This Article shall apply to the Securities of each series, if any, that by
their terms are subject to redemption at the option of the Company or pursuant
to the operation of a sinking fund or otherwise are required to be redeemed
pursuant to the terms of the Securities. If the terms of any Security shall
conflict with any provision of this Article, the terms of such Security shall
govern.

SECTION 3.02 Notice to Trustee.

     The election of the Company to redeem any Securities shall be evidenced by
a Board Resolution. If the Company wants to redeem Securities of any series in
whole or in part pursuant to the terms of the Securities of that series, the
Company shall notify the Trustee of the Redemption Date therefor and the
principal amount and other terms and provisions of the Securities to be
redeemed. Each such notice shall be accompanied by an Officers’ Certificate of
the Company stating that any conditions to such redemption as provided in such
Security and in this Article have been complied with. If the Company elects to
redeem less than all of the

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Securities of a series with the same terms and provisions, the Company
shall notify the Trustee of such Redemption Date and of the principal amount of
such Securities to be redeemed and shall deliver to the Trustee such
documentation and records as shall enable the Trustee to select the Securities
to be redeemed pursuant to Section 3.03.

     If Securities of any series by their terms are redeemable pursuant to the
operation of a sinking fund or pursuant to another mandatory redemption
provision of the Securities, the Company shall notify the Trustee by an
Officers’ Certificate of the amount of the next sinking fund payment or amount
required to satisfy such mandatory redemption payment and the portion of such
payment which is to be satisfied by delivering and crediting Securities of the
same series pursuant to Section 3.06.

     If the Company wants to reduce pursuant to the terms of such Securities
the principal amount of Securities to be redeemed, it shall notify the Trustee
by Officers’ Certificate of the amount of the reduction and the basis for it.
If the Company wants to credit against any such redemption Securities of the
same series it has not previously delivered to the Trustee for cancellation, it
shall deliver the Securities with such Officers’ Certificate.

     The Company shall give each notice and an Officers’ Certificate provided
for in this Section at least 45 days before the applicable Redemption Date
(unless shorter notice is satisfactory to the Trustee or a shorter or longer
notice is required by the applicable Security).

SECTION 3.03 Selection of Securities to Be Redeemed.

     If less than all the Securities of a series with the same terms and
provisions are to be redeemed, the Trustee shall select the Securities to be
redeemed by a method the Trustee considers fair and appropriate. The Trustee
shall make the selection from such Securities Outstanding not previously called
for redemption. The Trustee may select for redemption portions of the principal
of Registered Securities of such series that have denominations larger than the
minimum authorized denominations for Registered Securities of that series.
Securities and portions thereof the Trustee selects shall be in amounts equal
to the smallest authorized denominations or an integral multiple thereof.
Provisions of this Indenture that apply to Securities called for redemption
also apply to portions of Registered Securities called for redemption.

     The Trustee shall promptly notify the Company and the Registrar (if other
than itself) in writing of the Securities selected for redemption and, in the
case of any Securities selected for partial redemption, the principal amount
thereof to be redeemed.

     For all purposes of this Indenture, unless the context otherwise requires,
all provisions relating to the redemption of Securities shall relate, in the
case of any Securities redeemed or to be redeemed only in part, to the portion
of the principal of such Securities which has been or is to be redeemed.

SECTION 3.04 Notice of Redemption.

     At least 30 days but not more than 60 days before a Redemption Date
(unless a shorter or longer period is specified in the Securities to be
redeemed), the Company shall give notice of such redemption to the Holders of
the Securities to be redeemed as a whole or in part, with

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respect to Registered Securities, by mailing a notice of such redemption
by first-class mail to each Holder of Registered Securities to be redeemed and,
with respect to Bearer Securities, by publishing in an Authorized Newspaper
notice of such redemption on two separate days.

     The notice shall identify the Securities to be redeemed and shall state:

     (1) the Redemption Date;

     (2) the Redemption Price, including premium, if any, accrued interest and
Additional Amounts, if any;

     (3) if less than all Securities of a series Outstanding are to be
redeemed, the identification (and, if any Security is to be redeemed in part,
the principal amount) of the particular Securities to be redeemed;

     (4) the name or names and address or addresses of the Paying Agent;

     (5) that Securities called for redemption must be surrendered to the
Paying Agent to collect the Redemption Price, including premium, if any,
accrued interest and Additional Amounts, if any;

     (6) that interest on Securities called for redemption ceases to accrue on
and after the Redemption Date;

     (7) that the redemption is pursuant to a sinking fund, if such is the
case;

     (8) the Place or Places of Payment where such Securities are to be
surrendered for payment for the Redemption Price; and

     (9) the CUSIP number, if any, of the Securities.

     At the Company’s request, the Trustee shall give the notice of redemption
in the Company’s name and at the Company’s expense.

SECTION 3.05 Effect of Notice of Redemption.

     Once notice of redemption is given pursuant to Section 3.04, Securities
called for redemption shall become due and payable on the Redemption Date
therefor and at the applicable Redemption Price. Upon surrender to the Paying
Agent for such Securities of such Securities together with all unmatured
coupons, if any, appertaining thereto, such Securities shall be paid at the
applicable Redemption Price, plus accrued interest to the Redemption Date and
any Additional Amounts payable with respect thereto; provided, however, that
any regular payment of interest and any Additional Amounts payable with respect
thereto becoming due on the Redemption Date shall be payable, in the case of
Bearer Securities, to bearers of the coupons for such interest and Additional
Amounts upon surrender thereof and in the case of Registered Securities to the
Holders of such Securities in accordance with their terms.

     If any Bearer Security surrendered for redemption shall not be accompanied
by all appurtenant coupons maturing after the Redemption Date, such Security
may be paid after

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deducting from the Redemption Price an amount equal to the face amount of
all such missing coupons, or the surrender of each missing coupon or coupons
may be waived by the Company and the Trustee if there shall be furnished to
them such security or indemnity as they may require to save each of them and
any Paying Agent for such Security harmless. If thereafter the Holder of such
Security shall surrender to the Trustee or any Paying Agent for such Security
any such missing coupon in respect of which a deduction shall have been made
from the Redemption Price, such Holder shall be entitled to receive the amount
so deducted; provided, however, that interest (and any Additional Amounts)
represented by coupons shall be payable only upon presentation and surrender of
these coupons at an office or agency located outside of the United States
except as otherwise provided in Section 4.02.

SECTION 3.06 Deposit of Redemption Price or Securities.

     On or before the Redemption Date, the Company shall deposit with the
applicable Paying Agent (or if the Company is its own Paying Agent, shall
segregate and hold in trust) money sufficient to pay the Redemption Price of
and accrued interest and Additional Amounts, if any, on all Securities to be
redeemed on that date.

     If any Security by its terms permits any sinking fund payment obligation
to be satisfied by delivering and crediting Securities, the Company shall
deliver such Securities to the Trustee for crediting against such payment
obligation in accordance with the terms of such Securities and this Indenture.

SECTION 3.07 Securities Redeemed in Part.

     Upon surrender of a Security that is redeemed in part at any office or
agency maintained by the Company pursuant to Section 4.02, the Company shall
execute and the Trustee shall authenticate for the Holder a new Security of the
same series equal in principal amount to the unredeemed portion of the Security
surrendered.

     If a Security in global form is surrendered upon redemption in part, the
Company shall execute, and the Trustee shall authenticate and deliver to the
U.S. Depository or other Depository for such Security in global form as shall
be specified in the Company Order to the Trustee with respect thereto, without
service charge, a new Security in global form in a denomination equal to and in
exchange for the unredeemed portion of the principal of the Security in global
form so surrendered.

ARTICLE FOUR

COVENANTS

SECTION 4.01 Payment of Securities.

     The Company shall pay the principal of and any interest or Additional
Amounts, if any, on the Securities of each series on the dates and in the
manner provided in the Securities, any coupons appertaining thereto and this
Indenture. At the Company’s option, it can pay any interest or Additional
Amounts, if any, on Registered Securities of any series by mailing checks or
drafts to the Holders of such Securities at their addresses as shown in the
Security Register. Any interest due on and any Additional Amounts payable in
respect of Bearer Securities on or before

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their maturity, in respect of the principal of such a Security shall be
payable only upon presentation and surrender of the several coupons for such
interest installments as are evidenced thereby as they severally mature.

     The Company shall pay interest on overdue principal of any Security at the
rate borne by such Security; it shall pay interest on overdue installments of
interest or Additional Amounts, if any, at the same rate to the extent lawful.

     In case a Bearer Security of any series is surrendered in exchange for a
Registered Security of such series after the close of business (at an office or
agency in a Place of Payment for such series) on any record date established to
determine the Person to whom interest or Additional Amounts are payable on the
next following interest payment date therefor and before the opening of
business (at such office or agency) on such interest payment date, such Bearer
Security shall be surrendered without the coupon relating to such interest
payment date and interest will not be payable on such interest payment date in
respect of the Registered Security issued in exchange of such Bearer Security,
but will be payable only to the Holder of such coupon when due in accordance
with the provisions of this Indenture.

SECTION 4.02 Maintenance of Office or Agency.

     The Company shall maintain in each Place of Payment for any series of
Securities an office or agency where Securities of that series (but not Bearer
Securities, except as otherwise provided below, unless such Place of Payment is
located outside the United States) may be presented or surrendered for payment,
where Securities of that series may be surrendered for registration of transfer
or exchange and where notices and demands to or upon the Company in respect of
the Securities of that series and this Indenture may be served.

     If Securities of a series are issuable as Bearer Securities, the Company
shall maintain, subject to any laws or regulations applicable thereto, an
office or agency in a Place of Payment for such series which is located outside
the United States where Securities of such series and the related coupons may
be presented and surrendered for payment (including payment of any Additional
Amounts payable on Securities of such series); provided, however, that if the
Securities of such series are listed on The International Stock Exchange of the
United Kingdom and the Republic of Ireland Limited or the Luxembourg Stock
Exchange or any other stock exchange located outside the United States and such
stock exchange shall so require, the Company will maintain a Paying Agent in
London, Luxembourg or any other city so required located outside the United
States, as the case may be, so long as the Securities of such series are listed
on such exchange. The Company will give prompt written notice to the Trustee of
the location, and any change in the location, of such office or agency. If at
any time the Company shall fail to maintain any such required office or agency
or shall fail to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee, except that Bearer Securities of that
series and the related coupons may be presented and surrendered for payment
(including payment of any Additional Amounts payable on Bearer Securities of
that series) at the place specified for that purpose pursuant to Section 2.01.

     Except as otherwise provided in the form of Bearer Security of any
particular series pursuant to the provisions of this Indenture, no payment of
principal or interest or Additional

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Amounts on Bearer Securities shall be made at any office or agency of the
Company in the United States or by check mailed to any address in the United
States or by transfer to an account maintained with a bank located in the
United States; provided, however, payment of principal of and interest in U.S.
dollars (including Additional Amounts payable in respect thereof) on any Bearer
Security may be made at the office of the Paying Agent in the Borough of
Manhattan, The City of New York, New York, or in the City of Chicago, State of
Illinois if (but only if) payment of the full amount of such principal,
interest or Additional Amounts at all offices outside the United States
maintained for that purpose by the Company in accordance with this Indenture is
illegal or effectively precluded by exchange controls or other similar
restrictions.

     The Company may from time to time designate one or more other offices or
agencies where the Securities of one or more series may be presented or
surrendered for any or all such purposes and may from time to time rescind such
designations; provided, however, that no such designation or rescission shall
in any manner relieve the Company of its obligation to maintain an office or
agency in each Place of Payment for Securities of any series for such purposes.
The Company will give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any such other
office or agency.

SECTION 4.03 Money for Securities Payments to Be Held in Trust.

     If the Company shall at any time act as its own Paying Agent with respect
to any series of Securities, it shall, on or before each due date of the
principal of, or interest or Additional Amounts on, any of the Securities of
that series, segregate and hold in trust for the benefit of the Person entitled
thereto a sum sufficient to pay the principal or interest or Additional Amounts
so becoming due until such sums shall be paid to such Persons or otherwise
disposed of as herein provided, and shall promptly notify the Trustee of its
action or failure so to act.

