Document:

<PAGE>

SECURITY TRUST DEED - SMHL GLOBAL FUND NO. 5

PERPETUAL TRUSTEES AUSTRALIA LIMITED
ABN 86 000 431 827

ME PORTFOLIO MANAGEMENT LIMITED
ABN 79 005 964 134

PERPETUAL TRUSTEE COMPANY LIMITED
ABN 42 000 001 007

and

THE BANK OF NEW YORK

[GRAPHIC OMITTED]
FREEHILLS

MLC Centre Martin Place Sydney New South Wales 2000 Australia
Telephone 61 2 9225 5000  Facsimile 61 2 9322 4000
www.freehills.com  DX 361 Sydney

SYDNEY MELBOURNE PERTH CANBERRA BRISBANE HANOI HO CHI MINH CITY SINGAPORE
Correspondent Offices JAKARTA KUALA LUMPUR

Liability limited by the Solicitors' Limitation of Liability
Scheme, approved under the Professional Standards Act 1994
(NSW)

Reference PJSR:TEL:25E

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<TABLE>
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                                                                 Security Trust Deed

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TABLE OF CONTENTS
Clause                                                                    Page

<S> <C>      <C>                                                          <C>
1   DEFINITIONS AND INTERPRETATION                                          6

    1.1      Definitions                                                    6
    1.2      Definitions from other documents                              13
    1.3      Interpretation                                                13
    1.4      Benefit of Covenants Hereunder                                15
    1.5      Transaction Document                                          15
    1.6      Knowledge of Issuing Trustee                                  15
    1.7      Knowledge of the Security Trustee                             15
    1.8      Knowledge of the Note Trustee                                 15

2   ACCEPTANCE OF TRUST                                                    15

    2.1      Appointment of Security Trustee                               15
    2.2      Duration of Trust                                             15
    2.3      Benefit of Trusts                                             16
    2.4      Terms of Notes                                                16
    2.5      Interested Persons Bound                                      16
    2.6      Resolution of Conflicts                                       16

3   NOTE TRUSTEE                                                           16

    3.1      Capacity                                                      16
    3.2      Exercise of rights                                            17
    3.3      Instructions or directions                                    17
    3.4      Payments                                                      17
    3.5      Notices                                                       17
    3.6      Limitation of liability of Note Trustee                       17

4   CHARGE                                                                 18

    4.1      Charge                                                        18
    4.2      Priority                                                      18
    4.3      Nature of Charge                                              18
    4.4      Crystallisation                                               18
    4.5      De-crystallisation                                            19
    4.6      Prospective liability                                         20
    4.7      Amount ultimately recoverable                                 20

5   REPRESENTATIONS AND WARRANTIES                                         20

    5.1      By the Issuing Trustee                                        20
    5.2      By the Manager                                                21
    5.3      Survival of Representations and Warranties                    22

6   ISSUING TRUSTEE'S AND MANAGER'S COVENANTS                              22

    6.1      Covenants                                                     22
    6.2      Negative Covenants                                            23
    6.3      Fixed Rate Mortgages                                          24

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                                                             Security Trust Deed

    6.4      Dealing in Accordance with Transaction Documents              25
    6.5      Notify Events of Default                                      25

7   EVENTS OF DEFAULT                                                      25

    7.1      Events of Default                                             25
    7.2      Rights of the Security Trustee upon Event of Default          27
    7.3      Notify Events of Default                                      27

8   ENFORCEMENT                                                            27

    8.1      Power to Deal with the Charged Property Ceases                27
    8.2      Protection of Charged Property                                27
    8.3      Power to Enforce                                              28
    8.4      No Obligation to Enforce                                      28
    8.5      Obligation to Convene Meeting                                 28
    8.6      Security Trustee to Act in Accordance with Directions         28
    8.7      Security Trustee Must Receive Indemnity                       29
    8.8      Limitation on Rights of Secured Creditors                     30
    8.9      Immaterial waivers                                            30
    8.10     Acts pursuant to resolutions                                  30
    8.11     Overriding provision                                          30

9   RECEIVER                                                               31

    9.1      Appointment of Receiver                                       31
    9.2      Agency of Receiver                                            31
    9.3      Powers of Receiver                                            31
    9.4      Nature of Receiver's Powers                                   33
    9.5      Status of Receiver after commencement of winding-up           34
    9.6      Powers exercisable by the Security Trustee                    34
    9.7      Notice of exercise of rights                                  34
    9.8      Termination of receivership and possession                    34

10  SECURITY TRUSTEE'S POWERS                                              35

    10.1     Act Jointly                                                   35
    10.2     Appointment of Attorney                                       35
    10.3     Purposes of appointment                                       35
    10.4     Delegation and substitution                                   36
    10.5     Security Trustee May Make Good Default                        36

11  PROTECTION OF PERSONS DEALING WITH SECURITY TRUSTEE OR RECEIVER        36

    11.1     No Enquiry                                                    36
    11.2     Receipts                                                      36

12  APPLICATION OF MONEYS                                                  37

    12.1     Priority of Payments                                          37
    12.2     Moneys Received                                               38
    12.3     Satisfaction of debts                                         38
    12.4     Investment of Funds                                           38
    12.5     Powers to Invest                                              38
    12.6     Limit of Security Trustee's Liability                         39

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                                                             Security Trust Deed

    12.7     Amounts contingently due                                      39
    12.8     Notice of a subsequent Encumbrance                            39
    12.9     Payments into US$ Account                                     40
    12.10    Payments out of US$ Account                                   40
    12.11    Excluded amounts                                              40
    12.12    Proportionate Sharing                                         41
    12.13    Currency Indemnity                                            41

13  REMUNERATION AND INDEMNIFICATION OF SECURITY TRUSTEE                   42

    13.1     Fee                                                           42
    13.2     Cessation of Fee                                              42
    13.3     Expenses                                                      42
    13.4     Costs                                                         42
    13.5     Indemnity                                                     42
    13.6     Non-Discharge                                                 43

14  SUPPLEMENTAL SECURITY TRUSTEE PROVISIONS                               43

    14.1     Additional Powers, Protections, etc.                          43
    14.2     Security Trustee Not Precluded From Entering into Contracts   45
    14.3     Duties of the Security Trustee                                45
    14.4     Security Trustee Liable for Negligence etc.                   45
    14.5     Reliance on Experts                                           46
    14.6     Information                                                   46

15  RETIREMENT AND REMOVAL OF SECURITY TRUSTEE                             46

    15.1     Retirement                                                    46
    15.2     Removal                                                       46
    15.3     Appointment                                                   47
    15.4     Retirement or Removal Effective                               47
    15.5     Vesting of Property in Security Trustee                       48
    15.6     Retention of Lien                                             48

16  MEETINGS OF SECURED CREDITORS                                          48

    16.1     Meetings Regulated by the Schedule                            48
    16.2     Limitation on Security Trustee's Powers                       48
    16.3     Security Trustee rights                                       48

17  CONTINUING SECURITY AND RELEASES                                       49

    17.1     Liability Preserved                                           49
    17.2     Issuing Trustee's Liability Not Affected                      50
    17.3     Waiver by Issuing Trustee                                     50
    17.4     No Notice or Enforcement                                      50
    17.5     No Liability for Loss                                         50
    17.6     No Liability to Account                                       50
    17.7     Indemnity Regarding Exercise of Powers                        51
    17.8     No Conflict                                                   51
    17.9     Contract Involving Conflict of Duty                           51
    17.10    Benefit for Receiver etc.                                     51

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                                                             Security Trust Deed

18  ASSURANCE                                                              51

    18.1     Further Assurance                                             51
    18.2     Postponement or Waiver of Encumbrances                        52

19  PAYMENTS                                                               52

    19.1     Moneys Repayable as Agreed or on Demand                       52
    19.2     No Set-Off or Deduction                                       52

20  DISCHARGE OF THE CHARGE                                                52

    20.1     Release                                                       52
    20.2     Contingent Liabilities                                        53
    20.3     Charge Reinstated                                             53

21  AMENDMENT                                                              53

    21.1     Amendment by Security Trustee                                 53
    21.2     Amendment with Consent                                        54
    21.3     Distribution of Amendments                                    54

22  EXPENSES, STAMP DUTIES AND REGISTRATION                                54

    22.1     Expenses                                                      54
    22.2     Stamp Duties                                                  55
    22.3     Registration                                                  55
    22.4     Goods and services tax in relation to the Security Trustee    55
    22.5     Indemnity                                                     56

23  GOVERNING LAW AND JURISDICTION                                         57

    23.1     Governing Law                                                 57
    23.2     Jurisdiction                                                  57

24  NOTICES                                                                57

    24.1     Service of Notices                                            57
    24.2     Addresses                                                     58

25  MISCELLANEOUS                                                          58

    25.1     Assignments                                                   58
    25.2     Certificate of Security Trustee                               59
    25.3     Continuing Obligation                                         59
    25.4     Settlement Conditional                                        59
    25.5     No Merger                                                     59
    25.6     Interest on Judgment                                          59
    25.7     No Postponement                                               59
    25.8     Severability of Provisions                                    60
    25.9     Remedies Cumulative                                           60
    25.10    Waiver                                                        60
    25.11    Consents and Approvals                                        60
    25.12    Written Waiver, Consent and Approval                          60
    25.13    Time of Essence                                               60
    25.14    Moratorium Legislation                                        60

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                                                             Security Trust Deed

   25.15    Debit Accounts                                                 61
    25.16    Binding on Each Signatory                                     61
    25.17    Counterparts                                                  61
    25.18    Certificate of amount of Secured Moneys etc                   61
    25.19    Attorneys                                                     61

26  TRUSTEES' LIABILITY                                                    61

    26.1     Limitation on Issuing Trustee's liability                     61
    26.2     Limitation on Security Trustee's liability                    63
    26.3     Rights against Charged Property Preserved                     63
    26.4     Waiver of Personal Liability                                  63
    26.5     Restricted remedies                                           63
    26.6     Wilful Default of the Issuing Trustee                         64
    26.7     Wilful default of the Security Trustee                        64
    26.8     Wilful default of the Note Trustee                            65

27  PRIVACY                                                                66
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SCHEDULE 1 - MEETINGS PROCEDURES

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                                                             Security Trust Deed

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THIS SECURITY TRUST DEED is made on November 2003 between the following parties:

                  1.      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                          ABN 86 000 431 827
                          of Level 7, 39 Hunter Street,
                          Sydney, New South Wales
                          in its capacity as trustee of the Securitisation Fund
                          (ISSUING TRUSTEE)

                  2.      ME PORTFOLIO MANAGEMENT LIMITED
                          ABN 79 005 964 134
                          of Level 23, 360 Collins Street,
                          Melbourne, Victoria
                          (MANAGER)

                  3.      PERPETUAL TRUSTEE COMPANY LIMITED
                          ABN 42 000 001 007
                          of Level 7, 39 Hunter Street,
                          Sydney, New South Wales
                          (SECURITY TRUSTEE)

                  4.      THE BANK OF NEW YORK
                          of 101 Barclay Street,
                          Floor 21 West, New York,
                          New York, United States of America
                          (NOTE TRUSTEE)

                  RECITALS

                  A.      The Issuing Trustee is the trustee, and the Manager is
                          the manager, of the Securitisation Fund.

                  B.      Under the terms of the Master Trust Deed, the Issuing
                          Trustee is authorised to enter into this Deed to
                          charge the assets of the Securitisation Fund to secure
                          payment of the Secured Moneys and the due and punctual
                          performance of its obligations under the Secured
                          Documents to the Secured Creditors.

                  C.      The Security Trustee has agreed to act as trustee for
                          the benefit of the Secured Creditors on the terms and
                          conditions and with the powers and authorities
                          contained in this Deed.

THIS DEED WITNESSES

                  that in consideration of, among other things, the mutual
                  promises contained in this Deed, the parties agree:

1        DEFINITIONS AND INTERPRETATION

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        1.1      DEFINITIONS

                 In this Deed unless the context indicates a contrary intention:

                 ATTORNEY means an attorney appointed under this Deed.

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                                                             Security Trust Deed

                 CHARGE means the charge created by this Deed.

                 CHARGED PROPERTY means:

                (a)     all of the present and future property, rights,
                        entitlements, benefits and money from time to time
                        forming part of the Securitisation Fund pursuant to the
                        terms of the Master Trust Deed, including, but not
                        limited to, the property, rights, entitlements and
                        benefits of the Issuing Trustee as trustee of the
                        Securitisation Fund in the Fund Property, but excluding
                        any property, rights, entitlements, benefits and money
                        located or taken for the purposes of any legislation of
                        a State or Territory of Australia with respect to stamp
                        duties to be located in a State or Territory other than
                        New South Wales, the Australian Capital Territory or the
                        Northern Territory;

                (b)     all property, rights, entitlements, benefits and money
                        of the Issuing Trustee as trustee of the Securitisation
                        Fund acquired after the date of this deed, including,
                        but not limited to, property, rights, entitlements and
                        benefits of the Issuing Trustee as trustee of the
                        Securitisation Fund in the Fund Property, but excluding:

                        (1)     the Future Property; and

                        (2)     all property, rights, entitlements, benefits and
                                money which form part of the Charged Property
                                under paragraph (a) above; and

                (c)     all Future Property of the Chargor as at 12 noon on the
                        last day of the Relevant Period.

                CHARGE RELEASE DATE means, subject to clause 20.3, the date
                the Security Trustee discharges the Charge and this Deed
                pursuant to clause 20.1.

                CURRENCY SWAP has the same meaning as in the Notes
                Supplementary Bond Terms Notice.

                CURRENCY SWAP PROVIDER has the same meaning as in the Notes
                Supplementary Bond Terms Notice.

                ENCUMBRANCE means an interest or power:

                (a)     reserved in or over an interest in any asset including,
                        but not limited to, any retention of title; or

                (b)     created or otherwise arising in or over any interest in
                        any asset under a bill of sale, mortgage, charge, lien,
                        pledge, trust or power,

                by way of, or having similar commercial effect to, security
                for the payment of a debt, any other monetary obligation or
                the performance of any other obligation, and includes, but is
                not limited to, any agreement to grant or create any of the
                above.

                ENHANCEMENT means each Enhancement (as defined in the Master
                Trust Deed) entered into by the Issuing Trustee, except for
                any Mortgage Insurance Policy.

                ENHANCEMENT PROVIDER means, in relation to an Enhancement, the
                person who has entered into or agreed to make that Enhancement
                available to the Issuing Trustee.

                EVENT OF CRYSTALLISATION means an event upon which the Charge
                crystallises pursuant to clause 4.4.

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                                                             Security Trust Deed

                EVENT OF DEFAULT means each of the events set out or referred
                to in this Deed as an Event of Default.

                EXTRAORDINARY RESOLUTION in relation to the Voting Secured
                Creditors means:

                (a)     a resolution passed at a meeting of the Voting Secured
                        Creditors duly convened and held in accordance with the
                        provisions contained in this Deed by a majority
                        consisting of not less than 75% of the votes cast
                        thereat; or

                (b)     a resolution in writing pursuant to clause 15 of the
                        Schedule signed by all the Voting Secured Creditors.

                FINANCIAL INDEBTEDNESS means moneys borrowed or raised
                (including rentals under financial leases) and interest
                thereon; any liability under any bill of exchange, debenture,
                note or other security or under any acceptance credit
                facility; any liability in respect of the acquisition cost of
                assets or services to the extent payable after the time of
                acquisition or possession thereof; any guarantee, indemnity or
                other assurance against financial loss in respect of any
                moneys borrowed or raised, interest or liabilities; and any
                other arrangement which achieves in substance the same or
                equivalent effect as any of the foregoing.

                FUND PROPERTY means:

                (a)     all Loans, Mortgages and Related Securities;

                (b)     all Interest Hedges;

                (c)     all Enhancements;

                (d)     all bank accounts;

                (e)     all other Authorised Investments;

                (f)     all computer software and models, accounting records,
                        financial statements, vouchers and other similar
                        documents relating in any way to the Securitisation
                        Fund;

                (g)     all Redraw Funding Facilities;

                (h)     all Payment Funding Facilities; and

                (i)     all Title Documents.

                FUTURE PROPERTY means land in Queensland, other than a
                security interest, acquired within 12 months after the date of
                this deed.

                The terms "land" and "security interest" referred to in the
                definition of Future Property have the same meanings as in
                Section 252 of the Queensland Duties Act 2001.

                GST has the same meaning as in the A New Tax System (Goods and
                Services) Act 1999.

                INSOLVENCY EVENT means in respect of a person (and, in the
                case of the Issuing Trustee, including in its personal
                capacity):

                (a)     an application or order is made for the bankruptcy,
                        winding up or dissolution of the person other than a
                        frivolous or vexatious application or an application
                        which is not stayed within 21 days;

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                                                             Security Trust Deed

                (b)     a resolution is passed, or steps are taken to pass a
                        resolution, for the winding up or dissolution of the
                        person, otherwise than for the purpose of an
                        amalgamation or reconstruction while solvent on terms
                        previously approved by the Security Trustee;

                (c)     the person is otherwise wound up or dissolved or made
                        bankrupt;

                (d)     a liquidator, provisional liquidator, official manager,
                        administrator, receiver, receiver and manager, trustee
                        in bankruptcy or any similar official is appointed to
                        the person or any of the assets of the person, but in
                        the case of a receiver or receiver and manager only, in
                        respect of the assets of the Fund, or any steps are
                        taken for any such appointment and such appointment is
                        not revoked within 21 days;

                (e)     the person suspends payment of its debts generally;

                (f)     the person is, or becomes unable to pay its debts when
                        they are due or is, or becomes, unable to pay its debts
                        within the meaning of the Corporations Act;

                (g)     the person enters into, or resolves to enter into, any
                        arrangement, composition or compromise with, or
                        assignment for the benefit of, its creditors or any
                        class of them;

                (h)     the person ceases or threatens to cease, to carry on
                        business;

                (i)     a notice under section 601AB(3) of the Corporations Act
                        is given to, or in respect of, the person;

                (j)     the person is, or becomes, or under the Corporations Act
                        is presumed to be, insolvent;

                (k)     the person takes any steps to obtain, or is granted
                        protection from its creditors or any class of them,
                        under applicable legislation;

                (l)     anything analogous or having substantially similar
                        effect, to any of the above occurs under or in respect
                        of any existing or future law.

                INTERESTED PERSON means a collective reference to the Issuing
                Trustee, the Bondholders, the Beneficiaries of the
                Securitisation Fund, the Manager and all persons claiming
                through them and "Interested Person" means a several reference
                to all Interested Persons.

                LIQUIDITY NOTEHOLDER means a Bondholder (as defined in the
                Master Trust Deed) of an SMHL Global No. 5 Liquidity Note.

                MASTER TRUST DEED means the Master Trust Deed for the
                Superannuation Members' Home Loans Trusts, dated 4 July 1994
                made between the Manager (as manager) and the Issuing Trustee
                (as trustee), as amended from time to time.

                MORTGAGE DOCUMENTS means all original Mortgages, Loan
                agreements, Related Securities and documents amending or
                varying the foregoing and all certificates of title to Land
                affected by any Mortgage and all searches, certificates,
                results of statutory enquiries, answers to requisitions on
                title, opinions, correspondence, accounts and other supporting
                materials provided to or held by the Issuing Trustee or any
                agent or servant thereof in relation to every Mortgage, Loan
                agreement or Related Security.

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                                                             Security Trust Deed

                NOTEHOLDER SECURED CREDITOR means together:

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

                (b)     each Class B Noteholder.

                NOTES means Class A Notes, Class B Notes and Liquidity Notes.

                NOTES SUPPLEMENTARY BOND TERMS NOTICE means the Supplementary
                Bond Terms Notice dated on or about the date of this Deed in
                respect of the Securitisation Fund and providing the terms of
                issue of Class A Notes and Class B Notes and executed by the
                Issuer, the Manager and the Security Trustee.

                OUTSTANDING PRINCIPAL BALANCE has the same meaning as in the
                Notes Supplementary Bond Terms Notice.

                PAYMENT FUNDING FACILITY means any facility provided to the
                Issuing Trustee to enable the Issuing Trustee to support or
                fund payments required or to be made by the Issuing Trustee in
                respect of any Enhancement or Hedge or as otherwise provided
                in that facility.

                PAYMENT FUNDING FACILITY PROVIDER means, in relation to a
                Payment Funding Facility, the person who has entered into or
                agreed to make that Payment Funding Facility available to the
                Issuing Trustee.

                POWER means any right, power, authority, discretion or remedy
                conferred on the Security Trustee, Receiver or Attorney by any
                Secured Document or any applicable law.

                PRIOR INTEREST means the lien over, and right of
                indemnification from, the Charged Property held by the Issuing
                Trustee under, and calculated in accordance with, the Master
                Trust Deed for paid but not reimbursed, or for unpaid,
                Expenses (other than the Secured Moneys) in relation to the
                Securitisation Fund.

                RECEIVER means a receiver appointed by the Security Trustee
                hereunder and includes a receiver and manager and where more
                than one person has been appointed as receiver or receiver and
                manager each such person and also any servant agent or
                delegate of any such receiver or receiver and manager.

                REDRAW FACILITY PROVIDER means, in relation to a Redraw
                Funding Facility, the person who has entered into or agreed to
                make that Redraw Funding Facility available to the Issuing
                Trustee.

                REDRAW FUNDING FACILITY means any facility provided to the
                Issuing Trustee to enable the Issuing Trustee to fund payments
                under a Loan Redraw Facility.

                RELATED BODY CORPORATE has the meaning given to it in section
                9 of the Corporations Act.

                RELEVANT PERIOD means the period which commences on and
                includes the date of this deed and ends on and includes the
                earlier of:

                (a)     the date 12 months and 1 day after the date of this
                        deed; and

                (b)     the date (if any) on which an Event of Default occurs.

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                                                                         PAGE 10

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                                                             Security Trust Deed

                REPAYMENT DATE means the date on which the Total Outstanding
                Principal Balance is zero or will be zero following any
                payments made on the relevant Payment Date.

                REPRESENTATIVE means:

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

                (b)     in the case of any other Secured Creditor, a person who
                        is appointed as a proxy for that Secured Creditor
                        pursuant to clause 9 of the Schedule; and

                (c)     without limiting the generality of paragraph (a), in the
                        case of a Voting Secured Creditor, which is a body
                        corporate, a person who is appointed pursuant to clause
                        10 of the Schedule by the Secured Creditor.

                SECURED CREDITOR means:

                (a)     each Payment Funding Facility Provider;

                (b)     the Security Trustee in relation to its rights (held on
                        its own right or for the benefit of other Secured
                        Creditors) under this Deed;

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

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

                (e)     the Manager in relation to its rights as manager under
                        the Secured Documents for the Securitisation Fund;

                (f)     each Enhancement Provider in relation to its rights
                        under each Enhancement;

                (g)     each Interest Hedge Provider in relation to its rights
                        under each Interest Hedge;

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

                (i)     each Paying Agent, the Note Registrar and the
                        Calculation Agent in relation to its rights under the
                        Secured Documents;

                (j)     the Lead Manager in relation to its rights under the
                        Secured Documents;

                (k)     the Currency Swap Provider in relation to its rights
                        under each Currency Swap;

                (l)     each Redraw Facility Provider; and

                (m)     any Liquidity Noteholder in relation to its rights under
                        Liquidity Notes held by it.

                SECURED DOCUMENTS means each of:

                (a)     this Deed;

                (b)     the Master Trust Deed, insofar as it relates to the
                        Securitisation Fund;

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                                                                         PAGE 11

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                                                             Security Trust Deed

                (c)     the Mortgage Origination and Management Agreement,
                        insofar as it relates to the Securitisation Fund;

                (d)     each Note;

                (e)     each Supplementary Bond Terms Notice;

                (f)     each Enhancement;

                (g)     each Hedge;

                (h)     the Note Trust Deed;

                (i)     each Payment Funding Facility;

                (j)     each Currency Swap;

                (k)     the Committed Bond Subscription Agreement; and

                (l)     each Redraw Funding Facility.

                SECURED MONEYS means all debts and monetary liabilities of the
                Issuing Trustee to Secured Creditors on any account under or
                in relation to any Secured Document and in any capacity and
                irrespective of whether the debts or liabilities:

                (a)     are present or future;

                (b)     are actual, prospective, contingent or otherwise;

                (c)     are at any time ascertained or unascertained;

                (d)     are owed or incurred by or on account of the Issuing
                        Trustee alone, or severally or jointly with any other
                        person;

                (e)     are owed to or incurred for the account of the Security
                        Trustee, a Secured Creditor or any person whose account
                        the Security Trustee is owed or incurs it, alone, or
                        severally or jointly with any other person;

                (f)     are owed to any other person as agent (whether disclosed
                        or not) for or on behalf of the Security Trustee, a
                        Secured Creditor or any person whose account the
                        Security Trustee is owed or incurs it;

                (g)     are owed or incurred as principal, interest, fees,
                        charges, Taxes, damages (whether for breach of contract
                        or tort or incurred on any other ground), losses, costs
                        or expenses, or on any other account;

                (h)     are owed to or incurred for the account of the Security
                        Trustee, a Secured Creditor or any person whose account
                        the Security Trustee is owed or incurs it, directly or
                        as a result of:

                        (1)     the assignment to the Security Trustee, a
                                Secured Creditor or any person whose account the
                                Security Trustee is owed or incurs it, of any
                                debt or liability of the Issuing Trustee; or

                        (2)     any other dealing with any such debt or
                                liability;

                (i)     are owed to or incurred for the account of the Security
                        Trustee, a Secured Creditor or any person whose account
                        the Security Trustee is owed or incurs it, before the
                        date of this Deed, before the date of any assignment of
                        this Deed to the Security Trustee, a Secured Creditor or
                        any person whose account the Security Trustee is owed or
                        incurs it, by any other person or otherwise; or

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                                                             Security Trust Deed

                (j)     comprise any combination of the above.

                SECURITISATION FUND means the Securitisation Fund constituted
                under the Master Trust Deed known as SMHL Global Fund No. 5.

                SUPPLEMENTARY BOND TERMS NOTICE means each Supplementary Bond
                Terms Notice dated or about the date of this Deed in respect of
                the Securitisation Fund.

                STATUTE means any legislation now or hereafter in force of the
                Parliament of the Commonwealth of Australia or of any State or
                Territory thereof and any rule regulation ordinance by-law
                statutory instrument order or notice now or hereafter made under
                such legislation.

                TITLE DOCUMENTS means all certificates, documents, instruments,
                indicia of title or other evidence of the right, title, interest
                and estate of the Issuing Trustee in the items referred to in
                paragraphs (a) - (c) (inclusive) of the definition of "Charged
                Property" in this clause 1.1, including without limiting the
                generality of the foregoing, all Mortgage Documents.

                VOTING SECURED CREDITOR means:

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

                (b)     at any other time (subject to clause 16.3)

                        (1)     the Note Trustee, acting on behalf of the Class
                                A Noteholders under the Note Trust Deed and
                                clause 3 or, if the Note Trustee has become
                                bound to take steps and/or to proceed hereunder
                                and fails to do so within a reasonable time and
                                such failure is continuing, the Class A
                                Noteholders and then only to the extent
                                permitted by the Australian law; and

                        (2)     each other Secured Creditor (other than a Class
                                A Noteholder).

        1.2     DEFINITIONS FROM OTHER DOCUMENTS

                (a)     Subject to clause 1.1 each expression used herein that
                        is defined in the Master Trust Deed (as amended by the
                        Notes Supplementary Bond Terms Notice) and the Notes
                        Supplementary Bond Terms Notice have the same meanings
                        when used in this Deed unless the context otherwise
                        requires or unless otherwise defined as this Deed.

                (b)     Subject to clause 21, no change to the Master Trust Deed
                        or any other document after the date of this Deed will
                        change the meaning of terms used in this Deed or
                        adversely affect the rights of the Security Trustee
                        under this Deed unless the Security Trustee (subject to
                        clause 16.3) with the prior written consent of the
                        Noteholder Secured Creditors has agreed to the changes.

        1.3     INTERPRETATION

                In this Deed unless the context indicates a contrary intention:

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                                                             Security Trust Deed

                (a)     the expression "person" includes an individual, a
                        corporation and a Government Agency;

                (b)     the expression "power" in relation to the Security
                        Trustee or a Receiver includes all powers authorities
                        rights remedies privileges and discretions conferred
                        upon the Security Trustee or the Receiver by this Deed,
                        by any other deed agreement document or instrument by
                        any Statute or otherwise by law;

                (c)     a reference to any party includes that party's
                        executors, administrators, successors, substitutes and
                        assigns, including any person taking by way of novation;

                (d)     a reference to this Deed, the Master Trust Deed, each
                        Supplementary Bond Terms Notice or to any other deed
                        agreement document or instrument includes respectively
                        this Deed, the Master Trust Deed or such other deed
                        agreement document or instrument as amended, novated,
                        supplemented, varied or replaced from time to time;

                (e)     a reference to any Statute or to any section or
                        provision thereof includes any statutory modification or
                        re-enactment or any statutory provision substituted
                        therefor and all ordinances, by-laws regulations and
                        other statutory instruments issued thereunder;

                (f)     a reference to a Related Body Corporate shall include a
                        corporation which is or becomes a Related Body Corporate
                        during the currency of this Deed;

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

                (h)     headings are for convenience only and shall not affect
                        the interpretation hereof;

                (i)     a reference to a clause is a reference to a clause of
                        this Deed;

                (j)     a reference to the Schedule is a reference to the
                        Schedule to this Deed;

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

                (l)     where the day on or by which any sum is payable
                        hereunder or any act matter or thing is to be done is a
                        day other than a Banking Day such sum shall be paid and
                        such act matter or thing shall be done on the
                        immediately succeeding Banking Day;

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

                (n)     a reference to the Issuing Trustee is a reference to the
                        Issuing Trustee in its capacity as trustee of the
                        Securitisation Fund, and in no other capacity; and

                (o)     a reference to the property, business, assets,
                        undertaking or money of the Issuing Trustee is a
                        reference to the property, business, assets, undertaking
                        or money of the Issuing Trustee in the capacity referred
                        to in paragraph (n) only.

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                                                                         PAGE 14

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                                                             Security Trust Deed

        1.4     BENEFIT OF COVENANTS HEREUNDER

                Unless the context indicates a contrary intention, the Security
                Trustee shall hold the covenants, undertaking and other
                obligations and liabilities of the Issuing Trustee and the
                Manager hereunder on trust for the benefit of the Secured
                Creditors on the terms and conditions of this Deed.

        1.5     TRANSACTION DOCUMENT

                This is a Transaction Document for the purposes of the Master
                Trust Deed.

        1.6     KNOWLEDGE OF ISSUING TRUSTEE

                In relation to the Securitisation Fund, the Issuing Trustee will
                only be considered to have knowledge or notice of or be aware of
                any matter or thing if the Issuing 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 Issuing
                Trustee who have day to day responsibility for the
                administration of the Securitisation Fund.

        1.7     KNOWLEDGE OF THE SECURITY TRUSTEE

                In relation to the Securitisation Fund, the Security Trustee
                will only be considered to have knowledge or notice of or be
                aware of any matter or thing if the Security 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 Security Trustee who have day to day responsibility for
                the administration of the trust created by this Deed.

        1.8     KNOWLEDGE OF THE NOTE TRUSTEE

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

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2       ACCEPTANCE OF TRUST

        2.1     APPOINTMENT OF SECURITY TRUSTEE

                The Security Trustee is hereby appointed, and by its execution
                hereof accepts its appointment, as trustee on behalf of, and
                for, the Secured Creditors on the terms and conditions of this
                Deed.

        2.2     DURATION OF TRUST

                The trusts established pursuant to this Deed shall commence on
                the date hereof and shall terminate on the first to occur of:

                (a)     the Charge Release Date; and

                (b)     the 80th anniversary of the date of this Deed.

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                                                             Security Trust Deed

        2.3     BENEFIT OF TRUSTS

                Each Secured Creditor is entitled to the benefit of the trusts
                created by this Deed on the terms and conditions herein
                contained.

        2.4     TERMS OF NOTES

                All Notes relating to the Securitisation Fund shall be issued
                with the benefit of, and subject to, the provisions of this
                Deed, the Master Trust Deed, the Supplementary Bond Terms
                Notice, the Note Trust Deed and Conditions for the Class A
                Notes.

        2.5     INTERESTED PERSONS BOUND

                The provisions of this Deed and the Master Trust Deed shall be
                binding upon every Interested Person and the Security Trustee.

        2.6     RESOLUTION OF CONFLICTS

                (a)     The Security Trustee must, as regards the exercise of
                        all discretions vested in it by this Deed and all other
                        Transaction Documents, except where expressly provided
                        otherwise, have regard to the interest of the Secured
                        Creditors.

                (b)     Subject to the provisions of this Deed, if there is at
                        any time, with respect to enforcement, a conflict
                        between a duty owed by the Security Trustee to any
                        Secured Creditor or class of Secured Creditors, and a
                        duty owed by it to another Secured Creditor or class of
                        Secured Creditors, the Security Trustee must give
                        priority to the interests of the Noteholders (which in
                        the case of Class A Noteholders shall be determined by
                        the Note Trustee acting on their behalf (as provided in
                        clause 16.3) or the Class A Noteholders, as provided
                        herein and in the Note Trust Deed and which, in the case
                        of Class B Noteholders shall be determined by the Class
                        B Noteholders as provided herein).

                (c)     Subject to the provisions of this Deed (other than
                        paragraph (b)), the Security Trustee must give priority
                        to the interests only of the Class A Noteholders if, in
                        the Security Trustee's opinion (in relation to which in
                        determining the interests of the Class A Noteholders,
                        the Security Trustee may rely on a determination of the
                        Note Trustee) there is a conflict between the interests
                        of the Class A Noteholders and the interests of the
                        Class B Noteholders or other Secured Creditors.

                (d)     Provided that the Security Trustee acts in accordance
                        with this clause 2.6 and in good faith, it shall not
                        incur any liability to any Secured Creditor for giving
                        effect to paragraph (b) or (c).

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3       NOTE TRUSTEE

        3.1     CAPACITY

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

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                                                                         PAGE 16

<PAGE>
                                                             Security Trust Deed

                other provision of this Deed, this Deed becomes effective
                against the Note Trustee only upon execution of the Note Trust
                Deed.

        3.2     EXERCISE OF RIGHTS

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

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

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

        3.3     INSTRUCTIONS OR DIRECTIONS

                The Security Trustee may rely on any instructions or directions
                given to it by the Note Trustee as being given on behalf of all
                Class A Noteholders from time to time and need not inquire
                whether the Note Trustee or the Class A Noteholders from time to
                time have complied with any requirements under the Note Trust
                Deed or as to the reasonableness or otherwise of the Note
                Trustee.

        3.4     PAYMENTS

                Any payment to be made to a Class A Noteholder under this Deed
                may be made to the Note Trustee or a Paying Agent on behalf of
                that Class A Noteholder.

        3.5     NOTICES

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

        3.6     LIMITATION OF LIABILITY OF NOTE TRUSTEE

                Notwithstanding any other provision of this deed, the Note
                Trustee will have no liability under or in connection with this
                deed or any other Transaction Document other than to the extent
                to which the liability is able to be satisfied out of the
                property from which the Note Trustee is actually indemnified for
                the liability. This limitation will not apply to a liability of
                the Note Trustee to the extent that it is not satisfied because,
                under this deed, any other Transaction Document or by operation
                of laws, there is a reduction in the extent of the Note
                Trustee's indemnification as a result of the Note Trustee's
                fraud, negligence or wilful default. Nothing in this clause or
                any similar provision in any other Transaction Document limits
                or adversely affects the powers of the Note Trustee.

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                                                                         PAGE 17

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                                                             Security Trust Deed

4       CHARGE

        4.1     CHARGE

                (a)     The Issuing Trustee in its capacity as trustee of the
                        Charged Property charges all of its interest in the
                        Charged Property to the Security Trustee as security for
                        the due and punctual payment of the Secured Moneys and
                        the performance of its obligations under the Secured
                        Documents.