     Whenever the Company shall have one or more Paying Agents for any series
of Securities, it will, on or prior to each due date of the principal of, or
interest or Additional Amounts on, any Securities of that series, deposit with
any Paying Agent a sum sufficient to pay the principal or interest and
Additional Amounts so becoming due, such sum to be held in trust for the
benefit of the Persons entitled to such principal, interest or Additional
Amounts, and (unless such Paying Agent is the Trustee) the Company shall
promptly notify the Trustee of its action or failure so to act.

     The Company shall cause each Paying Agent for any series of Securities
other than the Trustee to execute and deliver to the Trustee an instrument in
which such Paying Agent shall agree with the Trustee, subject to the provisions
of this Section, that such Paying Agent shall:

     (1) hold all sums held by it for the payment of the principal of or
interest or any Additional Amounts on Securities of that series in trust for
the benefit of the Persons entitled thereto until such sums shall be paid to
such Persons or otherwise disposed of as herein provided;

     (2) give the Trustee notice of any Default by the Company in the making
of any payment of principal or interest or any Additional Amounts on the
Securities of that series; and

     (3) at any time during the continuance of any such Default, upon the
written request of the Trustee, forthwith pay to the Trustee all sums so held
in trust by such Paying Agent.

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     The Company may at any time, for the purpose of obtaining the satisfaction
and discharge of this Indenture or for any other purpose, pay, or direct any
Paying Agent to pay, to the Trustee all sums held in trust by the Company or
such Paying Agent, such sums to be held by the Trustee upon the same terms as
those upon which such sums were held by the Company or such Paying Agent; and,
upon such payment by any Paying Agent to the Trustee, such Paying Agent shall
be released from all further liability with respect to such money.

     Except as otherwise provided in the form of Securities of any particular
series pursuant to the provisions of this Indenture, any money deposited with
the Trustee or any Paying Agent, or then held by the Company, in trust for the
payment of the principal of or interest or any Additional Amounts on any
Security of any series and remaining unclaimed for one year after such
principal or interest has or Additional Amounts have become due and payable
shall be paid to the Company upon receipt of a Company Order to that effect, or
(if then held by the Company) shall be discharged from such trust; and the
Holder of such Security or any coupon appertaining thereto shall thereafter, as
an unsecured general creditor, look only to the Company for payment thereof,
and all liability of the Trustee or such Paying Agent with respect to such
trust money, and all liability of the Company as trustee thereof, shall
thereupon cease; provided, however, that the Trustee or such Paying Agent,
before being required to make any such repayment, may at the expense of the
Company cause to be published once, in an Authorized Newspaper in each Place of
Payment or to be mailed to Holders of Registered Securities, or both, notice
that such money remains unclaimed and that, after a date specified therein,
which shall not be less than 30 days from the date of such publication or
mailing nor shall it be later than one year after such principal or interest or
Additional Amount has become due and payable, any unclaimed balance of such
money then remaining shall be repaid to the Company.

SECTION 4.04 SEC Reports.

     The Company shall file with the Trustee within 15 days after it files them
with the SEC copies of the annual reports and of the information, documents and
other reports (or copies of such portions of any of the foregoing as the SEC
may by rules and regulations prescribe) which the Company is required to file
with the SEC pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934, as amended. The Company also shall comply with the other provisions of
TIA § 314(a).

SECTION 4.05 Statement as to Compliance.

     (a) The Company shall deliver to the Trustee, within 120 days after the
end of each fiscal year, commencing December 31, 1994, a written statement,
which need not comply with Section 13.05 hereof, signed by a principal
executive officer, principal financial officer or principal accounting officer
stating, as to the signer thereof, that

     (1) a review of the activities of the Company during such year and of
performance under this Indenture has been made under his supervision, and

     (2) to the best of his knowledge, based on such review, (a) the Company
has fulfilled its obligations under this Indenture throughout such year, or,
if there has been a default in the fulfillment of any such obligation,
specifying each such default known to him and the nature and status thereof,
and (b) no event has occurred and is continuing which is, or after

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notice or
lapse of time or both would become, an Event of Default, or, if such an event
has
occurred and is continuing, specifying each such event known to him and
the nature and status thereof.

     (b) The Company shall deliver to the Trustee, within thirty days after the
Company obtains knowledge of the occurrence thereof, written notice of any
Default.

SECTION 4.06 Limitations on Liens on Stock of Restricted Subsidiaries.

     The Company will not, and will not permit any Restricted Subsidiary to,
issue, assume or guarantee any debt for money borrowed (hereafter in this
Section referred to as “Debt”) secured by a mortgage, security interest,
pledge, lien or other encumbrance upon any shares of stock of any Restricted
Subsidiary (whether such shares of stock are now owned or hereafter acquired)
without in any such case effectively providing concurrently with the issuance,
assumption or guarantee of any such Debt that the Securities (together with, if
the Company shall so determine, any other indebtedness of or guarantee by the
Company ranking equally with the Securities and then existing or thereafter
created) shall be secured equally and ratably with such Debt.

SECTION 4.07 Limitations on Issue or Disposition of Stock of Restricted Subsidiaries.

     The Company will not, and will not permit any Restricted Subsidiary to,
issue, sell, assign, transfer or otherwise dispose of, directly or indirectly,
any of the Capital Stock (other than nonvoting preferred stock) of any
Restricted Subsidiary (except to the Company or to one or more Restricted
Subsidiaries or for the purpose of qualifying directors); provided, however,
that this covenant shall not apply if:

     (1) all or any part of such Capital Stock is sold, assigned, transferred
or otherwise disposed of in a transaction for consideration which is at least
equal to the fair value of such Capital Stock, as determined by the Board of
Directors (acting in good faith); or

     (2) the issuance, sale, assignment, transfer or other disposition is
required to comply with the order of a court or regulatory authority of
competent jurisdiction, other than an order issued at the request of the
Company or of one of its Restricted Subsidiaries.

SECTION 4.08 Waiver of Certain Covenants.

     The Company may omit in any particular instance, to comply with any
covenant or condition set forth in Sections 4.06 or 4.07, if before or after
the time for such compliance the Holders of at least a majority in principal
amount of all Outstanding Securities, and the Holders of at least a majority in
principal amount of the Outstanding Securities of each series to be affected,
shall either waive such compliance in such instance or generally waive
compliance with such covenant or condition, but no such waiver shall extend to
or affect such covenant or condition except to the extent so expressly waived,
and, until such waiver shall become effective, the obligations of the Company
and the duties of the Trustee in respect of any such covenant or condition
shall remain in full force and effect.

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ARTICLE FIVE

SUCCESSOR CORPORATION AND ASSUMPTION

SECTION 5.01 When Company May Merge, etc.

     The Company shall not consolidate with or merge into, or sell, lease or
convey all or substantially all of its assets to, another Corporation unless
the successor or transferee Corporation expressly assumes by supplemental
indenture, in form satisfactory to the Trustee, all the obligations of the
Company with respect to the Securities and this Indenture, and the Company or
successor Corporation, as the case may be, (i) shall be a Corporation organized
under the laws of one of the states in the United States and (ii) shall not,
immediately after such consolidation or merger or sale, lease or conveyance, be
in default in the performance of any covenant or condition with respect to the
Securities or the Indenture. The Company shall deliver to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that such
consolidation, merger or transfer and such supplemental indenture comply with
this Indenture. Thereafter all such obligations of the predecessor corporation
shall terminate.

SECTION 5.02 Successor Corporation Substituted.

     Upon any consolidation or merger, or any sale, lease or conveyance of all
or substantially all of the assets of the Company in accordance with Section
5.01, the successor Corporation formed by such consolidation or into which the
Company is merged or to which such transfer is made shall succeed to, and be
substituted for, and may exercise every right and power of, the Company under
this Indenture with the same effect as if such successor Corporation had been
named as the Company herein.

ARTICLE SIX

DEFAULTS AND REMEDIES

SECTION 6.01 Events of Default.

     An “Event of Default” occurs with respect to the Securities of any series
upon:

     (a) default in the payment of any installment of interest upon or any
Additional Amounts payable in respect of any of the Securities of such series
as and when the same shall become due and payable, and continuance of such
default for a period of 30 days; or

     (b) default in the payment of all or any part of the principal on any of
the Securities of such series as and when the same shall become due and payable
either at maturity, upon redemption, by declaration or otherwise (except the
failure to make payment when due and payable if such failure results solely
from nonpayment by reason of mistake, oversight or transfer difficulties and
does not continue beyond 3 Business Days after the day on which such payment is
due and payable); or

     (c) default in the payment of any sinking fund installment as and when the
same shall become due and payable by the terms of the Securities of such series
(except the failure to make payment when due and payable if such failure
results solely from nonpayment by reason of

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mistake, oversight or transfer difficulties and does not continue beyond 3
Business Days after the day on which such payment is due and payable); or

     (d) default in the performance, or breach, of any covenant or warranty of
the Company in respect of the Securities of such series (other than a covenant
or warranty in respect of the Securities of such series a default in whose
performance or whose breach is elsewhere in this Section specifically dealt
with), and continuance of such default or breach for a period of 60 days after
there has been given, by registered or certified mail, to the Company by the
Trustee or to the Company and Trustee by the Holders of at least 25% in
principal amount of the Outstanding Securities (determined pursuant to Section
2.08) of all series affected thereby, a written notice specifying such default
or breach and requiring it to be remedied and stating that such notice is a
“Notice of Default” hereunder; or

     (e) a court having jurisdiction in the premises entering a decree or order
for relief in respect of the Company in an involuntary case under the
Bankruptcy Law now or hereafter in effect, or appointing a receiver,
liquidator, assignee, custodian, trustee or sequestrator (or similar official)
of the Company or for any substantial part of its property or ordering the
winding up or liquidation of its affairs, and such decree or order shall remain
unstayed and in effect for a period of 60 consecutive days; or

     (f) the Company commencing a voluntary case under any applicable
Bankruptcy Law now or hereafter in effect, or consent to the entry of an order
for relief in an involuntary case under any such law, or consent to the
appointment of or taking possession by a receiver, liquidator, assignee,
custodian, trustee or sequestrator (or similar official) of the Company or for
any substantial part of its property, or making any general assignment for the
benefit of creditors; or

     (g) any other Event of Default provided in the supplemental indenture or
Board Resolutions under which such series of Securities is issued or in the
form of Security for such series.

If an Event of Default described in clause (a), (b), (c) or (d) above (if the
Event of Default under clause (d) is with respect to less than all series of
Securities then Outstanding) occurs and is continuing, then, and in each and
every such case, unless the principal of all of the Securities of such series
shall have already become due and payable, either the Trustee or the Holders of
not less than 25% in aggregate principal amount of the Securities of such
series then Outstanding hereunder (each such series voting as a separate class)
by notice in writing to the Company (and to the Trustee if given by
Securityholders), may declare the entire principal (or, if the Securities of
such series are Original Issue Discount Securities, such portion of the
principal amount as may be specified in the terms of such series) of all
Securities of such series and the interest accrued thereon and Additional
Amounts payable in respect thereof, if any, to be due and payable immediately,
and upon any such declaration the same shall become immediately due and
payable. If an Event of Default described in Clause (d) (if the Event of
Default under clause (d) is with respect to all series of Securities then
Outstanding), (e) or (f) occurs and is continuing, then and in each and every
such case, unless the principal of all the Securities shall have already become
due and payable, either the Trustee or the Holders of not less than 25% in
aggregate principal amount of all the Securities then Outstanding hereunder
(treated as one class), by notice in writing to the Company (and to the Trustee
if given by Securityholders), may declare the

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entire principal (or, if any Securities are Original Issue Discount Securities,
such portion of the principal as may be specified in the terms thereof) of all
the Securities then Outstanding and interest accrued thereon and Additional
Amounts payable in respect thereof, if any, to be due and payable immediately,
and upon any such declaration the same shall become immediately due and
payable.

     The foregoing provisions, however are subject to the condition that if, at
any time after the principal (or, if the Securities are Discount Securities,
such portion of the principal as may be specified in the terms thereof) of the
Securities of any series (or of all the Securities, as the case may be) shall
have been so declared due and payable, and before any judgment or decree for
the payment of the moneys due shall have been obtained or entered as
hereinafter provided, the Company shall pay or shall deposit with the Trustee a
sum sufficient to pay all matured installments of interest upon and any
Additional Amounts payable in respect of all the Securities of such series (or
of all the Securities, as the case may be) and the principal of any and all
Securities of such series (or of all the Securities, as the case may be) which
shall have become due otherwise than by acceleration (with interest upon such
principal and, to the extent that payment of such interest is enforceable under
applicable law, on overdue installments of interest or any Additional Amounts,
at the same rate as the rate of interest or Yield to Maturity (in the case of
Original Issue Discount Securities) specified in the Securities of such series
(or at the respective rates of interest or Yields to Maturity of all the
securities, as the case may be, to the date of such payment or deposit) and
such amount as shall be sufficient to cover reasonable compensation to the
Trustee, its agents, attorneys and counsel, and all other expenses and
liabilities incurred, and all advances made, by the trustee except as a result
of negligence or bad faith, and if any and all Events of Default under the
Indenture, other than the non-payment of the principal of Securities which
shall have become due by acceleration, shall have been cured, waived or
otherwise remedied as provided herein — then the Holders of a majority in
aggregate principal amount of all the Securities of such series, each series
voting as a separate class (or of all the Securities, as the case may be,
voting as a single class) then Outstanding, by written notice to the Company
and to the Trustee, may waive all defaults with respect to such series (or with
respect to all the Securities, as the case may be) and rescind and annul such
declaration and its consequences, but no such waiver or rescission and
annulment shall extend to or shall affect any subsequent default or shall
impair any right consequent thereon.

     For all purposes under this Indenture, if a portion of the principal of
any Original Issue Discount Securities shall have been accelerated and declared
due and payable pursuant to the provisions hereof, then, from and after such
declaration, unless such declaration has been rescinded and annulled, the
principal amount of such Original Issue Discount Securities shall be deemed,
for all purposes hereunder, to be such portion of the principal thereof as
shall be due and payable as a result of such acceleration, and payment of such
portion of the principal thereof as shall be due and payable as a result of
such acceleration, together with interest, if any, thereon and all other
amounts owing thereunder, shall constitute payment in full or such Original
Issue Discount Securities.

SECTION 6.02 Collection of Indebtedness by Trustee; Trustee May Prove Debt.

     The Company covenants that (a) in the case default shall be made in the
payment of any installment of interest on or any Additional Amounts payable in
respect of any of the Securities of any series when such interest or Additional
Amounts shall have continued for a period of 30

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days or (b) in case principal shall have become due and payable, and such
default shall be made in the payment of all or any part of the principal of any
of the Securities of any series when the same shall have become due and
payable, whether upon maturity of the Securities of such series, or upon any
redemption or by declaration or otherwise — then, upon demand of the Trustee,
the Company will pay to the Trustee for the benefit of the Holders of the
Securities of such series the whole amount that then shall have become due and
payable on all Securities of such series, and such coupons, for principal,
interest or Additional Amounts, if any, as the case may be (with interest to
the date of such payment upon the overdue installments of interest or any
Additional Amounts at the same rate as the rate of interest or Yield to
Maturity (in the case of Original Issue Discount Securities) specified in the
Securities of such series); and, in addition thereto, such further amount as
shall be sufficient to cover the costs and expenses of collection including
reasonable compensation to the Trustee and each predecessor Trustee, their
respective agents, attorneys and counsel, and any expenses and liabilities
incurred, and all advances made, by the Trustee and each predecessor Trustee
except as a result of its negligence or bad faith.

     In case the Company shall fail forthwith to pay such amounts upon such
demand, the Trustee, in its own name and as trustee of an express trust, shall
be entitled and empowered to institute any action or proceeding at law or in
equity for the collection of the sums so due and unpaid, and may prosecute any
such action or proceedings to judgment or final decree, and may enforce any
such judgment or final decree against the Company or other obligor upon such
Securities and collect in the manner provided by law out of the property of the
Company or other obligor upon such Securities, wherever situated, the moneys
adjudged or decreed to be payable.

     In case there shall be pending proceedings relative to the Company or any
other obligor upon the Securities under Bankruptcy Law, or in case a receiver,
assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator
or similar official shall have been appointed for or taken possession of the
Company or its property or such other obligor, or in case of any other
comparable judicial proceedings relative to the Company or other obligor upon
the Securities or any series, or to the creditors or property of the Company or
such other obligor, the Trustee, irrespective of whether the principal of any
Securities shall then be due and payable as therein expressed or by declaration
or otherwise and irrespective of whether the Trustee shall have made any demand
pursuant to the provisions of this Section, shall be entitled and empowered, by
intervention in such proceedings or otherwise:

(a) to file and prove a claim or claims for the whole amount of
principal, interest (or, if the Securities of any series are Original
Issue Discount Securities, such portion of the principal amount as may be
specified in the terms of such series) and any Additional Amounts owing
and unpaid in respect of the Securities of any series, and to file such
other papers or documents as may be necessary or advisable in order to
have the claims of the Trustee (including any claim for reasonable
compensation to the Trustee and each predecessor Trustee, and their
respective agents, attorneys and counsel, and for reimbursement of all
expenses and liabilities incurred, and all advances made, by the Trustee
and each predecessor Trustee, except as a result of negligence or bad
faith) and of the Securityholders allowed in any judicial proceedings
relative to the Company or other obligor upon the Securities of any
series, or to the creditors or property of the Company or such other
obligor,

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(b) unless prohibited by applicable law and regulations, to vote on
behalf of the Holders of the Securities of any series in any election of
a trustee or a standby trustee in arrangement, reorganization,
liquidation or other bankruptcy or insolvency proceedings or person
performing similar functions in comparable proceedings, and

(c) to collect and receive any moneys or other property payable or
deliverable on any such claims, and to distribute all amounts received
with respect to the claims of the Securityholders and of the Trustee on
their behalf; and any trustee, receiver, or liquidator, custodian or
other similar official is hereby authorized by each of the
Securityholders to make payments to the Trustee, and in the event that
the Trustee shall consent to the making of payments directly to the
Securityholders, to pay to the Trustee such amounts as shall be
sufficient to cover reasonable compensation to the Trustee, each
predecessor trustee and their respective agents, attorneys and counsel,
and all other expenses and liabilities incurred, and all advances made,
by the trustee and each predecessor Trustee except as a result of
negligence or bad faith and all other amounts due to the Trustee or any
predecessor Trustee under this Indenture.

     Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or vote for or accept or adopt on behalf of any
Securityholder any plan of reorganization, arrangement, adjustment or
composition affecting the Securities of any series or the rights of any Holder
thereof, or to authorize the Trustee to vote in respect of the claim of any
Securityholder in any such proceeding except, as aforesaid, to vote for the
election of a trustee in bankruptcy or similar person.

     All rights of action and of asserting claims under this Indenture, or
under any of the Securities of any series or coupons appertaining to such
Securities, may be enforced by the Trustee without the possession of any of the
Securities of such series or coupons appertaining to such Securities or the
production thereof at any trial or other proceedings relative thereto, and any
such action or proceedings instituted by the Trustee shall be brought in its
own name as trustee of an express trust, and any recovery or judgment, subject
to the payment of the expenses, disbursements and compensation of the Trustee,
each predecessor Trustee and their respective agents and attorneys, shall be
for the ratable benefit of the Holders of the Securities or of coupons
appertaining to such Securities in respect of which action was taken.

     In any proceedings brought by the Trustee (and also any proceedings
involving the interpretation of any provision of this Indenture to which the
Trustee shall be a party) the Trustee shall be held to represent all the
Holders of the Securities or coupons appertaining to such Securities in respect
to which such action was taken, and it shall not be necessary to make any
Holders of such Securities or coupons appertaining to such Securities parties
to any such proceedings.

SECTION 6.03 Application of Proceeds.

     Any moneys collected by the Trustee pursuant to this Article with respect
to the Securities of any series shall be applied in the following order at the
date or dates fixed by the Trustee and, in case of the distribution of such
moneys on account of principal, interest or any Additional Amounts, upon
presentation of the several Securities and coupons appertaining to such
Securities in respect of which monies have been collected and stamping (or
otherwise

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noting) thereof the payment, or issuing Securities of such series in
reduced principal amounts in
exchange for the presented Securities of like series if only partially
paid, or upon surrender thereof if fully paid.

     FIRST: to the Trustee and any predecessor Trustee for amounts due
under Section 7.07.

     SECOND: to the Holders of Securities of such series or coupons
appertaining thereto for amounts due and unpaid on the Securities and
coupons for principal, interest and Additional Amounts, ratably, without
preference or priority of any kind, according to the amounts due and
payable on the Securities and coupons for principal, interest and
Additional Amounts, respectively; and

     THIRD:to the Person or Persons lawfully entitled thereto.

SECTION 6.04 Suits for Enforcement.

     In case an Event of Default has occurred, has not been waived and is
continuing, the Trustee may in its discretion proceed to protect and enforce
the rights vested in it by this Indenture by such appropriate judicial
proceedings as the Trustee shall deem most effectual to protect and enforce any
of such rights, either at law or in equity or in bankruptcy or otherwise,
whether for the specific enforcement of any covenant or agreement contained in
this Indenture or in aid of the exercise of any power granted in this Indenture
or to enforce any other legal or equitable right vested in the Trustee by this
Indenture or by law.

SECTION 6.05 Restoration of Rights on Abandonments of Proceedings.

     In case the Trustee shall have proceeded to enforce any right under this
Indenture and such proceedings shall have been discounted or abandoned for any
reason, or shall have been determined adversely to the Trustee, then and in
every such case the Company and the Trustee shall be restored respectively to
their former positions and rights hereunder, and all rights, remedies and
powers of the Company, the Trustee and the Securityholders shall continue as
though no such proceedings had been taken.

SECTION 6.06 Limitations on Suits by Securityholders.

     No Holder of any Security of any series or of any coupon appertaining
thereto shall have any right by virtue or by availing of any provision of this
Indenture to institute any action or proceeding at law or in equity or in
bankruptcy or otherwise upon or under or with respect to this Indenture, or for
the appointment of a trustee, receiver, liquidator, custodian or other similar
official or for any other remedy hereunder, unless such Holder previously shall
have given to the Trustee written notice of default and of the continuance
thereof, as hereinbefore provided, and unless also the Holders of not less than
25% in aggregate principal amount of the Securities of such series then
Outstanding shall have made written request upon the Trustee to institute such
action or proceedings in its own name as Trustee hereunder and shall have
offered to the Trustee such reasonable indemnity as it may require against the
costs, expenses and liabilities to be incurred therein or thereby and the
Trustee for 60 days after its receipt of such notice, request and offer of
indemnity shall have failed to institute any such action or proceeding and no
direction inconsistent with such written request shall have been given to the
Trustee, it being

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understood and intended, and being expressly covenanted by
the taker and Holder of every
Security or coupon with every other taker and Holder and the Trustee, that
no one or more Holders of Securities of any series or coupons appertaining to
such Securities shall have any right in any manner whatever by virtue or by
availing of any provision of this Indenture to affect, disturb or prejudice the
rights of any other such Holder of Securities or coupons appertaining to such
Securities, or to obtain or seek to obtain priority over or preference to any
other such Holder or to enforce any right under this Indenture, except in the
manner herein provided and for the equal, ratable and common benefit of all
Holders of Securities of the applicable series and coupons appertaining to such
Securities. For the protection and enforcement of the provisions of this
Section, each and every Securityholder and the Trustee shall be entitled to
such relief as can be given either at law or in equity.

SECTION 6.07 Unconditional Right of Securityholder to Institute Certain Suits.

     Notwithstanding any other provision in this Indenture and any provision of
any Security, the right of any Holder of any Security or coupon to receive
payment of the principal of, interest on and any Additional Amounts in respect
of such Security or coupon on or after the respective due dates expressed in
such Security or coupon, or to institute suit for the enforcement of any such
payment on or after such respective dates, shall not be impaired or affected
without the consent of such Holder.

SECTION 6.08 Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default.

     Except as provided in Section 6.06, no right or remedy herein conferred
upon or reserved to the Trustee or to the Holders of Securities or coupons is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at
law or in equity or otherwise. The assertion or employment of any right or
remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

     No delay or omission of the Trustee or of any Holder of Securities or
coupons to exercise any right or power accruing upon any Event of Default
occurring and continuing as aforesaid shall impair any such right or power or
shall be construed to be a waiver of any such Event of Default or an
acquiescence therein; and, subject to Section 6.06, every power and remedy
given by this Indenture or by law to the Trustee or to the Holders of
Securities or coupons may be exercised from time to time, and as often as shall
be deemed expedient, by the Trustee or by the Holders of Securities or coupons.