                (b)     The Charge does not charge any Charged Property as at
                        the date of this Deed which as at that date is, or is
                        taken under the applicable stamp duties legislation of
                        the relevant jurisdiction to be, situated in any State
                        or Territory of Australia other than the Australian
                        Capital Territory or the Northern Territory.

        4.2     PRIORITY

                The parties intend that the Charge take priority over all other
                Encumbrances over the Charged Property other than the Prior
                Interest.

        4.3     NATURE OF CHARGE

                The Charge is a floating charge over all Charged Property.

        4.4     CRYSTALLISATION

                The floating charge created in clauses 4.1 and 4.3 automatically
                and immediately crystallises and becomes fixed:

                (a)     without the Security Trustee giving any notice to the
                        Issuing Trustee, in respect of:

                        (1)     all of the Charged Property:

                                (A)     when a Receiver or any other receiver or
                                        receiver and manager or administrator or
                                        provisional liquidator is appointed, or
                                        proposed to be appointed, in respect of
                                        any of the Charged Property;

                                (B)     when the Charge or any other Encumbrance
                                        over any of the Charged Property is
                                        enforced in any other way;

                                (C)     when a notice under section 218 of the
                                        Income Tax Assessment Act 1936 (Cth),
                                        section 260-5 in Schedule 1 of the Tax
                                        Administration Act 1953 or similar
                                        provision under the Income Tax
                                        Assessment Act 1997 in respect of the
                                        Issuing Trustee is signed by, or on
                                        behalf of, the Commissioner of Taxation
                                        or the Deputy Commissioner of Taxation;

                                (D)     upon any Government Agency taking any
                                        step which may result in an amount of
                                        Tax or an amount owing to a Government
                                        Agency ranking ahead of the Charge;

                                (E)     when an order is made or a resolution is
                                        passed for the liquidation of the
                                        Issuing Trustee whether in its personal

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                                                                         PAGE 18

<PAGE>
                                                             Security Trust Deed

                                        capacity or in its capacity as trustee
                                        of the Securitisation Fund;

                                (F)     when a resolution is passed or a
                                        direction is given by the Beneficiaries
                                        for the winding-up or termination of the
                                        Securitisation Fund;

                                (G)     when all of the Beneficiaries give a
                                        direction to the Issuing Trustee to
                                        distribute the assets of the
                                        Securitisation Fund;

                                (H)     upon the termination of the
                                        Securitisation Fund, whether under the
                                        Master Trust Deed or by expiration of
                                        time or otherwise;

                                (I)     when an order is made requiring
                                        distribution of any Securitisation Fund
                                        assets to any person or appointing a
                                        receiver in respect of the
                                        Securitisation Fund;

                                (J)     when the Issuing Trustee resolves, or
                                        any other person on whose instructions
                                        the Issuing Trustee must act directs the
                                        Issuing Trustee, to distribute any
                                        corpus of the Charged Property which is
                                        subject to the floating charge;

                                (K)     when any step is taken to issue, levy or
                                        enforce any distress, attachment,
                                        execution or other process against or
                                        upon any of the Charged Property;

                                (L)     when any Encumbrance over any of the
                                        Charged Property is, or becomes capable
                                        of being, enforced or any floating
                                        Encumbrance over any of the Charged
                                        Property crystallises or otherwise
                                        becomes a fixed Encumbrance; or

                                (M)     upon occurrence of an Event of Default;
                                        or

                        (2)     in respect of any asset, if the Issuing Trustee:

                                (A)     creates or allows any Encumbrance over;

                                (B)     sells, leases or otherwise disposes of;

                                (C)     creates or allows any interest in; or

                                (D)     parts with possession of,

                                that asset in breach of the Master Trust Deed or
                                this Deed, or agrees or attempts to do so or
                                take any step towards doing so.

        4.5     DE-CRYSTALLISATION

                (a)     Where an asset has become subject to a fixed charge
                        under clause 4.4, the Security Trustee may release the
                        asset from that fixed charge by notice in writing to the
                        Issuing Trustee.

                (b)     When an asset is released from the fixed charge under
                        clause 4.5(a)) the asset will again be subject to:

                        (1)     the floating charge under clauses 4.1 and 4.3;
                                and

                        (2)     the further operation of clause 4.4.

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                                                                         PAGE 19

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                                                             Security Trust Deed

                (c)     The Security Trustee must promptly give each Designated
                        Rating Agency a notice of any release made pursuant to
                        clause 4.5(a).

        4.6     PROSPECTIVE LIABILITY

                (a)     The parties acknowledge that the maximum amount of the
                        prospective liability secured by this Deed for the
                        purposes of establishing priority under section 282(3)
                        of the Corporations Act, is $3,500,000,000.

                (b)     The Security Trustee may from time to time lodge a
                        notice under s268(2) of the Corporations Act on behalf
                        of the Issuing Trustee specifying an increase in the
                        maximum amount of the prospective liability referred to
                        in clause 4.6(a) and from the date of lodgment the
                        amount specified in clause 4.6(a) is to be regarded as
                        varied to the amount specified in that notice.

                (c)     Neither clause 4.6(a) nor clause 4.6(b) in any way
                        affects or limits the actual amount of Secured Moneys
                        which may in fact be secured by the Charge.

                (d)     Clauses 4.6(a), 4.6(b) and 4.6(c) are to be construed
                        independently of each other.

        4.7     AMOUNT ULTIMATELY RECOVERABLE

                Subject to this Deed and without limiting the Secured Moneys,
                the amount ultimately recoverable by the Chargee under this Deed
                is limited to $3,500,000,000.

5       REPRESENTATIONS AND WARRANTIES

        5.1     BY THE ISSUING TRUSTEE

                The Issuing Trustee hereby represents and warrants to the
                Security Trustee:

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

                (b)     (CONSTITUTION): the execution delivery and performance
                        of each Secured Document does not violate the
                        constitution of the Issuing Trustee;

                (c)     (CORPORATE POWER): the Issuing Trustee has the power and
                        has taken all corporate and other action required to
                        enter into each Secured Document and to authorise the
                        execution and delivery of each Secured Document and the
                        performance of its obligations hereunder;

                (d)     (FILINGS): the Issuing Trustee has filed all material
                        corporate notices and effected all material
                        registrations with the Australian Securities and
                        Investments Commission or similar office in the
                        jurisdiction of incorporation and all such filings and
                        registrations are current, complete and accurate, except
                        that this representation and warranty does not apply to
                        the filing of an ASIC form 309 in relation to the
                        creation of the Charge;

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                                                                         PAGE 20

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                                                             Security Trust Deed

                (e)     (LEGALLY BINDING OBLIGATION): each Secured Document
                        constitutes a valid, legally binding and enforceable
                        obligation of the Issuing Trustee in accordance with its
                        terms except as such enforceability may be limited by
                        any applicable bankruptcy, insolvency, reorganisation,
                        moratorium or trust or other similar laws affecting
                        creditors' rights generally;

                (f)     (EXECUTION, DELIVERY AND PERFORMANCE): the execution,
                        delivery and performance of each Secured Document by the
                        Issuing Trustee does not violate any existing law or
                        regulation or any document or agreement to which the
                        Issuing Trustee is a party in either case in its
                        capacity as trustee of the Securitisation Fund or which
                        is binding upon it or any of its assets in its capacity
                        as trustee of the Securitisation Fund;

                (g)     (AUTHORISATION): all consents, licences, approvals and
                        authorisations of every Government Agency required to be
                        obtained by the Issuing Trustee in connection with the
                        execution and delivery of, and performance of its
                        obligations under, each Secured Document have been
                        obtained and are valid and subsisting;

                (h)     (GOOD TITLE): the Issuing Trustee is the legal owner of
                        and has the power under the Master Trust Deed to enter
                        into each Secured Document and to charge in the manner
                        provided in this Deed, the Charged Property and, subject
                        only to the Master Trust Deed, this Deed and the Prior
                        Interest, the Charged Property is free of all other
                        Encumbrances;

                (i)     (SECURITISATION FUND VALIDLY CREATED): the
                        Securitisation Fund has been validly created and is in
                        existence at the date of this Deed;

                (j)     (SOLE TRUSTEE): the Issuing Trustee has been validly
                        appointed as trustee of the Securitisation Fund and is
                        presently the sole trustee of the Securitisation Fund;

                (k)     (MASTER TRUST DEED): the Securitisation Fund is
                        constituted pursuant to the Master Trust Deed; and

                (l)     (NO PROCEEDINGS TO REMOVE): no notice has been given to
                        the Issuing Trustee and to the Issuing Trustee's
                        knowledge no resolution has been passed or direction or
                        notice has been given, removing the Issuing Trustee as
                        trustee of the Securitisation Fund.

        5.2     BY THE MANAGER

                The Manager hereby represents and warrants to the Security
                Trustee that:

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

                (b)     (CONSTITUTION): the execution, delivery and performance
                        of each Secured Document does not violate the
                        constitution of the Manager;

                (c)     (CORPORATE POWER): the Manager has the power and has
                        taken all corporate and other action required to enter
                        into each Secured Document and to authorise the
                        execution and delivery of each Secured Document and the
                        performance of its obligations hereunder;

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                                                                         PAGE 21

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                                                             Security Trust Deed

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

                (e)     (LEGALLY BINDING OBLIGATION): each Secured Document
                        constitutes a valid, legally binding and enforceable
                        obligation of the Manager in accordance with its terms
                        except as such enforceability may be limited by any
                        applicable bankruptcy, insolvency, re-organisation,
                        moratorium or trust or other similar laws affecting
                        creditors' rights generally;

                (f)     (EXECUTION, DELIVERY AND PERFORMANCE): the execution,
                        delivery and performance of each Secured Document by the
                        Manager does not violate any existing law or regulation
                        or any document or agreement to which the Manager is a
                        party or which is binding upon it or any of its assets;

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

                (h)     (WARRANTIES): all representations and warranties given
                        by the Manager in any Transaction Document are true and
                        accurate.

        5.3     SURVIVAL OF REPRESENTATIONS AND WARRANTIES

                        All representations and warranties in this Deed survive
                        the execution and delivery of this Deed and the
                        provision of advances and accommodation.

6       ISSUING TRUSTEE'S AND MANAGER'S COVENANTS

        6.1     COVENANTS

                (a)     The Issuing Trustee covenants in favour of the Security
                        Trustee that it will duly and punctually perform observe
                        and fulfil its obligations under the Secured Documents
                        and will pay the Secured Moneys to, or to the order of,
                        the Security Trustee as and when the same fall due for
                        payment.

                (b)     Notwithstanding clause 6.1(a), every payment by the
                        Issuing Trustee, or the Security Trustee in accordance
                        with this Deed, to the Secured Creditors on account of
                        the Secured Moneys will operate as payment by the
                        Issuing Trustee to the Security Trustee in satisfaction
                        of the Issuing Trustee's obligations in respect thereof.

                (c)     Each of the Issuing Trustee and the Manager will ensure
                        that it complies with its obligations under the Secured
                        Documents.

                (d)     Each of the Issuing Trustee and the Manager will give to
                        the Note Trustee a copy of the Register, and to the
                        Security Trustee any information in the power or
                        possession of the Issuing Trustee or the Manager
                        relating to the Securitisation Fund that the Security
                        Trustee reasonably requests in

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                                                                         PAGE 22

<PAGE>
                                                             Security Trust Deed

                        connection with the exercise and performance of its
                        powers and obligations under this Deed, including
                        without limitation:

                        (1)     the identity, and notice details of, each
                                Secured Creditor and Beneficiary; and

                        (2)     the Secured Moneys owing to each Secured
                                Creditor.

        6.2     NEGATIVE COVENANTS

                The Issuing Trustee shall not do, nor shall the Manager direct
                the Issuing Trustee to do, any of the following without the
                prior written consent of the Security Trustee and without prior
                written confirmation from each Designated Rating Agency of the
                rating assigned to the Notes in relation to the Securitisation
                Fund and the Notes, except as permitted by this Deed or the
                Master Trust Deed or the Supplementary Bond Terms Notice:

                (a)     (NO ENCUMBRANCES): subject only to the Prior Interest,
                        create, purport or attempt to create or permit to exist
                        any Encumbrance howsoever ranking over any part of the
                        Charged Property;

                (b)     (NO SALE, LEASE ETC.): subject to clause 6.4, convey,
                        assign, transfer, lease or otherwise dispose or part
                        with possession of, make any bailment over, or create or
                        permit to exist any other interest in any part of the
                        Charged Property whilst such part of the Charged
                        Property is subject to the Charge;

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

                        (1)     the Notes;

                        (2)     Financial Indebtedness arising under the
                                Transaction Documents in relation to the
                                Securitisation Fund;

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

                        (4)     Financial Indebtedness that will not result in
                                any reduction or withdrawal of the rating
                                assigned to the initial Notes by each such
                                Designated Rating Agency;

                (d)     (NO RELEASE UNDER TRANSACTION DOCUMENTS): give any
                        release or discharge (whether full, partial or
                        conditional) to any person in respect of their
                        obligations under any of the Transaction Documents
                        relating to the Securitisation Fund, except as
                        contemplated by those Transaction Documents; and

                (e)     (BANK ACCOUNTS): open any bank account not permitted in
                        the Transaction Documents.

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                                                             Security Trust Deed

        6.3     FIXED RATE MORTGAGES

                (a)     Unless each Designated Rating Agency should otherwise
                        notify the Manager in writing, the Manager must not at
                        any time cause:

                        (1)     the aggregate Outstanding Principal Balance of
                                all fixed interest rate Mortgages to exceed 50%
                                of the aggregate Outstanding Principal Balance
                                of all Mortgages;

                        (2)     the aggregate Outstanding Principal Balance of
                                all fixed interest rate Mortgages with an
                                outstanding fixed interest rate period of 3
                                years or less to exceed 50% of the aggregate
                                Outstanding Principal Balance of all Mortgages;
                                and

                        (3)     the aggregate Outstanding Principal Balance of
                                all fixed interest rate Mortgages with an
                                outstanding fixed interest rate period of
                                greater than 3 years and not exceeding 5 years
                                to exceed 25% of the aggregate Outstanding
                                Principal Balance of all Mortgages; and

                        (4)     the fixed interest rate period for any Mortgage
                                to end on or after 9 November 2009.

                (b)     The Manager must not cause any fixed interest rate
                        Mortgage to become an Asset of the Fund unless:

                        (1)     the Trustee has entered into a Payment Funding
                                Facility for such amount agreed to from time to
                                time by the Manager and each Designated Rating
                                Agency so that the rating of the Notes by each
                                Designated Rating Agency will not be downgraded
                                or withdrawn by the Trustee holding fixed
                                interest rate Mortgages; and

                        (2)     the Trustee has entered into an Enhancement or
                                Interest Hedge in respect of the fixed interest
                                rate component of the Mortgage for the period of
                                that interest component and whether in respect
                                of that Mortgage alone or with any other
                                Mortgage that is an Asset of the Securitisation
                                Fund.

                (c)     Subject to the terms of any such Payment Funding
                        Facility, the Manager must cause the principal amount
                        outstanding under the Payment Funding Facility to be not
                        less than the amount agreed from time to time by the
                        Manager and each Designated Rating Agency.

                (d)     For the purposes of clause 6.3 a reference:

                        (1)     to a Mortgage is to a Mortgage which is an Asset
                                of the Securitisation Fund;

                        (2)     to a fixed interest rate Mortgage is a Mortgage
                                under which all or part of the interest payable
                                is set at a fixed rate;

                        (3)     the Outstanding Principal Balance of a fixed
                                interest rate Mortgage is that portion of the
                                Outstanding Principal Balance of the Mortgage
                                which is subject to a fixed interest rate.

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                                                             Security Trust Deed

        6.4     DEALING IN ACCORDANCE WITH TRANSACTION DOCUMENTS

                The Issuing Trustee may in respect of a given part of the
                Charged Property whilst subject to the floating charge deal with
                and pay or apply that part of the Charged Property in accordance
                with the provisions of the Transaction Documents.

        6.5     NOTIFY EVENTS OF DEFAULT

                Each of the Manager and the Issuing Trustee must immediately
                notify the Security Trustee in writing if it becomes actually
                aware of the occurrence of any Event of Default and must provide
                the Security Trustee with full and complete details in relation
                thereto immediately upon becoming actually aware of such
                details.

7       EVENTS OF DEFAULT

        7.1     EVENTS OF DEFAULT

                Subject to the Supplementary Bond Terms Notice for the Class A
                Notes and Class B Notes and the Liquidity Notes, each of the
                following events is an Event of Default whether or not caused by
                any reason whatsoever outside the control of an Interested
                Person or any other person:

                (a)     (FAILURE TO PAY): the Issuing Trustee does not within 10
                        Banking Days of the due date, and in the specified
                        manner, pay in full any Secured Moneys (except in
                        respect of any moneys payable under any Payment Funding
                        Facility and Redraw Funding Facility which fall due for
                        payment prior to the Repayment Date or payment of
                        interest on Class B Notes unless all Class A Notes have
                        been repaid);

                (b)     (FAILURE TO COMPLY): the Issuing Trustee or the Manager
                        defaults in fully performing observing and fulfilling
                        any material obligation in relation to the
                        Securitisation Fund under this Deed or a Secured
                        Document (other than a provision requiring the payment
                        of money as contemplated by paragraph (a) of this clause
                        or, prior to the Repayment Date, in respect of any such
                        default under a Payment Funding Facility and Redraw
                        Funding Facility and such default has not been remedied
                        within 10 Banking Days of the Issuing Trustee or the
                        Manager (as the case requires) receiving notice from the
                        Security Trustee specifying the breach and requiring the
                        same to be rectified;

                (c)     (UNTRUE WARRANTY): any representation, warranty or
                        statement in relation to the Securitisation Fund made,
                        repeated or deemed to be made or repeated in this Deed
                        or in a Secured Document by the Issuing Trustee or the
                        Manager is proved to be untrue in any material respect
                        when made, repeated or deemed to be made or repeated (as
                        the case may be) (except, prior to the Repayment Date,
                        in respect of any representation, warranty or statement
                        made, repeated or deemed to be made or repeated under
                        the Payment Funding Facility and Redraw Funding
                        Facility;

                (d)     (BREACH OF UNDERTAKING): the Issuing Trustee or the
                        Manager breaches any material undertaking given at any
                        time to the Security Trustee in relation to the
                        Securitisation Fund or fails to comply with any material

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                                                             Security Trust Deed

                        condition imposed by the Security Trustee in relation to
                        the Securitisation Fund in agreeing to any matter
                        (including any waiver) (except, prior to the Repayment
                        Date, in respect of any breach of any material
                        undertaking or failure to comply with any material
                        condition under the Payment Funding Facility and Redraw
                        Funding Facility;

                (e)     (INSOLVENCY EVENT): any Insolvency Event occurs in
                        relation to the Issuing Trustee other than for the
                        reconstruction of the Issuing Trustee or the
                        Securitisation Fund with the prior written approval of
                        the Manager and the Security Trustee and provided that
                        each Designated Rating Agency has confirmed in writing
                        that such reconstruction will not have an adverse effect
                        on the rating of the Notes;

                (f)     (ENCUMBRANCE): any Encumbrance over any Charged Property
                        becomes enforceable or any Encumbrance that is a
                        floating security over any Charged Property crystallises
                        or otherwise becomes a fixed or specific security;

                (g)     (INVESTIGATION): any investigation into the affairs, or
                        into particular affairs, of the Issuing Trustee in
                        relation to the Securitisation Fund is directed or
                        commenced under any Statute;

                (h)     (VOID OR VOIDABLE): any Secured Document is, becomes or
                        is claimed by the Issuing Trustee or the Manager to be
                        void, voidable or unenforceable in whole or in any
                        material part;

                (i)     (REPUDIATION): the Issuing Trustee or the Manager
                        disaffirms, disclaims, repudiates or rejects any Secured
                        Document to which it is a party in whole or in any
                        material part;

                (j)     (VESTING OF ASSETS): there occurs without the prior
                        written approval of the Security Trustee, any vesting or
                        distribution of any assets of the Securitisation Fund
                        other than in accordance with the relevant Supplementary
                        Bond Terms Notices;

                (k)     (BREACH OF TRUST): any material breach of trust in
                        relation to the Securitisation Fund by the Issuing
                        Trustee or the Issuing Trustee for any reason loses or
                        ceases to be entitled to a material extent to its right
                        of indemnity against the assets of the Securitisation
                        Fund;

                (l)     (DIMINUTION OF ASSETS): as a result of the act or
                        omission of the Issuing Trustee the assets of the
                        Securitisation Fund are materially diminished or made
                        materially less accessible to the Security Trustee;

                (m)     (WINDING-UP): without the prior consent of the Security
                        Trustee the Securitisation Fund is wound-up or the
                        Issuing Trustee is required to wind up the
                        Securitisation Fund under the Master Trust Deed or
                        applicable law, or the winding up of the Securitisation
                        Fund commences; and

                (n)     (PRIORITY OF CHARGE): the Charge ceases to rank as
                        contemplated by clause 4.2.

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                                                             Security Trust Deed

        7.2     RIGHTS OF THE SECURITY TRUSTEE UPON EVENT OF DEFAULT

                Upon the occurrence of an Event of Default, the Security Trustee
                may, and shall, subject to clauses 8.4, 8.5, 8.6 and 8.7, if so
                directed by an Extraordinary Resolution:

                (a)     declare the Charge immediately enforceable;

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

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

                (d)     appoint a Receiver over the Charged Property, or
                        exercise the powers that a Receiver would otherwise have
                        if appointed under this Deed.

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

        7.3     NOTIFY EVENTS OF DEFAULT

                Each of the Issuing Trustee and the Manager must promptly (and
                in any event within 5 Banking Days) notify the Note Trustee on
                behalf of the Class A Noteholders, and all other Secured
                Creditors, the Security Trustee, and each of the Designated
                Rating Agencies if, to the knowledge of its officers who are
                responsible for the administration of the Securitisation Fund,
                it becomes aware of the occurrence of an Event of Default or any
                event specified in clause 4.4 and they must provide full details
                of the Event of Default or other event and the actions and
                procedures which are being taken or will be taken by the Issuing
                Trustee and the Manager to remedy the relevant Event of Default
                or other event.

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8       ENFORCEMENT

        8.1     POWER TO DEAL WITH THE CHARGED PROPERTY CEASES

                The Issuing Trustee's power to deal for any purpose with all or
                any part of the Charged Property, other than by or through a
                Receiver appointed under this Deed shall immediately cease upon
                the Charge crystallising and becoming fixed pursuant to the
                provisions of this Deed (subject only to the operation of clause
                4.5, in which case the Issuing Trustee's power to deal in
                accordance with this Deed with any asset or assets the subject
                of a notice under such clause shall be reinstated from the date
                of such notice).

        8.2     PROTECTION OF CHARGED PROPERTY

                If the Charge crystallises and becomes fixed pursuant to the
                provisions of this Deed upon the occurrence of an Event of
                Crystallisation, the Security Trustee shall have the right
                either in its own name or in the name of the Issuing Trustee to
                immediately seek and obtain appropriate relief in relation to
                that part of the Charged Property affected or threatened by such
                Event of Crystallisation.

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                                                             Security Trust Deed

        8.3     POWER TO ENFORCE

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

        8.4     NO OBLIGATION TO ENFORCE

                Subject to clauses 8.5 and 14.4, upon the occurrence of an Event
                of Default, pending the receipt of directions from the Voting
                Secured Creditors as contemplated by clauses 8.5 and 8.6, the
                Security Trustee shall not be bound to take any action under
                this Deed or give any consent or waiver or make any
                determination hereunder (including, without limiting the
                generality of the foregoing, to appoint any Receiver, to declare
                the Charge enforceable or the Secured Moneys immediately due and
                payable pursuant to clause 7.2 or to take any other proceedings
                referred to in clause 8.3). Nothing in this clause shall affect
                the operation of clause 4.4 upon the occurrence of an Event of
                Crystallisation or the Charge becoming enforceable prior to the
                Security Trustee receiving directions from the Secured
                Creditors.

        8.5     OBLIGATION TO CONVENE MEETING

                (a)     Following the Security Trustee becoming actually aware
                        of the occurrence of an Event of Default, it shall,
                        subject to clause 8.9, promptly convene a meeting of the
                        Voting Secured Creditors in accordance with this Deed,
                        at which it shall seek directions from the Voting
                        Secured Creditors by way of an Extraordinary Resolution
                        of the Voting Secured Creditors regarding the action it
                        should take as a result of such Event of Default.

                (b)     If the Security Trustee fails to convene a meeting, or
                        to propose the necessary Extraordinary Resolutions, in
                        accordance with clause 8.5(a), the Manager must convene
                        a meeting of Voting Secured Creditors, or propose the
                        necessary Extraordinary Resolutions (as the case may
                        be), in accordance with this clause 8, which meeting is
                        to have only the same powers as if convened by the
                        Security Trustee and is to be conducted in accordance
                        with the provisions of the Schedule, in which event all
                        references in this Deed and the Schedule to the Security
                        Trustee in relation to the requirements of meetings of
                        Voting Secured Creditors will be read and construed,
                        mutatis mutandis, as references to the Manager.

        8.6     SECURITY TRUSTEE TO ACT IN ACCORDANCE WITH DIRECTIONS

                (a)     Subject to sub-clause 8.6(b), the Security Trustee shall
                        take all action necessary to give effect to any
                        Extraordinary Resolution of the Voting Secured Creditors
                        and shall comply with all directions contained in or
                        given pursuant to any Extraordinary Resolution of the
                        Voting Secured Creditors.

                (b)     The obligation of the Security Trustee pursuant to
                        sub-clause 8.6(a) is subject to:

                        (1)     this Deed; and

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                                                             Security Trust Deed

                        (2)     if required by the Security Trustee (in its
                                absolute discretion) the receipt from the Voting
                                Secured Creditors of an indemnity in a form
                                reasonably satisfactory to the Security Trustee
                                (which may be by way of an Extraordinary
                                Resolution of the Voting Secured Creditors)
                                against all actions, proceedings, claims and
                                demands to which it may render itself liable,
                                and all costs, charges, damages and expenses
                                which it may incur, in giving effect to an
                                Extraordinary Resolution of the Voting Secured
                                Creditors.

                        The Security Trustee shall first claim on its indemnity
                        from the property held on trust under clause 2.1 before
                        it claims on any indemnity from the Secured Creditors
                        other than the Note Trustee, including any indemnity
                        provided under clause 8.7. The Note Trustee is in no
                        circumstance required to give any indemnity to the
                        Security Trustee.

                (c)     If an Event of Default is a payment default in respect
                        of a subordinated Class of Notes, as long as there are
                        Class A Notes outstanding that rank prior to those
                        subordinated Notes, the Security Trustee must not take
                        any action without the consent of the Note Trustee
                        acting at the direction of each Class of prior ranking
                        Class A Noteholder by Extraordinary Resolution.

                (d)     If the Security Trustee becomes bound to take steps
                        and/or proceed under this Deed and it fails to do so
                        within a reasonable time and such failure is continuing,
                        the Voting Secured Creditors may exercise such powers as
                        they determine by Extraordinary Resolution.

        8.7     SECURITY TRUSTEE MUST RECEIVE INDEMNITY

                If:

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

                (b)     the Voting Secured Creditors refuse to grant the
                        requested indemnity and put the Security Trustee in
                        funds,

                then the Security Trustee will not be obliged to act in relation
                to such enforcement. In those circumstances, the Voting Secured
                Creditors may exercise such Powers and enjoy such protections
                and indemnities, of the Security Trustee under this Deed, any
                Encumbrance or other document or agreement created or entered
                into in favour of the Security Trustee as security for the
                Secured Moneys or by law as they determine by Extraordinary
                Resolution. The Note Trustee is in no circumstance required to
                give an indemnity to the Security Trustee.

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<PAGE>
                                                             Security Trust Deed

        8.8     LIMITATION ON RIGHTS OF SECURED CREDITORS

                Subject to this Deed, the powers, rights and remedies conferred
                on the Security Trustee by this Deed are exercisable by the
                Security Trustee only, and no Secured Creditor is entitled
                without the written consent of the Security Trustee to exercise
                the same or any of them. Without limiting the generality of the
                foregoing, subject to clause 8.7, no Secured Creditor is
                entitled to enforce the Charge or the provisions of this Deed or
                to appoint or cause to be appointed a Receiver to any of the
                Charged Property or otherwise to exercise any power conferred by
                the terms of any applicable law on chargees except as provided
                in this Deed.

        8.9     IMMATERIAL WAIVERS

                (a)     The Security Trustee may (subject to clause 16.3), with
                        the prior written consent of the Noteholder Secured
                        Creditors agree, on any terms and conditions as it may
                        deem expedient, having first given notice to any
                        Designated Rating Agency for each Class of Notes, but
                        without the consent of the other Secured Creditors and
                        without prejudice to its rights in respect of any
                        subsequent breach, to any waiver or authorisation of any
                        breach or proposed breach of any of the terms and
                        conditions of the Secured Documents or any of the
                        provisions of this Deed which is not, in the reasonable
                        opinion of the Security Trustee, materially prejudicial
                        to the interests of the Secured Creditors and may
                        determine that any event that would otherwise be an
                        Event of Default shall not be treated as an Event of
                        Default for the purpose of this Deed.

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

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

        8.10    ACTS PURSUANT TO RESOLUTIONS

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

        8.11    OVERRIDING PROVISION

                Notwithstanding any other provision of this Deed:

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

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                                                             Security Trust Deed

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

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9       RECEIVER

9.1             APPOINTMENT OF RECEIVER

                Subject to clause 8 upon or at any time after the occurrence of
                an Event of Default the Security Trustee may:

                (a)     appoint any person or any 2 or more persons jointly, or
                        severally, or jointly and severally to be a receiver or
                        a receiver and manager of the Charged Property;

                (b)     remove any Receiver and on the removal, retirement or
                        death of any Receiver, appoint another Receiver; and

                (c)     fix or vary the remuneration and direct payment of that
                        remuneration and any costs, charges and expenses of the
                        Receiver out of the proceeds of any realisation of the
                        Charged Property.

        9.2     AGENCY OF RECEIVER

                (a)     Subject to clause 9.5, each Receiver is the agent of the
                        Issuing Trustee.

                (b)     The Issuing Trustee is responsible for the acts,
                        defaults and remuneration of the Receiver.

                (c)     Each Secured Creditor acknowledges that:

                        (1)     any Receiver will be only the agent of the
                                Issuing Trustee in its capacity as trustee of
                                the Securitisation Fund; and

                        (2)     notwithstanding anything else in this Deed or at
                                law, the Issuing Trustee in its personal
                                capacity is not responsible for any act or
                                omission of the Receiver.

        9.3     POWERS OF RECEIVER

                Subject to any express exclusion by the terms of the Receiver's
                appointment, and whether or not the Receiver has taken
                possession of the whole or any part of the Charged Property, the
                Receiver has, in addition to any powers conferred on the
                Receiver by applicable law, power to do any of the following:

                (a)     MANAGE, POSSESSION OR CONTROL: to manage, enter into
                        possession or assume control of any of the Charged
                        Property;

                (b)     LEASE OR LICENCE: to accept the surrender of, determine,
                        grant or renew any lease or licence in respect of the
                        use or occupation of any of the Charged Property:

                        (1)     on any terms or special conditions that the
                                Security Trustee or Receiver thinks fit; and

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                                                                         PAGE 31

<PAGE>
                                                             Security Trust Deed

                        (2)     in conjunction with the sale, lease or licence
                                of any other property by any person;

                (c)     SALE: to sell or concur in selling any of the Charged
                        Property to any person:

                        (1)     by auction, private treaty or tender;

                        (2)     on such terms and special conditions as the
                                Security Trustee or the Receiver thinks fit;

                        (3)     for cash or for a deferred payment of the
                                purchase price, in whole or in part, with or
                                without interest or security;

                        (4)     in conjunction with the sale of any property by
                                any other person; and

                        (5)     in one lot or in separate parcels;

                (d)     GRANT OPTIONS TO PURCHASE: to grant to any person an
                        option to purchase any of the Charged Property;

                (e)     ACQUIRE PROPERTY: to acquire any interest in any
                        property, in the name or on behalf of the Issuing
                        Trustee, which on acquisition forms part of the Charged
                        Property;

                (f)     CARRY ON BUSINESS: to carry on or concur in carrying on
                        any business of the Issuing Trustee in respect of the
                        Charged Property;

                (g)     BORROWINGS AND SECURITY:

                        (1)     to raise or borrow any money, in its name or the
                                name or on behalf of the Issuing Trustee, from
                                the Security Trustee or any person approved by
                                the Security Trustee in writing; and

                        (2)     to secure money raised or borrowed under clause
                                9.3(g)(1) by an Encumbrance over any of the
                                Charged Property, ranking in priority to, equal
                                with, or after, the Charge;

                (h)     MAINTAIN OR IMPROVE CHARGED PROPERTY: to do anything to
                        maintain, protect or improve any of the Charged Property
                        including, but not limited to, completing, repairing,
                        erecting a new improvement on, demolishing or altering
                        any of the Charged Property;

                (i)     INCOME AND BANK ACCOUNTS: to do anything to manage or
                        obtain income or revenue from any of the Charged
                        Property including, but not limited to, operating any
                        bank account which forms part of the Charged Property or
                        opening and operating a new bank account;

                (j)     ACCESS TO CHARGED PROPERTY: to have access to any of the
                        Charged Property;

                (k)     INSURE CHARGED PROPERTY: to insure any of the Charged
                        Property;

                (l)     SEVER FIXTURES: to sever fixtures in respect of any of
                        the Charged Property;

                (m)     COMPROMISE: to make or accept any compromise or
                        arrangement;

                (n)     SURRENDER CHARGED PROPERTY: to surrender or transfer any
                        of the Charged Property to any person;

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                                                             Security Trust Deed

                (o)     EXCHANGE CHARGED PROPERTY: to exchange with any person
                        any of the Charged Property for any other property
                        whether of equal value or not;

                (p)     EMPLOY OR DISCHARGE: to employ or discharge any person
                        as an employee, contractor, agent, professional adviser
                        or auctioneer for any of the purposes of this Deed;

                (q)     DELEGATE: to delegate to any person any Power of the
                        Receiver;

                (r)     PERFORM OR ENFORCE DOCUMENTS: to observe, perform,
                        enforce, exercise or refrain from exercising any right,
                        power, authority, discretion or remedy of the Issuing
                        Trustee under, or otherwise obtain the benefit of:

                        (1)     any document, agreement or right which attaches
                                to or forms part of the Charged Property; and

                        (2)     any document or agreement entered into in
                                exercise of any Power by the Receiver;

                (s)     RECEIPTS: to give effectual receipts for all moneys and
                        other assets which may come into the hands of the
                        Receiver;

                (t)     TAKE PROCEEDINGS: to commence, discontinue, prosecute,
                        defend, settle or compromise in its name or the name or
                        on behalf of the Issuing Trustee, any proceedings
                        including, but not limited to, proceedings in relation
                        to any insurance in respect of any of the Charged
                        Property;

                (u)     INSOLVENCY PROCEEDINGS: in connection with any Charged
                        Property, to make any debtor bankrupt, wind-up any
                        company, corporation or other entity and do all things
                        in relation to any bankruptcy or winding-up which the
                        Receiver thinks necessary or desirable including, but
                        not limited to, attending and voting at creditors'
                        meetings and appointing proxies for those meetings;

                (v)     EXECUTE DOCUMENTS: in connection with any Charged
                        Property, to enter into and execute any document or
                        agreement in the name of the Receiver or the name or on
                        behalf of the Issuing Trustee including, but not limited
                        to, notices, bills of exchange, cheques or promissory
                        notes for any of the purposes of this Deed;

                (w)     VOTE: to exercise any voting rights or powers in respect
                        of any part of the Charged Property;

                (x)     ABILITY OF ISSUING TRUSTEE: to do anything the Issuing
                        Trustee could do in respect of the Charged Property; and

                (y)     INCIDENTAL POWER: to do anything necessary or incidental
                        to the exercise of any Power of the Receiver.

        9.4     NATURE OF RECEIVER'S POWERS

                The Powers of the Receiver must be construed independently and
                no one Power limits the generality of any other Power. Any
                dealing under any Power of the Receiver will be on the terms and
                conditions the Receiver thinks fit.

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                                                             Security Trust Deed

        9.5     STATUS OF RECEIVER AFTER COMMENCEMENT OF WINDING-UP

                (a)     The power to appoint a Receiver under clause 9.1 may be
                        exercised even if at the time an Event of Default occurs
                        or if at the time a Receiver is appointed, an order has
                        been made or a resolution has been passed for the
                        winding-up of the Issuing Trustee or any event set out
                        in clause 4.4(a)(1)(E) to clause 4.4(a)(1)(K) has
                        occurred.

                (b)     If for any reason, including, but not limited to
                        operation of law, a Receiver:

                        (1)     appointed in the circumstances described in
                                clause 9.5(a); or

                        (2)     appointed at any other time,

                        ceases to be the agent of the Issuing Trustee upon or by
                        virtue of, or as a result of, an order or a resolution
                        being passed for the winding-up of the Issuing Trustee,
                        then the Receiver immediately becomes the agent of the
                        Security Trustee.

        9.6     POWERS EXERCISABLE BY THE SECURITY TRUSTEE

                (a)     Whether or not a Receiver is appointed under clause 9.1,
                        the Security Trustee may, on or after the occurrence of
                        an Event of Default and without giving notice to any
                        person, exercise any Power of the Receiver in addition
                        to any Power of the Security Trustee.

                (b)     The exercise of any Power by the Security Trustee,
                        Receiver or Attorney does not cause or deem the Security
                        Trustee, Receiver or Attorney:

                        (1)     to be a mortgagee in possession;

                        (2)     to account as mortgagee in possession; or

                        (3)     to be answerable for any act or omission for
                                which a mortgagee in possession is liable.

        9.7     NOTICE OF EXERCISE OF RIGHTS

                The Security Trustee, Receiver or Attorney is not required:

                (a)     to give notice of the Charge to any debtor or creditor
                        of the Issuing Trustee or to any other person;

                (b)     to enforce payment of any money payable to the Issuing
                        Trustee including, but not limited to, any of the debts
                        or monetary liabilities charged by this Deed; or

                (c)     to obtain the consent of the Issuing Trustee to any
                        exercise of a Power.

        9.8     TERMINATION OF RECEIVERSHIP AND POSSESSION

                The Security Trustee may, at any time, terminate the appointment
                of a Receiver and may, at any time, give up possession of the
                Charged Property.

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10      SECURITY TRUSTEE'S POWERS

        10.1    ACT JOINTLY

                The Security Trustee or Receiver may exercise any of the powers
                conferred upon the Security Trustee or the Receiver in
                conjunction with the exercise of similar powers by any other
                Encumbrancee of the Charged Property or part thereof or by any
                receiver appointed by such other Encumbrancee and may enter into
                and give effect to such agreements and arrangements with such
                other Encumbrancee or receiver as the Security Trustee or
                Receiver thinks fit.

        10.2    APPOINTMENT OF ATTORNEY

                In consideration of the Security Trustee entering into the
                Secured Documents, the Issuing Trustee irrevocably appoints each
                Receiver and each of the directors, secretaries and managers for
                the time being of the Security Trustee severally its attorney
                for the purposes set out in clause 10.3.

        10.3    PURPOSES OF APPOINTMENT

                The Attorney may, in its name or in the name of the Issuing
                Trustee, Security Trustee or Receiver, at any time after the
                occurrence of an Event of Default do any of the following:

                (a)     do any thing which ought to be done by the Issuing
                        Trustee under this Deed;

                (b)     exercise any right, power, authority, discretion or
                        remedy of the Issuing Trustee under:

                        (1)     this Deed;

                        (2)     any other Secured Document; or

                        (3)     any agreement forming part of the Charged
                                Property;

                (c)     do any thing which in the opinion of the Security
                        Trustee, Receiver or Attorney is necessary or expedient
                        for securing or perfecting the Charge;

                (d)     execute in favour of the Security Trustee any legal
                        mortgage, transfer, assignment and any other assurance
                        of any of the Charged Property;

                (e)     execute Deeds of assignment, composition or release in
                        connection with the Charged Property;

                (f)     sell or otherwise part with the possession of any of the
                        Charged Property; and

                (g)     generally, do any other thing, whether or not of the
                        same kind as those set out in clause 10.3 (a) to (f),
                        which in the opinion of the Security Trustee, Receiver
                        or Attorney is necessary or expedient:

                        (1)     to more satisfactorily secure to the Security
                                Trustee the payment of the Secured Moneys; or

                        (2)     in relation to any of the Charged Property.

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        10.4    DELEGATION AND SUBSTITUTION

                The Attorney may, at any time, for any of the purposes in clause
                10.3, appoint or remove any substitute or delegate or
                sub-attorney.

        10.5    SECURITY TRUSTEE MAY MAKE GOOD DEFAULT

                If the Issuing Trustee defaults in duly performing observing and
                fulfilling any covenant on the part of the Issuing Trustee
                herein contained or implied it shall be lawful for, but not
                obligatory upon the Security Trustee, without prejudice to any
                other power of the Security Trustee, to do all things and pay
                all moneys necessary or expedient in the opinion of the Security
                Trustee to make good or to attempt to make good such default to
                the satisfaction of the Security Trustee and all such moneys
                shall form part of the Secured Moneys.

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11      PROTECTION OF PERSONS DEALING WITH SECURITY TRUSTEE OR RECEIVER

        11.1    NO ENQUIRY

                No purchaser or other person dealing with the Security Trustee,
                the Receiver or any attorney appointed hereunder or to whom is
                tendered for registration an instrument executed by the Security
                Trustee, the Receiver or any attorney appointed hereunder, shall
                be bound to inquire as to whether any Event of Default has
                occurred or whether the Charge has become enforceable or whether
                any Secured Moneys are owing or payable or whether the Receiver
                or attorney has been properly appointed or as to the propriety
                or regularity of the exercise or purported exercise of any power
                by the Security Trustee, the Receiver or such attorney or any
                other matter or thing or be affected by actual or constructive
                notice that any lease, sale, dealing or instrument is
                unnecessary or improper and notwithstanding any irregularity or
                impropriety in any lease, sale, dealing or instrument the same
                shall as regards the protection and title of the lessee,
                purchaser or such other person be deemed to be authorised by the
                aforesaid powers and shall be valid and effectual accordingly.

        11.2    RECEIPTS

                The receipt of the Security Trustee, the Receiver or any
                attorney appointed hereunder of any moneys or assets which come
                into the hands of the Security Trustee, the Receiver or such
                attorney by virtue of the powers of the Security Trustee, the
                Receiver or the attorney shall as to the moneys or assets paid
                or handed over effectually discharge the person, other than the
                Issuing Trustee, paying or handing over the same from being
                concerned to see to the application or being answerable or
                accountable for any loss or misapplication thereof and from any
                liability to inquire whether the Charge has become enforceable
                or whether the Secured Moneys have become payable pursuant to
                the provisions of this Deed or otherwise as to the propriety or
                regularity of the appointment of such Receiver or attorney or
                the propriety or regularity of the exercise of such powers by
                the Security Trustee, the Receiver or the attorney (as the case
                may be).

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12      APPLICATION OF MONEYS

        12.1    PRIORITY OF PAYMENTS

                All moneys received by the Security Trustee or by the Receiver
                as a result of the exercise of the powers conferred by this Deed
                in relation to the Charged Property pursuant to the provisions
                of this Deed shall, subject to this Deed, be applied as follows:

                (a)     Firstly: in payment of all amounts which, to the extent
                        required by law, have priority over the payments
                        specified in the balance of this clause 12.1;

                (b)     Secondly: in payment (pari passu and rateably) of:

                        (1)     any fees and any other expenses, liabilities,
                                losses, costs, claims, actions, proceedings,
                                damages, demands, charges, stamp and other
                                duties and Taxes due to the Issuing Trustee, the
                                Security Trustee or the Note Trustee;

                        (2)     any fees and any other expenses, liabilities,
                                losses, costs, claims, actions, proceedings,
                                damages, demands, charges, stamp and other
                                duties and Taxes due to the Principal Paying
                                Agent, the Calculation Agent and the Note
                                Registrar; and

                        (3)     the Receivers remuneration;

                (c)     Thirdly: in payment of all costs, charges, expenses and
                        disbursements incurred in or incidental to the exercise
                        or performance or attempted exercise or performance of
                        any Powers of the Receiver, the Security Trustee, an
                        Attorney or the Note Trustee in relation to the
                        Securitisation Fund and the Charged Property;

                (d)     Fourthly: subject to this clause 12.1, in payment of
                        such other Expenses in relation to the Securitisation
                        Fund or the Charged Property as the Receiver or the
                        Security Trustee shall think fit to pay;

                (e)     Fifthly: in payment of other Encumbrances over the
                        Charged Property of which the Security Trustee is aware
                        having priority to the Charge (including the Prior
                        Interest), in the order of their priority and the
                        Security Trustee and the Receiver shall be entitled to
                        rely upon a certificate from the prior Encumbrancee as
                        to the amount so secured and shall not be bound to
                        enquire further as to the accuracy of that amount or as
                        to whether that amount or any part thereof is validly
                        secured by such other prior Encumbrance;

                (f)     Sixthly: in payment of (pari passu and rateably):

                        (1)     all Secured Moneys owing to the Enhancement
                                Providers;

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

                        (3)     all Secured Moneys owing to each Currency Swap
                                Provider and Interest Hedge Provider;

                        (4)     all Secured Money owing to the Redraw Facility
                                Provider;

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                                                             Security Trust Deed

                (g)     Seventhly: in payment of all Secured Moneys owing to the
                        Class B Noteholders (as at the date of payment);

                (h)     Eighthly: pari passu and rateably in payment or towards
                        satisfaction of all amounts not covered above owing to
                        any Secured Creditor under any Secured Document;

                (i)     Ninthly: in payment of subsequent Encumbrances over the
                        Charged Property of which the Security Trustee is aware,
                        in the order of their priority and the Security Trustee
                        and the Receiver shall be entitled to rely upon a
                        certificate from any subsequent Encumbrancee as to the
                        amount so secured and shall not be bound to enquire
                        further as to the accuracy of that amount or as to
                        whether that amount or any part thereof is validly
                        secured by the subsequent Encumbrance; and

                (j)     Tenthly: the surplus (if any) shall be paid to the
                        Issuing Trustee to be distributed in accordance with the
                        terms of the Master Trust Deed, but shall not carry
                        interest as against the Security Trustee.

        12.2    MONEYS RECEIVED

                In applying any moneys towards satisfaction of the Secured
                Moneys the Issuing Trustee shall be credited only with so much
                of the said moneys available for that purpose as shall be
                actually received by the relevant Secured Creditor, Security
                Trustee or the Receiver and not required for whatever reason to
                be disgorged, such credit to date from the time of such receipt.

        12.3    SATISFACTION OF DEBTS

                Each Secured Creditor shall accept the distribution of moneys
                under this clause in full and final satisfaction of all Secured
                Moneys.

        12.4    INVESTMENT OF FUNDS

                If the amount of the moneys at any time available for payment in
                respect of the Secured Documents in relation to the
                Securitisation Fund under clause 12.1 shall be less than the
                total amount then due in respect of the Secured Documents in
                relation to the Securitisation Fund, the Security Trustee may,
                at its discretion, invest such moneys upon some or one of the
                investments authorised under clause 12.5 with power from time to
                time similarly to vary such investments. Such investments with
                the resulting income therefrom shall be accumulated until the
                accumulations, together with any other funds for the time being
                under the control of the Security Trustee and available for such
                payment, shall amount to at least the total amount then due in
                respect of the Secured Documents in relation to the
                Securitisation Fund and then such accumulations and funds (after
                deduction of any Taxes applicable thereto) shall be applied as
                specified in clause 12.1.

        12.5    POWERS TO INVEST

                Any moneys received in or towards satisfaction of the Secured
                Moneys pending application pursuant to the provisions of this
                Deed, or surplus moneys which under this Deed ought to or may be
                invested by the Security Trustee, may be invested in the name or
                under the control of the Security Trustee in any

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                                                             Security Trust Deed

                Authorised Investments which may be selected by the Security
                Trustee and the Security Trustee may at any time vary or
                transpose any such investments for or into other such
                investments and shall not be responsible for any loss occasioned
                thereby, whether by depreciation in value or otherwise.

        12.6    LIMIT OF SECURITY TRUSTEE'S LIABILITY

                Notwithstanding anything to the contrary contained in this Deed
                (and subject only to clause 14) the Security Trustee shall be
                under no obligation to account to any Interested Person for any
                moneys received pursuant to the trusts of this Deed other than
                those received by the Security Trustee from the Issuing Trustee
                or received or recovered by the Security Trustee or the Receiver
                hereunder, subject always to such deductions and withholdings by
                the Security Trustee or the Receiver as are authorised by this
                Deed.

        12.7    AMOUNTS CONTINGENTLY DUE

                (a)     If at the time of a distribution of any money under
                        clause 12.1 any part of the Secured Moneys is
                        contingently owing to any Secured Creditor, the Security
                        Trustee, Receiver or Attorney may retain an amount equal
                        to the amount contingently owing or any part of it.

                (b)     If the Security Trustee, Receiver or Attorney retains
                        any amount under clause 12.7(a) it must place that
                        amount on short-term interest bearing deposit which is
                        an Authorised Investment until the amount contingently
                        owing becomes actually due and payable or otherwise
                        ceases to be contingently owing at which time the
                        Security Trustee, Receiver or Attorney must:

                        (1)     pay to the Secured Creditor the amount which has
                                become actually due to it; and

                        (2)     apply the balance of the amount retained,
                                together with any interest on the amount
                                contingently owing, in accordance with clause
                                12.1.

        12.8    NOTICE OF A SUBSEQUENT ENCUMBRANCE

                (a)     If the Security Trustee receives actual or constructive
                        notice of a subsequent Encumbrance, the Security
                        Trustee:

                        (1)     may open a new account in the name of the
                                Issuing Trustee in its books; or

                        (2)     is regarded as having opened a new account in
                                the name of the Issuing Trustee in its books,

                        on the date it received or was regarded as having
                        received notice of the subsequent Encumbrance.

                (b)     From the date on which that new account is opened or
                        regarded as opened:

                        (1)     all payments made by the Issuing Trustee to the
                                Security Trustee; and

                        (2)     all financial accommodation and advances by the
                                Security Trustee to the Issuing Trustee,

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                                                             Security Trust Deed

                        are or are regarded as credited and debited, as the case
                        may be, to the new account.

                (c)     The payments by the Issuing Trustee under clause 12.8(b)
                        must be applied:

                        (1)     first, in reduction of the debit balance, if
                                any, in the new account; and

                        (2)     second, if there is no debit balance in the new
                                account, in reduction of the Secured Moneys
                                which have not been debited or regarded as
                                debited to the new account.

        12.9    PAYMENTS INTO US$ ACCOUNT

                (a)     The Issuing Trustee must direct the Currency Swap
                        Provider to pay all amounts denominated in US$ payable
                        to the Issuing Trustee by the Currency Swap Provider
                        under the Currency Swap into the US$ Account or to the
                        Principal Paying Agent.

                (b)     If the Issuing Trustee receives any amount denominated
                        in US$ from the Currency Swap Provider under the
                        Currency Swap it will promptly pay that amount to the
                        credit of the US$ Account or to the Principal Paying
                        Agent.

        12.10   PAYMENTS OUT OF US$ ACCOUNT

                (a)     The Issuing Trustee must, or must require that the
                        Paying Agents on its behalf, pay all amounts credited to
                        the US$ Account as follows and in accordance with the
                        Notes Supplementary Bond Terms Notice for the
                        Securitisation Fund and the Note Trust Deed.

                (b)     All amounts credited to the US$ Account by the Currency
                        Swap Provider in relation to a payment by the Issuing
                        Trustee under clause 12.1(f)(2), will be applied pari
                        passu to pay all Secured Moneys owing to Class A
                        Noteholders.

        12.11   EXCLUDED AMOUNTS

                The following amounts shall not be treated as assets of the
                Trust available for distribution under clause 12.1:

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

                (b)     the proceeds of cash collateral lodged by the provider
                        of a Currency Swap which are payable to that person
                        under that Currency Swap; and

                (c)     the proceeds of any other cash collateral lodged by an
                        Enhancement Provider under an Enhancement which are
                        payable to the Enhancement Provider.

                This clause 12.11 shall not apply to the extent that the
                relevant moneys are applied in accordance with the relevant
                document to satisfy any obligation owed to the Issuing Trustee
                by the relevant Interest Hedge Provider, Currency Swap Provider
                or Enhancement Provider.

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                                                             Security Trust Deed

        12.12   PROPORTIONATE SHARING

                (a)     Whenever any Secured Creditor receives or recovers any
                        money in respect of any sum due from the Issuing Trustee
                        under a Secured Document in any way (including without
                        limitation by set-off) except those referred to in
                        clause 12.11 or through distribution by the Security
                        Trustee under this Deed (the Received Moneys) after the
                        Charge has been enforced:

                        (1)     the Secured Creditor must immediately notify the
                                Security Trustee;

                        (2)     the Secured Creditor must immediately pay that
                                money to the Security Trustee (unless the
                                Security Trustee directs otherwise). As between
                                each Class A Noteholder, such payments (if any)
                                are to be made pari passu and rateably;

                        (3)     the Security Trustee must treat the payment as
                                if it were a payment by the Issuing Trustee on
                                account of all sums then payable to the Secured
                                Creditors; and

                        (4)

                                (A)     the payment or recovery will be taken to
                                        have been a payment for the account of
                                        the Security Trustee and not to the
                                        Secured Creditor for its own account,
                                        and to that extent the liability of the
                                        Issuing Trustee to the Secured Creditor
                                        will not be reduced by the recovery or
                                        payment, other than to the extent of any
                                        distribution received by the Secured
                                        Creditor under paragraph 12.12(a)(3);
                                        and

                                (B)     (without limiting sub-paragraph
                                        12.12(a)(4)(A)) immediately on the
                                        Secured Creditor making or becoming
                                        liable to make a payment under paragraph
                                        12.12(a)(2), the Issuing Trustee shall
                                        indemnify the Secured Creditor against
                                        the payment to the extent that (despite
                                        sub-paragraph 12.12(a)(4)(A)) its
                                        liability has been discharged by the
                                        recovery or payment.

                (b)     If a Secured Creditor receives or recovers any Received
                        Moneys, and does not pay that amount to the Security
                        Trustee under clause 12.12(a), the Security Trustee may
                        retain out of amounts which would otherwise be payable
                        to the Secured Creditor under this Deed any amounts
                        which the Security Trustee considers necessary to put
                        all Secured Creditors in the same position as if that
                        Secured Creditor had complied with, or been required to
                        comply with, clause 12.12(a) and the Security Trustee's
                        obligation to apply monies to such Secured Creditor
                        shall be discharged to the extent of such retention.

        12.13   CURRENCY INDEMNITY

                The Issuing Trustee shall indemnify each Secured Creditor
                against any deficiency which arises whenever, for any reason
                (including as a result of a judgement, order or Insolvency
                Event):

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                                                             Security Trust Deed

                (a)     that Secured Creditor receives or recovers an amount in
                        one currency (the Payment Currency) in respect of any
                        amount denominated under a Secured Document in another
                        currency (the Due Currency); and

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

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13      REMUNERATION AND INDEMNIFICATION OF SECURITY TRUSTEE

        13.1    FEE

                (a)     Upon and from the Charge becoming enforceable, the
                        Security Trustee shall be entitled from the proceeds of
                        the Charged Property by way of remuneration for the
                        Security Trustee's services hereunder to a fee being the
                        time costs of the employees of the Security Trustee
                        during that period for the time spent by such employees
                        relating to the enforcement of the Charge, and any
                        matters incidental thereto, costed at the rate then
                        usually charged by the Security Trustee for the services
                        of such employees to external parties of the Security
                        Trustee.

                (b)     The Security Trustee's fee under sub-clause (a) shall be
                        payable in arrears for a given period on the same dates
                        as the Issuing Trustee's fee under the Master Trust Deed
                        for the Securitisation Fund.

        13.2    CESSATION OF FEE

                The Security Trustee shall not be entitled to remuneration
                pursuant to clause 13.1 in respect of any period after the
                Charge Release Date.

        13.3    EXPENSES

                The Issuing Trustee shall from the assets of the Fund pay or
                discharge all costs, charges, liabilities and expenses
                reasonably incurred by the Security Trustee in relation to the
                preparation and execution of this Deed including, but not
                limited to reasonable legal expenses and any stamp and other
                Taxes or duties paid by the Security Trustee in connection with
                the preparation and execution of this Deed.

        13.4    COSTS

                All costs, charges and expenses incurred and payments made by
                the Security Trustee in the lawful exercise of its Powers are
                payable or reimbursable by the Issuing Trustee within fourteen
                days following demand by the Security Trustee.

        13.5    INDEMNITY

                Subject to clause 26, the Issuing Trustee shall indemnify the
                Security Trustee and every or any Receiver, Attorney, or other
                person appointed under this Deed in respect of all liabilities
                and reasonable expenses (including Taxes) properly incurred by
                it or by any person appointed by it or to whom any duties,
                powers, trusts, authorities or discretions may be delegated by
                it in the execution or

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                                                             Security Trust Deed

                purported execution of any duties, powers, trusts, authorities
                or discretions vested in it hereby and against all liabilities,
                actions, proceedings, costs, claims and demands in respect of
                any matter or thing properly done or omitted in any way relating
                hereto. Failing due payment in accordance with the preceding
                provision of this clause, the Security Trustee may in priority
                to any payment to the Secured Creditors retain and pay out of
                any moneys in its hands upon the trusts of this Deed the amount
                of any such liabilities and expenses, and also any remuneration
                outstanding to the Security Trustee under this clause 13.

        13.6    NON-DISCHARGE

                Unless otherwise specifically stated in any discharge of the
                trusts of this Deed the provisions of this clause 13 shall
                continue in full force and effect despite such discharge.

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14      SUPPLEMENTAL SECURITY TRUSTEE PROVISIONS

        14.1    ADDITIONAL POWERS, PROTECTIONS, ETC.

                By way of supplement to any Statute regulating the conduct of
                the trusts contained in this Deed and in addition to the powers
                and rights which may from time to time be vested in the Security
                Trustee by the general law it is expressly declared as follows:

                (a)     (ACT ON PROFESSIONAL ADVICE): The Security Trustee may
                        act on the opinion or advice of, or information obtained
                        from, any lawyer, valuer, banker, broker, accountant or
                        other expert appointed by the Security Trustee and shall
                        not be responsible to any Interested Person for any loss
                        occasioned by so acting so long as the Security Trustee
                        has exercised good faith in respect of the appointment.
                        Any such opinion, advice or information may be sent or
                        obtained by letter or facsimile transmission and the
                        Security Trustee shall not be liable to any Interested
                        Person for acting in good faith on any opinion, advice
                        or information purporting to be conveyed by such means
                        even though it shall contain some error which is not a
                        manifest error or shall not be authentic.

                (b)     (NO ENQUIRY): The Security Trustee shall not be bound to
                        give notice to any person of the execution hereof or to
                        take any steps to ascertain whether any Event of Default
                        has happened and, until it shall have actual knowledge
                        or shall have express notice to the contrary, the
                        Security Trustee shall be entitled to assume that no
                        such Event of Default has happened and that the Issuing
                        Trustee is performing all its obligations under this
                        Deed and under the Secured Documents, and that all other
                        persons are performing all of the obligations imposed on
                        them under the Transaction Documents.

                (c)     (ACTS PURSUANT TO RESOLUTIONS): The Security Trustee
                        shall not be responsible for having acted in good faith
                        upon any resolution purporting to have been passed at
                        any meeting of the Secured Creditors in respect whereof
                        minutes have been made and signed even though it may
                        subsequently be found that there was some defect in the
                        constitution of

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                                                             Security Trust Deed

                        such meeting or the passing of such resolution or that
                        for any reason such resolution was not valid or binding
                        upon the Secured Creditors.

                (d)     (DIRECTORS' CERTIFICATES): The Security Trustee may call
                        for and may accept as sufficient evidence of any fact or
                        matter or of the expediency of any dealing, transaction,
                        step or thing a certificate signed by any two directors
                        or duly authorised officers of the Issuing Trustee or
                        the Manager as to any fact or matter upon which the
                        Security Trustee may, in the exercise of any of its
                        duties, powers, authorities and discretions hereunder,
                        require to be satisfied or to have information to the
                        effect that in the opinion of the person or persons so
                        certifying any particular dealing, transaction, step or
                        thing is expedient and the Security Trustee shall not be
                        bound to call for further evidence and shall not be
                        responsible for any loss that may be occasioned by
                        acting on any such certificate.

                (e)     (CUSTODY OF DOCUMENTS): The Security Trustee may hold or
                        deposit this Deed and any deed or documents relating
                        hereto or to the Secured Documents with any banker or
                        banking company or entity whose business includes
                        undertaking the safe custody of deeds or documents or
                        with any lawyer or firm of lawyers believed by it to be
                        of good repute and the Security Trustee shall not be
                        responsible for any loss incurred in connection with any
                        such holding or deposit and may pay all sums to be paid
                        on account of or in respect of any such deposit.

                (f)     (DISCRETION): The Security Trustee shall, as regards all
                        the powers, trusts, authorities and discretions vested
                        in it hereby, have absolute and uncontrolled discretion
                        as to the exercise thereof and shall, subject to clause
                        14.4, be in no way responsible to any Interested Person
                        or any other person for any loss, costs, damages,
                        expenses or inconvenience which may result from the
                        exercise or non-exercise thereof.

                (g)     (EMPLOY AGENTS): Wherever it considers it expedient in
                        the interests of the Secured Creditors, the Security
                        Trustee may, instead of acting personally, employ and
                        pay an agent selected by it, whether or not a lawyer or
                        other professional person, to transact or conduct, or
                        concur in transacting or conducting any business and to
                        do or concur in doing all acts required to be done by
                        the Security Trustee (including the receipt and payment
                        of money under this Deed). Any such agent being a
                        lawyer, banker, broker or other person engaged in any
                        profession or business shall be entitled to charge and
                        be paid all usual professional and other charges for
                        business transacted and acts done by him or any partner
                        of his or by his firm in connection with the trusts
                        hereof and also his reasonable charges in addition to
                        disbursements for all other work and business done and
                        all time spent by him or his partners or firm on matters
                        arising in connection herewith including matters which
                        might or should have been attended to in person by a
                        trustee not being a lawyer, banker, broker or other
                        professional person.

                (h)     (DELEGATION): The Security Trustee may whenever it
                        thinks it expedient in the interests of Secured
                        Creditors, delegate to any person or fluctuating body of
                        persons selected by it (including, without limitation, a
                        Related Body Corporate) all or any of the duties,
                        powers, trusts, authorities and

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                                                             Security Trust Deed

                        discretions vested in the Security Trustee by this Deed.
                        Any such delegation may be by power of attorney or in
                        such other manner as the Security Trustee may think fit
                        and may be made upon such terms and conditions
                        (including power to sub-delegate) as the Security
                        Trustee may think fit. Except for its own fraud,
                        negligence or wilful default, the Security Trustee is
                        not liable for any loss incurred as a result of any
                        fraud, neglect, default or breach of duty by any of its
                        attorneys, agents or delegates where the appointment was
                        made in good faith, except where such attorney, agent or
                        delegate is a Related Body Corporate of the Security
                        Trustee.

                (i)     (DISCLOSURE): Subject to this Deed, the Security Trustee
                        may disclose to any Secured Creditor any confidential,
                        financial or other information made available to the
                        Security Trustee by the Issuing Trustee, the Manager,
                        any other Interested Person or any other person in
                        connection with this Deed.

                (j)     (DETERMINATION): The Security Trustee, as between itself
                        and the Secured Creditors, shall have full power to
                        determine all questions and doubts arising in relation
                        to any of the provisions of this Deed and every such
                        determination, whether made upon such a question
                        actually raised or implied in the acts or proceedings of
                        the Security Trustee, shall be conclusive and shall bind
                        the Security Trustee and the Secured Creditors.

        14.2    SECURITY TRUSTEE NOT PRECLUDED FROM ENTERING INTO CONTRACTS

                The Security Trustee, any Related Body Corporate of the Security
                Trustee and any director or officer of the Security Trustee or
                of any Related Body Corporate of the Security Trustee shall not
                be precluded from subscribing for some or all of the Notes with
                or without a commission or other remuneration or from purchasing
                or otherwise acquiring, holding, dealing in or disposing of
                Notes, at any time from contracting or entering into any
                financial or other transactions with the Issuing Trustee, the
                Manager or any Related Body Corporate thereof or from being
                interested in any contract or transaction or from accepting and
                holding the office of trustee for the holders of any securities
                or interests of the Issuing Trustee, the Manager or any Related
                Body Corporate thereof and shall not be liable to account to any
                Interested Person for any profit made by it or him thereby or in
                connection therewith, provided that the Security Trustee, any
                Related Body Corporate of the Security Trustee and any director
                or officer of the Security Trustee or any Related Body Corporate
                of the Security Trustee shall, in connection with the above
                mentioned, act in utmost good faith in relation to the
                Interested Person.

        14.3    DUTIES OF THE SECURITY TRUSTEE

                The Security Trustee has no duties or responsibilities in its
                capacity as trustee other than those expressly set out in this
                Deed.

        14.4    SECURITY TRUSTEE LIABLE FOR NEGLIGENCE ETC.

                Subject to clause 14.5, nothing in this Deed shall, in any case
                where the Security Trustee has failed to comply with the terms
                of this Deed, or to show the degree of skill, care and diligence
                required of it as Security Trustee (having regard to the
                provisions of this Deed conferring on the Security Trustee any
                duties, powers,

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                                                             Security Trust Deed

                trusts, authorities or discretions) relieve or indemnify the
                Security Trustee from or against any liability which would
                otherwise attach to it in respect of any fraud, negligence or
                wilful default.

        14.5    RELIANCE ON EXPERTS

                The Security Trustee may act upon the opinion or statement or
                certificate or advice of or information obtained from any
                barrister, solicitor, banker, accountant, broker, valuer or
                other person believed by it in good faith to be expert or
                properly informed in relation to the matters upon which they are
                consulted and the Security Trustee shall not be liable for
                anything done or suffered by it in good faith in reliance upon
                such opinion, statement, certificate, advice or information so
                long as the Security Trustee has exercised good faith in respect
                of the appointment.

        14.6    INFORMATION

                The Issuing Trustee and the Manager authorises:

                (a)     the Security Trustee to provide any Secured Creditor;
                        and

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

                with any information concerning the Securitisation Fund and
                Notes which may come into the possession of the Security Trustee
                or the Note Trustee (as the case may be). Save for the
                information which is required by any Transaction Document to be
                provided by it to the respective persons referred to in
                paragraph 14.6(a) or 14.6(b) (as the case may be), none of the
                Security Trustee, Note Trustee or Paying Agent need otherwise
                provide any other person with such information.

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15      RETIREMENT AND REMOVAL OF SECURITY TRUSTEE

        15.1    RETIREMENT

                The Security Trustee may retire at any time upon giving not less
                than three months' notice (or such shorter period as the Manager
                may agree) in writing to the Issuing Trustee, the Note Trustee,
                each Designated Rating Agency and the Manager without assigning
                any reason. The retiring Security Trustee will be responsible
                for any costs incurred as a result of a voluntary retirement.

        15.2    REMOVAL

                The Security Trustee may be removed:

                (a)     by the Manager after prior notice to each Designated
                        Rating Agency if any of the following occurs in relation
                        to the Security Trustee in its personal capacity:

                        (1)     the commencement of the winding up of the
                                Security Trustee;

                        (2)     the appointment of a receiver or administrator
                                or analogous person in respect of the whole or
                                part of the undertaking of the Security Trustee;

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

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                                                             Security Trust Deed

                        (4)     a compromise or arrangement by the Security
                                Trustee with its creditors;

                        (5)     failure of the Security Trustee to remedy within
                                fourteen days after written notice by the
                                Manager any material breach of duty on the part
                                of the Security Trustee; or

                        (6)     if without the prior written consent of the
                                Manager there occurs:

                                (A)     a change in fifty-one per cent (or such
                                        other percentage the Manager may in its
                                        absolute discretion determine shall
                                        constitute a change in the effective
                                        control of the Security Trustee) of the
                                        shareholding of the Security Trustee
                                        existing at the date of this Deed
                                        (whether occurring at one time or
                                        through a series or succession of
                                        transfers or issues of shares);

                                (B)     a change in the effective management of
                                        the Security Trustee as existing at the
                                        date of this Deed such that the Security
                                        Trustee is no longer able to fulfil its
                                        duties and obligations in relation to
                                        the Charged Property; or

                                (C)     the establishment by any means of any
                                        trust under which any third party
                                        becomes a beneficial owner of any of the
                                        Security Trustee's rights under this
                                        Deed,

                                and the determination of the Manager (acting
                                bona fide and reasonably) that any of these
                                matters has occurred shall be conclusive; and

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

        15.3    APPOINTMENT

                The power of appointing a new Security Trustee shall be vested
                in the Manager but no person shall be so appointed who shall not
                have previously been approved by an Extraordinary Resolution of
                the Voting Secured Creditors. Any appointment of a new Security
                Trustee shall as soon as practicable thereafter be notified by
                the Manager to the Secured Creditors.

        15.4    RETIREMENT OR REMOVAL EFFECTIVE

                (a)     Subject to clause 15.4(b)), the retirement or removal of
                        the Security Trustee shall not become effective until a
                        new Security Trustee is appointed and the Manager has
                        received confirmation by the Designated Rating Agencies
                        that such appointment will not cause a downgrading,
                        qualification or withdrawal of the then current ratings
                        of the Notes.

                (b)     If the Security Trustee gives notice pursuant to clause
                        15.1 and no new Security Trustee have been appointed by
                        the Manager prior to the expiry of this notice, the
                        retirement of the Security Trustee shall become
                        effective upon expiry of the notice given under clause
                        15.1 and the Manager shall act as an interim Security
                        Trustee until the new Security Trustee has been
                        appointed and the Manager has received confirmation by
                        the Designated

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                                                             Security Trust Deed

                        Rating Agencies that such appointment will not cause a
                        downgrading, qualification or withdrawal of the then
                        current ratings of the Notes.

        15.5    VESTING OF PROPERTY IN SECURITY TRUSTEE

                The new Security Trustee shall forthwith upon appointment
                execute a deed in such form as the Manager may reasonably
                require whereby such new Security Trustee undertakes to the
                Secured Creditors jointly and severally to be bound by all the
                covenants and obligations on the part of the outgoing Security
                Trustee under this Deed from the date of such appointment and
                from such date the outgoing Security Trustee will be absolved
                and released from all such covenants and obligations under this
                Deed in respect thereof (save in respect of any antecedent
                fraud, negligence or wilful default) and the new Security
                Trustee will and may thereafter exercise all the powers and
                enjoy all the rights and will be subject to all the duties and
                obligations of the Security Trustee under this Deed in respect
                thereof as fully as though the new Security Trustee had been
                originally named as a party to this Deed.

        15.6    RETENTION OF LIEN

                Notwithstanding any release of the outgoing Security Trustee
                under this clause, the outgoing Security Trustee shall remain
                entitled to the benefit of the indemnities granted by this Deed
                to the outgoing Security Trustee in respect of any liability,
                cost or other obligation incurred by it whilst acting as
                Security Trustee, as if it were still the Security Trustee under
                this Deed.

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16       MEETINGS OF SECURED CREDITORS

        16.1    MEETINGS REGULATED BY THE SCHEDULE

                The provisions of the Schedule shall apply to all meetings of
                Secured Creditors and to the passing of resolutions thereat.