SECTION 6.09 Control by Holders of Securities.

     The Holders of a majority in aggregate principal amount of the Securities
of each series affected (with each series voting as a separate class) at the
time Outstanding shall have the right to direct the time, method, and place of
conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred on the Trustee with respect to the
Securities of such series by this Indenture; provided that such direction shall
not be otherwise than in accordance with law and the provisions of this
Indenture and provided further that

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(subject to the provisions of Section 6.01)
the Trustee shall have the right to decline to follow any such direction if the
Trustee, being advised by counsel, shall determine that the action or
proceeding so directed may not lawfully be taken or if the Trustee in good
faith by its board of directors, the executive committee, or a trust committee
of two or more directors or responsible officers of the Trustee, which may
include Trust Officers, shall determine that the action or proceedings so
directed would involve the Trustee in personal liability or if the Trustee in
good faith shall so determine that the actions or forebearances specified in or
pursuant to such direction would be unduly prejudicial to the interests of
Holders of the Securities of all series so affected not joining in the giving
of said direction, it being understood that the Trustee shall have no duty to
ascertain whether or not such actions or forebearances are unduly prejudicial
to such Holders.

     Nothing in this Indenture shall impair the right of the Trustee in its
discretion to take any action deemed proper by the Trustee and which is not
inconsistent with such direction or directions by Securityholders.

SECTION 6.10 Waiver of Past Defaults.

     Prior to the declaration of the acceleration of the maturity of the
Securities of any series as provided in Section 6.01, the Holders of a majority
in aggregate principal amount of the Securities of such series at the time
Outstanding may on behalf of the Holders of all the securities of such series
waive any past default or Event of Default described in clause (c) of Section
6.01 (or, in the case of an event specified in clause (d) of Section 6.01 which
relates to less than all series of Securities then Outstanding, the Holders of
a majority in aggregate principal amount of the Securities then Outstanding
affected thereby (each series voting as a separate class) may waive any such
default or Event of Default, or, in the case of an event specified in clause
(d) (if the Event of Default under clause (d) relates to all series of
Securities then Outstanding), (e) or (f) of Section 6.01 the Holders of
Securities of a majority in principal amount of all the Securities then
Outstanding (voting as one class) may waive any such default or Event of
Default), and its consequences except a default in respect of a covenant or
provision hereof which cannot be modified or amended without the consent of the
Holder of each Security affected. In the case of any such waiver, the Company,
the Trustee and the Holders of the Securities of such series shall be restored
to their former positions and rights hereunder, respectively; but no such
waiver shall extend to any subsequent or other default or impair any right
consequent thereon.

     Upon any such waiver, such default shall cease to exist and be deemed to
have been cured and not to have occurred, and any Event of Default arising
therefrom shall be deemed to have been cured, and not to have occurred for
every purpose of this Indenture; but no such waiver shall extend to any
subsequent or other default or Event of Default or impair any right consequent
thereon.

SECTION 6.11 Trustee to Give Notice of Default, But May Withhold in Certain Circumstances.

     The Trustee shall, within ninety days after the occurrence of a default
with respect to the Securities of any series, give notice of all defaults with
respect to that series known to the Trustee (i) if any Bearer Securities of
that series are then Outstanding, to the Holders thereof, by

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publication at
least once in an Authorized Newspaper in the Place of Payment, (ii) if any
Bearer Securities of that series are then Outstanding, to all Holders thereof
who have filed their names and addresses with the Trustee, by mailing such
notice to such Holders at such addresses and (iii)
to all Holders of then Outstanding Registered Securities of that series,
by mailing such notice to such Holders at their addresses as they shall appear
in the registry books, unless in each case such defaults shall have been cured
before the mailing or publication of such notice the term “defaults”) for the
purpose of this Section being hereby defined to mean any event or condition
which is, or with notice or lapse of time or both would become, an Event of
Default); provided that, except in the case of default in the payment of the
principal of or interest or Additional Amounts, if any, on any of the
Securities of such series or in the payment of any sinking or purchase fund
installment, the Trustee shall be protected in withholding such notice if and
so long as the board of directors, the executive committee, or a trust
committee comprised of two or more directors or trustees and/or responsible
officers of the Trustee, which may include Trust Officers, in good faith
determines that the withholding of such notice is in the interests of the
Securityholders of such series.

SECTION 6.12 Right of Court to Require Filing of Undertaking to Pay Costs.

     All parties to this Indenture agree, and each Holder of any Security or
coupon by his acceptance thereof shall be deemed to have agreed, that any court
may in its discretion require, in any suit for the enforcement of any right or
remedy under this Indenture or in any suit against the Trustee for any action
taken, suffered or omitted by it as Trustee, the filing by any party litigant
in such suit (other than the Trustee) of an undertaking to pay the costs of
such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys’ fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made
by such party litigant; but the provisions of this Section shall not apply to
any suit instituted by the Trustee, to any suit instituted by any
Securityholder or group of Securityholders of any series holding in the
aggregate more than 10% in aggregate principal amount of the Outstanding
Securities of such series, or, in the case of any suit relating to or arising
under clause (d) of Section 6.01 (if the suit relates to Securities of more
than one but less than all series), 10% in aggregate principal amount of
Securities Outstanding affected thereby, or in the case of any suit relating to
or arising under clause (d) (if the suit under clause (d) relates to all the
Securities then Outstanding), (e) or (f) of Section 6.01, 10% in aggregate
principal amount of all Securities Outstanding, or to any suit instituted by
any Securityholder for the enforcement of the payment of the principal of or
interest on any Security on or after the due date expressed in such Security or
any date fixed for redemption.

     The Holders of a majority in principal amount of the Outstanding
Securities of such series by notice to the Company and the Trustee may rescind
an acceleration and its consequences if (i) all existing Events of Default with
respect to the Securities of such series, other than the non-payment of the
principal of the Securities which have become due solely by such declaration of
acceleration, have been cured or waived, (ii) the Company has paid or deposited
with the Trustee a sum sufficient to pay the whole amount then due and payable
on such Securities and any coupons appertaining thereto for principal and
interest and Additional Amounts, if any, with interest upon the overdue
principal and, to the extent that payment of such interest shall be legally
enforceable, upon overdue installments of interest or any Additional Amounts,
at the rate or rates borne by or provided for in such Securities, and, in
addition thereto, such further amount as shall be sufficient to cover the costs
and expenses of collection, including

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the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and (iii)
the rescission would not conflict with any judgment or decree. No such
rescission shall have any effect on any subsequent default or impair any
right consequent thereon.

ARTICLE SEVEN

TRUSTEE

SECTION 7.01 Duties of Trustee.

     (a) If an Event of Default has occurred and is continuing, the Trustee
shall exercise its rights and powers hereunder and use the same degree of care
and skill in its exercise as a prudent man would exercise or use under the
circumstances in the conduct of his own affairs.

     (b) Except during the continuance of an Event of Default:

     (1) The Trustee need perform only those duties that are specifically
set forth in this Indenture and no others.

     (2) In the absence of bad faith on its part, the Trustee may
conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions
furnished to the Trustee and conforming to the requirements of this
Indenture. The Trustee, however, shall examine the certificates and
opinions to determine whether or not they conform to the requirements of
this Indenture.

     (c) The Trustee may not be relieved from liability for its own negligent
action, its own negligent failure to act or its own willful misconduct, except
that:

     (1) This paragraph does not limit the effect of paragraph (b) of
this Section.

     (2) The Trustee shall not be liable for any error of judgment made
in good faith by a responsible officer or officers of the Trustee, which
may include Trust Officers, unless it is proved that the Trustee was
negligent in ascertaining the pertinent facts.

     (3) The Trustee shall not be liable with respect to any action it
takes or omits to take in good faith in accordance with a direction
received by it pursuant to Section 6.09.

     (d) Every provision of this Indenture that in any way relates to the
Trustee is subject to paragraphs (a), (b) and (c) of this Section.

     (e) The Trustee may refuse to perform any duty or exercise any right or
power unless it receives indemnity satisfactory to it against any loss,
liability or expense.

     (f) Money held by the Trustee in trust hereunder need not be segregated
except to the extent required by law. The Trustee shall not be liable for
interest on any money received by it except as the Trustee may agree with the
Company.

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     (g) The Trustee shall not be liable with respect to any action taken or
omitted to be taken or with respect to exercising any trust or power conferred
upon the Trustee, under this Indenture, by it in good faith in accordance with
the direction of the Holders of a majority in
principal amount of the Outstanding Securities of any series given
pursuant to Section 6.09 of this Indenture, relating to the time, method and
place of conducting any proceeding for any remedy available to the Trustee; and

     (h) No provision of this Indenture shall require the Trustee to expend or
risk its own funds or otherwise incur any financial liability other than for
its own negligence, willful misconduct or bad faith, in the performance of any
of its duties hereunder, or in the exercise of any of its rights or powers, if
it shall have reasonable grounds for believing that repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured to
it.

SECTION 7.02 Rights of Trustee.

     Except as provided in Section 7.01:

     (a) The Trustee may rely on any document believed by it to be genuine and
to have been signed or presented by the proper Person or Persons. The Trustee
need not investigate any fact or matter stated in the document.

     (b) Before the Trustee acts or refrains from acting, it may require an
Officers’ Certificate of the Company or an Opinion of Counsel. The Trustee
shall not be liable for any action it takes or omits to take in good faith and
in reliance on such Officers’ Certificate or Certificates or Opinion of
Counsel.

     (c) The Trustee may act through agents and shall not be responsible for
the misconduct or negligence of any agent appointed with due care.

     (d) The Trustee shall not be liable for any action it takes or omits to
take in good faith which it believes to be authorized or within its rights or
powers.

     (e) Any demand, request, direction or notice from the Company mentioned
herein shall, unless otherwise specifically provided, be sufficiently evidenced
by a Company Request or Company Order and any resolution of the Board of
Directors may be sufficiently evidenced by a Board Resolution.

     (f) The Trustee may consult with counsel of its selection and the advice
of such counsel or any Opinion of Counsel, shall be full and complete
authorization and protection in respect of any action taken, suffered or
omitted by it hereunder in good faith and in reliance thereon.

     (g) The Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture,
note, other evidence of indebtedness or other paper or document, but the
Trustee, in its discretion, may make such further inquiry or investigation into
such facts or matters as it may see fit, and, if the Trustee shall determine to
make such further inquiry or investigation, it shall be entitled to examine, to
the extent necessary and consistent

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with each inquiry or investigation, the
books, records and premises of the Company, personally or by agent or attorney.

SECTION 7.03 Individual Rights of Trustee.

     The Trustee in its individual or any other capacity may become the owner
or pledgee of Securities or coupons and may otherwise deal with the Company or
its Affiliates with the same rights it would have if it were not Trustee. Any
Agent may do the same with like rights. The Trustee, however, must comply with
Sections 7.10 and 7.11.

SECTION 7.04 Trustee’s Disclaimer.

     The Trustee makes no representation as to the validity or adequacy of this
Indenture or the Securities; it shall not be accountable for the Company’s use
of the Securities or the proceeds from the Securities; and it shall not be
responsible for any statement in the Securities other than its certificate of
authentication.

SECTION 7.05 Notice of Defaults.

     If a Default occurs and is continuing with respect to Securities and if it
is known to the Trustee, the Trustee shall give to each Holder of Securities of
any series to which such Default relates, in the manner and to the extent
provided in TIA Section 313(c), and otherwise as provided in Section 13.02 of
this Indenture, notice of the Default within 90 days after it occurs. Except in
the case of a Default in payment of principal of or interest or Additional
Amounts, if any, on a Security of any series, or in the payment of any sinking
or purchase fund installment, the Trustee may withhold the notice if and so
long as the board of directors of the Trustee, the executive committee or a
trust committee of directors and/or of responsible officers, which may include
Trust Officers, of the Trustee in good faith determines that withholding the
notice is in the interests of Holders of Securities of such series or the
coupon appertaining thereto.

SECTION 7.06 Reports by Trustee to Holders.

     Within 60 days after each May 15 beginning with the May 15 following the
date of this Indenture, the Trustee shall mail to each Securityholder a brief
report dated as of such May 15 that complies with TIA § 313(a). The Trustee
also shall comply with TIA § 313(b)(2). Reports to Holders pursuant to this
Section 7.06 shall be transmitted in the manner and to the extent provided in
TIA § 313(c).