        16.2    LIMITATION ON SECURITY TRUSTEE'S POWERS

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

        16.3    SECURITY TRUSTEE RIGHTS

                (a)     Despite any other provision of this Deed, for so long as
                        the Noteholder Secured Creditors are the only Voting
                        Secured Creditors they may direct the Security Trustee
                        to do any act or thing which the Security Trustee is
                        required to do, or may only do, at the direction of an
                        Extraordinary Resolution of Voting Secured Creditors
                        including those acts or things referred to in clause 12
                        of Schedule 1 and the Security Trustee shall, subject to
                        this Deed, comply with such direction of the Noteholder
                        Secured Creditors.

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                                                             Security Trust Deed

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

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

                        (1)     if the Noteholder Secured Creditors are not the
                                only Voting Secured Creditors; and

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

                        the Security Trustee shall enforce the Charge under
                        clause 7.2 as if directed to do so by an Extraordinary
                        Resolution of Voting Secured Creditors and clause
                        16.3(a) shall apply as if the Noteholder Secured
                        Creditors were the only Voting Secured Creditors.

                (d)     The Security Trustee shall not be liable to any Secured
                        Creditor for acting, or not acting, on the directions of
                        the Noteholder Secured Creditors except where in so
                        doing the Security Trustee engages in any fraud,
                        negligence or wilful default.

                (e)     Any reference to the Noteholder Secured Creditors where:

                        (1)     they are the only Voting Secured Creditors; or

                        (2)     where the consent of the Noteholder Secured
                                Creditors is required under this Deed in
                                relation to a discretion or act of the Security
                                Trustee,

                        means so many of the Noteholder Secured Creditors who
                        represent more than 50% of the aggregate of the Invested
                        Amount of the Class A Notes and the Class B Notes.

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17      CONTINUING SECURITY AND RELEASES

        17.1    LIABILITY PRESERVED

                Notwithstanding any payout figure quoted or other form of
                account stated by the Security Trustee and notwithstanding the
                rule in Groongal Pastoral Company Limited (In Liquidation) v.
                Falkiner (1924) 35 CLR 157, no grant of full or partial
                satisfaction of or discharge from this Deed by the Security
                Trustee shall release the Issuing Trustee hereunder until all
                the Secured Moneys have in fact been received by the Security
                Trustee and are not liable for whatever reason to be disgorged
                notwithstanding that such quotation or statement of account may
                have arisen from the mistake, negligence, error of law or error
                of fact of the Security Trustee its servants or agents.

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<PAGE>
                                                             Security Trust Deed

        17.2    ISSUING TRUSTEE'S LIABILITY NOT AFFECTED

                This Deed and the liability of the Issuing Trustee hereunder
                shall not be affected or discharged by any of the following:

                (a)     (INDULGENCE): the granting to the Issuing Trustee or to
                        any other person of any time or other indulgence or
                        consideration;

                (b)     (DELAY IN RECOVERY): the Security Trustee failing or
                        neglecting to recover by the realisation of any other
                        security or otherwise any of the Secured Moneys;

                (c)     (LACHES): any other laches, acquiescence, delay, act,
                        omission or mistake on the part of the Security Trustee
                        or any other person; or

                (d)     (RELEASE): the release, discharge, abandonment or
                        transfer whether wholly or partially and with or without
                        consideration of any other security judgment or
                        negotiable instrument held from time to time or
                        recovered by the Security Trustee from or against the
                        Issuing Trustee or any other person.

        17.3    WAIVER BY ISSUING TRUSTEE

                The Issuing Trustee hereby waives in favour of the Security
                Trustee:

                (a)     all rights whatsoever against the Security Trustee and
                        any other person estate or assets so far as necessary to
                        give effect to anything in this Deed;

                (b)     promptness and diligence on the part of the Security
                        Trustee and any other requirement that the Security
                        Trustee take any action or exhaust any right against any
                        other person before enforcing this Deed; and

                (c)     all rights inconsistent with the provisions of this Deed
                        including any rights as to contribution or subrogation
                        which the Issuing Trustee might otherwise be entitled to
                        claim or enforce.

        17.4    NO NOTICE OR ENFORCEMENT

                It shall not be incumbent on the Security Trustee to give any
                notice of the Charge to any debtors of the Issuing Trustee or to
                any purchaser or any other person whomsoever or, subject to this
                Deed, to enforce payment of any moneys payable to the Issuing
                Trustee or to realise any of the Charged Property or to take any
                steps or proceedings for that purpose unless the Security
                Trustee thinks fit to do so.

        17.5    NO LIABILITY FOR LOSS

                The Security Trustee shall not nor shall any Receiver be liable
                or otherwise accountable for any omission delay or mistake or
                any loss or irregularity in or about the exercise, attempted
                exercise non-exercise or purported exercise of any of the powers
                of the Security Trustee or of the Receiver except for actual
                fraud, negligence or wilful default.

        17.6    NO LIABILITY TO ACCOUNT

                Neither the Security Trustee nor any Receiver shall by reason of
                the Security Trustee or the Receiver entering into possession of
                the Charged Property or any

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<PAGE>
                                                             Security Trust Deed

                part thereof be liable to account as mortgagee or chargee in
                possession or for anything except actual receipts or be liable
                for any loss upon realisation or for any default, omission,
                delay or mistake for which a mortgagee or chargee in possession
                might be liable.

        17.7    INDEMNITY REGARDING EXERCISE OF POWERS

                Without prejudice to the right of indemnity given to trustees by
                law, each of the Security Trustee and the Receiver shall be
                entitled to be indemnified out of the Charged Property in
                respect of all costs expenses liabilities and losses incurred by
                it in the execution or purported execution of the provisions
                hereof or of any of the powers vested in it pursuant to this
                Deed, including liabilities and expenses consequent upon any
                mistake, oversight, error of judgment or want of prudence on the
                part of the Security Trustee or the Receiver and against all
                actions, proceedings, costs, claims and demands in respect of
                any matter or thing done or omitted in any way relating to the
                Charged Property unless any of the foregoing is due to actual
                fraud, negligence or wilful default of the Security Trustee and
                the Security Trustee may obtain and pay out of any moneys in its
                possession arising from the trusts or powers of this Deed all
                sums necessary to effect such indemnity.

        17.8    NO CONFLICT

                The Security Trustee and any Receiver may exercise any power
                under this Deed notwithstanding that the exercise of that power
                involves a conflict between any duty owed to the Issuing Trustee
                by the Security Trustee or such Receiver and:

                (a)     any duty owed by the Security Trustee or Receiver to any
                        other person; or

                (b)     the interests of the Security Trustee or Receiver.

        17.9    CONTRACT INVOLVING CONFLICT OF DUTY

                Any contract which involves any such conflict of duty or
                interest shall not be void or voidable by virtue of any such
                conflict of duty or interest nor shall the Security Trustee or
                Receiver be liable to account to the Issuing Trustee or any
                other person for any moneys because of any such conflict of
                interest or duty.

        17.10   BENEFIT FOR RECEIVER ETC.

                The Security Trustee shall be deemed to have accepted the
                benefit of this clause 17 as agent for the Receiver and any
                attorney, agent or other person appointed hereunder or by the
                Security Trustee who are not parties to this Deed and the
                Security Trustee shall hold the benefit of such provisions on
                trust for the benefit of those grantees.

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18      ASSURANCE

        18.1    FURTHER ASSURANCE

                The Issuing Trustee shall procure that all persons having or
                claiming any estate or interest in the Charged Property or any
                part thereof shall from time to time and at all times hereafter
                upon the request of the Security Trustee and at the cost of the

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                                                                         PAGE 51

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                                                             Security Trust Deed

                Issuing Trustee, make do and execute or cause to be made done
                and executed all such acts deeds and assurances whatsoever for
                more satisfactorily securing to the Security Trustee the payment
                of the Secured Moneys or for assuring or more satisfactorily
                assuring the Charged Property to the Security Trustee or as the
                Security Trustee may direct and in particular shall, whenever
                requested by the Security Trustee so to do, execute in favour of
                the Security Trustee such legal mortgages transfers assignments
                or other assurances of all or any part of the Charged Property
                in such form and containing such powers and provisions as the
                Security Trustee shall require.

        18.2    POSTPONEMENT OR WAIVER OF ENCUMBRANCES

                The Manager and the Issuing Trustee shall if required by the
                Security Trustee forthwith cause:

                (a)     any Encumbrance (other than the Prior Interest) which
                        has arisen or which arises from time to time by
                        operation of law over the Charged Property in favour of
                        any person including the Issuing Trustee to be at the
                        Security Trustee's option postponed in all respects
                        after and subject to this Deed or to be otherwise
                        discharged released or terminated; and

                (b)     any borrowing or other obligation secured by any such
                        Encumbrance at the Security Trustee's option to be
                        waived released paid or performed.

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19      PAYMENTS

        19.1    MONEYS REPAYABLE AS AGREED OR ON DEMAND

                In the absence of any agreement to the contrary, the Secured
                Moneys shall following the occurrence of an Event of Default be
                payable by the Issuing Trustee to the Security Trustee in
                Dollars immediately upon demand by the Security Trustee.

        19.2    NO SET-OFF OR DEDUCTION

                All payments by the Issuing Trustee of any moneys forming part
                of the Secured Moneys shall be free of any set-off or
                counterclaim and without deduction or withholding for any
                present or future Taxes unless the Issuing Trustee is compelled
                by law to deduct or withhold the same.

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20      DISCHARGE OF THE CHARGE

        20.1    RELEASE

                Upon the Manager providing a certificate to the Security Trustee
                stating that all Secured Moneys have been paid in full and that
                all the Obligations have been performed, observed and fulfilled,
                including that all costs, charges, moneys and expenses incurred
                by or payable to or at the direction of the Security Trustee,
                the Receiver or any attorney appointed hereunder in respect of
                the Securitisation Fund have been paid (upon which certificate,
                the Security Trustee may rely

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                                                                         PAGE 52
<PAGE>
                                                             Security Trust Deed

                conclusively) and upon adequate provision having been made to
                the reasonable satisfaction of the Security Trustee of all
                costs, charges, moneys and expenses reasonably likely thereafter
                to be incurred by or payable to or at the direction of the
                Security Trustee, the Receiver or any attorney appointed
                hereunder in respect of the Securitisation Fund, then the
                Security Trustee shall, subject to clause 20.2, at the request
                of the Manager or the Issuing Trustee, and at the cost of the
                Issuing Trustee, release the Charged Property from the Charge
                and this Deed.

        20.2    CONTINGENT LIABILITIES

                The Security Trustee shall be under no obligation to grant a
                release of the Charge or this Deed in respect of the
                Securitisation Fund unless at the time such release is sought:

                (a)     none of the Secured Moneys in respect of the
                        Securitisation Fund are contingently or prospectively
                        owing except where there is no reasonable likelihood of
                        the contingent or prospective event occurring; and

                (b)     the Security Trustee has no contingent or prospective
                        liabilities in respect of the Securitisation Fund
                        whether or not there is any reasonable likelihood of
                        such liabilities becoming actual liabilities in respect
                        of any bills, notes, drafts, cheques, guarantees,
                        letters of credit or other instruments or documents
                        issued, drawn, endorsed or accepted by the Security
                        Trustee for the account or at the request of the Issuing
                        Trustee for the Securitisation Fund.

        20.3    CHARGE REINSTATED

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

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21      AMENDMENT

        21.1    AMENDMENT BY SECURITY TRUSTEE

                The Security Trustee, the Note Trustee and the Issuing Trustee
                may, following the giving of at least 5 Banking Days' notice to
                each Designated Rating Agency, and with the written approval of
                the Manager and subject to clause 16.3, (and, if the proposed
                alteration, addition or modification is or is likely to be
                prejudicial to their interests) the Noteholder Secured Creditors
                by way of supplemental deed alter, add to or modify this Deed
                (including this clause 21) so long as such alteration, addition
                or modification is:

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

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                                                             Security Trust Deed

                (b)     in the opinion of the Security Trustee necessary to
                        comply with the provisions of any Statute or regulation
                        or with the requirements of any Governmental Authority;

                (c)     in the opinion of the Security Trustee appropriate or
                        expedient as a consequence of an amendment to any
                        Statute or regulation or altered requirements of any
                        Government Agency (including, without limitation, an
                        alteration, addition or modification which is in the
                        opinion of the Security Trustee appropriate or expedient
                        as a consequence of the enactment of a Statute or
                        regulation or an amendment to any Statute or regulation
                        or ruling by the Commissioner or Deputy Commissioner of
                        Taxation or any governmental announcement or statement,
                        in any case which has or may have the effect of altering
                        the manner or basis of taxation of trusts generally or
                        of trusts similar to the Securitisation Fund);

                (d)     in the opinion of the Security Trustee neither
                        prejudicial nor likely to be prejudicial to the
                        interests of the Secured Creditors as a whole or any
                        class of Secured Creditors; or

                (e)     such that it does not adversely affect the rating of the
                        Notes by each Designated Rating Agency in respect of the
                        Securitisation Fund and the Notes.

        21.2    AMENDMENT WITH CONSENT

                Where in the opinion of the Security Trustee a proposed
                alteration, addition or modification to this Deed, save and
                except an alteration, addition or modification referred to in
                clause 21.1, is prejudicial or likely to be prejudicial to the
                interests of Secured Creditors as a whole or any class of
                Secured Creditors, the Security Trustee and the Trustee may make
                such alteration, addition or modification if sanctioned by an
                Extraordinary Resolution of the Voting Secured Creditors or
                relevant class of Secured Creditors (as the case requires).

        21.3    DISTRIBUTION OF AMENDMENTS

                The Manager shall distribute to all Secured Creditors and each
                Designated Rating Agency a copy of any amendment made pursuant
                to clause 21.1 or 21.2 as soon as reasonably practicable after
                the amendment has been made.

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22      EXPENSES, STAMP DUTIES AND REGISTRATION

        22.1    EXPENSES

                The Issuing Trustee shall on demand reimburse the Security
                Trustee and the Note Trustee for and keep the Security Trustee
                and the Note Trustee indemnified against all expenses including
                legal costs and disbursements (on a solicitor/own client basis)
                incurred by the Security Trustee and the Note Trustee in
                connection with:

                (a)     the preparation and execution of this Deed and any
                        subsequent consent, agreement, approval or waiver
                        hereunder or amendment hereto;

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                                                             Security Trust Deed

                (b)     the exercise, enforcement, preservation or attempted
                        exercise enforcement or preservation of any rights under
                        this Deed including without limitation any expenses
                        incurred in the evaluation of any matter of material
                        concern to the Security Trustee; and

                (c)     any enquiry by a Government Agency concerning the
                        Issuing Trustee or the Charged Property or a transaction
                        or activity the subject of the Secured Documents.

        22.2    STAMP DUTIES

                (a)     Except to the extent contemplated by clause 3.4 of the
                        Note Trust Deed, the Issuing Trustee shall pay (and
                        reimburse each Secured Creditor for any such amounts
                        paid by it) all stamp, loan, transaction, registration
                        and similar Taxes including fines and penalties,
                        financial institutions duty and federal debits tax which
                        may be payable to or required to be paid by any
                        appropriate authority or determined to be payable in
                        connection with the execution, delivery, performance or
                        enforcement of this Deed or any payment, receipt or
                        other transaction contemplated herein.

                (b)     The Issuing Trustee shall indemnify the Security Trustee
                        and the Note Trustee against any loss or liability
                        incurred or suffered by it as a result of the delay or
                        failure by the Issuing Trustee to pay such Taxes.

        22.3    REGISTRATION

                The Issuing Trustee shall at its own expense ensure that this
                Deed is registered to the extent and within such time limits as
                may be prescribed by law so as to ensure the full efficacy of
                this Deed as a security to the Security Trustee in all
                jurisdictions in which any part of the Charged Property may now
                or at any time during the continuance of this Deed be located,
                in which the Issuing Trustee may carry on any business or in
                which the Issuing Trustee is or may become resident or
                registered.

        22.4    GOODS AND SERVICES TAX IN RELATION TO THE SECURITY TRUSTEE

                (a)     The fees payable to the Security Trustee referred to in
                        clause 13.1 are exclusive of GST.

                (b)     In relation to any supply by the Security Trustee under
                        this deed, the fee payable will be adjusted:

                        (1)     by the net increase or decrease in the costs to
                                the Security Trustee of making the supply
                                arising from the New Tax System Changes
                                (including any GST payable on the supply); and

                        (2)     to take into account any changes in the rate of
                                GST payable pursuant to the A New Tax System
                                (Goods and Services Tax Imposition - General)
                                Act 1999.

                        The Security Trustee may not exercise its rights under
                        this clause 22.4(b) unless it has received a
                        confirmation from each Designated Rating Agency (if any)
                        confirming the rating given by it in respect of the
                        Notes. Such confirmation may be given prior to the issue
                        of the Notes but no

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                                                             Security Trust Deed

                        subsequent adjustment may be made until a further
                        confirmation has been obtained.

                (c)     If the Security Trustee is entitled under this deed to
                        be reimbursed or indemnified by any other party for a
                        liability, loss cost or expense incurred in connection
                        with this deed, the reimbursement or indemnity payment
                        must not include any GST component of the cost or
                        expense for which an input tax credit may be properly
                        claimed by the party entitled to be reimbursed or
                        indemnified, or by its representative member.

                (d)     For the purposes of this clause New Tax System Changes
                        means:

                        (1)     the amendment of the Sales Tax (Exemption and
                                Classifications) Act 1992 made by the A New Tax
                                System (Goods and Services Tax Transition) Act
                                1999;

                        (2)     the ending of sales tax, as provided for in the
                                A New Tax System (End of Sales Tax) Act 1999;

                        (3)     the imposition of the GST; and

                        (4)     any other changes (including changes to
                                Commonwealth, State or Territory laws)
                                prescribed by the Trade Practices Regulations
                                for the purposes of the definition of New Tax
                                System Changes in Trade Practices Act 1974.

        22.5    INDEMNITY

                Subject to this Deed and without prejudice to any right of
                indemnity given by law, the Security Trustee, the Manager, the
                Note Trustee, the Receiver or attorney or other person appointed
                under this Deed (including, without limitation, any person
                appointed by the Security Trustee, the Manager, the Note Trustee
                or the Receiver or any person to whom any duties, powers,
                trusts, authorities or discretions may be delegated by the
                Security Trustee, the Manager, the Note Trustee or the Receiver)
                ('APPOINTEE') will be indemnified by the Issuing Trustee against
                all loss, liabilities and expenses reasonably and properly
                incurred by the Security Trustee, the Manager, the Note Trustee,
                the Receiver, attorney or appointee (as the case may be) in the
                execution or purported execution of any duties, powers, trusts,
                authorities or discretions vested in such persons pursuant to
                this Deed, including, without limitation, all liabilities and
                expenses consequent upon any mistake or oversight, error of
                judgment or want of prudence on the part of such persons and
                against all actions, proceedings, costs, claims and demands in
                respect of any matter or thing properly done or omitted in any
                way relating to this Deed, unless any of the foregoing is due to
                actual fraud, negligence or wilful default on the part of the
                Security Trustee, the Manager, the Note Trustee, the Receiver,
                attorney or appointee (as the case may be). The Security Trustee
                may in priority to any payment to the Secured Creditors retain
                and pay out of any moneys in its hands upon the trusts of this
                Deed all sums necessary to effect such indemnity including,
                without limitation, the amount of any such liabilities and
                expenses, and also any remuneration outstanding to the Security
                Trustee under clause 13.1.

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                                                             Security Trust Deed

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23      GOVERNING LAW AND JURISDICTION

        23.1    GOVERNING LAW

                This Deed shall be governed by and construed in accordance with
                the laws of the State of New South Wales.

        23.2    JURISDICTION

                (a)     The Issuing Trustee, the Security Trustee, the Manager
                        and the Secured Creditors each irrevocably submits to
                        and accepts generally and unconditionally the
                        non-exclusive jurisdiction of the Courts and appellate
                        Courts of the State of New South Wales with respect to
                        any legal action or proceedings which may be brought at
                        any time relating in any way to this Deed.

                (b)     The Issuing Trustee, the Security Trustee, the Manager
                        and the Secured Creditors each irrevocably waives any
                        objection it may now or in the future have to the venue
                        of any such action or proceedings and any claim it may
                        now or in the future have that any such action or
                        proceedings have been brought in an inconvenient forum.

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24      NOTICES

        24.1    SERVICE OF NOTICES

                Every notice or other communication of any nature whatsoever
                required to be served given or made under or arising from this
                Deed:

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

                (b)     shall be deemed to have been duly served, given or made
                        to a person if it is:

                        (1)     in the case of a party to this Deed:

                                (A)     delivered to the address of that party;

                                (B)     posted by prepaid post to such address;
                                        or

                                (C)     sent by facsimile to the facsimile
                                        number of that party; or

                        (2)     in the case of a Bondholder: delivered or posted
                                by pre-paid mail to the address of such
                                Bondholder then appearing on the Register;

                (c)     shall be sufficient if executed by the party giving
                        serving or making the same or on its behalf by any
                        attorney, director, secretary other duly authorised
                        officer or solicitor of such party; and

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

                        (1)     (in the case of prepaid registered post within
                                Australia) within 3 Banking Days of posting;

                        (2)     (in the case of prepaid international registered
                                post) within 7 Banking Days of posting;

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                                                             Security Trust Deed

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

                        (4)     (in the case of delivery by hand) on delivery.

        24.2    ADDRESSES

                The address and facsimile number of each of the Security
                Trustee, the Note Trustee, the Issuing Trustee and the Manager
                for the purposes of clause 24.1 shall be as follows until the
                party concerned notifies in writing all other parties hereto of
                any variation thereto:

                ISSUING TRUSTEE

                Address:      Perpetual Trustees Australia Limited
                              Level 7, 9 Castlereagh Street, Sydney, NSW 2000

                Facsimile No: (02) 9221 7870
                Attention:    Manager - Securitisation

                MANAGER

                Address:      ME Portfolio Management Limited
                              Level 23, 360 Collins Street, Melbourne, VIC, 3000

                Facsimile No: (03) 9605 6200
                Attention:    Manager - Capital Markets

                SECURITY TRUSTEE

                Address:      Perpetual Trustee Company Limited
                              Level 7, 9 Castlereagh Street, Sydney, NSW 2000

                Facsimile No: (02) 9221 7870
                Attention:     Manager - Securitisation

                NOTE TRUSTEE

                Address:      The Bank of New York

                              101 Barclay Street,

                              Floor 21 West, New York, NY

                Facsimile No: (0011) 1 212 815 3522
                Attention:    Global Structured Finance

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25      MISCELLANEOUS

        25.1    ASSIGNMENTS

                Subject to clause 15, neither the Issuing Trustee nor the
                Security Trustee shall assign any of its rights or obligations
                hereunder without the prior written consent of the Manager, the
                Note Trustee and each Designated Rating Agency.

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        25.2    CERTIFICATE OF SECURITY TRUSTEE

                A certificate in writing signed by an officer of the Security
                Trustee certifying the amount payable by the Issuing Trustee to
                the Security Trustee or to the Secured Creditors or stating any
                other act, matter or thing relating to this Deed shall be
                conclusive and binding on the Issuing Trustee in the absence of
                manifest error on the face of the certificate.

        25.3    CONTINUING OBLIGATION

                This Deed shall be a continuing obligation notwithstanding any
                settlement of account intervening payment express or implied
                revocation or any other matter or thing whatsoever until a final
                discharge thereof has been given to the Issuing Trustee.

        25.4    SETTLEMENT CONDITIONAL

                Any settlement or discharge between the Issuing Trustee and the
                Security Trustee shall be conditional upon any security or
                payment given or made to the Security Trustee by the Issuing
                Trustee or any other person in relation to the Secured Documents
                or the Secured Moneys not being avoided repaid or reduced by
                virtue of any provision or enactment relating to bankruptcy
                insolvency or liquidation for the time being in force and, in
                the event of any such security or payment being so avoided
                repaid or reduced the Security Trustee shall be entitled to
                recover the value or amount of such security or payment avoided,
                repaid or reduced from the Issuing Trustee subsequently as if
                such settlement or discharge had not occurred.

        25.5    NO MERGER

                Neither this Deed nor any of the Security Trustee's or the
                Receiver's powers shall merge or prejudicially affect nor be
                merged in or prejudicially affected by and the Issuing Trustee's
                obligations hereunder shall not in any way be abrogated or
                released by any other security any judgment or order any
                contract any cause of action or remedy or any other matter or
                thing now or hereafter existing in respect of the Secured
                Moneys.

        25.6    INTEREST ON JUDGMENT

                If a liability under this Deed (other than a liability for
                negligence, fraud or wilful default of the Issuing Trustee under
                the Secured Documents) becomes merged in a judgment or order
                then the Issuing Trustee as an independent obligation shall pay
                interest to the Security Trustee on the amount of that liability
                at a rate being the higher of the rate payable pursuant to the
                judgment or order and the highest rate payable on the Secured
                Moneys from the date it becomes payable until it is paid.

        25.7    NO POSTPONEMENT

                The Security Trustee's rights under this Deed shall not be
                discharged, postponed or in any way prejudiced by any subsequent
                Encumbrance nor by the operation of the rules known as the rule
                in Hopkinson v Rolt or the rule in Claytons Case.

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                                                             Security Trust Deed

        25.8    SEVERABILITY OF PROVISIONS

                Any provision of this Deed which is illegal void or
                unenforceable shall be ineffective to the extent only of such
                illegality voidness or unenforceability without invalidating the
                remaining provisions hereof.

        25.9    REMEDIES CUMULATIVE

                The rights and remedies conferred by this Deed upon the Security
                Trustee and the Receiver are cumulative and in addition to all
                other rights or remedies available to the Security Trustee or
                the Receiver by Statute or by general law.

        25.10   WAIVER

                A failure to exercise or enforce or a delay in exercising or
                enforcing or the partial exercise or enforcement of any right
                remedy power or privilege hereunder by the Security Trustee
                shall not in any way preclude or operate as a waiver of any
                further exercise or enforcement thereof or the exercise or
                enforcement of any other right remedy power or privilege
                hereunder or provided by law.

        25.11   CONSENTS AND APPROVALS

                Where any act matter or thing hereunder depends on the consent
                or approval of the Security Trustee then unless expressly
                provided otherwise herein such consent or approval may be given
                or withheld in the absolute and unfettered discretion of the
                Security Trustee and may be given subject to such conditions as
                the Security Trustee thinks fit in its absolute and unfettered
                discretion.

        25.12   WRITTEN WAIVER, CONSENT AND APPROVAL

                Any waiver consent or approval given by the Security Trustee
                under this Deed shall only be effective and shall only bind the
                Security Trustee if it is given in writing or given verbally and
                subsequently confirmed in writing and executed by the Security
                Trustee or on its behalf by an officer for the time being of the
                Security Trustee.

        25.13   TIME OF ESSENCE

                Time is of the essence in respect of the Issuing Trustee's
                obligations hereunder.

        25.14   MORATORIUM LEGISLATION

                To the fullest extent permitted by law, the provisions of all
                Statutes operating directly or indirectly:

                (a)     to lessen or otherwise to vary or affect in favour of
                        the Issuing Trustee any obligation under this Deed; or

                (b)     to delay or otherwise prevent or prejudicially affect
                        the exercise of any powers conferred on the Security
                        Trustee or the Receiver under this Deed,

                are hereby expressly waived negatived and excluded.

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                                                             Security Trust Deed

        25.15   DEBIT ACCOUNTS

                The Issuing Trustee authorises the Security Trustee at any time
                after the Charge becomes enforceable pursuant to the provisions
                of this Deed, to apply without prior notice any credit balance
                whether or not then due to which the Issuing Trustee is at any
                time entitled on any account at any office of the Security
                Trustee in or towards satisfaction of any sum then due and
                unpaid from the Issuing Trustee to the Security Trustee under
                this Deed or on any other account whatsoever and the Issuing
                Trustee further authorises the Security Trustee without prior
                notice to set-off any amount owing whether present or future
                actual contingent or prospective and on any account whatsoever
                by the Security Trustee to the Issuing Trustee against any of
                the Secured Moneys. The Security Trustee shall not be obliged to
                exercise any of its rights under this clause, which shall be
                without prejudice and in addition to any right of set-off
                combination of accounts lien or other right to which it is at
                any time otherwise entitled whether by operation of law contract
                or otherwise.

        25.16   BINDING ON EACH SIGNATORY

                This Deed shall bind each of the signatories hereto
                notwithstanding that any one or more of the named parties hereto
                does not execute this Deed, that there is any invalidity forgery
                or irregularity touching any execution hereof or that this Deed
                is or becomes unenforceable void or voidable against any such
                named party.

        25.17   COUNTERPARTS

                This Deed may be executed in a number of counterparts and all
                such counterparts taken together shall be deemed to constitute
                one and the same instrument.

        25.18   CERTIFICATE OF AMOUNT OF SECURED MONEYS ETC

                A certificate signed by a director, secretary or manager of the
                Security Trustee will be sufficient evidence against the Issuing
                Trustee and the Secured Creditors, in the absence of manifest
                error or proof to the contrary:

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

                (b)     that a person specified in that certificate is a Secured
                        Creditor;

                (c)     that a document specified in the certificate is a
                        Secured Document; and

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

        25.19 ATTORNEYS

        Each of the attorneys executing this Deed states that the attorney has
        no notice of the revocation of the power of attorney appointing that
        attorney.

        26      TRUSTEES' LIABILITY

        26.1    LIMITATION ON ISSUING TRUSTEE'S LIABILITY

                (a)     The Issuing Trustee enters into the Transaction
                        Documents and issues the Notes only in its capacity as
                        trustee of the Securitisation Fund and in no

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                                                             Security Trust Deed

                        other capacity (except where the Transaction Documents
                        provide otherwise). A liability arising under or in
                        connection with the Notes, the Transaction Documents or
                        the Securitisation Fund is limited to and can be
                        enforced against the Issuing Trustee only to the extent
                        to which it can be satisfied out of property of the
                        Securitisation Fund out of which the Issuing Trustee is
                        actually indemnified for the liability. This limitation
                        of the Issuing Trustee's liability applies despite any
                        other provision of the Transaction Documents (other than
                        clause 12.1 of the Note Trust Deed) and extends to all
                        liabilities and obligations of the Issuing Trustee in
                        any way connected with any representation, warranty,
                        conduct, omission, agreement or transaction related to
                        the Notes, the Transaction Documents or the
                        Securitisation Fund.

                (b)     The parties other than the Issuing Trustee may not sue
                        the Issuing Trustee in any capacity other than as
                        trustee of the Securitisation Fund, including seek the
                        appointment of a receiver (except in relation to
                        property of the Securitisation Fund), a liquidator, an
                        administrator or any similar person to the Issuing
                        Trustee or prove in any liquidation, administration or
                        arrangement of or affecting the Issuing Trustee (except
                        in relation to property of the Securitisation Fund).

                (c)     The provisions of this clause 26.1 shall not apply to
                        any obligation or liability of the Issuing Trustee to
                        the extent that it is not satisfied because under the
                        Transaction Documents or by operation of law there is a
                        reduction in the extent of the Issuing Trustee's
                        indemnification out of the assets of the Securitisation
                        Fund, as a result of the Issuing Trustee's fraud,
                        negligence or wilful default and will not apply to any
                        obligation or liability of the Issuing Trustee to pay
                        amounts from its personal funds pursuant to clause 12.1
                        of the Note Trust Deed.

                (d)     It is acknowledged that the Relevant Parties are
                        responsible under the Transaction Documents for
                        performing a variety of obligations relating to the
                        Securitisation Fund, including under this Deed. No act
                        or omission of the Issuing Trustee (including any
                        related failure to satisfy its obligations or breach of
                        representation or warranty under this Deed) will be
                        considered fraud, negligence or wilful default of the
                        Issuing Trustee for the purpose of paragraph (c) of this
                        clause 26.1 to the extent to which the act or omission
                        was caused or contributed to by any failure by any
                        Relevant Party or any other person to fulfil its
                        obligations relating to the Securitisation Fund or by
                        any other act or omission of a Relevant Party or any
                        other person.

                (e)     No attorney, agent, delegate, receiver or receiver and
                        manager appointed in accordance with this deed or any
                        other Transaction Documents has authority to act on
                        behalf of the Issuing Trustee in a way which exposes the
                        Issuing Trustee to any personal liability and no act or
                        omission of any such person will be considered fraud,
                        negligence or wilful default of the Issuing Trustee for
                        the purpose of paragraph (c) of this clause 26.1.

                (f)     The Issuing Trustee is not obliged to do or refrain from
                        doing anything under this Deed (including incur any
                        liability) unless the Issuing Trustee's liability is
                        limited in the same manner as set out in paragraphs (a)
                        to (c) of this clause 26.1.

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                                                             Security Trust Deed

                (g)     For the purposes of this clause 26.1, "Relevant Parties"
                        means each party to a Transaction Document other that
                        the Issuer Trustee.

        26.2    LIMITATION ON SECURITY TRUSTEE'S LIABILITY

                Notwithstanding any other provision of this Deed, the Security
                Trustee will have no liability under or in connection with this
                Deed or any other Secured Document other than to the extent to
                which the liability is able to be satisfied out of the property
                from which the Security Trustee is actually indemnified for the
                liability. This limitation will not apply to a liability of the
                Security Trustee to the extent that it is not satisfied because,
                under this Deed or by operation of law, there is a reduction in
                the extent of the Security Trustee's indemnification as a result
                of the Security Trustee's fraud, negligence or wilful default.
                Nothing in this clause or any similar provision in any other
                Secured Document limits or adversely affects the powers of the
                Security Trustee, any Receiver or attorney in respect of the
                Charge or the Charged Property.

        26.3    RIGHTS AGAINST CHARGED PROPERTY PRESERVED

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

        26.4    WAIVER OF PERSONAL LIABILITY

                Except in the case of fraud, negligence or wilful default on the
                part of the Issuing Trustee in its capacity as Issuing Trustee
                each of the Manager and Security Trustee severally waives its
                rights and releases the Issuing Trustee from any personal
                liability whatsoever, for any loss or damage whatsoever in any
                way arising in respect of:

                (a)     the Secured Moneys; or

                (b)     this Deed

                which cannot be paid or satisfied out of the Charged Property.

        26.5    RESTRICTED REMEDIES

                Except as provided in clauses 26.1(c) and 26.2, the Security
                Trustee shall not, in respect of this Deed:

                (a)     (judgment) obtain a judgment for the payment of money or
                        damages by the Issuing Trustee;

                (b)     (statutory demand) issue any demand under s459E(1) of
                        the Corporations Act (or any analogous provision under
                        any other law) against the Issuing Trustee;

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                                                             Security Trust Deed

                (c)     (winding up) apply for the winding up or dissolution of
                        the Issuing Trustee;

                (d)     (execution) levy or enforce any distress or other
                        execution to, on, or against any assets of the Issuing
                        Trustee;

                (e)     (court appointed receiver) apply for the appointment by
                        a court of a receiver to any of the assets of the
                        Issuing Trustee;

                (f)     (set-off or counterclaim) exercise or seek to exercise
                        any set-off or counterclaim against the Issuing Trustee;
                        or

                (g)     (administrator) appoint, or agree to the appointment, of
                        any administrator to the Issuing Trustee,

                or take proceedings for any of the above and the Security
                Trustee waives its rights to make those applications and take
                those proceedings.

                A reference to the Issuing Trustee in this clause 26.5 is to the
                Issuing Trustee in its personal capacity and not as trustee of
                the Securitisation Fund.

        26.6    WILFUL DEFAULT OF THE ISSUING TRUSTEE

                For the purposes of this Deed the expression "wilful default":

                (a)     in relation to the Issuing Trustee, means a wilful
                        default of this Deed by the Issuing Trustee

                        (1)     other than a default which:

                                (A)     arises out of a breach of a Transaction
                                        Document by a person other than the
                                        Issuing Trustee or any person referred
                                        to in paragraph 26.6(b) in relation to
                                        the Issuing Trustee;

                                (B)     arises because some other act or
                                        omission is a precondition to the
                                        relevant act or omission of the Issuing
                                        Trustee, and that other act or omission
                                        does not occur;

                                (C)     is in accordance with a lawful court
                                        order or direction or is required by
                                        law; or

                                (D)     is in accordance with an instruction or
                                        direction given to it by any person in
                                        circumstances where that person is
                                        authorised to do so by any Transaction
                                        Document; and

                        (2)     in circumstances where had it not committed that
                                default it would have been entitled to
                                recoupment, reimbursement or a right of
                                indemnity for its costs and expenses (if any) in
                                complying with this Deed from the Fund.

                (b)     A reference to the "fraud", "negligence" or "wilful
                        default" of the Issuing Trustee means the fraud,
                        negligence or wilful default of the Issuing Trustee and
                        of its officers or employees, but not of its agents or
                        delegates, unless the Issuing Trustee is liable for the
                        acts or omissions of such other person under the terms
                        of this Deed.

        26.7    WILFUL DEFAULT OF THE SECURITY TRUSTEE

                For the purposes of this Deed the expression "wilful default":

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                                                             Security Trust Deed

                (a)     in relation to the Security Trustee, means a wilful
                        default of this Deed by the Security Trustee

                        (1)     other than a default which:

                                (A)     arises out of a breach of a Transaction
                                        Document by a person other than the
                                        Security Trustee or any person referred
                                        to in paragraph 26.7(b) in relation to
                                        the Security Trustee;

                                (B)     arises because some other act or
                                        omission is a precondition to the
                                        relevant act or omission of the Security
                                        Trustee, and that other act or omission
                                        does not occur;

                                (C)     is in accordance with a lawful court
                                        order or direction or is required by
                                        law; or

                                (D)     is in accordance with an instruction or
                                        direction given to it by any person in
                                        circumstances where that person is
                                        authorised to do so by any Transaction
                                        Document; and

                        (2)     in circumstances where had it not committed that
                                default it would have been entitled to
                                recoupment, reimbursement or a right of
                                indemnity for its costs and expenses (if any) in
                                complying with this Deed from the Fund.

                (b)     A reference to the "fraud", "negligence" or "wilful
                        default" of the Security Trustee means the fraud,
                        negligence or wilful default of the Security Trustee and
                        of its officers or employees, but not of its agents or
                        delegates, unless the Security Trustee is liable for the
                        acts or omissions of such other person under the terms
                        of this Deed.

        26.8    WILFUL DEFAULT OF THE NOTE TRUSTEE

                For the purposes of this Deed the expression "wilful default":

                (a)     in relation to the Note Trustee, means a wilful default
                        of this Deed by the Note Trustee

                        (1)     other than a default which:

                                (A)     arises out of a breach of a Transaction
                                        Document by a person other than the Note
                                        Trustee or any person referred to in
                                        paragraph 26.8(b) in relation to the
                                        Note Trustee;

                                (B)     arises because some other act or
                                        omission is a precondition to the
                                        relevant act or omission of the Note
                                        Trustee, and that other act or omission
                                        does not occur;

                                (C)     is in accordance with a lawful court
                                        order or direction or is required by
                                        law; or

                                (D)     is in accordance with an instruction or
                                        direction given to it by any person in
                                        circumstances where that person is
                                        authorised to do so by any Transaction
                                        Document; and

                        (2)     in circumstances where had it not committed that
                                default it would have been entitled to
                                recoupment, reimbursement or a right of

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                                                             Security Trust Deed

                                indemnity for its costs and expenses (if any) in
                                complying with this Deed from the Fund.

                (b)     A reference to the "fraud", "negligence" or "wilful
                        default" of the Note Trustee means the fraud, negligence
                        or wilful default of the Note Trustee and of its
                        officers or employees, but not of its agents or
                        delegates, unless the Note Trustee is liable for the
                        acts or omissions of such other person under the terms
                        of this Deed.

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27      PRIVACY

                (a)     Each party to this Deed acknowledges that Personal
                        Information may be exchanged between the parties
                        pursuant to the terms of this Deed.

                (b)     If Personal Information is exchanged between the
                        parties, the party which provides the Personal
                        Information must ensure that it obtains such consents,
                        if any, as are required by the Privacy Act 1988 (as
                        amended by the Privacy Amendment (Private Sector) Act
                        2000 to be obtained by that party in relation to the
                        collection, use or disclosure of the Personal
                        Information.

                (c)     Each party to this Deed undertakes to use its best
                        endeavours to ensure that at all times during the term
                        of this Deed:

                        (1)     Personal Information provided to it (the
                                receiving party) by another party (the providing
                                party):

                                (A)     unless otherwise required by law, will
                                        be used only for the purpose of
                                        fulfilling the receiving party's
                                        obligations under the Transaction
                                        Documents; and

                                (B)     except as expressly provided pursuant to
                                        the Transaction Documents, will not be
                                        disclosed to any third party unless
                                        express consent in writing is obtained
                                        from the providing party; and

                        (2)     in addition to the obligation under clause 27(b)
                                above, it will comply with the Privacy Act 1988
                                (as amended by the Privacy Amendment (Private
                                Sector Act) 2000 and all applicable regulations,
                                principles, standards, codes of conduct or
                                guidelines concerning the handling of Personal
                                Information under that Act or with any request
                                or direction arising directly from or in
                                connection with the proper exercise of the
                                functions of the Privacy Commissioner.

                (d)     In this clause 27 "Personal Information" has the same
                        meaning as in the Privacy Act 1988.

                (e)     Notwithstanding anything else contained in this clause
                        27, paragraphs 27(a) to 27(c) above do not apply to the
                        Note Trustee, the Principal Paying Agent, the
                        Calculation Agent or the Note Registrar. Each of the
                        Note Trustee, the Principal Paying Agent, the
                        Calculation Agent and the Note Registrar agrees to
                        comply with all privacy legislation applicable to it.

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                                                             Security Trust Deed

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SCHEDULE 1 - MEETINGS PROCEDURES

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1       DEFINITIONS AND INCORPORATION OF TERMS

                (a)     In this Schedule, unless the context indicates a
                        contrary intention:

                        (1)     words and expressions which are defined in
                                clause 1.1 of the above mentioned Security Trust
                                Deed (the "SECURITY TRUST DEED") or which are
                                defined by virtue of clause 1.2 of the Security
                                Trust Deed have the same meanings in this
                                Schedule; and

                        (2)     a "holder" in relation to Secured Moneys shall
                                be construed as meaning a Bondholder (as defined
                                in the Master Trust Deed) in relation to any
                                outstanding Notes.

                (b)     The provisions of this Schedule regarding a meeting of
                        the Voting Secured Creditors shall apply, mutatis
                        mutandis, to a meeting of any class of Voting Secured
                        Creditors.

--------------------------------------------------------------------------------
2        CONVENING OF MEETINGS

                (a)     GENERALLY

                        (1)     Subject to clause 16.3 of the Security Trust
                                Deed the Security Trustee or the Manager at any
                                time may convene a meeting of the Voting Secured
                                Creditors.

                        (2)     Subject to clause 16.3 of the Security Trust
                                Deed and subject to the Security Trustee being
                                indemnified to its reasonable satisfaction
                                against all costs and expenses occasioned
                                thereby, the Security Trustee shall convene a
                                meeting of the Voting Secured Creditors if
                                requested to do so:

                                (A)     by the Issuing Trustee;

                                (B)     in the case of a meeting to consider the
                                        initial enforcement of this Deed
                                        following the occurrence of an Event of
                                        Default where a meeting has not been
                                        convened by the Security Trustee in
                                        accordance with clause 8.5 of the
                                        Security Trust Deed, by Voting Secured
                                        Creditors being holders of not less than
                                        10% of the then Secured Moneys; and

                                (C)     in the case of a meeting following the
                                        enforcement of this Deed or a meeting to
                                        consider any matter which does not
                                        relate to the actual enforcement of this
                                        Deed, by Voting Secured Creditors being
                                        holders of not less than 10% of the then
                                        Secured Moneys.

                (b)     TIME AND PLACE

                        (1)     Every meeting of Voting Secured Creditors shall
                                be held at such time and place as the Security
                                Trustee approves, provided (subject

--------------------------------------------------------------------------------
                                                                         PAGE 67
<PAGE>
                                                             Security Trust Deed

                                to sub-paragraph (2)) that any such meeting
                                shall not be held until the Class A Noteholders
                                have determined how to direct the Note Trustee
                                to vote (as the case may be) in the meeting of
                                Voting Secured Creditors.

                        (2)     The proviso in sub-paragraph (1) shall not apply
                                if:

                                (A)     the meeting of Class A Noteholders
                                        called in accordance with the Note Trust
                                        Deed for the purposes of
                                        sub-paragraph(1) is adjourned more than
                                        once; and

                                (B)     the Class A Noteholders' determination
                                        under sub-paragraph (1) is not made at
                                        the meeting or adjourned meeting (as the
                                        case may be).

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

3       NOTICE OF MEETINGS

                (a)     Subject to clause 2(b), at least 7 days' notice
                        (inclusive of the day on which the notice is given and
                        of the day on which the meeting is held) shall be given
                        to the Voting Secured Creditors, the Beneficiary and all
                        the Designated Rating Agencies.

                (b)     Notwithstanding that a meeting is convened upon shorter
                        notice than as specified in clause 3(a), or a meeting or
                        details of that meeting are not notified, advised or
                        approved in accordance with this Schedule, it shall be
                        deemed to be duly convened if it is so agreed by the
                        Voting Secured Creditors representing a quorum (which
                        quorum must include the Note Trustee or the Class A
                        Noteholders, as the case maybe).

                (c)     A copy of the notice shall in all cases be given by the
                        party to the Security Trust Deed convening the meeting
                        to the other parties to the Security Trust Deed.

                (d)     Notice of a meeting shall be given in the manner
                        provided in the Security Trust Deed.

                (e)     Notice of a meeting of Voting Secured Creditors must
                        specify, unless in any particular case the Security
                        Trustee otherwise agrees:

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

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

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

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

4       CHAIRMAN

                A person (who need not be a Voting Secured Creditor and who may
                be a representative of the Security Trustee) nominated in
                writing by the Security Trustee shall be entitled to take the
                chair at every such meeting but if no such nomination is made or
                if at any meeting the person nominated shall not be present

--------------------------------------------------------------------------------
                                                                         PAGE 68

<PAGE>
                                                             Security Trust Deed

                within 15 minutes after the time appointed for the holding of
                such meeting the Secured Creditors present shall choose one of
                their number to be chairman.

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

5        QUORUM

                At any such meeting any two or more persons present in person
                holding, or being Representatives holding or representing, in
                the aggregate not less than 51% of the then Secured Moneys shall
                (except for the purpose of passing an Extraordinary Resolution)
                form a quorum for the transaction of business and no business
                (other than the choosing of a chairman) shall be transacted at
                any meeting unless the requisite quorum is present at the
                commencement of business. The quorum at any such meeting for
                passing an Extraordinary Resolution shall be persons present
                holding, or being Representatives holding or representing, in
                aggregate 67% or more of the then Secured Moneys.

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

6        ADJOURNMENT

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

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

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

--------------------------------------------------------------------------------
                                                                         PAGE 69

<PAGE>
                                                             Security Trust Deed

--------------------------------------------------------------------------------
7        VOTING PROCEDURE

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

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

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

                (d)     Any poll demanded at any meeting on the election of a
                        chairman or on any question of adjournment shall be
                        taken at the meeting without adjournment.

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

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

                        (2)     on a poll, every person who is present shall
                                have one vote for each US$100 (but not part
                                thereof) of the Secured Moneys that he holds or
                                in respect of which he is a Representative.

                        Any person entitled to more than one vote need not use
                        or cast all of the votes to which he is entitled in the
                        same way.

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

                For the purpose of determining the amount of Secured Moneys at
                any time, the Security Trustee may rely on the Accounts of the
                Issuing Trustee and any information provided by the Auditor of
                the Issuing Trustee. Clause 25.18 of the Security Trust Deed
                will apply to any determination of Secured Moneys for the
                definition of Voting Secured Creditors and this Schedule 1.

--------------------------------------------------------------------------------
                                                                         PAGE 70
<PAGE>
                                                             Security Trust Deed

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

8       RIGHT TO ATTEND AND SPEAK

                The Issuing Trustee, the Manager and the Security Trustee
                (through their respective representatives) and their respective
                financial and legal advisers shall be entitled to attend and
                speak at any meeting of Voting Secured Creditors. No person
                shall otherwise be entitled to attend or vote at any meeting of
                the Voting Secured Creditors or to join with others in
                requesting the convening of such a meeting unless he is a Voting
                Secured Creditor or is a Representative.

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

9        APPOINTMENT OF PROXIES

                (a)     Each appointment of a proxy shall be in writing and,
                        together (if so required by the Security Trustee) with
                        proof satisfactory to the Security Trustee of its due
                        execution, shall be deposited at the registered office
                        of the Security Trustee or at such other place as the
                        Security 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 appointment of
                        proxy shall not be treated as valid unless the chairman
                        of the meeting decides otherwise before such meeting or
                        adjourned meeting proceeds to business. A notarially
                        certified copy proof as aforesaid (if applicable) of due
                        execution shall if required by the Security Trustee be
                        produced by the proxy at the meeting or adjourned
                        meeting but the Security Trustee shall not thereby be
                        obliged to investigate or be concerned with the validity
                        of, or the authority of, the proxy named in any such
                        appointment. The proxy named in any appointment of proxy
                        need not be a Voting Secured Creditor.

                (b)     Any vote given in accordance with the terms of an
                        appointment of proxy conforming with clause 9(a) shall
                        be valid notwithstanding the previous revocation or
                        amendment of the appointment of proxy or of any of the
                        Voting Secured Creditor's instructions pursuant to which
                        it was executed, provided that no intimation in writing
                        of such revocation or amendment shall have been received
                        by the Security Trustee at its registered office or by
                        the chairman of the meeting in each case not less than
                        24 hours before the commencement of the meeting or
                        adjourned meeting at which the appointment of proxy is
                        used.

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

10       CORPORATE REPRESENTATIVES

                A person authorised pursuant to sections 250D of the
                Corporations Act by a Voting Secured Creditor being a body
                corporate to act for it at any meeting shall, in accordance with
                his authority until his authority is revoked by the body
                corporate concerned, be entitled to exercise the same powers on
                behalf of that body corporate as that body corporate could
                exercise if it were an individual Secured Creditor and shall be
                entitled to produce evidence of his 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.

--------------------------------------------------------------------------------
                                                                         PAGE 71

<PAGE>
                                                             Security Trust Deed

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

11       RIGHTS OF REPRESENTATIVES

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

--------------------------------------------------------------------------------
12       EXTRAORDINARY RESOLUTIONS

                (a)     A meeting of Voting Secured Creditors shall, without
                        prejudice to any rights or powers conferred on other
                        persons by the Security Trust Deed, have power
                        exercisable by Extraordinary Resolution:

                        (1)     to direct the Security Trustee in the action
                                that should be taken by it following the
                                occurrence of an Event of Default or the charge
                                or the Security Trust Deed becoming enforceable;

                        (2)     to sanction any action that the Security Trustee
                                or a Receiver proposes to take to enforce the
                                provisions of the Security Trust Deed;

                        (3)     to sanction any proposal by the Manager, the
                                Issuing Trustee or the Security Trustee for any
                                modification, abrogation, variation or
                                compromise of, or arrangement in respect of, the
                                rights of the Secured Creditors against the
                                Issuing Trustee or the Manager whether such
                                rights shall arise under the Security Trust
                                Deed, the Secured Documents or otherwise;

                        (4)     subject to clause 12(b)(2), to postpone the day
                                when the Secured Moneys or any part thereof
                                become payable and to suspend or postpone for a
                                time the payment of the Secured Moneys or any
                                part thereof;

                        (5)     to sanction the exchange or substitution of the
                                Secured Moneys for, or the conversion of the
                                Secured Moneys into, Notes or other obligations
                                or securities of the Issuing Trustee or any
                                other body corporate formed or to be formed;

                        (6)     to assent to any modification of the provisions
                                contained in the Security Trust Deed or Notes
                                which shall be proposed by the Issuing Trustee,
                                the Manager or the Security Trustee;

                        (7)     to assent to any alteration, addition or
                                modification of the Master Trust Deed or the
                                Supplementary Bond Terms Notice which shall be
                                proposed by the Issuing Trustee or the Manager;

                        (8)     to give any authority, direction, guidance or
                                sanction sought by the Security Trustee from the
                                Voting Secured Creditors;

                        (9)     to appoint any persons (whether Voting Secured
                                Creditors or not) as a committee or committees
                                to represent the interests of the Voting Secured
                                Creditors and to confer upon such committee or

--------------------------------------------------------------------------------
                                                                         PAGE 72

<PAGE>
                                                             Security Trust Deed

                                committees any powers or discretions which the
                                Voting Secured Creditors could themselves
                                exercise by Extraordinary Resolution;

                        (10)    to approve a person proposed to be appointed as
                                a new Security Trustee under the Security Trust
                                Deed and power to remove any Security Trustee
                                for the time being thereof;

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

                        (12)    to do any other thing which under the Security
                                Trust Deed is required to be given by an
                                Extraordinary Resolution of the Secured
                                Creditors;

                        (13)    to authorise the Security Trustee or any other
                                person to concur in and execute and do all such
                                documents, acts and things as may be necessary
                                to carry out and give effect to any
                                Extraordinary Resolution; and

                        (14)    to determine whether the Security Trustee should
                                or should not perform any act and any such
                                Extraordinary Resolution will (where relevant
                                and in accordance with clause 16.3 of the
                                Security Trust Deed) override any decision by
                                the Note Trustee.

                        (b)     A meeting of Voting Secured Creditors shall not
                                have power in relation to any Secured Creditor
                                (without the consent of each such Secured
                                Creditor) to:

                                (1)     release any obligation to pay any of the
                                        Secured Moneys to that Secured Creditor;

                                (2)     alter any date upon which any of the
                                        Secured Moneys is payable or otherwise
                                        do any thing referred to in clause
                                        12(a)(4);

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

                                (4)     alter clause 12.1 of the Security Trust
                                        Deed in relation to that Secured
                                        Creditor without the consent of that
                                        Secured Creditor.

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

13       RESOLUTION BINDING ON VOTING SECURED CREDITORS

                Subject to clause 12(b), a resolution passed at a meeting of the
                Voting Secured Creditors duly convened and held in accordance
                with this Schedule 1 shall be binding upon all Voting Secured
                Creditors whether or not present at such meeting and each of the
                Voting Secured Creditors and the Issuing Trustee, the Manager
                and the Security Trustee shall be bound to give effect thereto
                accordingly.

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

14       MINUTES AND RECORDS

                Minutes of all resolutions and proceedings at every such meeting
                as aforesaid shall be made and duly entered in the books to be
                from time to time provided for that purpose by the Security
                Trustee and any such minutes as aforesaid if purporting to

--------------------------------------------------------------------------------
                                                                         PAGE 73

<PAGE>
                                                             Security Trust Deed

                be signed by the chairman of the meeting at which such
                resolutions were passed or proceedings transacted or by the
                chairman of the next succeeding meeting of the Voting Secured
                Creditors shall be conclusive evidence of the matters therein
                contained and until the contrary is proved provided every such
                meeting in respect of the proceedings of which minutes have been
                made and signed as aforesaid shall be deemed to have been duly
                convened and held and all resolutions passed or proceedings
                transacted thereat to have been duly passed and transacted.

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

15       WRITTEN RESOLUTIONS

                Notwithstanding the preceding provisions of this Schedule 1, a
                resolution of all the Voting Secured Creditors (including an
                Extraordinary Resolution) may be passed, without any meeting or
                previous notice being required, by an instrument or instruments
                in writing which have:

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

                (b)     any such instrument shall be effective upon presentation
                        to the Voting Security Trustee for entry in the records
                        referred to in clause 14.
--------------------------------------------------------------------------------

16       FURTHER PROCEDURES FOR MEETINGS

                Subject to all other provisions contained in the Security Trust
                Deed, the Security Trustee may without the consent of the Voting
                Secured Creditors prescribe such further regulations regarding
                the holding of meetings of the Voting Secured Creditors and
                attendance and voting thereat as the Security Trustee may in its
                sole discretion determine including particularly (but without
                prejudice to the generality of the above) such regulations and
                requirements as the Security Trustee thinks reasonable:

                (a)     so as to satisfy itself that persons are in fact Voting
                        Secured Creditors who purport to requisition a meeting
                        or who purport to make any requisition to the Security
                        Trustee in accordance with the Security Trust Deed;

                (b)     so as to satisfy itself that persons who purport to
                        attend or vote at any meeting of Voting Secured
                        Creditors are entitled to do so in accordance with this
                        Schedule 1 and the Security Trust Deed; and

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

--------------------------------------------------------------------------------
                                                                         PAGE 74
<PAGE>
                                                             Security Trust Deed

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

EXECUTED AS A DEED:

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEES AUSTRALIA LIMITED
by its attorney in the
presence of:

-------------------------------              -------------------------------
Witness                                      Attorney

-------------------------------              -------------------------------
Name (please print)                          Name (please print)

SIGNED SEALED AND DELIVERED for
ME PORTFOLIO MANAGEMENT LIMITED
by its attorney in the
presence of:

-------------------------------              -------------------------------
Witness                                      Attorney

-------------------------------              -------------------------------
Name (please print)                          Name (please print)

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEE COMPANY LIMITED
by its attorney in the
presence of:

-------------------------------              -------------------------------
Witness                                      Attorney

-------------------------------              -------------------------------
Name (please print)                          Name (please print)

--------------------------------------------------------------------------------
                                                                         PAGE 75

<PAGE>
                                                             Security Trust Deed

EXECUTED for
and on behalf of
THE BANK OF NEW YORK
by its Authorised Officer in the
presence of:

-------------------------------              -------------------------------
Witness                                      Authorised Officer

-------------------------------              -------------------------------
Name (please print)                          Name (please print)

--------------------------------------------------------------------------------
                                                                         PAGE 76<PAGE>

NOTE TRUST DEED

PERPETUAL TRUSTEES AUSTRALIA LIMITED
(AS ISSUER)
ABN 86 000 431 827

ME PORTFOLIO MANAGEMENT LIMITED
(AS MANAGER)
ABN 79 005 964 134

THE BANK OF NEW YORK
(AS NOTE TRUSTEE, PRINCIPAL PAYING AGENT, CALCULATION AGENT AND NOTE REGISTRAR)

and

PERPETUAL TRUSTEE COMPANY LIMITED
(AS SECURITY TRUSTEE)
ABN 42 000 001 007

[GRAPHIC OMITTED]

 MLC Centre Martin Place Sydney New South Wales 2000 Australia
 Telephone 61 2 9225 5000  Facsimile 61 2 9322 4000
 www.freehills.com  DX 361 Sydney

 SYDNEY MELBOURNE PERTH CANBERRA BRISBANE HANOI HO CHI MINH CITY SINGAPORE
 Correspondent Offices JAKARTA KUALA LUMPUR

 Liability limited by the Solicitors' Limitation of Liability
 Scheme, approved under the Professional Standards Act 1994
 (NSW)

 Reference PJSR:TEL:25E

<PAGE>

                                                                 Note Trust Deed

CROSS REFERENCE TABLE(1)

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

TRUST INDENTURE ACT SECTION                          CLAUSE
-----------------------------------------------------------------------------
310      (a)(1)                         39.6
         (a)(2)                         39.1(d)
         (a)(3)                         39.6
         (a)(4)                         38.2(b)
         (a)(5)                         NA(2)
         (b)                            39.6
         (c)                            39.6, 39.1
-----------------------------------------------------------------------------
311      (a)                            13.1
         (b)                            13.1
         (c)                            NA
-----------------------------------------------------------------------------
312      (a)                            51.1, 51.2(a)
         (b)                            51.2(b)
         (c)                            51.2(c)
-----------------------------------------------------------------------------
313      (a)                            51.3
         (b)(1)                         51.3
         (b)(1)                         NA
         (c)                            51.4
         (d)                            51.3
-----------------------------------------------------------------------------
314      (a)(1)                         51.6
         (a)(2)                         51.6
         (a)(3)                         51.6
         (a)(4)                         11.1(j)
         (b)                            11.1(k)
         (c)                            52.1(a)
         (d)                            52.1(b)
         (e)                            52.1(c)
         (f)                            52.1(a)
-----------------------------------------------------------------------------
315      (a)                            13.2(b)
         (b)                            13.4
         (c)                            13.2(a)
         (d)                            13.2(c), (d)
-----------------------------------------------------------------------------
         (e)                            52.2
-----------------------------------------------------------------------------
316      (a)(1)                         52.3
         (a)(2)                         NA
         (b)                            52.4
-----------------------------------------------------------------------------
317      (a)(1)                         6.1
         (a)(2)                         NA
         (b)                            2.6
318      (a)                            52.19
-----------------------------------------------------------------------------
Notes:
1      This Cross Reference Table shall not, for any purpose, be deemed to be
       part of this deed.
2      NA means not applicable.

--------------------------------------------------------------------------------
                                                                         PAGE  1

<PAGE>

                                                                 Note Trust Deed

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
TABLE OF CONTENTS
Clause                                                                                                         Page
<S>     <C>      <C>                                                                                          <C>

1        DEFINITIONS AND INTERPRETATION                                                                          10

         1.1      Definitions and Interpretation                                                                 10
         1.2      Definitions in Master Trust Deed, Supplementary Bond Terms Notice and Conditions               13
         1.3      Incorporation by reference                                                                     13
         1.4      Interpretation                                                                                 13
         1.5      Determination, statement and certificate sufficient evidence                                   14
         1.6      Document or agreement                                                                          14
         1.7      Transaction Document                                                                           14
         1.8      Issuer as trustee                                                                              14
         1.9      Knowledge of Issuer and Security Trustee                                                       14
         1.10     Knowledge of the Note Trustee, Calculation Agent, Note Registrar or Principal Paying Agent     15
         1.11     Appointment of the Note Trustee                                                                15
         1.12     Duration of Trust                                                                              15
         1.13     Obligations of the Issuer                                                                      15
         1.14     Limitation of liability of Security Trustee                                                    16
         1.15     Opinion of counsel                                                                             16

2        PAYMENTS ON NOTES                                                                                       16

         2.1      Principal amount                                                                               16
         2.2      Covenant to repay                                                                              16
         2.3      Deemed payment                                                                                 17
         2.4      Issuer's covenant to Class A Noteholders and the Note Trustee                                  17
         2.5      Following Event of Default                                                                     17
         2.6      Requirements of Paying Agent                                                                   19
         2.7      Certification                                                                                  19
         2.8      Determinations                                                                                 19

3        FORM OF, ISSUE OF AND DUTIES AND TAXES ON, NOTES                                                        20

         3.1      Issue of Book-Entry Notes                                                                      20
         3.2      Form of Book-Entry Notes                                                                       20
         3.3      Definitive Notes                                                                               21
         3.4      Stamp and Other Taxes                                                                          22
         3.5      Indemnity for non-issue                                                                        22
         3.6      Note Register and Note Registrar                                                               23

4        COVENANT OF COMPLIANCE                                                                                  24

5        CANCELLATION OF CLASS A NOTES                                                                           24

         5.1      Cancellation                                                                                   24
         5.2      Records                                                                                        25
</TABLE>

--------------------------------------------------------------------------------
                                                                         PAGE  2

<PAGE>

                                                                 Note Trust Deed

<TABLE>
<CAPTION>
<S>      <C>                                                                                                    <C>
6        ENFORCEMENT                                                                                             25

         6.1      Actions following Event of Default                                                             25
         6.2      Evidence of default                                                                            25
         6.3      Note Trustee must receive indemnity                                                            25
         6.4      Restrictions on enforcement                                                                    26
         6.5      Action by Noteholders                                                                          26

7        PROCEEDINGS                                                                                             27

         7.1      Acting only on direction                                                                       27
         7.2      Security Trustee acting                                                                        27
         7.3      Note Trustee alone entitled to act                                                             27
         7.4      Available amounts                                                                              28
         7.5      No obligation to ensure compliance                                                             28
         7.6      Conflict of interests                                                                          28
         7.7      Note Trustee may enforce                                                                       28

8        NOTICE OF PAYMENT                                                                                       29

9        INVESTMENT BY NOTE TRUSTEE                                                                              29

10       PARTIAL PAYMENTS                                                                                        29

11       COVENANTS BY THE ISSUER AND MANAGER                                                                     30

         11.1     Undertakings                                                                                   30
         11.2     Representations and warranties                                                                 33

12       REMUNERATION OF NOTE TRUSTEE, PRINCIPAL PAYING AGENT, CALCULATION AGENT AND NOTE REGISTRAR              33

         12.1     Fee                                                                                            33
         12.2     Additional Remuneration                                                                        33
         12.3     Costs, expenses                                                                                34
         12.4     Overdue rate                                                                                   34
         12.5     Continuing obligation                                                                          34
         12.6     Goods and services tax (GST)                                                                   35
         12.7     Currency and VAT                                                                               35

13       NOTE TRUSTEE                                                                                            35

         13.1     Preferential collection of claims against Trustee                                              35
         13.2     Duties of Note Trustee                                                                         36
         13.3     Obligations of Note Trustee                                                                    36
         13.4     Notice of Defaults                                                                             36
         13.5     Rights of Note Trustee                                                                         37
         13.6     Limitation on Note Trustee's' liability                                                        45
         13.7     Wilful default of the Note Trustee                                                             46
</TABLE>

--------------------------------------------------------------------------------
                                                                         PAGE  3

<PAGE>

                                                                 Note Trust Deed

<TABLE>
<CAPTION>
<S>      <C>                                                                                                    <C>
14       NOTE TRUSTEE'S LIABILITY                                                                                46

15       DELEGATION BY NOTE TRUSTEE                                                                              46

16       EMPLOYMENT OF AGENT BY NOTE TRUSTEE                                                                     47

17       NOTE TRUSTEE CONTRACTING WITH ISSUER                                                                    48

18       APPOINTMENT OF PAYING AGENTS                                                                            49

19       PAYMENT                                                                                                 49

         19.1     Payment by Issuer                                                                              49
         19.2     Confirmation                                                                                   49
         19.3     Payments by Paying Agents                                                                      49
         19.4     Method of Payment - Book-Entry Notes                                                           50
         19.5     Method of payment - Definitive Notes                                                           50
         19.6     Late payment                                                                                   50
         19.7     Notice of non-receipt                                                                          50
         19.8     Reimbursement                                                                                  50
         19.9     Method of payment                                                                              51
         19.10    No fee  51
         19.11    Securitisation Fund                                                                            51

20       REPAYMENT                                                                                               51

21       APPOINTMENT OF THE CALCULATION AGENT                                                                    52

22       DUTIES OF THE CALCULATION AGENT                                                                         52

23       NOTICE OF ANY WITHHOLDING OR DEDUCTION                                                                  53

24       EARLY REDEMPTION OF NOTES                                                                               53

25       PRO RATA REDEMPTION, PURCHASES AND CANCELLATION OF NOTES                                                54

26       NOTICES TO NOTEHOLDERS                                                                                  55

27       DOCUMENTS AND FORMS                                                                                     55

28       AUTHENTICATION                                                                                          55

29       INDEMNITY                                                                                               55

30       THE NOTE REGISTER                                                                                       56

         30.1     Appointment of Note Registrar                                                                  56
         30.2     Details to be kept on the Note Register                                                        56
</TABLE>

--------------------------------------------------------------------------------
                                                                         PAGE  4

<PAGE>

                                                                 Note Trust Deed

<TABLE>
<CAPTION>
<S>      <C>                                                                                                    <C>
         30.3     Payments of Principal and Interest                                                             57
         30.4     Place of keeping Register, copies and access                                                   57
         30.5     Details on Note Register conclusive                                                            58
         30.6     Alteration of details on Note Register                                                         58
         30.7     Rectification of Note Register                                                                 58
         30.8     Correctness of Note Register                                                                   59

31       CHANGES OF NOTE REGISTRAR                                                                               59

         31.1     Removal                                                                                        59
         31.2     Resignation                                                                                    59
         31.3     Limitation                                                                                     59
         31.4     Appointment of new Note Registrar                                                              59

32       GENERAL                                                                                                 60

         32.1     Communications to Class A Noteholders                                                          60
         32.2     Intentionally deleted                                                                          60
         32.3     Identity                                                                                       60
         32.4     No set-off                                                                                     61
         32.5     Reliance                                                                                       61
         32.6     Entitled to deal                                                                               61
         32.7     Consultation                                                                                   61
         32.8     Duties                                                                                         61
         32.9     Income Tax Returns                                                                             61

33       CHANGES IN PAYING AGENTS AND CALCULATION AGENT                                                          62

         33.1     Removal                                                                                        62
         33.2     Resignation                                                                                    62
         33.3     Limitation                                                                                     62
         33.4     Delivery of amounts                                                                            63
         33.5     Successor to Principal Paying Agent                                                            64
         33.6     Successor to Calculation Agent                                                                 64
         33.7     Notice to Noteholders                                                                          65
         33.8     Change in Paying Office or Specified Office                                                    65

34       WAIVER                                                                                                  66

35       AMENDMENT                                                                                               67

         35.1     Approval                                                                                       67
         35.2     Resolution of Class A Noteholders                                                              67
         35.3     Distribution of amendments                                                                     67
         35.4     Amendments binding                                                                             67
         35.5     No Rating Agency downgrade                                                                     68
         35.6     Conformity with TIA                                                                            68

36       CLASS A NOTEHOLDERS                                                                                     68

         36.1     Absolute owner                                                                                 68
         36.2     Clearing Agency Certificate                                                                    69
</TABLE>

--------------------------------------------------------------------------------
                                                                         PAGE  5

<PAGE>

                                                                 Note Trust Deed

<TABLE>
<CAPTION>
<S>      <C>                                                                                                    <C>
37       CURRENCY INDEMNITY                                                                                      69

38       NEW NOTE TRUSTEES                                                                                       71

         38.1     Appointment by Issuer                                                                          71
         38.2     Appointment by Note Trustee                                                                    71
         38.3     Notice                                                                                         72

39       NOTE TRUSTEE'S RETIREMENT AND REMOVAL                                                                   72

         39.1     Removal by Issuer                                                                              72
         39.2     Removal by Class A Noteholders                                                                 72
         39.3     Resignation                                                                                    72
         39.4     Rating Agencies approval                                                                       73
         39.5     Trust Corporation                                                                              73
         39.6     Successor to Note Trustee                                                                      73
         39.7     Notice                                                                                         74
         39.8     Retention of Lien                                                                              74
         39.9     Eligibility; Disqualification                                                                  74

40       NOTE TRUSTEE'S POWERS ADDITIONAL                                                                        75

41       SEVERABILITY OF PROVISIONS                                                                              75

42       NOTICES                                                                                                 75

         42.1     General                                                                                        75
         42.2     Details                                                                                        75
         42.3     Communication through Principal Paying Agent                                                   77

43       GOVERNING LAW AND JURISDICTION                                                                          77

         43.1     Governing law                                                                                  77
         43.2     Jurisdiction                                                                                   77
         43.3     Agent                                                                                          78

44       COUNTERPARTS                                                                                            78

45       LIMITED RECOURSE                                                                                        78

         45.1     General                                                                                        78
         45.2     Liability of Issuer limited to its right to indemnity                                          78
         45.3     Unrestricted remedies                                                                          80
         45.4     Restricted remedies                                                                            80
         45.5     Wilful Default of the Issuer                                                                   80
</TABLE>

--------------------------------------------------------------------------------
                                                                         PAGE  6

<PAGE>

                                                                 Note Trust Deed

<TABLE>
<CAPTION>
<S>      <C>                                                                                                    <C>
46       SUCCESSOR TRUSTEE                                                                                       81

47       REIMBURSEMENT FOR THE COST OF INDEPENDENT ADVICE                                                        81

48       NO LIABILITY                                                                                            81

49       PROSPECTUS                                                                                              82

50       NOTE TRUSTEE'S LIMITED LIABILITY                                                                        82

         50.1     Reliance on certificate                                                                        82
         50.2     Note Trustee's reliance on Manager, Security Trustee, Issuer or Mortgage Manager               82
         50.3     Compliance with laws                                                                           83
         50.4     Reliance on experts                                                                            83
         50.5     Oversights of others                                                                           83
         50.6     Powers, authorities and discretions                                                            84
         50.7     Impossibility or impracticability                                                              84
         50.8     Legal and other proceedings                                                                    84
         50.9     No liability except for negligence etc.                                                        85
         50.10    Further limitations on Note Trustee's liability                                                85
         50.11    Conflicts                                                                                      86
         50.12    Information                                                                                    87
         50.13    Investigation by Note Trustee                                                                  87

51       NOTEHOLDERS' LISTS AND REPORTS, CONTINUING SECURITY, RELEASES AND WAIVERS                               87

         51.1     Provision of information                                                                       87
         51.2     Preservation of Information; Communications to Noteholders                                     88
         51.3     Reports by Note Trustee                                                                        88
         51.4     Notices to Class A Noteholders; Waiver                                                         88
         51.5     Trustee's Liability not Affected                                                               89
         51.6     Reports by Issuer                                                                              89

52       TRUST INDENTURE ACT - MISCELLANEOUS                                                                     89

         52.1     Compliance Certificates and Opinions                                                           89
         52.2     Undertaking for Costs                                                                          91
         52.3     Exclusions of Section 316                                                                      91
         52.4     Unconditional Rights of Class A Noteholders to Receive Principal and Interest                  92
         52.5     Continuing Obligation                                                                          92
         52.6     No Merger                                                                                      92
         52.7     Waiver                                                                                         92
         52.8     Consents and Approvals                                                                         92
         52.9     Written Waiver, Consent and Approval                                                           93
         52.10    Time of Essence                                                                                93
         52.11    Moratorium Legislation                                                                         93
         52.12    Binding on Each Signatory                                                                      93
         52.13    Counterparts                                                                                   93
         52.14    Assignment                                                                                     93
         52.15    Power of Attorney                                                                              93
</TABLE>

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                                                                         PAGE  7

<PAGE>

                                                                 Note Trust Deed

<TABLE>
<CAPTION>
<S>      <C>                                                                                                    <C>
         52.16    Certificate of Note Trustee                                                                    94
         52.17    Remedies cumulative                                                                            94
         52.18    Interest on Judgment                                                                           94
         52.19    Conflict with Trust Indenture Act                                                              94

53       CONSENT OF CLASS A NOTEHOLDERS                                                                          94

         53.1     General                                                                                        94
         53.2     Special Written Approvals                                                                      94
         53.3     Requirement for writing                                                                        96
         53.4     Meetings of Class A Noteholders                                                                96
         53.5     Entire Agreement                                                                               96

SCHEDULE 1                                                                                                       99

SCHEDULE 2                                                                                                      104

SCHEDULE 3 - MEETING PROCEDURES                                                                                 106

SCHEDULE 4 - TERMS AND CONDITIONS OF THE CLASS A NOTES                                                          110
</TABLE>

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                                                                         PAGE  8

<PAGE>

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

THIS NOTE TRUST DEED

                  is made on       November 2003 between the following parties:

                  1.      PERPETUAL TRUSTEES AUSTRALIA LIMITED
                          ABN 86 000 431 827
                          in its capacity as trustee of the Securitisation Fund
                          of Level 7, 39 Hunter Street,
                          Sydney, New South Wales
                          (ISSUER)

                  2.      ME PORTFOLIO MANAGEMENT LIMITED
                          ABN 79 005 964 134
                          of Level 23, 360 Collins Street,
                          Melbourne, Victoria
                          (MANAGER)

                  3.      THE BANK OF NEW YORK
                          of 101 Barclay Street
                          Floor 21 West
                          New York,  New York  10286
                          (NOTE TRUSTEE)

                  4.      THE BANK OF NEW YORK
                          of 101 Barclay Street
                          Floor 21 West
                          New York,  New York    10286
                          (PRINCIPAL PAYING AGENT)

                  5.      THE BANK OF NEW YORK
                          of 101 Barclay Street
                          Floor 21 West
                          New York,  New York    10286
                          (CALCULATION AGENT)

                  6.      THE BANK OF NEW YORK
                          of 101 Barclay Street
                          Floor 21 West
                          New York,  New York    10286
                          (NOTE REGISTRAR)

                  7.      PERPETUAL TRUSTEE COMPANY LIMITED
                          ABN 42 000 001 007
                          in its capacity as security trustee under the Security
                          Trust Deed of Level 7, 39 Hunter Street,
                          Sydney, New South Wales
                          (SECURITY TRUSTEE)

RECITALS

                  A.      The Manager has directed the Issuer in accordance with
                          the Master Trust Deed to issue mortgage backed pass
                          through floating rate notes comprising US$750,000,000
                          Class A Notes due 9 November 2029 and the A$20,700,000
                          Class B Notes due 9 November 2029. The Class A Notes

--------------------------------------------------------------------------------
                                                                         PAGE  9

<PAGE>

                                                                 Note Trust Deed

                          are to be constituted and secured in the manner
                          provided in this deed and the other Transaction
                          Documents.