     A copy of each report at the time of its mailing to Securityholders shall
be filed with the SEC and each stock exchange on which any Securities are
listed.

     The Company agrees to notify the Trustee whenever the Securities of any
series become listed on any stock exchange.

SECTION 7.07 Compensation and Indemnity.

     The Company shall pay to the Trustee from time to time such reasonable
compensation as the Company and the Trustee shall from time to time agree in
writing for all services rendered by it hereunder (which compensation shall not
be limited by any provision of law in regard to the

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compensation of a Trustee
of an express trust). The Company shall reimburse the Trustee and any
predecessor Trustee upon request for all reasonable out-of-pocket expenses and
advances incurred or made by it. Such expenses shall include the reasonable
compensation and expenses
and disbursements of the Trustee’s agents and counsel. The Company shall
indemnify each of the Trustee and any predecessor Trustee against any loss,
damage, claim, expense or liability (including legal fees and expenses)
incurred by it in connection with the acceptance and administration of the
trust and the performance of its duties hereunder, including the costs and
expenses and disbursements of defending itself against any claim or liability
in connection with the exercise or performance of any of its powers or duties
hereunder. The Trustee shall notify the Company promptly of any claim asserted
against it for which it may seek indemnity; provided, however, that the failure
to give the Company any notice of any claim shall not in any way affect the
rights of the Trustee hereunder to indemnification for such claim. The Company
need not reimburse any expense or indemnify against any loss or liability
incurred by the Trustee or any predecessor Trustee to the extent due to its own
negligence, willful misconduct or bad faith.

     To secure the Company’s payment obligations in this Section, the Trustee
shall have a lien prior to the Securities on all money or property held or
collected by the Trustee, except that held in trust to pay principal of or
interest or Additional Amounts, if any, on the Securities.

     When the Trustee incurs expenses or renders services after an Event of
Default specified in Section 6.01 (e) and (f) occurs, the expenses and the
compensation for services are intended to constitute expenses of administration
under any Bankruptcy Law. The term “Bankruptcy Law” means Title 11, U.S. Code.

     The provisions of this Section 7.07 shall survive termination of this
Indenture or the resignation and removal of the Trustee.

SECTION 7.08 Replacement of Trustee.

     The Trustee may resign by so notifying the Company. The Holders of a
majority in principal amount of the Outstanding Securities may remove the
Trustee by so notifying the removed Trustee and may appoint a successor Trustee
with respect to the Securities. The Company may by or pursuant to a Board
Resolution remove the Trustee with respect to all Securities if:

     (1) the Trustee fails to comply with Section 7.10;

     (2) the Trustee is adjudged bankrupt or insolvent;

     (3) a receiver or other public officer takes charge of the Trustee or its
property; or

     (4) the Trustee becomes incapable of acting.

     If the Trustee resigns or is removed or if a vacancy exists in the office
of Trustee for any reason, the Company shall promptly appoint a successor
Trustee.

     A successor Trustee shall deliver a written acceptance of its appointment
to the retiring Trustee and to the Company. As soon as possible after that, the
retiring Trustee shall, upon payment of its charges, transfer all property held
by it as Trustee to the successor Trustee, the

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resignation or removal of the
retiring Trustee shall become effective, and the successor Trustee shall have
all the rights, powers and duties of the Trustee under this Indenture. A
successor Trustee shall give notice of its succession to each Holder of
Securities.

     If a successor Trustee does not take office within 45 days after the
retiring Trustee resigns or is removed, the retiring Trustee, the Company or
the Holders of a majority in principal amount of the Outstanding Securities may
petition any court of competent jurisdiction for the appointment of a successor
Trustee.

     If the Trustee fails to comply with Section 7.10, any Securityholder may
petition any court of competent jurisdiction for the removal of the Trustee and
the appointment of a successor Trustee.

SECTION 7.09 Successor Trustee by Merger, etc.

     If the Trustee consolidates with, merges or converts into, or transfers
all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act shall be the
successor Trustee.

SECTION 7.10 Eligibility; Disqualification.

     This Indenture shall always have a Trustee who satisfies the requirements
of TIA § 310(a)(1). The Trustee shall have a combined capital and surplus of at
least $5,000,000 as set forth in its most recent published annual report of
condition. If any series of Securities is admitted to trading on the New York
Stock Exchange, Inc., or any successor thereto, the Trustee shall maintain an
office or agency in The Borough of Manhattan, The City of New York, New York as
long as such series of Securities shall be so admitted. The Trustee shall
comply with TIA § 310(b).

SECTION 7.11 Preferential Collection of Claims against Company.

     The Trustee shall comply with TIA § 311(a), excluding any creditor
relationship listed in TIA § 311(b). A Trustee who has resigned or been removed
shall be subject to TIA § 311(a) to the extent indicated.

ARTICLE EIGHT

DISCHARGE OF INDENTURE

SECTION 8.01 Termination of the Company’s Obligations.

     The Company may terminate all of its obligations under the Securities of
any series and this Indenture with respect to such series if all Securities of
such series previously authenticated and delivered (other than destroyed, lost
or stolen Securities of such series which have been replaced or paid) and all
coupons appertaining thereto (other than (i) coupons appertaining to Bearer
Securities surrendered for exchange for Registered Securities and maturing
after such exchange, whose surrender is not required or has been waived as
provided in Section 2.06, (ii) Securities and coupons which have been
destroyed, lost or stolen and which have been replaced or paid as provided in
Section 2.07, and (iii) Securities and coupons for whose payment money

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has
theretofore been deposited in trust or segregated and held in trust by the
Company and thereafter repaid to the Company or discharged from such trust, as
provided in Section 4.03 or 8.04) have been delivered to the Trustee for
cancellation or if:

     (1) the Securities of such series mature within one year or all of them
are to be called for redemption within one year under arrangements
satisfactory to the Trustee for giving the notice of redemption;

     (2) the Company irrevocably deposits in trust with the Trustee money or
Government Obligations sufficient to pay principal of and any interest and
Additional Amounts on the Securities of such series to maturity or redemption,
as the case may be (other than moneys paid to the Company or discharged from
trust in accordance with Section 4.03 or 8.04);

     (3) the Company shall have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of
this Indenture have been complied with.

     The Company’s obligations in Sections 2.03, 2.04, 2.05, 2.06, 2.07, 7.07,
7.08, and 8.03 with respect to the Securities of such series, however, shall
survive so long as any principal of, interest, if any, or any Additional
Amounts on the Securities of such series, and coupons appertaining thereto,
remains unpaid. Thereafter the Company’s obligations in Section 7.07 shall
survive.

     After a deposit of such moneys, and delivery of the Officers’ Certificate
and Opinion of Counsel required by clause (3) above, the Trustee upon request
shall acknowledge in writing the discharge of the Company’s obligations under
the Securities of such series and this Indenture with respect to the Securities
of such series except for those surviving obligations specified above.

SECTION 8.02 Termination of the Company’s Obligations under Certain Circumstances.

     Unless otherwise provided in a Board Resolution of the Company delivered
to the Trustee pursuant to Section 2.01 or an indenture supplemental hereto
with respect to the Securities of any series, the Company, at its option,
either (a) shall be deemed to have been Discharged (as defined below) from its
obligations with respect to the Securities of any series, and coupons
appertaining thereto, on the ninety-first day after the applicable conditions
set forth below have been satisfied or (b) shall cease to be under any
obligation to comply with any term, provision or condition set forth in
Sections 4.04, 4.05, 4.06 and 4.07 and Sections 6.01 and 6.02 as they relate to
Section 6.01(d), with respect to the Securities of any series and any coupons
appertaining thereto and any other covenants provided in the Board Resolution
of the Company (except Section 7.07) delivered to the Trustee pursuant to
Section 2.01 or an indenture supplemental hereto with respect to the Securities
of such series and any coupons appertaining thereto at any time after the
applicable conditions set forth below have been satisfied:

     (1) the Company shall have deposited or caused to be deposited
irrevocably with the Trustee as trust funds in trust, specifically pledged as
security for, and dedicated solely to, the benefit of the Holders of the
Securities of such series and any coupons appertaining thereto

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(A) money in an
amount, or (B) Government Obligations which through the payment of interest
and principal in respect thereof in accordance with their terms will provide,
not later than one day (or, if such day is a Legal Holiday, the first day
preceding such day which is not a Legal Holiday) before the due date of any
payment, money in an amount, or (C) a combination
of (A) and (B), sufficient, in the opinion of a recognized firm of
Independent Public Accountants selected by the Company expressed in a written
certification thereof delivered to the Trustee, to pay and discharge each
installment of principal (including mandatory sinking fund payments) of, and
interest, if any, and Additional Amounts, if any, on the Outstanding
Securities of such series on the dates such installments of principal,
interest, if any, and Additional Amounts, if any, are due (taking into account
any redemption pursuant to optional sinking fund payments notice of which
redemption is provided to the Trustee at the time of the deposit referred to
in this paragraph (1));

     (2) if the Securities of such series are then listed on the New York
Stock Exchange, the Company shall have delivered to the Trustee an Opinion of
Counsel to the effect that the Company’s exercise of its option under this
paragraph would not cause such Securities to be delisted;

     (3) no Event of Default, or event which with the giving of notice or
lapse of time, or both, would become an Event of Default, with respect to the
Securities of such series shall have occurred and be continuing on the date of
such deposit and the Company shall have furnished to the Trustee an Officers’
Certificate to such effect; and

     (4) the Company shall have delivered to the Trustee an Opinion of Counsel
to the effect that Holders of the Securities of such series will not recognize
income, gain or loss for United States Federal income tax purposes as a result
of the exercise of the option under this Section 8.02 and will be subject to
United States Federal income tax on the same amount and in the same manner and
at the same times as would have been the case if such option had not been
exercised, and, in the case of Securities being Discharged, such opinion shall
be accompanied by a private letter ruling to that effect received from the
United States Internal Revenue Service or a revenue ruling pertaining to a
comparable form of transaction to that effect published by the United States
Internal Revenue Service.

     “Discharged” means, for purposes of this Section 8.02, that the Company
shall be deemed to have paid and discharged the entire indebtedness represented
by, and obligations under, the Securities of any series and to have satisfied
all the obligations under this Indenture relating to the Securities of such
series (and the Trustee, at the expense of the Company, shall execute such
instruments as may be requested by the Company acknowledging the same), except
(A) the rights of Holders of Securities of such series or the coupons, if any,
appertaining thereto, as the case may be, to receive, solely from the trust
fund described above, payment of the principal of and interest, if any, and
Additional Amounts, if any, on such Securities when such payments are due, (B)
the Company’s obligations with respect to such Securities under Sections 2.03,
2.04, 2.05, 2.06, 2.07, 7.07, 7.08 and 8.03; and (C) the rights, powers, duties
and immunities of the Trustee hereunder. Notwithstanding the satisfaction and
discharge of this Indenture with respect to any series of Securities, the
obligations of the Company to the Trustee and any predecessor Trustee under
Section 7.07 shall survive.

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SECTION 8.03 Application of Trust Money.

     All moneys and Government Obligations deposited with the Trustee pursuant
to Sections 8.01 and 8.02 and, with respect to Government Obligations, the
principal and interest in respect thereof, with respect to Securities of any
series shall be held irrevocably in trust and applied by it to the payment in
accordance with the provisions of the Securities of such series and this
Indenture, either directly or through any Paying Agent for the Securities
of that series (including the Company if acting as its own Paying Agent), to
the Holders of the Securities of such series or the coupons, if any,
appertaining thereto, as the case may be, for the payment or redemption of
which such money has been deposited with the Trustee, of all sums due and to
become due thereon for principal, interest, if any, and Additional Amounts, if
any, but such money need not be segregated from other funds except to the
extent required by law.

SECTION 8.04 Repayment to Company.

     The Trustee and the Paying Agent shall promptly pay to the Company upon
request any excess money or securities held by them at any time under this
Article Eight. Any money deposited with the Trustee or any Paying Agent, or
then held by the Company, under this Article Eight in trust for the payment of
the principal of, interest or Additional Amounts, if any, on any Security and
remaining unclaimed for two years after such principal, interest or Additional
Amounts have become due and payable shall be paid to the Company on request, or
(if then held by the Company) shall be discharged from such trust; and the
Holder of such Security shall thereafter, as an unsecured general creditor,
look only to the Company for payment thereof, and all liability of the Trustee
or such Paying Agent with respect to such trust money, and all liability of the
Company as trustee thereof, shall thereupon cease.