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

                  C.      The Issuer proposes, at the direction of Manager, to
                          appoint the Principal Paying Agent as principal paying
                          agent, the Calculation Agent as its reference agent
                          and the Note Registrar as registrar, in each case in
                          respect of the Class A Notes upon the terms contained
                          in this deed.

                  D.      Each of the Note Trustee, the Principal Paying Agent,
                          the Calculation Agent and the Note Registrar has
                          agreed to act in those respective capacities upon the
                          terms of this deed.

THIS DEED WITNESSES

                  that in consideration of, among other things, the mutual
                  promises contained in this deed, the parties agree:

--------------------------------------------------------------------------------
1        DEFINITIONS AND INTERPRETATION

         1.1      DEFINITIONS AND INTERPRETATION

                  The following definitions apply unless the context requires
                  otherwise:

                  ASSOCIATE has the meaning ascribed to the expression
                  "associate" in the Corporations Act.

                  AUTHORISATION means any consent, licence, approval or other
                  authority or deemed consent, licence approval or other
                  authority.

                  CHARGE has the same meaning as in the Security Trust Deed.

                  CHARGED PROPERTY has the same meaning as in the Security Trust
                  Deed.

                  CLASS A NOTEOWNER means, with respect to a Book-Entry Note,
                  the person who is the beneficial owner of such Book-Entry
                  Note, as reflected in the books of the Clearing Agency, or in
                  the books of the person maintaining an account with the
                  Clearing Agency or as an indirect participant, in each case in
                  accordance with the rules of the Clearing Agency.

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

                  CORPORATE TRUST OFFICE means the principal office of the Note
                  Trustee at which at any particular time its corporate trust
                  business is administered, which at the date of the execution
                  of this deed is 101 Barclay Street, Floor 21 West, New York,
                  New York 10286, Global Structured Products Unit or at such
                  other address as the Note Trustee may designate by notice to
                  the Manager, Noteholders and the Issuer or the principal
                  corporate trust office of any successor Note Trustee.

                  DEFINITIVE NOTE means a Note issued pursuant to clause 3.3of
                  this deed.

                  DETERMINATION DATE means with respect to a payment due on a
                  Payment Date, the day being two Banking Days prior to that
                  Payment Date.

--------------------------------------------------------------------------------
                                                                         PAGE 10

<PAGE>
                                                                 Note Trust Deed

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

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

                  FITCH RATINGS means Fitch, Inc.

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

                  (a)   is independent of the Issuer, the Manager, the Mortgage
                        Manager and any of their Associates;

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

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

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

                  MASTER TRUST DEED means the Master Trust Deed for the
                  Superannuation Members' Home Loans Trust dated 4 July 1994
                  between the Issuer, as Trustee, and the Manager, as amended
                  from time to time.

                  MATERIAL ADVERSE EFFECT means a material adverse effect on the
                  ability of the Issuer to perform its payment obligations under
                  this deed and other Transaction Documents or, as the context
                  may require, a material adverse effect on the ability of the
                  Note Trustee to perform its obligations under this deed.

                  NOTE DEPOSITORY AGREEMENT means the agreement entitled "Letter
                  of Representations" among the Issuer, Note Trustee (as Agent)
                  and The Depository Trust Company, as the initial Clearing
                  Agency, dated as of the Closing Date, relating to the Notes,
                  as the same may be amended or supplemented from time to time.

                  NOTEHOLDERS REPORT means the report to be delivered by the
                  Manager, on behalf of the Issuer, in accordance with clause
                  11.1(n) containing the information set out in Schedule 2.

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

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

                  PAYING AGENT means any institution including, where the
                  context permits, the

--------------------------------------------------------------------------------
                                                                         PAGE 11

<PAGE>
                                                                 Note Trust Deed

                  Principal Paying Agent:

                  (a)   initially appointed as Principal Paying Agent by the
                        Issuer under this deed; or

                  (b)   as may, with the prior written approval of, and on terms
                        previously approved in writing by, the Note Trustee
                        (that approval not to be unreasonably withheld or
                        delayed) from time to time be appointed by the Issuer in
                        relation to the Notes, in each case (except in the case
                        of the initial Principal Paying Agent) where notice of
                        the appointment has been given to the Noteholders under
                        this deed and in accordance with Condition 12.

                  PAYING OFFICE means, in relation to a Paying Agent, the office
                  of the Paying Agent specified in the Class A Notes or this
                  deed as the office at which payments in respect of the Class A
                  Notes will be made as changed from time to time in accordance
                  with this deed.

                  PERSON means any individual, corporation, limited liability
                  company, estate, partnership, joint venture, association,
                  joint stock company, trust (including any beneficiary
                  thereof), unincorporated organisation or government or any
                  agency or political subdivision thereof.

                  RECORD DATE means:

                  (a)   with respect to the Payment Date of any Book-Entry Note,
                        the close of business on the Banking Day immediately
                        preceding that Payment Date; and

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

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

                  SECURITIES ACT means the Securities Act of 1933 of the United
                  States of America, as amended.

                  SECURITISATION FUND means the Securitisation Fund established
                  under the Master Trust Deed known as SMHL Global Fund No. 5.

                  SPECIFIED OFFICE means, in relation to the Calculation Agent,
                  the office of the Calculation Agent specified under this deed
                  as the office at which the Calculation Agent will carry out
                  its duties under this deed.

                  SUPPLEMENTARY BOND TERMS NOTICE means the Supplementary Bond
                  Terms Notice dated on or about the date of this deed between
                  the Issuer, the Manager, the Note Trustee and the Security
                  Trustee in respect of the Securitisation Fund.

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

                  TRUST ACCOUNT means the US$ Account or any other account
                  maintained by or on behalf of the Issuer in relation to the
                  Securitisation Fund.

                  TRUST CORPORATION means any person eligible for appointment as
                  a trustee under

--------------------------------------------------------------------------------
                                                                         PAGE 12

<PAGE>
                                                                 Note Trust Deed

                  an indenture to be qualified pursuant to the TIA, as set forth
                  in Section 310(a) of the TIA, which shall include The Bank of
                  New York for so long as it complies with such section.

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

                  (a)   Subject to clause 1.1 and the Recitals, terms and
                        expressions which are defined in the Master Trust Deed
                        (as amended by the Supplementary Bond Terms Notice), the
                        Supplementary Bond Terms Notice and the Conditions
                        (including in each case by reference to another
                        agreement) have the same meanings when used in this deed
                        unless the context otherwise requires or unless
                        otherwise defined in this deed.

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

            1.3   INCORPORATION BY REFERENCE

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

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

                  INDENTURE SECURITIES means the Class A Notes;

                  INDENTURE SECURITY HOLDER means a Class A Noteholder;

                  INDENTURE TO BE QUALIFIED means the Note Trust Deed;

                  INDENTURE TRUSTEE OR INSTITUTIONAL TRUSTEE means the Note
                  Trustee; and

                  OBLIGOR on the indenture securities means the Issuer with
                  respect to the Class A Notes.

                  Any other term which is used in this deed in respect of a
                  section or provision of the TIA and which is defined in the
                  TIA, by reference to another statute or defined by or in any
                  rule of or issued by the Commission, will have the meaning
                  assigned to them by such definitions.

            1.4   INTERPRETATION

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

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

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

                  (c)   a reference to an amount for which a person is
                        contingently liable includes an amount which that person
                        may become actually or contingently liable

--------------------------------------------------------------------------------
                                                                         PAGE 13

<PAGE>
                                                                 Note Trust Deed

                        to pay if a contingency occurs, whether or not that
                        liability will actually arise; and

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

            1.5   DETERMINATION, STATEMENT AND CERTIFICATE SUFFICIENT EVIDENCE

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

            1.6   DOCUMENT OR AGREEMENT

                  A reference to:

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

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

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

      1.7   TRANSACTION DOCUMENT

            This deed is a Transaction Document for the purposes of the Master
            Trust Deed.

      1.8   ISSUER AS TRUSTEE

            (a)   In this deed, except where provided to the contrary:

                  (1)   a reference to the Issuer is a reference to the Issuer
                        in its capacity as trustee of the Securitisation Fund
                        only, and in no other capacity; and

                  (2)   a reference to the Security Trustee is a reference to
                        the Security Trustee in its capacity as security trustee
                        under the Security Trust Deed only, and in no other
                        capacity; and

                  (3)   a reference to the assets, business, property or
                        undertaking of the Issuer or the Security Trustee is a
                        reference to the assets, business, property or
                        undertaking of the Issuer or the Security Trustee
                        respectively only in the capacity described in
                        paragraphs (1) and (2) above.

            (b)   The rights and obligations of the parties under this deed
                  relate only to the Securitisation Fund and do not relate to
                  any other Fund (as defined in the Master Trust Deed).

      1.9   KNOWLEDGE OF ISSUER AND SECURITY TRUSTEE

                  In relation to the Securitisation Fund, the Issuer and the
                  Security Trustee will only

--------------------------------------------------------------------------------
                                                                         PAGE 14

<PAGE>
                                                                 Note Trust Deed

                  be considered to have knowledge, actual knowledge or notice
                  of, or be aware of, any matter or thing if the Issuer or the
                  Security Trustee (as the case may be) 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 Issuer
                  or the Security Trustee (as the case may be) who have day to
                  day responsibility for the administration of the
                  Securitisation Fund.

            1.10  KNOWLEDGE OF THE NOTE TRUSTEE, CALCULATION AGENT, NOTE
                  REGISTRAR OR PRINCIPAL PAYING AGENT

                  In relation to the Securitisation Fund, the Note Trustee, the
                  Calculation Agent, the Note Registrar and the Principal Paying
                  Agent will only be considered to have knowledge or notice of,
                  or be aware of, any matter or thing if the Note Trustee,
                  Calculation Agent, Note Registrar or Principal Paying Agent
                  (as the case may be) has knowledge, notice or awareness of
                  that matter or thing by virtue of the actual notice or
                  awareness of the officers or employees of the Note Trustee,
                  Calculation Agent, Note Registrar or Principal Paying Agent
                  (as the case may be) who have day to day responsibility for
                  the administration of the trust, or other duties of the
                  relevant party constituted by this deed.

            1.11  APPOINTMENT OF THE NOTE TRUSTEE

                  The Note Trustee:

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

                  (b)   acknowledges and declares that it:

                        (1)   holds the sum of US$10.00 received on the date of
                              this deed; and

                        (2)   will hold the benefit of the obligations of the
                              Issuer under this deed,

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

            1.12  DURATION OF TRUST

                  The trust established pursuant to this deed shall commence on
                  the date hereof and shall terminate on the first to occur of:

                  (a)   the date on which the Issuer has satisfied in full its
                        obligations to the Class A Noteholders and all Class A
                        Notes have been cancelled or redeemed; and

                  (b)   the 80th anniversary of the date of this deed.

            1.13  OBLIGATIONS OF THE ISSUER

                  (a)   The Issuer shall not be liable for any act or omission
                        by the Manager where it is acting or fails to act (as
                        the case may be) on behalf of the Issuer under this
                        deed.

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

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                                                                 Note Trust Deed

            1.14  LIMITATION OF LIABILITY OF SECURITY TRUSTEE

                  (a)   Notwithstanding any other provision of this deed, the
                        Security Trustee will have no liability under or in
                        connection with this deed or any other Transaction
                        Document other than to the extent to which the liability
                        is able to be satisfied out of the property from which
                        the Security Trustee is actually indemnified for the
                        liability.

                  (b)   This limitation will not apply to a liability of the
                        Security Trustee to the extent that it is not satisfied
                        because, under this deed, any other Transaction Document
                        or by operation of laws, there is a reduction in the
                        extent of the Security Trustee's indemnification as a
                        result of the Security Trustee's fraud, negligence or
                        wilful default.

                  (c)   Nothing in this clause or any similar provision in any
                        other Transaction Document limits or adversely affects
                        the powers of the Security Trustee, any Receiver or
                        attorney in respect of the Charge as defined in the
                        Security Trust Deed or the Charged Property (as defined
                        in the Security Trust Deed).

            1.15  OPINION OF COUNSEL

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

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2           PAYMENTS ON NOTES

            2.1   PRINCIPAL AMOUNT

                  The aggregate principal amount of the Class A Notes is limited
                  to US$750,000,000.

            2.2   COVENANT TO REPAY

                  (a)   The Issuer covenants that the Issuer will, in accordance
                        with the terms of any Class A Notes (including the
                        Conditions) and the Transaction Documents (and subject
                        to the terms of the Transaction Documents and the
                        Conditions, including, without limitation, clauses 19
                        and 45 of this deed and Condition 5) at the direction of
                        the Manager on:

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

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

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

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                                                                         PAGE 16

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                                                                 Note Trust Deed

                        Notes (including the Conditions).

                  (b)   Subject to clause 2.3 and to the terms of the Class A
                        Notes (including the Conditions and in particular
                        Condition 6 of the Notes) and the Transaction Documents
                        (including clauses 19 and 45 of this deed and Condition
                        5), until any payment as well after as before any
                        judgment or other order of a court of competent
                        jurisdiction, the Issuer shall, at the direction of the
                        Manager, duly and punctually pay or procure to be paid
                        unconditionally in accordance with this deed to or to
                        the order of the Note Trustee any interest, at the
                        respective rates and calculated in accordance with and
                        payable on the dates provided for in the Conditions.

                  (c)   The Note Trustee shall hold the benefit of the covenant
                        in this clause 2.2, and all other rights of the Class A
                        Noteholders under the Class A Notes, on trust for the
                        benefit of the Class A Noteholders.

            2.3   DEEMED PAYMENT

                  Any payment of principal or interest in respect of any Class A
                  Notes to or to the account of the Principal Paying Agent in
                  the manner provided in clause 19 shall satisfy the covenant in
                  relation to those Class A Notes by the Issuer in this clause 2
                  to the extent of that payment, except to the extent that the
                  Principal Paying Agent subsequently fails to pay that amount
                  under those Class A Notes in accordance with the terms of
                  those Class A Notes (including the Conditions).

            2.4   ISSUER'S COVENANT TO CLASS A NOTEHOLDERS AND THE NOTE TRUSTEE

                  Subject to the terms of the Master Trust Deed and the
                  Supplementary Bond Terms Notice, the Issuer:

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

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

                        (1)   make all payments on or in respect of the Class A
                              Notes held by that Class A Noteholder on the
                              applicable Payment Date;

                        (2)   comply with the terms of the Supplementary Bond
                              Terms Notice and the Transaction Documents in
                              which it is a party; and

                        (3)   pay the Outstanding Principal Balance in relation
                              to the Class A Notes held by that Class A
                              Noteholder on the Final Maturity Date and accrued
                              and unpaid interest on the Invested Amount.

            2.5   FOLLOWING EVENT OF DEFAULT

                  (a)   At any time when an Event of Default in respect of the
                        Class A Notes is subsisting, or at any time after
                        Definitive Notes have not been issued when so required
                        in accordance with the Conditions, the Note Trustee may:

                        (1)   by notice in writing to the Issuer, the Manager,
                              the Principal Paying Agent, any other Paying
                              Agents and the Calculation Agent and until such
                              notice is withdrawn, require the Principal Paying
                              Agent, any other Paying Agents and the Calculation
                              Agent either:

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                                                                         PAGE 17
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                                                                 Note Trust Deed

                              (A) (i)   to act as Principal Paying Agent and
                                        Paying Agents and Calculation Agent
                                        respectively of the Note Trustee in
                                        relation to payments to be made by or on
                                        behalf of the Note Trustee under the
                                        provisions of this deed on the terms of
                                        this deed, except that the Note
                                        Trustee's liability for the
                                        indemnification of the Paying Agents
                                        and Calculation Agent shall be limited
                                        to any amount for the time being
                                        held by the Note Trustee on the trusts
                                        of this deed and which is available to
                                        be applied by the Note Trustee under
                                        this deed; and

                                  (ii)  to hold all Definitive Notes and all
                                        amounts, documents and records held by
                                        them in respect of the Class A Notes on
                                        behalf of the Note Trustee; or

                              (B)  to deliver up all Definitive Notes and all
                                   amounts, documents and records held by them
                                   in respect of the Class A Notes to the Note
                                   Trustee or as the Note Trustee shall direct
                                   in that notice, other than any documents or
                                   records which the relevant Paying Agent or
                                   Calculation Agent is obliged not to release
                                   by any law or regulation; or

                        (2)   by notice in writing to the Issuer require it to
                              make all subsequent payments in respect of the
                              Class A Notes to the order of the Note Trustee and
                              not to the Principal Paying Agent and, with effect
                              from the issue of that notice to the Issuer and
                              until that notice is withdrawn, clause 2.3 shall
                              not apply.

                  (b)   The payment by the Issuer of its payment obligations on
                        each Payment Date under the Supplementary Bond Terms
                        Notice and the Conditions to the Note Trust Deed in
                        accordance with clause 2.5(a)shall be a good discharge
                        to the Issuer and the Issuer shall not be liable for any
                        act or omission or default of the Note Trustee during
                        the period it is required to make payment to the Note
                        Trustee under clause 2.5(a).

                  (c)   The Issuer shall not be liable for any act or omission
                        or default of the Note Trustee during the period it is
                        required to make payments in respect of the Class A
                        Notes to the Note Trustee under clause 2.5(a).

                  (d)   At any time whilst an Event of Default is subsisting
                        which has not been waived, if the Calculation Agent for
                        any reason does not determine the Interest Rate or
                        calculate the Interest for a Class A Note, the Note
                        Trustee shall do so and each such determination or
                        calculation shall be deemed to have been made by the
                        Calculation Agent. In doing so, the Note Trustee shall
                        apply the provisions of clause 22, with any necessary
                        consequential amendments, to the extent that, in its
                        opinion, it can do so, and, in all other respects it
                        shall do so in such a manner as it shall deem fair and
                        reasonable in all the circumstances.

                  (e)   The Issuer, the Manager, the Note Trustee, the Security
                        Trustee and the Paying Agents may treat a Class A
                        Noteholder as the absolute owner of a Class A Note
                        (whether or not that Class A Note is overdue and despite
                        any notation or notice to the contrary or writing on it
                        or any notice of previous

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                                                                         PAGE 18

<PAGE>

                                                                 Note Trust Deed

                        loss or theft of it or of trust or other interest in it)
                        for the purpose of making payment and for all other
                        purposes.

            2.6   REQUIREMENTS OF PAYING AGENT

                  The Principal Paying Agent agrees with the Note Trustee,
                  subject to the provisions of this clause, that it shall:

                  (a)   hold in trust for the Note Trustee and the Class A
                        Noteholders all sums held by the Principal Paying Agent
                        for the payment of principal and interest with respect
                        to the Class A Notes until all relevant sums are paid to
                        the Note Trustee or the Class A Noteholders or otherwise
                        disposed of as provided in this deed; and

                  (b)   immediately notify in writing the Note Trustee, the
                        Issuer, the Security Trustee and the Manager if the full
                        amount of any payment of principal or interest required
                        to be made by the Supplementary Bond Terms Notice and
                        the relevant Conditions in respect of the Class A Notes
                        is not unconditionally received by it or to its order in
                        accordance with this deed.

            2.7   CERTIFICATION

                  For the purposes of any redemption of Class A Notes under
                  Condition 5, the Note Trustee may rely upon an Officer's
                  Certificate from the Manager certifying or stating the opinion
                  of each person signing that Officer's Certificate as to the
                  following matters:

                  (a)   the fair value (within 90 days of such release) of the
                        property or securities to be released from the Security
                        Trust Deed;

                  (b)   that the proposed release will not impair the security
                        under the Security Trust Deed in contravention of the
                        provisions of the Security Trust Deed or this deed; and

                  (c)   that the Issuer will be in a position to discharge all
                        its liabilities in respect of the relevant Class A Notes
                        and any amounts required under the Security Trust Deed
                        to be paid in priority to or pari passu with those Class
                        A Notes,

                  and that Officer's Certificate shall be conclusive and binding
                  on the Issuer, the Note Trustee and the holders of those Class
                  A Notes.

            2.8   DETERMINATIONS

                  If the Manager does not at any time for any reason determine a
                  Principal Entitlement or the Outstanding Principal Balance or
                  the Invested Amount applicable to any Class A Notes in
                  accordance with Condition 5(g), the Principal Entitlement, the
                  Outstanding Principal Balance and the Invested Amount (as the
                  case may be) may be determined by the Calculation Agent (or,
                  failing the Calculation Agent, the Note Trustee) in accordance
                  with Condition 5(g) (but based on the information in its
                  possession) and each such determination or calculation shall
                  be deemed to have been made by the Manager, and neither the
                  Calculation Agent nor the Note Trustee shall have any
                  liability in respect thereof other than as a result of the
                  fraud, negligence or wilful default of the Calculation Agent
                  or the Note Trustee as the case may be.

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                                                                         PAGE 19
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                                                                 Note Trust Deed

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3     FORM OF, ISSUE OF AND DUTIES AND TAXES ON, NOTES

      3.1   ISSUE OF BOOK-ENTRY NOTES

            (a)   Each Class of Class A Notes shall, on issue be represented by
                  one or more Book-Entry Notes.

            (b)   Each Book-Entry Note must be signed manually or by facsimile
                  by an Authorised Signatory or attorney of the Issuer on behalf
                  of the Issuer and must be manually authenticated by the
                  Principal Paying Agent.

      3.2   FORM OF BOOK-ENTRY NOTES

            (a)   The Book-Entry Notes shall be typed in the form or
                  substantially in the form set out in schedule 1.

            (b)   The procedures relating to the exchange, authentication,
                  delivery, surrender, cancellation, presentation, marking up or
                  down of any Book-Entry Note (or part of any Book-Entry Note
                  and any other matters to be carried out by the relevant
                  parties upon exchange (in whole or part) of any Book Entry
                  Note shall be made in accordance with the provisions of the
                  relevant terms of the Book-Entry Notes and the normal practice
                  of the Common Depository, the Note Registrar and the rules and
                  procedures of the Clearing Agency from time to time.

            (c)   The Book-Entry Notes shall be in an aggregate principal amount
                  of US$750,000,000 for the Class A Notes.

            (d)   The Manager shall procure that, prior to the issue and
                  delivery of any Book-Entry Note, that Book-Entry Note will be
                  authenticated manually by an Authorised Signatory of the
                  Principal Paying Agent and no Book-Entry Note shall be valid
                  for any purpose unless and until so authenticated. A
                  Book-Entry Note so executed and authenticated shall be a
                  binding and valid obligation of the Issuer. Until a Book-Entry
                  Note (or part of a Book-Entry Note) has been exchanged
                  pursuant to this deed, it (or that part) shall in all respects
                  be entitled to the same benefits as a Definitive Note. Each
                  Book-Entry Note shall be subject to this deed except that the
                  registered owner of a Book-Entry Note shall be the only person
                  entitled to receive payments from the Principal Paying Agent
                  of principal or interest in relation to it.

            (e)   The Class A Notes upon original issue will be issued in the
                  form of typewritten Notes representing the Book-Entry Notes.
                  The Manager shall, on the date of this deed, deliver or
                  arrange the delivery on its behalf to the Principal Paying
                  Agent, as agent for the Clearing Agency, of the Book-Entry
                  Notes. The Book-Entry Notes shall initially be registered on
                  the Note Register in the name of the Common Depository as
                  nominee of the Clearing Agency, and no Class A Noteowner will
                  receive a Definitive Note representing such Class A
                  Noteowner's interest in such Note, except as provided in
                  clause 3.3.

            (f)   Whenever a notice or other communication to the Class A
                  Noteholders is required under this deed, unless and until
                  Definitive Notes shall have been issued to a Class A Noteowner
                  pursuant to clause 3.3, the Note Trustee shall give all such
                  notices and communications specified herein to be

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                                                                         PAGE 20
<PAGE>

                                                                 Note Trust Deed

                  given to Class A Noteowners to the Common Depository, and
                  shall have no obligation to the Class A Noteowners.

            (g)   Unless and until the Definitive Notes have been issued to a
                  Class A Noteowner pursuant to clause 3.3:

                  (1)   the provisions of this clause shall be in full force and
                        effect;

                  (2)   the Note Registrar, the Issuer, the Manager, the
                        Security Trustee, each Paying Agent and the Note Trustee
                        shall be entitled to deal with the Clearing Agency for
                        all purposes of this deed (including the payment of
                        principal of and interest on the Class A Notes and the
                        giving of instructions, notices or directions hereunder)
                        as the sole holder of the Class A Notes, and shall have
                        no obligation to any Class A Noteowners and none of the
                        Note Registrar, the Issuer, the Manager, each Paying
                        Agent, and the Note Trustee or the Security Trustee will
                        be affected by notice to the contrary;

                  (3)   to the extent that the provisions of this clause
                        conflict with any other provisions of this deed, the
                        provisions of this clause shall prevail;

                  (4)   the rights of Class A Noteowners shall be exercised only
                        through the Clearing Agency and shall be limited to
                        those established by law and agreements between such
                        Class A Noteowners and the Clearing Agency and/or the
                        Clearing Agency Participants. Pursuant to the Note
                        Depository Agreement, unless and until Definitive Notes
                        are issued pursuant to clause 3.3, the initial Clearing
                        Agency will make book-entry transfers among the Clearing
                        Agency Participants and receive and transmit payments of
                        principal and interest on the Class A Notes to such
                        Clearing Agency Participants; and

                  (5)   whenever this deed requires or permits actions to be
                        taken based upon instructions or directions of Class A
                        Noteowner evidencing a specific percentage of all
                        Invested Amounts of all Class A Notes, the Clearing
                        Agency shall be deemed to represent such percentage only
                        to the extent that it has received instructions to such
                        effect from Class A Noteowners and/or Clearing Agency
                        Participants owning or representing, respectively, such
                        required percentage of the beneficial interest in the
                        Class A Notes and has delivered such instructions to the
                        Principal Paying Agent.

            3.3   DEFINITIVE NOTES

                  If:

                  (a)   the Principal Paying Agent advises the Manager in
                        writing that the Clearing Agency is no longer willing or
                        able to discharge properly its responsibilities as
                        depository for the Class A Notes and the Manager is not
                        able to locate a qualified successor;

                  (b)   the Issuer, at the direction of the Manager (at the
                        Manager's option) advises the Principal Paying Agent in
                        writing that it elects to terminate the book-entry
                        system through the Clearing Agency; or

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                                                                         PAGE 21
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                                                                 Note Trust Deed

                  (c)   after the occurrence of an Event of Default, the Note
                        Trustee, at the written direction of Class A Noteholders
                        holding a majority of the aggregate Outstanding
                        Principal Balance of the Class A Notes advises the
                        Issuer and the Principal Paying Agent that the
                        continuation of a book entry system is no longer in the
                        best interests of the Class A Noteowners,

                  then the Principal Paying Agent must within 30 days of such
                  event instruct the Clearing Agency to notify all of the
                  appropriate Class A Noteowners of the occurrence of any such
                  event and of the availability of Definitive Notes. Upon the
                  surrender of the Book-Entry Notes to the Issuer by the
                  Clearing Agency, and the delivery by the Clearing Agency of
                  the relevant registration instructions to the Issuer, the
                  Issuer (with the assistance of the Manager) shall execute and
                  procure the Principal Paying Agent to authenticate the
                  Definitive Notes in accordance with the instructions of the
                  Clearing Agency. The Definitive Notes will be serially
                  numbered and shall be typewritten, printed, lithographed or
                  engraved or produced by any combination of these methods (with
                  or without steel engraved borders).

                  None of the Note Registrar, the Paying Agents, the Note
                  Trustee or the Issuer shall be liable for any delay in
                  delivery of such instructions and may conclusively rely on,
                  and shall be protected in relying on, such instructions.

            3.4   STAMP AND OTHER TAXES

                  The Manager will pay any stamp and other duties and Taxes
                  (other than income tax or any similar tax on net income)
                  payable in Australia or the United States on or in connection
                  with:

                  (a)   the execution, delivery and performance of the
                        Transaction Documents or any other payment, receipt or
                        other transaction contemplated by the Transaction
                        Documents;

                  (b)   the constitution and original issue and delivery of the
                        Class A Notes; and

                  (c)   any action taken by the Note Trustee or where permitted
                        under this deed so to do, the Clearing Agency or any
                        Class A Noteowner to enforce or to resolve any doubts
                        concerning, or for any other purpose in relation to, the
                        provisions of the Class A Notes or the Transaction
                        Documents.

                  The Manager must indemnify and keep indemnified the Note
                  Trustee, the Paying Agent, the Calculation Agent, the Note
                  Registrar, the Issuer and the Security Trustee against any
                  loss or liability incurred or suffered by those parties as a
                  result of any delay or failure by the Manager to pay any such
                  stamp and other duties and Taxes.

            3.5   INDEMNITY FOR NON-ISSUE

                  If the Issuer is required to issue, or procure the issue of,
                  Definitive Notes following an event specified in clause
                  3.3(a), (and all conditions precedent to such issue have been
                  satisfied) but fails to do so within 30 days of delivery to
                  the Issuer of the Book-Entry Notes in accordance with clause
                  3.3 then the Issuer shall (subject to clause 45) indemnify the
                  Note Trustee and the Class A Noteholders and keep them
                  indemnified, against any loss or damage incurred by any of
                  them if the amount received by the Note Trustee and the Class
                  A Noteholders is less than the amount that would have been
                  received had Definitive Notes been issued within the 30 days
                  referred to in this clause 3.5. If the Issuer breaches its

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                                                                         PAGE 22
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                                                                 Note Trust Deed

                  obligations under clause 3.3, it is acknowledged and agreed
                  that damages alone will not be an adequate remedy for such a
                  breach and that, in addition to any other rights they may
                  have, the Note Trustee and the Class A Noteholders are
                  entitled to sue the Issuer for specific performance,
                  injunctive relief or other equitable relief to enforce the
                  Issuer's obligations under clause 3.3. The Manager must
                  promptly advise the Issuer if it becomes actually aware of the
                  occurrence of the relevant event and the Issuer shall promptly
                  notify the Note Trustee of the relevant event.

            3.6   NOTE REGISTER AND NOTE REGISTRAR

                  (a)   The Note Registrar, on behalf of the Issuer, shall keep
                        or cause to be kept the Note Register and the Note
                        Registrar will be responsible for registering Notes and
                        transfers of Class A Notes as herein provided. The
                        Issuer may, with the consent of the Note Trustee,
                        appoint another person as Note Registrar. Upon any
                        resignation or removal of any Note Registrar under this
                        deed, the Issuer with the assistance of and at the
                        direction of, the Manager shall promptly appoint a
                        successor or, if it elects not to make such an
                        appointment, assume the duties of the Note Registrar.

                  (b)   Upon surrender for registration of transfer of any Class
                        A Note to the Note Registrar, if the requirements of
                        Section 8-401(a) of the Uniform Commercial Code of New
                        York (the UCC) are met, the Issuer shall, at the
                        direction of the Manager, execute and upon its written
                        request the Principal Paying Agent shall authenticate
                        and the Class A Noteholder shall obtain from the Note
                        Trustee, in the name of the designated transferee or
                        transferees, one or more new Class A Notes, in any
                        authorised denominations, of the same class and a like
                        aggregate principal amount. The Issuer shall be entitled
                        to rely on any direction given by the Manager under this
                        clause and shall not be under any obligation to
                        investigate or query any such direction.

                  (c)   At the option of the Class A Noteholder, Class A Notes
                        may be exchanged for other Class A Notes in any
                        authorised denominations and a like aggregate principal
                        amount, upon surrender of the Class A Notes to be
                        exchanged at such office or agency. Whenever any Class A
                        Notes are so surrendered for exchange, if the
                        requirements of Section 8-401(a) of the UCC are met the
                        Issuer shall, at the direction of the Manager, execute,
                        and upon its written request the Principal Paying Agent
                        shall authenticate and the Class A Noteholder shall
                        obtain from the Note Trustee, the Class A Notes which
                        the Class A Noteholder making the exchange is entitled
                        to receive. The Issuer shall be entitled to rely on any
                        direction given by the Manager under this clause and
                        shall not be under any obligation to investigate or
                        query any such direction.

                  (d)   Every Class A Note presented or surrendered for
                        registration of transfer or exchange shall be:

                        (1)   duly endorsed by, or be accompanied by a written
                              instrument of transfer in a form satisfactory to
                              the Note Registrar duly executed by, the Class A
                              Noteholder thereof or such Class A Noteholder's
                              attorney duly authorised in writing, with such
                              signature guaranteed by an "eligible guarantor
                              institution" meeting the requirements of the Note
                              Registrar which requirements include membership or
                              participation of Securities Transfer Agents SMHL
                              Global Program

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                                                                         PAGE 23
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                                                                 Note Trust Deed

                              (STAMP) or such other "signature guarantee
                              program" as may be determined by the Note
                              Registrar in addition to, or in substitution for
                              Stamp, all in accordance with the Exchange Act,
                              and

                        (2)   accompanied by such other documents as the Note
                              Registrar may require.

                  (e)   No service charge shall be made to a Class A Noteholder
                        for any registration of transfer or exchange of Class A
                        Notes, but the Note Registrar 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 Class A Notes.

                  (f)   The preceding provisions of this clause 3.6
                        notwithstanding, the Issuer shall not be required to
                        make and the Note Registrar need not register transfers
                        or exchanges of Class A Notes, nor the Principal Paying
                        Agent be required to authenticate any Class A Notes
                        selected for redemption for a period of 30 days
                        preceding the due date for any payment with respect to
                        the Class A Note.

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4     COVENANT OF COMPLIANCE

                  (a)   The Issuer and the Manager covenant with the Note
                        Trustee that they will comply with and perform and
                        observe all material provisions of the Class A Notes and
                        Transaction Documents which are expressed to be binding
                        on them respectively for the benefit of the Note Trustee
                        or any Class A Noteholder.

                  (b)   The Transaction Documents and the Conditions shall be
                        binding on the Issuer, the Note Trustee and the Class A
                        Noteholders.

                  (c)   The Note Trustee (or the Class A Noteholders, under
                        clause 6.5, as the case may be) is entitled to enforce
                        the obligations of the Issuer under the Class A Notes
                        and the Conditions as if the same were set out and
                        contained in this deed (which shall be read and
                        construed as one document with the Notes). The Note
                        Trustee shall hold the benefit of this covenant upon
                        trust for itself and the Class A Noteowners according to
                        its and their respective interests.

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5     CANCELLATION OF CLASS A NOTES

      5.1   CANCELLATION

            The Note Registrar shall ensure that all Class A Notes:

            (a)   which have been surrendered for payment, registration of
                  transfer, exchange or redemption; or

            (b)   in the case of any Definitive Note, which, being mutilated or
                  defaced, have been surrendered and replaced under Condition
                  11,

            shall be cancelled by or on behalf of the Issuer and will execute a
            certificate and deliver same to the Note Trustee stating:

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                                                                         PAGE 24
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                                                                 Note Trust Deed

            (a)   the aggregate Outstanding Principal Balance of Notes which
                  have been redeemed; and

            (c)   the serial numbers of such Notes in definitive form (where
                  applicable).

      5.2   RECORDS

            The Note Registrar shall procure:

            (a)   the keeping of a full and complete record of all Class A Notes
                  and of their redemption, payment, exchange or cancellation (as
                  the case may be) and of all replacement Class A Notes issued
                  in substitution for lost, stolen, mutilated, defaced or
                  destroyed Definitive Notes;

            (b)   the making available at its Specified Office of such records
                  to the Issuer and the Note Trustee and the Note Registrar on
                  reasonable notice and during business hours promptly following
                  the Note Trustee's request or the Issuer's request for the
                  same.

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6     ENFORCEMENT

      6.1   ACTIONS FOLLOWING EVENT OF DEFAULT

            At any time while an Event of Default is subsisting the Note Trustee
            may (subject to the Security Trust Deed, to clauses 6.4and 7, and to
            Conditions 9 and 10), at its discretion and without further notice,
            take any action available to it to direct the Security Trustee to:

            (a)   institute any proceedings against the Issuer which are
                  permitted under the Transaction Documents;

            (b)   enforce the security created under the Security Trust Deed
                  (including anything set out in clause 7.2 of the Security
                  Trust Deed); and

            (c)   enforce repayment of the Class A Notes together with accrued
                  interest and any other moneys payable to the Note Trustee or
                  the Class A Noteholders under the Transaction Documents.

      6.2   EVIDENCE OF DEFAULT

            If the Security Trustee or the Note Trustee takes any action against
            the Issuer to enforce any of the provisions of any Class A Note or
            this deed, proof that as regards any Class A Note, the Issuer has
            not paid any principal or interest due in respect of that Class A
            Note shall (unless the contrary is proved) be sufficient evidence
            that the Issuer has not paid that principal or interest on all other
            Class A Notes in respect of which the relevant payment is then due.

      6.3   NOTE TRUSTEE MUST RECEIVE INDEMNITY

            If:

            (a)   the Note Trustee convenes a meeting of the Class A
                  Noteholders, or is required by the Class A Noteholders to take
                  any action under this Deed, and advises them that the Note
                  Trustee will not act in relation to any matter contemplated by
                  this deed unless it is personally indemnified by the

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                                                                 Note Trust Deed

                  Class A Noteholders (other than the Note Trustee) to its
                  reasonable satisfaction against all actions, proceedings,
                  claims and demands to which it may render itself liable, and
                  all costs, charges, damages and expenses which it may incur,
                  in relation to any matter contemplated by this deed and put in
                  funds to the extent to which it may become liable (including
                  costs and expenses); and

            (b)   the Class A Noteholders refuse to grant the requested
                  indemnity and put the Note Trustee in funds;

            then the Note Trustee will not be obliged to act in relation to such
            matter.

            In those circumstances, the Class A Noteholders may exercise such
            powers as they determine by Extraordinary Resolution.

      6.4   RESTRICTIONS ON ENFORCEMENT

            If any of the Class A Notes remain outstanding and are due and
            payable otherwise than by reason of a default in payment of any
            amount due on any Class A Notes, the Note Trustee must not vote
            under the Security Trust Deed to, or otherwise direct the Security
            Trustee to, enforce the Security Trust Deed or dispose of the
            Charged Property unless:

            (a)   a sufficient amount would be realised to discharge in full all
                  amounts owing to the Class A Noteholders and any other amounts
                  payable by the Issuer ranking in priority to or pari passu
                  with the Class A Notes;

            (b)   the Note Trustee is of the opinion, reached after considering
                  at any time and from time to time the advice of a merchant
                  bank or other financial adviser selected by the Note Trustee
                  (the cost of which advice shall be an Expense incurred by the
                  Note Trustee under the Transaction Documents), that the cash
                  flow receivable by the Issuer (or the Security Trustee under
                  the Security Trust Deed) will not (or that there is a
                  significant risk that it will not) be sufficient, having
                  regard to any other relevant actual, contingent or prospective
                  liabilities of the Issuer, to discharge in full in due course
                  all the amounts referred to in clause 6.4(a) relating to the
                  Securitisation Fund; or

            (c)   the Note Trustee is so directed by the holders of at least 75%
                  of the aggregate Invested Amount of the Class A Notes.

      6.5   ACTION BY NOTEHOLDERS

                  Notwithstanding any other provision of this deed, if the Note
                  Trustee, having become bound to take steps and/or proceed
                  under clause 6.1 and/or the Security Trust Deed, fails to do
                  so within 14 days and such failure is continuing, any of the
                  Class A Noteholders may do so, but then only if and to the
                  extent the Class A Noteholders are able to do so under the
                  Transaction Documents.

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                                                                         PAGE 26
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                                                                 Note Trust Deed

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7     PROCEEDINGS

      7.1   ACTING ONLY ON DIRECTION

            (a)   The Note Trustee may, but shall not be bound to, vote under
                  the Security Trust Deed, or otherwise direct the Security
                  Trustee under the Security Trust Deed, to take any
                  proceedings, actions or steps under, or any other proceedings
                  pursuant to or in connection with, the Security Trust Deed,
                  this deed or any Class A Notes and shall be bound to so vote
                  or direct the Security Trustee if directed or requested to do
                  so in writing by the holders of at least 75% of the aggregate
                  Invested Amount of the Class A Notes and then only if the Note
                  Trustee is indemnified to its satisfaction against all
                  actions, proceedings, claims and demands to which it may
                  render itself liable and all costs, charges, damages and
                  expenses which it may incur by so doing.

            (b)   The Note Trustee shall be protected with respect to any action
                  taken or omitted to be taken by it in good faith in accordance
                  with the direction of the holders of the required aggregate
                  Invested Amount of the Class A Notes in accordance with this
                  deed relating to the time, method and place of conducting any
                  proceeding for any remedy available to, or exercising any
                  trust or power conferred upon it, under this deed.

      7.2   SECURITY TRUSTEE ACTING

            (a)   Only the Security Trustee may enforce the provisions of the
                  Security Trust Deed and neither the Note Trustee nor any
                  holder of a Class A Note is entitled to proceed directly
                  against the Issuer to enforce the performance of any of the
                  provisions of the Security Trust Deed or of the Class A Notes
                  (including the Conditions), provided that if the Security
                  Trustee having become bound to take steps and/or to proceed
                  under the Security Trust Deed, fails to do so within a
                  reasonable time and such failure is continuing, the Note
                  Trustee and/or Class A Noteholders (if entitled under clause
                  6.5to act in place of the Note Trustee) may proceed directly
                  against the Issuer to the extent permitted under the
                  Transaction Documents.

            (b)   The Security Trustee shall comply with all directions given to
                  it by the Note Trustee pursuant to any power to give
                  directions granted to the Note Trustee pursuant to this deed
                  or pursuant to the Security Trust Deed, provided that the
                  Security Trustee has the power under the Security Trust Deed
                  to take the action contemplated by the direction and would not
                  incur any personal liability in doing so, and the Security
                  Trustee shall not be liable for all direct and indirect costs,
                  expenses, losses, damages, liabilities or actions arising or
                  resulting from any action or conduct undertaken or not taken
                  by the Security Trustee or its officers, employees or agents
                  as a consequence of following those directions.

      7.3   NOTE TRUSTEE ALONE ENTITLED TO ACT

            Subject to clauses 6.5and 7.2, only the Note Trustee may:

            (a)   direct the Security Trustee to enforce or not to enforce; or

            (b)   enforce the provisions of,

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                                                                         PAGE 27
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                                                                 Note Trust Deed

                  this deed or of the Class A Notes (including the Conditions)
                  and no Class A Noteholder is entitled to take any of the above
                  actions or to proceed directly against the Issuer to enforce
                  the performance of any of the provisions of this deed or the
                  Class A Notes (including the Conditions).

            7.4   AVAILABLE AMOUNTS

                  For the purpose of Conditions 5(g) and 5(h) the Note Trustee
                  shall not be satisfied that the Issuer will be in a position
                  to discharge the liabilities referred to in those Conditions
                  unless, either:

                  (a)   the Issuer will have available to it sufficient cash in
                        the Collection Account and sufficient Authorised
                        Investments which will mature on or before the relevant
                        Payment Date after making any other payments or
                        provisions having priority in order of application under
                        the applicable provisions of the Supplementary Bond
                        Terms Notice; or

                  (b)   the Issuer has entered into a legally binding contract
                        with an entity either whose long term unsecured and
                        unguaranteed debt is rated AA- by S&P or AA- by Fitch
                        Ratings or whose short term unsecured and unguaranteed
                        debt securities are rated A-1+ by S&P or F1+ by Fitch
                        Ratings, provided that in both cases its short term
                        unsecured and unguaranteed debt securities are ranked
                        P-1 by Moody's, to provide sufficient cash on or before
                        the relevant Payment Date to enable the Issuer to
                        discharge the relevant liabilities,

                  and in each circumstance the Manager has certified to the Note
                  Trustee that the requirements of clause 7.4(a) or 7.4(b) have
                  been met and the Note Trustee shall be entitled to rely on
                  such certification.

            7.5   NO OBLIGATION TO ENSURE COMPLIANCE

                  In giving any direction to the Security Trustee under this
                  deed or the Security Trust Deed, the Note Trustee shall not be
                  obliged to ensure that the Security Trustee complies with such
                  direction and will not be liable for failure by the Security
                  Trustee to so comply.

            7.6   CONFLICT OF INTERESTS

                  The Note Trustee shall, with respect to all the powers,
                  trusts, authorities, duties and discretions vested in it by
                  the Transaction Documents, except where expressly provided
                  otherwise, have regard to the interests of the Class A
                  Noteholders.

            7.7   NOTE TRUSTEE MAY ENFORCE

                  The Note Trustee has the power, subject to clause 45:

                  (a)   (ENFORCE FOLLOWING DEFAULT): in the event of a default
                        in repayment of the principal or payment of interest by
                        the Issuer in respect of any Class A Note when and as
                        the same shall become due and payable, which default has
                        continued for a period of 10 days, to recover judgement,
                        in its own name and as trustee for the Class A
                        Noteholders, against the Issuer for the whole amount of
                        such principal and interest remaining unpaid; and

                  (b)   (FILE PROOFS): to file such proofs of claim and other
                        payments or documents as may be necessary or advisable
                        in order to have the claims of

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                                                                         PAGE 28
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                                                                 Note Trust Deed

                        the Note Trustee and the Class A Noteholders allowed in
                        any judicial proceedings in relation to the Issuer; and

                  (c)   (ENFORCE RIGHTS): if an Event of Default occurs and is
                        subsisting, to proceed, to protect and enforce its right
                        and the rights of the Class A Noteholders by such
                        appropriate judicial proceedings as the Note Trustee
                        deems most effectual to protect and enforce any such
                        rights, whether for the performance of any provision of
                        this deed or in aid of the exercise of any power under
                        this deed or to enforce any other proper remedy;

                  but nothing in this clause 7.7 is to be construed as requiring
                  the Note Trustee to take any such action unless it has been
                  directed to do so by the holders of at least 75% of the
                  aggregate Invested Amount of the Class A Notes and has been
                  indemnified or put in funds to its satisfaction by the Class A
                  Noteholders against any liability that it may incur as a
                  result of taking such action.

                  If the Note Trustee takes any action to enforce any of the
                  provisions of the Class A Notes, proof that as regards any
                  Class A Note the Issuer has not paid any principal or interest
                  due in respect of that Class A Note will (unless the contrary
                  is proved) be sufficient evidence that the Issuer has not paid
                  that principal or interest on all other Class A Notes in
                  respect of which the relevant payment is then due.

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8     NOTICE OF PAYMENT

                  The Principal Paying Agent shall give notice to the Class A
                  Noteholders in accordance with Condition 12 of the day fixed
                  for any payment to them of amounts received by the Note
                  Trustee under clause 12 of the Security Trust Deed. Those
                  payments may be made in accordance with Condition 6 and
                  payment of those amounts by the Note Trustee to the Principal
                  Paying Agent for that purpose shall be a good discharge to the
                  Note Trustee.

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9     INVESTMENT BY NOTE TRUSTEE

                  Any amount which, under the trusts of this deed ought to or
                  may be invested by the Note Trustee, may be invested in the
                  name or under the control of the Note Trustee at the written
                  direction of the Manager in any Authorised Investments. The
                  Note Trustee shall not be liable for the selection of
                  investments or for investment losses incurred thereon in the
                  absence of fraud, negligence or wilful default on its part.

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10    PARTIAL PAYMENTS

                  In the case of Definitive Notes, on any payment of amounts
                  received by the Note Trustee under clause 12 of the Security
                  Trust Deed (other than the payment in full against surrender
                  of a Definitive Note), the Definitive Note in respect of which
                  such payment is made shall be produced to the Note Trustee or
                  the Paying Agent by or through whom such payment is made and
                  the Note Trustee shall, or shall cause the Paying Agent to,
                  enface on the Definitive Note a memorandum of the amount and
                  the date of payment, but the Note Trustee may in any
                  particular case dispense with that production and enfacement
                  upon the Issuer certifying to the

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                                                                         PAGE 29
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                                                                 Note Trust Deed

                  Note Trustee that an indemnity has been given to the Issuer by
                  the recipient of the payment as the Issuer considers
                  sufficient and the Note Trustee shall be entitled to rely on
                  such certification.

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11    COVENANTS BY THE ISSUER AND MANAGER

      11.1  UNDERTAKINGS

            Each of the Issuer and the Manager undertakes to the Note Trustee,
            on behalf of the Class A Noteholders, as follows in relation to the
            Securitisation Fund for so long as any of the Class A Notes remain
            outstanding (except to the extent that the Note Trustee otherwise
            consents in accordance with this deed).

            (a)   (MASTER TRUST DEED COVENANTS) It will comply with its
                  covenants in the Master Trust Deed.

            (b)   (TRANSACTION DOCUMENTS)

                  (1)   It will comply with its material obligations under the
                        Transaction Documents.

                  (2)   It will use reasonable endeavours (to the extent that it
                        is able to do so under the Master Trust Deed) to procure
                        that each other party to a Transaction Document complies
                        with and performs its material obligations under that
                        Transaction Document.

                  (3)   It shall not amend any Transaction Document in so far as
                        any such amendment affects or relates to the
                        Securitisation Fund without the prior consent of the
                        Note Trustee, other than in the circumstances
                        contemplated in clause 35.1.

            (c)   (ASSISTANCE) It will provide to the Note Trustee such
                  information, copies of any accounting records and other
                  documents, statements and reports required to be maintained
                  by, or that are otherwise in the possession of, the Issuer or
                  the Manager, as the case may be in relation to the Fund, as
                  the Note Trustee may reasonably require to enable the Note
                  Trustee to perform its duties and functions under this deed.

            (d)   (NOTIFY EVENTS OF DEFAULT)

                  (1)   It will promptly notify the Note Trustee in writing if
                        it has knowledge or notice of or is aware of the
                        occurrence of an Event of Default, Trustee's Default or
                        Manager's Default including full details (to the extent
                        known, without making any enquiry) of that Event of
                        Default, Trustee's Default or Manager's Default (as the
                        case may be).

                  (2)   In addition to its obligations under clause 11.1(d)(1),
                        the Manager will confirm to the Note Trustee in an
                        Officer's Certificate, to be provided on each
                        anniversary of this deed:

                        (A)   whether or not the Manager is aware that any Event
                              of Default, Trustee's Default or Manager's Default
                              has occurred and give reasonable details of that
                              event; and

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                                                                         PAGE 30
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                                                                 Note Trust Deed

                        (B)   any other matter which is required to be notified
                              to the Note Trustee under the Transaction
                              Documents and which has not previously been so
                              notified.

                  (e)   (MAINTENANCE OF OFFICE OR AGENCY) The Manager on behalf
                        of the Issuer will maintain in the Borough of Manhattan,
                        The City of New York an office or agency where Class A
                        Notes which are Definitive Notes may be surrendered for
                        registration of transfer or exchange. The Issuer hereby
                        initially appoints the Principal Paying Agent to serve
                        as its agent for the foregoing purposes. The Principal
                        Paying Agent shall act solely for, and as agent of, the
                        Issuer and shall not have any obligations towards or
                        relationship or agency or trust with any other person in
                        respect of its appointment under this clause 11.1(e).
                        The Manager will give prompt written notice to the Note
                        Trustee of the location, and of any change in the
                        location, of any such office or agency. If at any time
                        the Issuer shall fail to maintain any such office or
                        agency or shall fail to furnish the Note Trustee with
                        the address thereof, such surrenders, notices and
                        demands may be made or served at the Corporate Trust
                        Office, and the Issuer hereby appoints the Note Trustee
                        as its agent to receive all such surrenders.

                  (f)   (CALCULATION AGENT) It will procure that, so long as any
                        of the Class A Notes remain outstanding, there will at
                        all times be a Calculation Agent.

                  (g)   (CHANGE TO PAYING AGENTS OR CALCULATION AGENT) It will
                        give notice to the Noteholders in accordance with this
                        deed and Condition 12 of:

                        (1)   any appointment, resignation or removal of any
                              Paying Agent (other than the appointment of the
                              initial Principal Paying Agent) or Calculation
                              Agent;

                        (2)   any change to any Paying Agent's Paying Office; or

                        (3)   any change to the Calcultion Agent's Specified
                              Office.

                  (h)   (ANNUAL FINANCIAL STATEMENTS) In the case of the Manager
                        only, it will deliver to the Note Trustee, within 180
                        days after the end of each fiscal year of the
                        Securitisation Fund (the first such fiscal year
                        commencing on 1 July 2003), the financial statements of
                        the Securitisation Fund. Such statements shall be
                        audited by the Issuer's Auditors and shall be prepared
                        in such form as will comply with all relevant legal and
                        accounting requirements.

                  (i)   (NOTICES) It will promptly give to the Note Trustee, or
                        ensure that the Note Trustee receives for approval by
                        the Note Trustee, two copies of the form of every notice
                        prior to the notice being given to the Class A
                        Noteholders in accordance with Condition 12.

                  (j)   (ANNUAL STATEMENT AS TO COMPLIANCE) The Issuer (or the
                        Manager on its behalf) will deliver to the Note Trustee,
                        within 120 days after the end of each fiscal year of the
                        Trust (commencing on 30 June 2004), and otherwise in
                        compliance with the requirements of section 314(a)(4) of
                        the TIA, an Officer's Certificate stating that:

                        (1)   a review of the activities of the Issuer in
                              respect of the Trust during such year and of
                              performance under the Transaction Documents has
                              been made under supervision of the person signing
                              the Officer's Certificate (the SIGNATORY); and

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                                                                         PAGE 31
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                                                                 Note Trust Deed

                        (2)   to the best of the knowledge of the Signatory,
                              based on the review referred to in clause
                              11.1(j)(1), the Issuer has complied with all
                              conditions and covenants under the Transaction
                              Documents throughout the relevant year, or, if
                              there has been a default in the compliance of any
                              such condition or covenant, specifying each such
                              default known to the Signatory of the nature and
                              status of the default.

                        For the purposes of this clause 11.1(j) compliance
                        shall be determined without regard to any period of
                        grace or requirement of notice under the Transaction
                        Documents.

                  (k)   (OPINIONS AS TO TRUST ESTATE) On the Closing Date, the
                        Manager shall furnish to the Note Trustee an Opinion of
                        Counsel (who may be counsel for the Manager) either
                        stating that in the opinion of such counsel the Security
                        Trust Deed and any other requisite documents has been
                        properly recorded and filed so as to make effective the
                        Security Interest intended to be created by the Security
                        Trust Deed, and reciting the details of such action, or
                        stating that in the opinion of such counsel no such
                        action is necessary to make such Security Interest
                        effective.

                        Within 120 days after the end of each fiscal year
                        commencing on 30 June 2004, the Issuer (or the Manager
                        on its behalf) shall furnish to the Note Trustee an
                        Opinion of Counsel (who may be counsel for the Issuer)
                        either stating that in the opinion of such counsel such
                        action has been taken with respect to the recording,
                        filing, re-recording, and refiling of the Security Trust
                        Deed and any other requisite documents as is necessary
                        to maintain the Security Interest created by the
                        Security Trust Deed, and reciting the details of such
                        action, or stating that in the opinion of such counsel
                        no such action is necessary to maintain such Security
                        Interest.

                  (l)   In addition, the Issuer shall procure that an Opinion of
                        Counsel is provided by its counsel as to the due
                        validity and enforceability of the Transaction Documents
                        against the Issuer and the Security Trustee.

                  (m)   (NOTEHOLDER REPORT)

                        (1)   The Manager shall deliver to the Issuer, the Note
                              Trustee and the Principal Paying Agent on each
                              Determination Date the Noteholders Report for the
                              related Calculation Period, with written
                              instructions for the Note Trustee and the
                              Principal Paying Agent to forward the Noteholders
                              Report to each Class A Noteholder.

                        (2)   Each Noteholder Report shall contain the
                              information set out in Schedule 2.

                  (n)   (CHANGE OF MANAGER) It will, in the case of the Issuer
                        only, promptly notify the Note Trustee of any retirement
                        or replacement of the Manager pursuant to clause 14 of
                        the Master Trust Deed and of the appointment of a
                        replacement Manager.

                  (o)   (TRANSACTION DOCUMENTS) It will, in the case of the
                        Manager only, provide to the Note Trustee, on or prior
                        to the issue of any of the Class A Notes (ISSUE DATE),
                        one copy of each Transaction Document as at that Issue
                        Date and provide to the Note Trustee a copy of each
                        Transaction

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                                                                         PAGE 32
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                                                                 Note Trust Deed

                        Document which is material to the interests of the Note
                        Trustee and the Noteholders executed after that Issue
                        Date promptly after its execution.

                  (p)   (PAYING AGENTS TRUST) The Manager will ensure that each
                        Paying Agent agrees, as a term of its appointment, to
                        hold in trust for the benefit of the Class A Noteholders
                        or the Note Trustee all sums held by such Paying Agent
                        for the payment of the principal of or interest on the
                        Class A Notes and to promptly give to the Note Trustee
                        notice of any default by the Issuer (without regard to
                        any grace period) in the making of any such payment.

            11.2  REPRESENTATIONS AND WARRANTIES

                  The Issuer and the Manager hereby confirm for the benefit of
                  the Note Trustee and the Class A Noteholders the
                  representations and warranties provided by each of them under
                  clause 5.1 and 5.2 respectively of the Security Trust Deed.
                  For the purposes of this warranty, all references in clauses
                  5.1 and 5.2 of the Security Trust Deed to "this deed" shall
                  refer to the Note Trust Deed.

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12          REMUNERATION OF NOTE TRUSTEE, PRINCIPAL PAYING AGENT, CALCULATION
            AGENT AND NOTE REGISTRAR

            12.1  FEE

                  The Issuer, in its personal capacity and not as trustee of the
                  Securitisation Fund, shall pay to the Note Trustee, the
                  Principal Paying Agent, the Calculation Agent and the Note
                  Registrar the respective fees agreed between them.

            12.2  ADDITIONAL REMUNERATION

                  If the Note Trustee gives direction under Condition 10 or it
                  undertakes duties which it considers expedient or necessary
                  under this deed, or which the Issuer requests it to undertake
                  and which duties the Note Trustee, the Issuer and, the Manager
                  agree to be of an exceptional nature or otherwise outside the
                  scope of the normal duties of the Note Trustee under this
                  deed, the Issuer shall pay to the Note Trustee any additional
                  remuneration as the Note Trustee, the Issuer and the Manager
                  agree.

                  In the event of the Note Trustee, the Issuer and the Manager
                  failing to agree on such additional remuneration, such
                  remuneration shall be determined by a merchant or investment
                  bank (acting as an expert and not as an arbitrator) selected
                  by the Note Trustee and approved by the Manager or, failing
                  such approval, nominated (on the application of the Note
                  Trustee or the Manager) by the President for the time being of
                  the Law Society of New South Wales the expenses involved in
                  such nomination and the fees of such merchant or investment
                  bank being paid by the Issuer (which payments are an Expense
                  for the purposes of the Master Trust Deed) and the
                  determination of any such merchant or investment bank shall be
                  final and binding upon the Note Trustee, the Manager and the
                  Issuer and shall be payable by the Issuer to the Note Trustee.

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                                                                         PAGE 33
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                                                                 Note Trust Deed

                  Any fee payable under this clause 12.2 and the Issuer's share
                  of any costs payable to any expert in accordance with this
                  clause 12.2 shall be an Expense as defined in the Master Trust
                  Deed.

            12.3  COSTS, EXPENSES

                  (a)   Subject to clause 50.8, the Issuer shall also reimburse,
                        pay or discharge all reasonable costs, charges,
                        liabilities and expenses and any stamp and other Taxes
                        (other than income tax) or duties incurred by the Note
                        Trustee (or the Class A Noteholders acting under clause
                        6.5 (as the case may be)) in connection with properly
                        undertaking its duties under the Transaction Documents
                        and in connection with any legal proceedings brought by
                        the Note Trustee (or the Class A Noteholders acting
                        under clause 6.5 (as the case may be)) to enforce any
                        obligation under this deed or the Class A Notes or any
                        other Transaction Documents. Without limiting any right
                        of indemnity available by law to the Note Trustee, the
                        Note Trustee is entitled to be indemnified from the
                        Securitisation Fund for and against all such costs,
                        charges, liabilities and expenses and any stamp and
                        other taxes (other than income tax) or duties. The Note
                        Trustee shall not be reimbursed for any overhead or
                        general operating expenses which it incurs.

                  (b)   Without prejudice to the right of indemnity by law given
                        to trustees, to the extent the Issuer is itself entitled
                        to be indemnified, and subject to clause 45, the Issuer
                        indemnifies the Note Trustee (or the Class A Noteholders
                        acting under clause 6.5 (as the case may be)) and every
                        other person properly appointed by it or any of them
                        under this deed from and against all liabilities,
                        losses, damages, costs, expenses, actions, proceedings,
                        claims and demands incurred by or made against it or him
                        in the execution of the trusts of this deed or of their
                        powers or in respect of any matter or thing done or
                        omitted in any way relating to this deed (other than
                        arising from any fraud, negligence or wilful default by
                        the Note Trustee or that person).

            12.4  OVERDUE RATE

                  All sums payable by the Issuer under clauses 12, 29, 47 and
                  50.8 shall be payable by the Issuer on the next Payment Date
                  in the order set out in the Supplementary Bond Terms Notice or
                  (if applicable) the Security Trust Deed and shall carry
                  interest at the rate of LIBOR plus 2% from the due date. Any
                  amount payable shall carry interest at that rate from the due
                  date to the date of actual payment.

            12.5  CONTINUING OBLIGATION

                  Unless otherwise specifically stated in any discharge relating
                  to this deed, the provisions of this clause 12.5 shall
                  continue in full force and effect notwithstanding such
                  discharge, and even if the Note Trustee has ceased to be the
                  Note Trustee for any reason, including but not limited to
                  those contemplated in clause 39.

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                                                                         PAGE 34
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                                                                 Note Trust Deed

            12.6  GOODS AND SERVICES TAX (GST)

                  (a)   Subject to clause 12.6(b), all amounts referred to in
                        this deed which are relevant in determining a payment to
                        be made by one party to another are exclusive of GST
                        unless specifically indicated otherwise.

                  (b)   If a party to this agreement is entitled to be
                        indemnified or reimbursed for any cost or expense
                        incurred by that party, then the indemnity or
                        reimbursement will be calculated by reference to the
                        GST-exclusive amount of that cost or expense, increased
                        by an amount equal to that part of the cost or expense
                        for which the party is not entitled to an input tax
                        credit but would be if it were entitled to a full input
                        tax credit. For the avoidance of doubt, the amount
                        calculated under this clause 12.6(b) is a GST-exclusive
                        amount.

                  (c)   If GST is levied or imposed on a supplier in respect of
                        any supply made under or in connection with this deed
                        for which the consideration is a monetary payment, then
                        the consideration provided for that supply is increased
                        by an amount equal to the consideration multiplied by
                        the rate at which that GST is levied or imposed. This
                        additional amount is payable to the party with the
                        liability to remit GST in the manner and at the time
                        when the consideration to which it relates is payable.
                        For the avoidance of doubt, if GST is levied or imposed
                        on the recipient of a supply under or in connection with
                        this deed, then no additional amount is payable under
                        this clause 12.6(c).

                        If an amount of consideration for a supply is
                        denominated in a currency other than Australian dollars,
                        then the increase in the consideration calculated under
                        clause 12.6(c) will be payable in the same currency as
                        the consideration to which it relates.

                  (d)   The recipient of any consideration for a supply (whether
                        in money or otherwise) must provide to the other part a
                        GST tax invoice (or any other thing required under any
                        legislation) in the form required by the A New Tax
                        System (Goods and Services Tax) Act 1999.

                  (e)   Where an "adjustment event", as defined in the A New Tax
                        System (Goods and Services Tax) Act 1999 occurs under
                        this agreement, the parties shall do all things
                        necessary to ensure that the adjustment event may be
                        appropriately recognised, including the issue of an
                        "adjustment note", as that term is defined in that Act.

            12.7  CURRENCY AND VAT

                  The above fees and expenses will be paid in United States
                  dollars. The Issuer will in addition pay any value added tax
                  which may be applicable.

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13          NOTE TRUSTEE

            13.1  PREFERENTIAL COLLECTION OF CLAIMS AGAINST TRUSTEE

                  The Note Trustee shall comply with Section 311(a) of the TIA,
                  excluding any creditor relationship listed in Section 311(b)
                  of the TIA. A Note Trustee who has

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                                                                         PAGE 35
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                                                                 Note Trust Deed

                  resigned or been removed shall be subject to Section 311(a) of
                  TIA only to the extent required by the TIA.

            13.2  DUTIES OF NOTE TRUSTEE

                  (a)   If an Event of Default has occurred and is subsisting,
                        of which a Responsible Officer of the Note Trustee has
                        actual knowledge, the Note Trustee shall exercise the
                        rights and powers vested in it by this deed and use the
                        same degree of care and skill in their exercise as a
                        prudent person would exercise or use under the
                        circumstances in the conduct of such person's own
                        affairs.

                  (b)   Except while an Event of Default subsists:

                        (1)   the Note Trustee undertakes to perform such duties
                              and only such duties as are specifically set forth
                              in this deed and no implied covenants or
                              obligations shall be read into this deed against
                              the Note Trustee; and

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

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

                        (1)   this paragraph does not limit the effect of
                              paragraph (a) of this clause 13.3; and

                        (2)   the Note Trustee shall not be liable for any error
                              of judgment made in good faith by a Responsible
                              Officer unless it is proved that the Note Trustee
                              was negligent in ascertaining the pertinent facts.

                  (d)   Section 315(d)(3) of the TIA is expressly excluded by
                        this deed.

            13.3  OBLIGATIONS OF NOTE TRUSTEE

                  (a)   The Note Trustee represents and warrants that it is duly
                        qualified to assume its obligations under this deed and
                        has obtained all necessary approvals required to perform
                        its obligations under this deed.

                  (b)   If the Note Trustee is entitled under the Master Trust
                        Deed or the Security Trust Deed to vote at any meeting
                        on behalf of Class A Noteholders, the Note Trustee must
                        vote in accordance, where applicable, with the
                        directions of the Class A Noteholders (whether or not
                        solicited and whether or not all Class A Noteholders
                        have provided such directions) and otherwise in its
                        absolute discretion.

            13.4  NOTICE OF DEFAULTS

                  (a)   If an Event of Default occurs and is subsisting and the
                        Note Trustee is actually aware of that Event of Default,
                        the Note Trustee shall mail to each

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                        Class A Noteholder notice of the Event of Default within
                        90 days after becoming so aware.