SECTION 8.05 Indemnity for Government Obligations.

     The Company shall pay and shall indemnify the Trustee against any tax, fee
or other charge imposed on or assessed against deposited Government Obligations
or the principal and interest received on such Government Obligations.

ARTICLE NINE

AMENDMENTS, SUPPLEMENTS AND WAIVERS

SECTION 9.01 Without Consent of Holders.

     The Company, when authorized by a Board Resolution, and the Trustee may
amend or supplement this Indenture or the Securities without notice to or
consent of any Securityholder:

     (a) to convey, transfer, assign, mortgage or pledge to the trustee as
security for the Securities of one or more series any property or assets;

     (b) to evidence the succession of another corporation to the Company, or
successive successions, and the assumption by the successor corporation of the
covenants, agreements and obligations of the Company pursuant to Article Five;

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     (c) to add to the covenants of the Company such further covenants,
restrictions, conditions or provisions as its Board of Directors and the
Trustee shall consider to be for the protection of the Holders of Securities or
coupons appertaining thereto, and to make the occurrence, or the occurrence and
continuance, of a default in any such additional covenants, restrictions,
conditions or provisions an Event of Default permitting the enforcement of all
or any of the several remedies provided in this Indenture as herein set forth;
provided, that in respect of any such additional covenant, restriction,
condition or provision such supplemental indenture
may provide for a particular period of grace after default (which period
may be shorter or longer than that allowed in the case of other defaults) or
may provide for immediate enforcement upon such an Event of Default or may
limit the remedies available to the Trustee upon such an Event of Default or
may limit the right of the Holders of a majority in aggregate principal amount
of the Securities of such series to waive such an Event of Default.

     (d) to cure any ambiguity or to correct or supplement any provision
contained herein or in any supplemental indenture which may be defective or
inconsistent with any other provision contained herein or in any supplemental
indenture, or to make any other provisions as the Board of Directors may deem
necessary or desirable, provided that no such action shall adversely affect the
interests of the Holders of the Securities or coupons appertaining thereto;

     (e) to establish the form or terms of Securities of any series or of the
coupons appertaining to such Securities as permitted by Section 2.01;

     (f) to evidence and provide for the acceptance of appointment hereunder by
a successor Trustee with respect to the Securities of one or more series;

     (g) to add to or change any of the provisions of this Indenture to provide
that Bearer Securities may be registrable as to principal, to change or
eliminate any restrictions (including restrictions relating to payment in the
United States) on the payment of principal of any premium or interest on Bearer
Securities, to permit Bearer Securities to be issued in exchange for Registered
Securities, to permit Bearer Securities to be issued in exchange for Bearer
Securities of other authorized denominations or to permit the issuance of
Securities in uncertificated form, provided that any such actions shall not
adversely affect the interest of the Holders of the Securities of any series or
any related coupons in any material respect; or

     (h) to add to, change or eliminate any of the provisions of this Indenture
(which addition, change or elimination may apply to one or more series of
Securities), provided that any such addition, change or elimination shall
neither (A) apply to any Security or any series created prior to the execution
of such supplemental indenture and entitled to the benefit of such provision
nor (B) modify the rights of the Holder of any such Security with respect to
such provision.

     The Trustee is hereby authorized to join with the Company in the execution
of any such supplemental indenture, to make any further appropriate agreements
and stipulations which may be therein contained and to accept the conveyance,
transfer, assignment, mortgage or pledge of any property thereunder, but the
Trustee shall not be obligated to enter into any such supplemental indenture
which affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise.

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     Any supplemental indenture authorized by the provisions of this Section
may be executed without the consent of the Holders of any of the Securities at
the time Outstanding, notwithstanding any of the provisions of Section 9.02.

SECTION 9.02 With Consent of Holders.

     With the consent of the Holders of not less than a majority of the
principal amount of the Securities at the time Outstanding in each series
affected by such supplemental indenture (voting as one class), the Company,
when authorized by a resolution of its Board of Directors, and the Trustee may,
from time to time and at any time, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Indenture or any
supplemental indenture or of modifying in any manner the rights of the Holders
of the Securities of each such series or of the coupons appertaining to such
Securities; provided, that no such supplemental indenture shall, without the
consent of each Securityholder affected:

     (1) reduce the amount of Securities whose Holders must consent to an
amendment, supplement or waiver or reduce the requirements of Section 11.09
establishing a quorum or voting or amend this Section 9.02;

     (2) reduce the rate or rates of or extend the time for payment of
interest or Additional Amounts, if any, on any Security;

     (3) reduce the principal of or extend the fixed maturity of any Security;

     (4) modify or effect in any manner adverse to the Holders of Securities
the terms and conditions of the obligations of the Company in respect of its
obligations hereunder;

     (5) waive a default in the payment of the principal of or interest or
Additional Amounts, if any, on any Security;

     (6) impair the right to institute suit for the enforcement of any payment
on or with respect to any series of Securities;

     (7) change a Place of Payment; or

     (8) make any Security payable in currency other than that stated in the
Security.

     A supplemental indenture which changes or eliminates any covenant or other
provision of this Indenture which has expressly been included solely for the
benefit of one or more particular series of Securities, or which modifies the
rights of Holders of Securities of such series, or of coupons appertaining to
such Securities, with respect to such covenant or provision, shall be deemed
not to affect the rights under this Indenture of the Holders of Securities of
any other series or of the coupons appertaining to Securities of such other
series.

     It shall not be necessary for the consent of the Securityholders under
this Section to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such consent shall approve the
substance thereof.

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     Promptly after the execution by the Company and the Trustee of any
supplemental indenture pursuant to the provisions of this Section, the Trustee
shall give a notice thereof (i) to the Holders of then Outstanding Registered
Securities of each series affected thereby, by mailing a notice thereof by
first-class mail to such Holders at their addresses as they shall appear on the
Security Register, (ii) if any Bearer Securities of a series affected thereby
are then Outstanding, to the Holders thereof who have filed their names and
addresses with the Trustee, by mailing a notice thereof by first-class mail to
such Holders at such addresses as were so furnished to the Trustee and (iii) if
any Bearer Securities of a series affected thereby are then Outstanding, to all
Holders thereof, by publication of a notice thereof at least once in an
Authorized Newspaper in the Place of Payment, and in each case such notice
shall set forth in general terms the substance of such supplemental indenture.
Any failure of the Trustee to give such notice, or any defect therein, shall
not, however, in any way impair or affect the validity of any such supplemental
indenture.

SECTION 9.03 Compliance with Trust Indenture Act.

     Every amendment to or supplement of this Indenture or the Securities shall
comply with the TIA as then in effect.

SECTION 9.04 Revocation and Effect of Consents.

     A consent to an amendment, supplement or waiver to any other action
hereunder by a Holder of a Security of any series shall bind the Holder and
every subsequent Holder of a Security or portion of a Security of that series
that evidences the same debt as the consenting Holder’s Security, even if
notation of the consent is not made on any Security. Any such Holder or
subsequent Holder, however, may revoke the consent as to his Security or
portion of a Security. Such revocation shall be effective only if the Trustee
receives the notice of revocation before the date the amendment, supplement or
waiver or other action becomes effective.

     After an amendment, supplement or waiver with respect to a series of
Securities becomes effective, it shall bind every Holder of Securities of that
series.

SECTION 9.05 Notation on or Exchange of Securities.

     If an amendment, supplement or waiver changes the terms of a Security, the
Trustee may request the Holder of the Security to deliver it to the Trustee.
The Trustee may then place an appropriate notation on the Security about the
changed terms and return it to the Holder. Alternatively, if the Company so
determines, the Company in exchange for the Security shall issue and the
Trustee shall authenticate a new Security that reflects the changed terms.

SECTION 9.06 Trustee to Sign Amendments, etc.

     The Trustee shall sign any amendment or supplement authorized pursuant to
this Article if the amendment or supplement does not adversely affect the
rights, duties. liabilities (present or potential), or immunities of the
Trustee. If it does, the Trustee may but need not sign it. In signing such
amendment or supplement, the Trustee shall be entitled to receive and (subject
to Sections 7.01 and 7.02) shall be fully protected in relying upon an Opinion
of Counsel stating that such amendment or supplement is authorized or permitted
by this Indenture.

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ARTICLE TEN

REPAYMENT AT THE OPTION OF HOLDERS

SECTION 10.01 Applicability of Article.

     Securities of any series which are repayable at the option of the Holders
thereof before their maturity shall be repaid in accordance with the terms of
the Securities of such series. The repayment of any principal amount of
Securities pursuant to such option of the Holder to require repayment of
Securities before their maturity shall not operate as a payment, redemption or
satisfaction of the indebtedness represented by such Securities unless and
until the Company, at its option, shall deliver or surrender the same to the
Trustee with a directive that such Securities be cancelled. Notwithstanding
anything to the contrary contained in this Article Ten, in connection with any
repayment of Securities, the Company may arrange for the purchase of any
Securities by an agreement with one or more investment bankers or other
purchasers to purchase such Securities by paying to the Holders of such
Securities on or before the close of business on the repayment date an amount
not less than the repayment price payable by the Company on repayment of such
Securities, and the obligation of the Company to pay the repayment price of
such Securities shall be satisfied and discharged to the extent such payment is
so paid by such purchasers.

ARTICLE ELEVEN

CONCERNING THE SECURITYHOLDERS

SECTION 11.01 Evidence of Action Taken by Securityholders.

     Any request, demand, authorization, direction, notice, consent, waiver or
other action provided by this Indenture to be given or taken by a specified
percentage in principal amount of the Securityholders of any or all series may
be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such specified percentage of Securityholders in person
or by agent duly appointed in writing. If Securities of a series are issuable
as Bearer Securities, any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken
by Holders of such series may, alternatively, be embodied in and evidenced by
the record of Holders of Securities of such series voting in favor thereof,
either in person or by proxies duly appointed in writing, at any meeting of
Holders of Securities of such series duly called and held in accordance with
the provisions of Sections 11.06 through 11.11, or a combination of such
instruments and any such record. Except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments or
record or both are delivered to the Trustee and, where it is hereby expressly
required, to the Company. Such instrument or instruments and any such record
(and the action embodied therein and evidenced thereby) are herein sometimes
referred to as the “Act” of the Holders signing such instrument or instruments
and so voting at any such meeting. Proof of execution of any such instrument or
of a writing appointing any such agent, or of the holding by any Person of a
Security, shall be sufficient for any purpose of this Indenture and (subject to
Section 7.02) conclusive in favor of the Trustee and the Company, if made in
the manner provided in Section 11.02. The record of any meeting of Holders of
Securities shall be proved in the manner provided in Section 11.11.

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SECTION 11.02 Proof of Execution of Instruments and of Holding of Securities.

     The execution of any instrument by a Securityholder or his agent or proxy
may be proved in the following manner:

     (a) The fact and date of the execution by any Holder of any instrument may
be proved by the certificate of any notary public or other officer of any
jurisdiction authorized to take acknowledgements of deeds or administer oaths
that the person executing such instruments acknowledged to him the execution
thereof, or by an affidavit of a witness to such execution sworn to before any
such notary or other such officer. Where such execution is by or on behalf of
any legal entity other than an individual, such certificate or affidavit shall
also constitute sufficient proof of the authority of the person executing the
same. The fact of the holding by any Holder of a Bearer Security of any series,
and the identifying number of such Security and the date of his holding the
same, may be proved by the production of such Security or by a certificate
executed by any trust company, bank, banker or recognized securities dealer
wherever situated satisfactory to the Trustee, if such certificate shall be
deemed by the Trustee to be satisfactory. Each such certificate shall be dated
and shall state that on the date thereof a Security of such series bearing a
specified identifying number was deposited with or exhibited to such trust
company, bank, banker or recognized securities dealer by the person named in
such certificate. Any such certificate may be issued in respect of one or more
Bearer Securities of one or more series specified therein. The holding by the
person named in any such certificate of any Bearer Security or Securities of
any series specified therein shall be presumed to continue for a period of one
year from the date of such certificate unless at the time of any determination
of such holding (1) another certificate bearing a later date issued in respect
of the same Security or Securities shall be produced, or (2) the Security or
Securities of such series specified in such certificate shall be produced by
some other person, or (3) the Security or Securities of such series specified
in such certificate shall have ceased to be Outstanding. Subject to Section
7.02, the fact and date of the execution of any such instrument and the amount
and numbers of Securities of any series held by the person so executing such
instrument and the amount and numbers of any Security or Securities for such
series may also be proven in accordance with such reasonable rules and
regulations as may be prescribed by the Trustee for such series or in any other
manner which the Trustee for such series may deem sufficient.

     (b) In the case of Registered Securities, the ownership of such Securities
shall be proved by the Security Register or by a certificate of the Security
Registrar.

     (c) Any request, demand, authorization, direction, notice, consent, waiver
or other Act of the Holder of any Security shall bind every future Holder of
the same Security and the Holder of every Security issued upon the registration
of transfer thereof or in exchange therefor or in lieu thereof in respect of
anything done, omitted or suffered to be done by the Trustee or the Company in
reliance thereon, whether or not notation of such action is made upon such
Security.

     (d) If the Company shall solicit from the Holders any request, demand,
authorization, direction, notice, consent, waiver or other Act, the Company
may, at its option, by or pursuant to an Officers’ Certificate delivered to the
Trustee, fix in advance a record date for the determination of Holders entitled
to give such request, demand, authorization, direction, notice, consent, waiver
or other Act, but the Company shall have no obligation to do so. If such a
record date is fixed, such request, demand, authorization, direction, notice,
consent, waiver or other Act

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may be given before or after such record date, but only the Holders of
record at the close of business on such record date shall be deemed to be
Holders for the purposes of determining whether Holders of the requisite
percentage of Outstanding Securities or Outstanding Securities of a series, as
the case may be, have authorized or agreed or consented to such request,
demand, authorization, direction, notice, consent, waiver or other Act, and for
that purpose the Outstanding Securities or Outstanding Securities of the
series, as the case may be, shall be computed as of such record date.

SECTION 11.03 Holders to be Treated as Owners.

     The Company, the Trustee and any agent of the Company or the Trustee may
deem and treat the person in whose name any Security shall be registered upon
the Security Register for such series as the absolute owner of such Security
(whether or not such Security shall be overdue and notwithstanding any notation
of ownership or other writing thereon) for the purpose of receiving payment of
or on account of the principal of and, subject to the provisions of this
Indenture, interest on and any Additional Amounts payable in respect of such
Security and for all other purposes; and neither the Company nor the Trustee
nor any agent of the Company or the Trustee shall be affected by any notice to
the contrary. The Company, the Trustee and any agent of the Company or the
Trustee may treat the Holder of any Bearer Security and the Holder of any
coupon as the absolute owner of such Bearer Security or coupon (whether or not
such Bearer Security or coupon shall be overdue) for the purpose of receiving
payment thereof or on account thereof and for all other purposes and neither
the Company, the Trustee, nor any agent of the Company or the Trustee shall be
affected by any notice to the contrary. All such payments so made to any such
person, or upon his order, shall be valid, and, to the extent of the sum or
sums so paid, effectual to satisfy and discharge the liability for moneys
payable upon any such Security or coupon.

     None of the Company, the Trustee or any paying agent or the Security
Registrar will have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial ownership
interests of a Security in global form or for maintaining, supervising or
reviewing any records relating to such beneficial ownership interests.

SECTION 11.04 Securities Owned by Company Deemed Not Outstanding.

     In determining whether the Holders of the requisite aggregate principal
amount of Outstanding Securities of any or all series have concurred in any
direction, consent or waiver under this Indenture, Securities which are owned
by the Company or any other obligor on the Securities with respect to which
such determination is being made or by any Affiliate of the Company or any such
obligor shall be disregarded and deemed not to be Outstanding for the purpose
of any such determination, except that for the purpose of determining whether
the Trustee shall be protected in relying on any such direction, consent or
waiver only Securities which the Trustee knows are so owned shall be so
disregarded. Securities so owned which have been pledged in good faith may be
regarded as Outstanding if the pledgee establishes to the satisfaction of the
Trustee the pledgee’s right so to act with respect to such Securities and that
the pledgee is not the Company or any other obligor upon the Securities or any
Affiliate of the Company or any other obligor on the Securities. In case of a
dispute as to such right, the advice of counsel shall be full protection in
respect of any decision made by the Trustee in accordance with such advice.
Upon request of the Trustee, the Company shall furnish to the Trustee

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promptly an Officers’ Certificate listing and identifying all Securities,
if any, known by the Company to be owned or held by or for the account of any
of the above-described persons; and, subject to Section 7.02, the Trustee shall
be entitled to accept such Officers’ Certificate as conclusive evidence of the
facts therein set forth and of the fact that all Securities not listed therein
are Outstanding for the purpose of any such determination.

SECTION 11.05 Right of Revocation of Action Taken.

     At any time prior to (but not after) the evidencing to the Trustee, as
provided in Section 11.01, of the taking of any action by the Holders of the
percentage in aggregate principal amount of the Securities of any or all
series, as the case may be, specified in this Indenture in connection with such
action, any Holder of a Security the serial number of which is shown by the
evidence to be included among the serial numbers of the Securities the Holders
of which have consented to such action may, by filing written notice at the
Corporate Trust Office and upon proof of holding as provided in this Article,
revoke such action so far as concerns such Security. Except as aforesaid any
such action taken by the Holder of any Security shall be conclusive and binding
upon such Holder and upon all future Holders and owners of such Security and of
any Securities issued in exchange or substitution therefor or on registration
of transfer thereof, irrespective of whether or not any notation in regard
thereto is made upon any such Security. Any action taken by the Holders of the
percentage in aggregate principal amount of the Securities of any or all
series, as the case may be, specified in this Indenture in connection with such
action shall be conclusively binding upon the Company, the Trustee and the
Holders of all the Securities affected by such action.

SECTION 11.06 Meetings of Holders.

     A meeting of Holders of Securities of any series may be called at any time
and from time to time pursuant to this Section 11.06 to make, give or take any
request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be made, given or taken by Holders of
Securities of such series.

SECTION 11.07 Call, Notice and Place of Meetings.

     (a) The Trustee may at any time call a meeting of Holders of Securities of
any series for any purpose specified in Section 11.06, to be held at such time
and at such place in the Borough of Manhattan, The City of New York, or in
London as the Trustee shall determine or, with the approval of the Company, at
any other place. Notice of every meeting of Holders of Securities of any
series, setting forth the time and the place of such meeting and in general
terms the action proposed to be taken at such meeting, shall be given, in the
manner provided in Section 13.02 not less than 21 nor more than 180 days prior
to the date fixed for the meeting.

     (b) In case at any time the Company or the Holders of at least 10% in
principal amount of the Outstanding Securities of any series shall have
requested the Trustee to call a meeting of the Holders of Securities of such
series for any purpose specified in Section 11.06, by written request setting
forth in reasonable detail the action proposed to be taken at the meeting, and
the Trustee shall not have made the first publication of the notice of such
meeting within 21 days after receipt of such request or shall not thereafter
proceed to cause the meeting to be held as provided herein, the Company or the
Holders of Securities of such series in the amount above

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 specified, as the case
may be, may determine the time and the place in the Borough of Manhattan, The City of New York, or in London, or in such other place as
shall be determined and approved by the Company, for such meeting and may call
such meeting for such purposes by giving notice thereof as provided in
Subsection (a) of this Section.

SECTION 11.08 Persons Entitled to Vote at Meetings.

     To be entitled to vote at any meeting of Holders of any series, a Person
shall be (1) a Holder of one or more Outstanding Securities of such series, or
(2) a Person appointed by an instrument in writing as proxy for a Holder or
Holders of one or more Outstanding Securities of such series by such Holder or
Holders. The only Persons who shall be entitled to be present or to speak at
any meeting of Holders of Securities or any series shall be the Persons
entitled to vote at such meeting and their counsel, any representatives of the
Trustee and its counsel and any representatives of the Company and its counsel.

SECTION 11.09 Quorum; Action.

     The Persons entitled to vote a majority in principal amount of the
Outstanding Securities of a series shall constitute a quorum for a meeting of
Holders of Securities of such series. In the absence of a quorum within 30
minutes of the time appointed for any such meeting, the meeting shall, if
convened at the request of Holders of Securities of such series, be dissolved.
In any other case, the meeting may be adjourned for a period determined by the
chairman of the meeting prior to the adjournment of such meeting. In the
absence of a quorum at any such adjourned meeting, such adjourned meeting may
be further adjourned for a period determined by the chairman of the meeting
prior to the adjournment of such adjourned meeting. Notice of the reconvening
of any adjourned meeting shall be given as provided in Section 11.07(a), except
that any such notice by publication need be given only once not less than five
days prior to the date on which the meeting is scheduled to be reconvened.
Notice of the reconvening of an adjourned meeting shall state expressly the
percentage, as provided above, of the principal amount of the Outstanding
Securities of such series which shall constitute a quorum.

     Any resolution presented to a meeting or adjourned meeting duly reconvened
at which a quorum is present as aforesaid may be adopted by the affirmative
vote of the Holders of a majority in principal amount of the Outstanding
Securities of that series; provided, however, that any resolution with respect
to any request, demand, authorization, direction, notice, consent, waiver or
other action which this Indenture expressly provides may be made, given or
taken by the Holders of a specified percentage, which is less than a majority,
in principal amount of the Outstanding Securities of a series may be adopted at
a meeting or an adjourned meeting duly reconvened and at which a quorum is
present as aforesaid by the affirmative vote of the Holders of such specified
percentage in principal amount of the Outstanding Securities of that series.

     Any resolution passed or decision taken at any meeting of Holders of
Securities of any series duly held in accordance with this Section shall be
binding on all the Holders of Securities of such series and the related
coupons, whether or not present or represented at the meeting.

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SECTION 11.10 Determination of Voting Rights; Conduct and Adjournment of Meetings.

     (a) Notwithstanding any other provisions of this Indenture, the Trustee
may make such reasonable regulations as it may deem advisable for any meeting
of Holders of Securities of
a series in regard to proof of the holding of Securities of such series
and of the appointment of proxies and in regard to the appointment and duties
of inspectors of votes, the submission and examination of proxies, certificates
and other evidence of the right to vote, and such other matters concerning the
conduct of the meeting as it shall deem appropriate. Except as otherwise
permitted or required by any such regulations, the holdings of Securities shall
be proved in the manner specified in Section 11.02 and the appointment of any
proxy shall be provided in the manner specified in Section 11.02 or by having
the signature of the person executing the proxy witnessed or guaranteed by any
trust company, bank or banker authorized by Section 11.02 to certify to the
holding of Bearer Securities. Such regulations may provide that written
instruments appointing proxies, regular on their face, may be presumed valid
and genuine without the proof specified in Section 11.02 or other proof.

     (b) The Trustee shall, by an instrument in writing, appoint a temporary
chairman of the meeting, unless the meeting shall have been called by the
Company or by Holders of Securities as provided in Section 11.07(b), in which
case the Company or the Holders of Securities of the series calling the
meeting, as the case may be, shall in like manner appoint a temporary chairman.
A permanent chairman and a permanent secretary of the meeting shall be elected
by vote of the Persons entitled to vote a majority in principal amount of the
Outstanding Securities of such series represented at the meeting.

     (c) At any meeting each Holder of a Security of such series or proxy shall
be entitled to one vote for each $1,000 principal amount of the Outstanding
Securities of such series held or represented by him; provided, however, that
no vote shall be cast or counted at any meeting in respect to any Security
challenged as not Outstanding and ruled by the chairman of the meeting to be
not Outstanding. The chairman of the meeting shall have no right to vote,
except as a Holder of Securities of such series or proxy.

     (d) Any meeting of Holders of Securities of any series duly called
pursuant to Section 11.07 at which a quorum is present may be adjourned from
time to time by Persons entitled to vote a majority in principal amount of the
Outstanding Securities of such series represented at the meeting; and the
meeting may be held as so adjourned without further notice.

SECTION 11.11 Counting Votes and Recording Action of Meetings.

     The vote upon any resolution submitted to any meeting of Holders of
Securities of any series shall be by written ballots on which shall be
subscribed signatures of the Holders of Securities of such series or their
representatives by proxy and the principal amounts and serial numbers of the
Outstanding Securities of such series held or represented by them. The
permanent chairman of the meeting shall appoint two inspectors of votes who
shall count all votes cast at the meeting for or against any resolution and who
shall make and file with the secretary of the meeting their verified written
reports in duplicate of all votes cast at the meeting. A record, at least in
duplicate, of the proceedings of each meeting of Holders of Securities of any
series shall be prepared by the secretary of the meeting and there shall be
attached to said record the original

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reports of the inspectors of votes on any
vote by ballot taken thereat and affidavits by one or more persons having
knowledge of the facts setting forth a copy of the notice of the meeting and
showing that said notice was given as provided in Section 11.07 and, if
applicable, Section 11.09. Each copy shall be signed and verified by the
affidavits of the permanent chairman and secretary of the meeting and one such
copy shall be delivered to the Company, and another to the
Trustee to be preserved by the Trustee, the latter to have attached
thereto the ballots voted at the meeting. Any record so signed and verified
shall be conclusive evidence of the matters therein stated.

ARTICLE TWELVE

SINKING FUNDS

SECTION 12.01 Applicability of Article.

     The provisions of this Article shall be applicable to any sinking fund for
the retirement of Securities of a series, except as otherwise permitted or
required by any form of Security of such series issued pursuant to this
Indenture.

     The minimum amount of any sinking fund payment provided for by the terms
of Securities of any series is referred to in this Article Twelve as a
“mandatory sinking fund payment,” and any payment in excess of such minimum
amount provided for by the terms of Securities of such series is herein
referred to as an “optional sinking fund payment.” If provided for by the terms
of Securities of any series, the cash amount of any sinking fund payment may be
subject to reduction as provided in Section 12.02. Each sinking fund payment
shall be applied to the redemption of Securities of any series as provided for
by the terms of Securities of such series.

SECTION 12.02 Satisfaction of Sinking Fund Payments with Securities.

     The Company may, in satisfaction of all or any part of any sinking fund
payment with respect to the Securities of such series to be made pursuant to
the terms of such Securities as provided for by the terms of such series (1)
deliver Outstanding Securities of such series (other than any of such
Securities previously called for redemption or any of such Securities in
respect of which cash shall have been released to the Company), together in the
case of any Bearer Securities of such series with all unmatured coupons
appertaining thereto, and (2) apply as a credit Securities of such series which
have been redeemed either at the election of the Company pursuant to the terms
of such series of Securities or through the application of permitted optional
sinking fund payments pursuant to the terms of such Securities, provided that
such series of Securities have not been previously so credited. Such Securities
shall be received and credited for such purpose by the Trustee at the
Redemption Price specified in such Securities for redemption through operation
of the sinking fund and the amount of such sinking fund payment shall be
reduced accordingly. If as a result of the delivery or credit of Securities of
any series in lieu of cash payments pursuant to this Section 12.02, the
principal amount of Securities of such series to be redeemed in order to
exhaust the aforesaid cash payment shall be less than $100,000, the Trustee
need not call Securities of such series for redemption, except upon Company
request, and such cash payment shall be held by the Trustee or a Paying Agent
for Securities of that series and applied to the next succeeding sinking fund
payment, provided, however, that the Trustee or

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such Paying Agent shall at the
request of the Company from time to time pay over and deliver to the Company
any cash payment so being held by the Trustee or such Paying Agent upon
delivery by the Company to the Trustee of Securities purchased by the Company
having an unpaid principal amount equal to the cash payment requested to be
released to the Company.

SECTION 12.03 Redemption of Securities for Sinking Fund.

     Not less than 60 days prior to each sinking fund payment date for any
series of Securities, the Company will deliver to the Trustee an Officers’
Certificate specifying the amount of the next ensuing mandatory sinking fund
payment for that series pursuant to the terms of that series, the portion
thereof, if any, which is to be satisfied by payment of cash and the portion
thereof, if any, which is to be satisfied by delivering and crediting of
Securities of that series pursuant to Section 12.02, and the optional amount,
if any, to be added in cash to the next ensuing mandatory sinking fund payment,
and will also deliver to the Trustee any Securities to be so credited and not
theretofore delivered. If such Officers’ Certificate shall specify an optional
amount to be added in cash to the next ensuing mandatory sinking fund payment,
the Company shall thereupon be obligated to pay the amount therein specified.
Not less than 30 days before each such sinking fund payment date the Trustee
shall select the Securities to be redeemed upon such sinking fund payment date
in the manner specified in Section 3.03 and cause notice of the redemption
thereof to be given in the name of and at the expense of the Company in the
manner provided in Section 3.04. Such notice having been duly given, the
redemption of such Securities shall be made upon the terms and in the manner
stated in Sections 3.05 and 3.06.

ARTICLE THIRTEEN

Miscellaneous

SECTION 13.01 Trust Indenture Act Controls.

     If any provision of this Indenture limits, qualifies, or conflicts with
the duties which are required to be included in this Indenture by the TIA §§
310 to 317, inclusive, such duties set forth in the TIA shall control.

SECTION 13.02 Notices.

     Except as otherwise expressly provided herein or in the form of Securities
of any particular series pursuant to the provisions of this Indenture, any
notice or communication shall be sufficiently given if in writing and delivered
in Person or mailed by first-class mail, postage prepaid, addressed as follows:

     if to the Company:

Lincoln National Corporation

200 East Berry Street

Fort Wayne, Indiana 46802-2706

      Attention: Treasurer

     with a copy to:

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Gardner, Carton & Douglas

321 North Clark Street

Suite 3400

Chicago, IL 60610

      Attention: Arthur J. Simon

     if to the Trustee:

The Bank of New York

101 Barclay Street, Floor 21 West

New York, New York 10286

      Attention: Corporate Trust

      Trustee Administration

     The Company or the Trustee by notice to the others may designate
additional or different addresses for subsequent notices or communications.

     Any notice or communication mailed to a Holder of a Registered Security
shall be mailed to him by first class mail at his address as it appears on the
Security Register and shall be sufficiently given to him if so mailed within
the time prescribed.

     Failure to mail a notice or communication to a Holder of any Registered
Security or any defect in it shall not affect its sufficiency with respect to
other Securityholders. If a notice or communication is mailed in the manner
provided above, it is duly given, whether or not the addressee receives it.

     In case, by reason of the suspension of regular mail service or by reason
of any other cause, it shall be impossible to mail any notice as required by
this Indenture, then such method of notification as shall be made with the
approval of the Trustee shall constitute a sufficient mailing of such notice.

     Any notice required or permitted to be given to a Holder of Bearer
Securities of any series shall be deemed to be properly given if such notice is
published in an Authorized Newspaper on two separate days within the time
prescribed.

     In case, by reason of the suspension of publication of any Authorized
Newspaper or Authorized Newspapers or by reason of any other cause, it shall be
impracticable to publish any notice to Holders of Bearer Securities as provided
above, then such notification to Holders of Bearer Securities as shall be given
with the approval of the Trustee shall constitute sufficient notice to such
Holders for every purpose hereunder. Neither failure to give notice by
publication to Holders of Bearer Securities as provided above, nor any defect
in any notice so published, shall affect the sufficiency of any notice mailed
to Holders of Registered Securities as provided above.

     Where this Indenture provides for notice in any manner, such notice may be
waived, in writing by the Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice.
Waivers of notice by Holders of Securities shall be

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filed with the Trustee, but
such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such waiver.

     Any request, demand, authorization, direction, notice. consent, election
or waiver required or permitted under this Indenture shall be in the English
language, except that, if the Company so elects, any published notice may be in
an official language of the country of publication.

SECTION 13.03 Communication by Holders with Other Holders.

     Securityholders may communicate pursuant to TIA § 312(b) with other
Securityholders with respect to their rights under this Indenture or the
Securities. The Company, the Trustee, the Registrar and anyone else shall have
the protection of TIA § 312(c).

SECTION 13.04 Certificate and Opinion as to Conditions Precedent.

     Upon any request or application by the Company to the Trustee to take any
action under this Indenture (except that, in the case of any request or
application as to which the furnishing of such documents is specifically
required by any provision of this Indenture relating to such particular request
or application, no additional certificate or opinion need be furnished). the
Company shall furnish to the Trustee:

     (1) an Officers’ Certificate stating that, in the opinion of the signers,
all conditions precedent, if any, provided for in this Indenture relating to
the proposed action have been complied with; and

     (2) an Opinion of Counsel stating that, in the opinion of such counsel,
all such conditions precedent have been complied with.

SECTION 13.05 Statements Required in Certificate or Opinion.

     Each certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture shall include:

     (1) a statement that the Person making such certificate or opinion has
read such covenant or condition and the definitions relating thereto;

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

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

     (4) a statement as to whether or not, in the opinion of such Person, such
condition or covenant has been complied with.

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SECTION 13.06 When Treasury Securities Disregarded.

     In determining whether the Holders of the required principal amount of
Securities or a series thereof have concurred in any direction, waiver or
consent, Securities owned by the Company or any other obligor upon the
Securities or by any Affiliate of the Company or such obligor shall be
disregarded, except that for the purposes of determining whether the Trustee
shall be protected in relying on any such direction, waiver or consent, only
Securities which the Trustee knows are so owned shall be so disregarded.
Securities so owned which have been pledged in good faith shall not be
disregarded if the pledgee establishes to the satisfaction of the Trustee the
pledgee’s right so to act with respect to the Securities and that the pledgee
is not the Company or any other obligor upon the Securities or any Affiliate of the
Company or such obligor.

SECTION 13.07 Legal Holidays.

     A “Legal Holiday”, except as otherwise provided in the form of Security of
any particular series pursuant to the provisions of this Indenture, with
respect to any Place of Payment means a Saturday, a Sunday or a day on which
banking institutions or trust companies in that Place of Payment are not
required to be open. Except as provided otherwise in the applicable Security,
if a payment date with respect to such payment is a Legal Holiday at any Place
of Payment, payment due on such Security with respect to such Security may be
made at such place on the next succeeding day that is not a Legal Holiday, and
no interest shall accrue with respect to such payment for the intervening
period.

SECTION 13.08 Governing Law.

     The laws of the State of New York applicable to contracts made and
performed in said state shall govern this Indenture and the Securities and
coupons, without regard to choice of law principles. Unless the form of
Security provides otherwise, all money or dollar amounts expressed herein or in
the Securities refer to United States dollars.

SECTION 13.09 No Adverse Interpretation of Other Agreements.

     This Indenture may not be used to interpret another indenture, loan or
debt agreement of the Company or a Subsidiary. Any such indenture, loan or debt
agreement may not be used to interpret this Indenture.

SECTION 13.10 Successors.

     All agreements of the Company in this Indenture and the Securities shall
bind its successor and assigns, whether so expressed or not. All agreements of
the Trustee in this Indenture shall bind its successor.

SECTION 13.11 Duplicate Originals.

     The parties may sign any number of copies of this Indenture. Each signed
copy shall be an original, but all of them together represent the same
agreement.

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SECTION 13.12 Securities in Foreign Currencies.

     Wherever this Indenture provides for any action by, or the determination
of any of the rights of, Holders of Securities of any series in which not all
of such Securities are denominated in the same currency, or any distribution to
Holders of Securities, in the absence of any provision to the contrary in the
form of Security of any particular series, any amount in respect of any
Security denominated in a currency other than United States dollars shall be
treated for any such action, determination or distribution as that amount of
United States dollars that could be obtained for such amount on such reasonable
basis of exchange and as of such date as the Company may specify in a written
notice to the Trustee, or in the absence of such notice, as the Trustee may
determine.

* * * * *

     This instrument may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.

SIGNATURES

	 	 	 	 	 
	Dated: as of September 15, 1994 	LINCOLN NATIONAL CORPORATION

 	 
	 	By:  	/s/ Richard C. Vaughan
 	 
	 	 	Senior Vice President and Chief Financial 	 
	 	 	Officer 	 
	 
	 	BANK OF NEW YORK, AS TRUSTEE

 	 
	 	By:  	/s/ W. T. Cunningham
 	 
	 	 	Title: Vice President 	 
	 	 	 	 
	 
	Attest:
 	 	 
	/s/ Alfia Monestra 	 	 	 	 
	Assistant Treasurer 	 	 
	Dated as of  September 15, 1994 	 	 
	 

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