                  (b)   Except in the case of a default in payment of principal
                        of or interest on any Class A Note (including payments
                        pursuant to the mandatory redemption provisions of that
                        Class A Note), the Note Trustee may withhold the notice
                        referred to in paragraph (a) if and so long as the board
                        of directors, the executive committee or a trust
                        committee of its directors in good faith determines that
                        withholding the notice is in the interest of Class A
                        Noteholders.

            13.5  RIGHTS OF NOTE TRUSTEE

                  (a)   The Note Trustee may conclusively rely on any document
                        believed by it to be genuine and to have been signed or
                        presented by the proper person. The Note Trustee need
                        not investigate any fact or matter stated in the
                        document. The Note Trustee is not liable to make good
                        out of its own funds any loss incurred by any person if
                        a signature is forged or otherwise fails to bind the
                        person or persons whose signature it purports to be or
                        on whose behalf it purports to be made unless the Note
                        Trustee has actual notice of such matters.

                  (b)   Before the Note Trustee acts or refrains from acting, it
                        may require an Officer's Certificate or an Opinion of
                        Counsel. The Note Trustee shall not be liable for any
                        action it takes, suffers or omits to take in good faith
                        in reliance on the Officer's Certificate or opinion of
                        Counsel.

                  (c)   No provision of this deed or any other Transaction
                        Document shall require the Note Trustee to expend or
                        risk its own funds or otherwise incur financial
                        liability in the performance of any of its duties
                        hereunder or in the exercise of any of its rights or
                        powers, if it shall have reasonable grounds to believe
                        that repayment of such funds or indemnity satisfactory
                        to it against such risk or liability is not assured to
                        it. Except for the obligations imposed on it under this
                        deed, the Class A Notes or any other Transaction
                        Document, the Note Trustee is not obliged to do or omit
                        to do any thing, including entering into any transaction
                        or incurring any liability unless the Note Trustee's
                        liability, is limited in a manner satisfactory to the
                        Note Trustee in its absolute discretion

                  (d)   The Note Trustee shall not be responsible for and makes
                        no representation as to the validity or adequacy of this
                        deed or the Class A Notes or any Transaction Document,
                        shall not be accountable for the Issuer's use of the
                        proceeds from the Class A Notes. and shall not be
                        responsible for any statement of the Issuer in this deed
                        or in any document issued in connection with the sale of
                        the Class A Notes or in the Class A Notes and is not
                        liable for any failure to obtain any licence, consent or
                        other authority for the execution, delivery, legality,
                        effectiveness, adequacy, genuineness, validity,
                        performance, enforceability or admissibility in evidence
                        of this deed or any other Transaction Document except in
                        each case with respect to itself or to the extent
                        specifically provided in this deed or such Transaction
                        Document. The Note Trustee is not responsible for
                        recitals, statements, warranties or representations of
                        any party (other than itself) contained in any
                        Transaction Document (and is entitled to assume the
                        accuracy and correctness thereof).

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                  (e)   The Note Trustee may in relation to this deed act on the
                        advice or opinion of or any information obtained from
                        any lawyer, valuer, accountant, banker, broker,
                        credit-rating agency, lead manager or other expert
                        whether obtained by the Issuer, the Note Trustee, the
                        Manager, the Mortgage Manager or otherwise. The Note
                        Trustee will not be responsible for any loss occasioned
                        by so acting and in reliance on such advice.

                  (f)   Any advice, opinion or information may be sent or
                        obtained by letter, telex, telegram, facsimile
                        transmission or cable and the Note Trustee shall not be
                        liable for acting on any such advice, opinion or
                        information purporting to be conveyed by any such letter
                        or facsimile transmission although the same shall
                        contain some error or shall not be authentic.

                  (g)   The Note Trustee may call for and shall be at liberty to
                        accept as sufficient evidence of any fact or matter or
                        the expediency of any transaction or thing a certificate
                        signed by two Authorised Signatories of the Issuer and
                        the Note Trustee shall not be bound in any such case to
                        call for further evidence or be responsible for any loss
                        that may be occasioned by the Note Trustee acting on
                        that certificate.

                  (h)   The Note Trustee is at liberty to hold or to place this
                        deed and any other documents relating to this deed in
                        any part of the world (other than Australia) with any
                        banker or banking company or company whose business
                        includes undertaking the safe custody of documents or
                        lawyer or firm of lawyers reasonably considered by the
                        Note Trustee to be of good repute and except in the case
                        of fraud, negligence or wilful default (in the case of
                        the Security Trustee) or fraud, negligence, default or
                        wilful default (in the case of the Note Trustee) of that
                        party, neither the Note Trustee nor the Security Trustee
                        shall be responsible for any loss, expense or liability
                        which may be suffered as a result of any such holding or
                        placement or of any assets secured by the Security Trust
                        Deed, Charged Property or any deed or documents of title
                        thereto, being uninsured or inadequately insured or
                        being held by or to the order of the Mortgage Manager or
                        any of its affiliates or by clearing organisations or
                        their operators or by any person on behalf of the Note
                        Trustee if chosen in accordance with the Transaction
                        Documents.

                  (i)   The Note Trustee shall not be responsible for the
                        receipt or application of the proceeds of the issue of
                        any of the Class A Notes (except to the extent
                        specifically provided in this deed) or any moneys
                        borrowed by the Issuer under any Transaction Document or
                        the transfer or cancellation of any Class A Note or
                        exchange of any Book-Entry Note for any other Book-Entry
                        Note or Definitive Note, as the case may be.

                  (j)   Except as otherwise provided in this deed or any other
                        Transaction Documents to which it is a party, the Note
                        Trustee shall not be bound to give notice to any person
                        of the execution of this deed or any of the Transaction
                        Documents or any transaction contemplated hereby or
                        thereby or to take any steps to ascertain whether any
                        Event of Default has happened and, until it has actual
                        knowledge or express notice to the contrary, the Note
                        Trustee is entitled to assume that no Event of Default
                        has happened and that the Issuer and each other party to
                        any Transaction Document is observing and performing all
                        the obligations on its part contained in the Class A
                        Notes and under this deed or, as the case may be,

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                                                                 Note Trust Deed

                        the Security Trust Deed or any other Transaction
                        Document to which it is a party and need not inquire
                        whether that is, in fact, the case (but nothing in this
                        clause 13.5(j) is to be construed as limiting the Note
                        Trustee's right to make such inquiries in its
                        discretion, and to exercise its power under this deed to
                        do so).

                  (k)   Save as expressly otherwise provided in this deed or the
                        Transaction Documents, the Note Trustee shall have
                        absolute and uncontrolled discretion as to the exercise
                        of the discretions, powers, authorities and trusts
                        vested in the Note Trustee by this deed and the
                        Transaction Documents (the exercise of which as between
                        the Note Trustee and the Class A Noteholders shall be
                        conclusive and binding on the Class A Noteholders) but
                        whenever the Note Trustee is under the provisions of
                        this deed or the Transaction Documents bound to act at
                        the request or direction of the Class A Noteholders, or
                        any of them, the Note Trustee shall nevertheless not be
                        so bound unless first indemnified to its satisfaction
                        against all actions, proceedings, claims and demands to
                        which it may render itself liable and all costs,
                        charges, damages, expenses and liabilities which it may
                        incur by so doing.

                  (l)   Any consent or approval given by the Note Trustee for
                        the purpose of this deed, the Conditions and any
                        Transaction Document may be given on any terms and
                        subject to any conditions as the Note Trustee thinks fit
                        and despite anything to the contrary contained in this
                        deed, any Transaction Document or the Conditions may be
                        given retrospectively.

                  (m)   The Note Trustee shall not (unless and to the extent
                        ordered so to do by a court of competent jurisdiction)
                        be required to consider or disclose to any Class A
                        Noteholder or any Secured Creditor, any information made
                        available to the Note Trustee by the Issuer or any other
                        person in connection with the trusts of this deed and no
                        Class A Noteholder shall be entitled to take any action
                        to obtain from the Note Trustee any such information.

                  (n)   Where it is necessary or desirable for any purpose in
                        connection with this deed or any Transaction Document to
                        convert any sum from one currency to another it shall
                        (unless otherwise provided by this deed, any other
                        Transaction Document or required by law) be converted at
                        the rate or rates, in accordance with the method and as
                        at the date for the determination of the rate of
                        exchange, as may be agreed by the Note Trustee in
                        consultation with the Manager and any rate, method and
                        date so agreed shall be binding on the Issuer and the
                        Class A Noteholders.

                  (o)   Subject to clauses 6.4 and 7.4, the Note Trustee may
                        certify in good faith whether or not any of the events
                        set out in paragraphs (b) to (d) of Condition 9 or any
                        breach under clause 7 of the Security Trust Deed is in
                        its opinion materially prejudicial to the interests of
                        the relevant Class A Noteholders and may certify, in
                        relation to the event set out in paragraph (a) of
                        Condition 9 in relation to any payment of interest on
                        the Class A Notes that the Issuer had, on the due date
                        for payment of the amount of interest in question,
                        sufficient cash to pay, in accordance with the
                        provisions of the Supplementary Bond Terms Notice or the
                        Security Trust Deed, all interest (after payment of all
                        sums which are permitted under the Supplementary Bond
                        Terms Notice or the Security Trust Deed to be paid

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                                                                         PAGE 39
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                                                                 Note Trust Deed

                        in priority to or pari passu with them) and that
                        certificate shall be conclusive and binding upon the
                        Issuer and the Class A Noteholders. The Note Trustee
                        shall have no liability to the Issuer, any Class A
                        Noteholder or any other person in relation to any such
                        certificate or in relation to any delay or omission in
                        providing such certificate. In giving any certificate
                        relating to paragraph (a) of Condition 9, the Note
                        Trustee may rely on any determination made by any
                        Independent accountants of recognised standing in
                        Australia and any such determination shall be conclusive
                        and binding on the Issuer and the Class A Noteholders.
                        The Issuer shall pay the Note Trustee's reasonable costs
                        and expenses of providing the certificate at the times
                        specified in the Supplementary Bond Terms Notice.

                  (p)   The Note Trustee shall not be bound to take any steps to
                        ascertain whether any event, condition or act, the
                        happening of which would cause a right or remedy to
                        become exercisable by the Note Trustee under this deed
                        or by the Issuer under any of the Transaction Documents,
                        has happened or to monitor or supervise the observance
                        and performance by the Issuer or any of the other
                        parties thereto of their respective obligations
                        thereunder and, until it shall have actual knowledge or
                        express notice to the contrary, the Note Trustee shall
                        be entitled to assume that no such event, condition or
                        act has happened and that the Issuer and each of the
                        other parties thereto are observing and performing all
                        their respective obligations thereunder.

                  (q)   The Note Trustee shall not be bound or concerned to
                        examine or enquire into nor is it liable for any
                        failure, omission or defect in or filing or procuring
                        registration or filing of or otherwise protecting or
                        perfecting the Security Trust Deed or the Charged
                        Property or any other security or failure to call for
                        delivery of documents of title to the Charged Property
                        or any other security or to require any further
                        assurances in relation to any property or assets
                        comprised in the Charged Property or any other security.
                        The Note Trustee may accept without enquiry, requisition
                        or objection such title as the Issuer may have to the
                        Charged Property or any part thereof from time to time
                        and shall not be bound to investigate or make any
                        enquiry into the title of the Issuer to the Charged
                        Property or any part thereof from time to time.

                  (r)   Without prejudice to the provisions of any Transaction
                        Document, the Note Trustee shall not be under any
                        obligation to insure any of the Charged Property (or any
                        other property) or any deeds or documents of title or
                        other evidence relating to that property and shall not
                        be responsible for any loss, expense or liability which
                        may be suffered as a result of the lack of or inadequacy
                        of any insurance.

                  (s)   The Note Trustee shall not be responsible for any loss,
                        expense or liability occasioned to the Charged Property
                        or any other property or in respect of all or any of the
                        moneys which may stand to the credit of the Collection
                        Account, from time to time however caused (including any
                        bank, broker, depository, warehouseman or other
                        intermediary or any clearing system or its operator
                        acting in accordance with or contrary to the terms of
                        any of the Transaction Documents or otherwise), unless
                        that loss is occasioned by the fraud, negligence,
                        default or wilful default of the Note Trustee.

                  (t)   The Note Trustee has no responsibility whatsoever to the
                        Issuer or any Class A Noteholder as regards any
                        deficiency or additional payment, as the

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                                                                 Note Trust Deed

                        case may be, which might arise because the Note Trustee
                        or the Issuer is subject to any Tax in respect of that
                        payment, the Charged Property, the Security Trust Deed,
                        this deed, or any other security or any income or any
                        proceeds from them.

                  (u)   No provision of this deed requires the Note Trustee to
                        do anything which may be illegal or contrary to
                        applicable law or regulation or expend or risk its own
                        funds or otherwise incur any financial liability in the
                        performance of any of its duties, or in the exercise of
                        any of its rights or powers, if it has grounds to
                        believe that repayment of those funds or adequate
                        indemnity against that risk or liability is not assured
                        to it. Without limitation nothing contained in this deed
                        imposes any obligation on the Note Trustee to make any
                        further advance to an obligor or to borrow any moneys
                        under a Transaction Document.

                  (v)   The Note Trustee is not responsible (except as to
                        itself) for the genuineness, validity, effectiveness or
                        suitability of any of the Transaction Documents or any
                        of the Mortgages, Security Interests or other documents
                        entered into in connection with them or any Mortgage
                        Insurance Policy or any other document or any obligation
                        or rights created or purported to be created by them or
                        under them or any Security Interest or the priority
                        constituted by or purported to be constituted by or
                        pursuant to that Security Interest, nor shall it (except
                        as to itself) be responsible or liable to any person
                        because of any invalidity of any provision of those
                        documents or the unenforceability of those documents,
                        whether arising from statute, law or decision of any
                        court and (without limitation) the Note Trustee shall
                        not be responsible for or have any duty to make any
                        investigation in respect of or in any way be liable
                        whatsoever for:

                        (1)   the nature, status, creditworthiness or solvency
                              of any Mortgagor or any other person or entity who
                              has at any time provided any security or support
                              whether by way of guarantee, Security Interest or
                              otherwise in respect of any advance made to any
                              Mortgagor;

                        (2)   the execution, legality, validity, adequacy,
                              admissibility in evidence or enforceability of any
                              Mortgage or Loan or any other document entered
                              into in connection with them;

                        (3)   the title, ownership, value, sufficiency or
                              existence of any Land, mortgaged property or any
                              Mortgage Insurance Policy;

                        (4)   the registration, filing, protection or perfection
                              of any Mortgage or the priority of the security
                              created under a Mortgage whether in respect of any
                              initial advance or any subsequent advance or any
                              other sums or liabilities;

                        (5)   the scope or accuracy of any representations,
                              warranties or statements made by or on behalf of
                              any Mortgagor in any application for any advance
                              or in any Mortgage or Loan or in any document
                              entered into in connection with them;

                        (6)   the performance or observance by any Mortgagor or
                              any other person of any provisions of any Mortgage
                              or Loan or in any document entered into in
                              connection with them or the fulfilment or
                              satisfaction of any conditions contained in them
                              or relating to them

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                                                                         PAGE 41
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                                                                 Note Trust Deed

                              or as to the existence or occurrence at any time
                              of any default, event of default or similar event
                              contained in them or any waiver or consent which
                              has at any time been granted in relation to any
                              of the above;

                        (7)   the existence, accuracy or sufficiency of any
                              legal or other opinions, searches, reports,
                              certificates, valuations or investigations
                              delivered or obtained or required to be delivered
                              or obtained at any time in connection with any
                              Mortgage or Loan;

                        (8)   the title of the Issuer to any Mortgage, Loan or
                              other Charged Property;

                        (9)   the suitability, adequacy or sufficiency of any
                              guidelines under which Loans are entered into or
                              compliance with those guidelines or compliance
                              with any applicable criteria for any further
                              advances or the legality or ability or
                              enforceability of the advances or the priority of
                              the Mortgages in relation to the advances;

                        (10)  the compliance of the provisions and contents of
                              and the manner and formalities applicable to the
                              execution of the Mortgages and Loans and any
                              documents connected with them or the making of any
                              advance intended to be secured by them or with any
                              applicable laws or regulations (including consumer
                              credit legislation);

                        (11)  the failure by the Issuer, any Mortgage Manager or
                              the Manager to obtain or comply with any
                              Authorisation in connection with the origination,
                              sale, purchase or administration of any of the
                              Mortgages or Loans or the making of any advances
                              in connection with them or the failure to effect
                              or procure registration of or to give notice to
                              any person in relation to or otherwise protect the
                              security created or purported to be created by or
                              pursuant to any of the Mortgages or Loans or other
                              documents entered into in connection with them;

                        (12)  the failure to call for delivery of documents of
                              title to or require any transfers, legal
                              mortgages, charges or other further assurances in
                              relation to any of the assets the subject matter
                              of any of the Transaction Documents or any other
                              document;

                        (13)  any accounts, books, records or files maintained
                              by any Mortgage Manager, the Issuer, the Manager
                              or any other person in respect of any of the
                              Mortgages or Loans; or

                        (14)  any other matter or thing relating to or in any
                              way connected with any Mortgage or Loans or any
                              document entered into in connection with them
                              whether or not similar to the above.

                  (w)   The Note Trustee is not liable or responsible for any
                        loss, cost, damages, expenses, liabilities or
                        inconvenience which may result from anything done or
                        omitted to be done by it in accordance with the
                        provisions of this deed, any other Transaction Document
                        or any other document or as a consequence of or in
                        connection with it being held or treated as, or being
                        deemed to be, a creditor, for the purposes of the
                        consumer credit legislation, in respect of any of the
                        Mortgages.

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                                                                 Note Trust Deed

                  (x)   The Note Trustee shall be entitled to call for and rely
                        on a certificate or any letter of confirmation or
                        explanation reasonably believed by it to be genuine, of
                        the Issuer, the Manager, any Paying Agent, the
                        Calculation Agent, any Designated Rating Agency or any
                        other credit rating agency in respect of every manner
                        and circumstance for which a certificate is expressly
                        provided for under this deed or in respect of the rating
                        of the Class A Notes or the Conditions and the Note
                        Trustee is not bound in any such case to call for
                        further evidence or be responsible for any loss,
                        liability, costs, damages, expenses or inconvenience
                        that may be occasioned by its failing so to do.

                  (y)   In connection with the exercise by it of any trusts,
                        powers, authorities and discretions under this deed or
                        any other Transaction Documents (including, without
                        limitation, any modification, waiver, authorisation or
                        determination), the Note Trustee must where it is
                        required to have regard to the interests of the Class A
                        Noteholders, have regard to the general interests of the
                        Class A Noteholders as a class. The Note Trustee will
                        not incur any liability to any Class A Noteholder as a
                        result of the Note Trustee giving effect to this clause
                        13.5(y).

                  (z)   Except as otherwise provided in this deed or any other
                        Transaction Document, the Note Trustee shall have no
                        responsibility for the maintenance of any rating of the
                        Class A Notes by a Designated Rating Agency or any other
                        credit-rating agency or any other person.

                  (aa)  The Note Trustee shall be under no obligation to monitor
                        or supervise the functions of the Mortgage Manager from
                        time to time under the terms of any Mortgage Origination
                        and Management Agreement or any other person under any
                        other Transaction Document, and is entitled, in the
                        absence of actual knowledge of a breach of duty or
                        obligation, to assume that the Mortgage Manager is
                        properly performing its obligations in accordance with
                        the provisions of the Mortgage Origination and
                        Management Agreement or that any other person is
                        properly performing its obligations in accordance with
                        each other Transaction Document, as the case may be.

                  (bb)  The Note Trustee acknowledges that the Manager is
                        responsible, under the Supplementary Bond Terms Notice,
                        for calculating all amounts referred to in clause 6 of
                        the Supplementary Bond Terms Notice and the Note Trustee
                        has no liability in respect of these calculations.

                  (cc)  The Note Trustee shall not be liable to the Issuer or
                        any Noteholder by reason of having accepted as valid or
                        not having rejected any Definitive Note purporting to be
                        such and subsequently found to be forged or not
                        authentic and the Note Trustee may call for and shall be
                        at liberty to accept and place full reliance on, as
                        sufficient evidence of the facts stated therein, a
                        certificate or letter of confirmation certified as true
                        and accurate and signed on behalf of the Clearing Agency
                        or any Common Depository for it or any person as the
                        Note Trustee reasonably considers appropriate, or any
                        form of record made by any of them to the effect that at
                        any particular time or through any particular period any
                        particular person is, was or will be shown in its
                        records as entitled to a particular number of Class A
                        Notes.

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                                                                 Note Trust Deed

                  (dd)  The Note Trustee is under no obligation to account to
                        any person for any moneys received pursuant to this deed
                        or any other Transaction Document other than those
                        received by the Note Trustee from the Issuer or received
                        or recovered by the Note Trustee under this deed or any
                        other Transaction Document, subject always to such
                        deductions and withholdings by the Note Trustee as are
                        authorised by this deed. Obligations of the Note Trustee
                        to any person under or in connection with this deed can
                        only be enforced against the Note Trustee to the extent
                        to which they can be satisfied out of such moneys in
                        accordance with this deed.

                  (ee)  The Note Trustee will not be responsible for having
                        acted in good faith upon a direction purporting to have
                        been given by the holders of at least 75% of the
                        aggregate Invested Amount of the Class A Notes even
                        though it may subsequently be found that for any reason
                        such direction was not valid or binding upon the Note
                        Trustee, other than as a result of fraud, negligence or
                        wilful default.

                  (ff)  The Note Trustee is, for any purpose and at any time,
                        entitled to rely on, act upon, accept and regard as
                        conclusive and sufficient (without being in any way
                        bound to call for further evidence or information or
                        being responsible for any loss that may be occasioned by
                        such reliance, acceptance or regard) any of the
                        following:

                        (1)   any information, report, balance sheet, profit and
                              loss account, certificate or statement suppled by
                              the Issuer, the Security Trustee or the Manager or
                              by any officer, auditor or solicitor of the
                              Issuer, the Security Trustee or the Manager;

                        (2)   any information or statement provided to it in
                              relation to the Class A Notes. the Class A
                              Noteholders or the Class A Noteowners by the
                              Clearing Agency or its nominee;

                        (3)   all statements (including statements made or given
                              to the best of the maker's knowledge and belief or
                              similarly qualified) contained in any information,
                              report, balance sheet, profit and loss account,
                              certificate or statement given pursuant to or in
                              relation to this deed, the Security Trust Deed,
                              the Master Trust Deed or the Supplementary Bond
                              Terms Notice;

                        (4)   all accounts supplied to the Note Trustee pursuant
                              to this deed and all reports of the Auditor
                              supplied to the Note Trustee pursuant to this
                              deed; and

                        (5)   notices and other information supplied to the Note
                              Trustee under this deed;

                        save, in each case, when it is actually aware that the
                        information supplied pursuant to clauses 13.5(ff)(1) to
                        (5) is actually incorrect or incomplete.

                  (gg)  The Note Trustee may, whenever it thinks it expedient in
                        the interests of the Class A Noteholders, apply to any
                        court for directions in relation to any question of law
                        or fact arising either before or after an Event of
                        Default and assent to or approve any applications of any
                        Class A Noteholder, the Issuer or the Manager.

                  (hh)  Subject to this deed, any applicable laws and any duty
                        of confidentiality owed to any other person, the Note
                        Trustee may, for the purpose of

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                                                                 Note Trust Deed

                        meeting its obligations under this Deed, disclose to any
                        Class A Noteholder any confidential, financial or other
                        information made available to the Note Trustee by any
                        person in connection with this deed.

                  (ii)  The Note Trustee, as between itself and the Class A
                        Noteholders, has full power to determine (acting
                        reasonably and in good faith) all questions and doubts
                        arising in relation to any of the provisions of this
                        deed and every such determination, whether made upon
                        such a question actually raised or implied in the acts
                        or proceedings of the Note Trustee, will be conclusive
                        and will bind the Note Trustee and the Class A
                        Noteholders.

                  (jj)  The Note Trustee is entitled to assume for the purposes
                        of exercising any power, trust, authority, duty or
                        discretion under or in relation to the Class A Notes.
                        this deed or any other Transaction Document, that such
                        exercise will not be materially prejudicial to the
                        interests of the Class A Noteholders if each of the
                        Designated Rating Agencies has confirmed in writing that
                        such exercise will not result in the reduction,
                        qualification or withdrawal of the credit rating then
                        assigned by it to the Class A Notes (but nothing in this
                        clause 13.5(jj) is to be construed as requiring the Note
                        Trustee to obtain such confirmation).

                  (kk)  Each Class A Noteholder is solely responsible for making
                        its own independent appraisal of and investigation into
                        the financial condition, creditworthiness, condition,
                        affairs, status and, nature of the Issuer and the
                        Securitisation Fund and the Note Trustee does not at any
                        time have any responsibility for the same and no Class A
                        Noteholder may rely on the Note Trustee in respect of
                        such appraisal and investigation.

                  (ll)  In the event of any dispute or ambiguity as to the
                        construction or enforceability of this deed or any other
                        Transaction Document, or the Note Trustee's powers or
                        obligations under or in connection with this deed or the
                        determination or calculation of any amount or thing for
                        the purpose of this deed or the construction or validity
                        of any direction from Class A Noteholders, provided the
                        Note Trustee is using reasonable endeavours to resolve
                        such ambiguity or dispute, the Note Trustee, in its
                        absolute discretion, may (but will have no obligation
                        to) refuse to act or refrain from acting in relation to
                        matters affected by such dispute or ambiguity.

            13.6  LIMITATION ON NOTE TRUSTEE'S' LIABILITY

                  (a)   Notwithstanding any other provision of this deed, the
                        Note Trustee will have no liability under or in
                        connection with this deed or any other Secured Document
                        other than to the extent to which the liability is able
                        to be satisfied out of the property from which the Note
                        Trustee is actually indemnified for the liability. This
                        limitation will not apply to a liability of the Note
                        Trustee to the extent that it is not satisfied because,
                        under this deed or by operation of law, there is a
                        reduction in the extent of the Note Trustee's
                        indemnification as a result of the Note Trustee's fraud,
                        negligence or wilful default.

                  (b)   The Note Trustee is not to be under any liability
                        whatsoever for a failure to take any action in respect
                        of any breach by the Issuer of its duties as trustee of
                        the Securitisation Fund of which the Note Trustee is not
                        aware

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                                                                 Note Trust Deed

                        or in respect of any Event of Default of which the Note
                        Trustee is not aware.

            13.7  WILFUL DEFAULT OF THE NOTE TRUSTEE

                  For the purposes of this deed the expression "wilful default":

                  (a)   in relation to the Note Trustee, means a wilful default
                        of this deed by the Note Trustee;

                        (1)   other than a default which:

                             (A)   arises out of a breach of a Transaction
                                   Document by a person other than the Note
                                   Trustee or any person referred to in clause
                                   13.7(b) in relation to the Note Trustee;

                             (B)   arises because some other act or omission is
                                   a precondition to the relevant act or
                                   omission of the Note Trustee, and that other
                                   act or omission does not occur;

                             (C)   is in accordance with a lawful court order or
                                   direction or is required by law; or

                             (D)   is in accordance with an instruction or
                                   direction given to it by any person in
                                   circumstances where that person is
                                   authorised to do so by any Transaction
                                   Document; and

                        (2)   in circumstances where had it not committed that
                              default it would have been entitled to recoupment,
                              reimbursement or a right of indemnity for its
                              costs and expenses (if any) in complying with this
                              deed from the trust constituted under this deed.

                  (b)   A reference to the "fraud", "negligence" or "wilful
                        default" of the Note Trustee means the fraud, negligence
                        or wilful default of the Note Trustee and of its
                        officers or employees, but not of its agents or
                        delegates, unless the Note Trustee is liable for the
                        acts or omissions of such other person under the terms
                        of this deed.

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14       NOTE TRUSTEE'S LIABILITY

                  Nothing in this deed shall exempt the Note Trustee from or
                  indemnify it against any liability in any case in which the
                  Note Trustee has failed to show the degree of care and
                  diligence required of it as trustee having regard to the
                  provisions of this deed or any liability in respect of any
                  fraud, negligence or wilful default of which it may be guilty
                  in relation to its duties under this deed.

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15       DELEGATION BY NOTE TRUSTEE

                  (a)   The Note Trustee may whenever it thinks fit delegate by
                        power of attorney or otherwise to any person or persons
                        for any period (whether exceeding one year or not) or
                        indefinitely all or any of the duties, discretions,
                        trusts, powers and authorities vested in the Note
                        Trustee by this deed and that delegation may be made
                        upon any terms and subject to any conditions

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                                                                 Note Trust Deed

                        (including power to sub-delegate) and subject to any
                        regulations as the Note Trustee may in the interests of
                        the Class A Noteholders think fit.

                  (b)   If the Note Trustee exercises reasonable care in the
                        selection of a delegate under paragraph (a), providing
                        the Note Trustee and the delegate are not related bodies
                        corporate or affiliates, the Note Trustee shall not be
                        under any obligation to supervise the proceedings or be
                        in any way responsible for any loss incurred by reason
                        of any misconduct or default on the part of any delegate
                        or sub-delegate. The Note Trustee must within a
                        reasonable time prior to any delegation or any renewal,
                        extension or termination of any delegation give notice
                        of it to the Issuer and the Designated Rating Agencies.

                  (c)   Notwithstanding any other provision in this clause 15,
                        where the Note Trustee delegates any power to a related
                        body corporate or affiliate, the Note Trustee shall be
                        liable for all acts or omissions of the delegate done or
                        omitted whilst acting in its capacity as such.

                  (d)   For the purpose of this clause 15 the following
                        expressions have the following meaning:

                        "related body corporate" has the meaning ascribed
                        thereto in the Corporations Act of Australia;

                        "affiliate" means with respect to any specified person,
                        any other person controlling or controlled by or under
                        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 meanings
                        correlative to the foregoing.

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16       EMPLOYMENT OF AGENT BY NOTE TRUSTEE

                  (a)   The Note Trustee may in the conduct of the trusts of
                        this deed instead of acting personally employ and pay an
                        agent, whether being a lawyer or other professional
                        person, to transact or conduct or concur in transacting
                        or conducting any business and to do or concur in doing
                        all acts required to be done in connection with the
                        trusts of this deed.

                  (b)   If the Note Trustee exercises reasonable care in the
                        selection of an agent under clause 16(a) and providing
                        the Note Trustee and the agent are not related bodies
                        corporate (as defined in the Corporations Act) or
                        affiliates as defined in clause 15(d), the Note Trustee
                        shall not in any way be responsible for any loss
                        incurred by reason of any misconduct or default on the
                        part of that agent or be bound to supervise the
                        proceedings or acts of such person. The Note Trustee
                        must within a reasonable time prior to the employment of
                        any agent give notice of such employment to the Issuer
                        and the Designated Rating Agencies.

                  (c)   Notwithstanding any other provision in this clause 16,
                        where the Note Trustee employs, under this clause 16, a
                        related body corporate (as defined in the Corporations
                        Act) or an affiliate as defined in clause 15(d), as
                        agent,

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                                                                         PAGE 47
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                                                                 Note Trust Deed

                        the Note Trustee shall be liable for all acts or
                        omissions of the agent done or omitted whilst acting in
                        its capacity as such.

                  (d)   Any such agent which is a lawyer, accountant, broker or
                        other person engaged in any profession or business is
                        entitled to charge and be paid all usual professional
                        and other charges for business transacted and acts done
                        by him or his firm in connection with this deed and also
                        his reasonable charges in addition to disbursements for
                        all other work and business done and all time spent by
                        him or his firm in connection with matters arising in
                        connection with this deed. Those charges will be for the
                        account of the Note Trustee unless agreed otherwise, who
                        shall be reimbursed by the Issuer under clause 12.

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17       NOTE TRUSTEE CONTRACTING WITH ISSUER

                  Neither the Note Trustee in its personal or any other
                  capacity, its directors or officers or any related body
                  corporate or affiliate (as defined in clause 15(d)) or
                  shareholder of the Note Trustee nor any director or officer of
                  a corporation acting as a trustee under this deed is by reason
                  of its or their fiduciary position only in any way precluded
                  from:

                  (a)   entering into or being interested in any contract or
                        financial or other transaction or arrangement with the
                        Issuer or any other party to any of the Transaction
                        Documents or any person or body corporate associated
                        with the Issuer including any contract, transaction or
                        arrangement of a banking or insurance nature or any
                        contract, transaction or arrangement in relation to the
                        making of loans or the provision of financial facilities
                        to or the purchase, placing or underwriting of or
                        subscribing or procuring subscriptions for or otherwise
                        acquiring holding or dealing with the Class A Notes or
                        any of them, or any other bonds, stocks, shares,
                        debenture stock, debentures, notes or other securities
                        of the Issuer or any other party to any of the
                        Transaction Documents or any related person or body
                        corporate; or

                  (b)   accepting or holding the trusteeship of any other trust
                        deed constituting or securing any other securities
                        issued by or relating to the Issuer or any other party
                        to any of the Transaction Documents or any related
                        person or body corporate or any other office of profit
                        under the Issuer or any other party to any of the
                        Transaction Documents or any related person or body
                        corporate and shall be entitled to retain and shall not
                        be in any way liable to account for any profit made or
                        share of brokerage or commission or remuneration or
                        other benefit received by them or in connection with any
                        of those arrangements.

                  Where any holding company, subsidiary or associated company of
                  the Issuer or any director or officer of the Issuer acting
                  other than in his capacity as such a director or officer has
                  any information, the Issuer shall not thereby be deemed also
                  to have knowledge of such information and, unless it shall
                  have actual knowledge of such information, shall not be
                  responsible for any loss suffered by Noteholders resulting
                  from the Issuer's failing to take such information into
                  account in acting or refraining from acting under or in
                  relation to this deed.

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                                                                 Note Trust Deed

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18       APPOINTMENT OF PAYING AGENTS

                  (a)   Subject to the terms of this deed, the Issuer (acting on
                        the direction of the Manager) appoints the Principal
                        Paying Agent as its principal paying agent, and each
                        other Paying Agent as its paying agent, for making
                        payments in respect of the Class A Notes in accordance
                        with this deed and the Conditions at their respective
                        Paying Offices. The Principal Paying Agent, and each
                        other Paying Agent appointed under this deed accepts
                        that appointment.

                  (b)   Except in clause 33 and as the context otherwise
                        requires, references to the Principal Paying Agent are
                        to it acting solely through its Paying Office.

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

                  (d)   It is acknowledged and agreed that:

                        (1)   each of the Principal Paying Agent and the other
                              Paying Agents is the agent of the Issuer in its
                              capacity as trustee of the Securitisation Fund
                              only; and

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

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19    PAYMENT

      19.1  PAYMENT BY ISSUER

            The Issuer shall, with the assistance of and, at the direction of
            the Manager, not later than 10.00 am (New York time) on each Payment
            Date, pay to or to the order of, or procure the transfer to a non
            interest bearing trust account in the name of the Issuer as notified
            by the Principal Paying Agent to the Issuer and the Note Trustee in
            same day funds the amount in US$ as may be required (after taking
            account of any cash then held by the Principal Paying Agent and
            available for the purpose) to be made on each Class of Class A Notes
            on that Payment Date under the Supplementary Bond Terms Notice and
            the Conditions.

      19.2  CONFIRMATION

            Not later than 4.00 pm (Sydney time) on each Determination Date, the
            Manager shall notify, or procure notification to, the Principal
            Paying Agent and the Note Trustee of the amount of interest or
            principal payable in respect of each Class of Class A Notes on the
            Payment Date following that Determination Date.

      19.3  PAYMENTS BY PAYING AGENTS

            Subject to payment being duly made as provided in clause 19.1 (or to
            the Principal Paying Agent otherwise being satisfied that the
            payment will be duly made on the due date), and subject to clause
            23, the Paying Agents shall pay or cause to be paid on behalf of the
            Issuer on each Payment Date the relevant amounts of principal and
            interest due in respect of each Class of the Class A

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                                                                 Note Trust Deed

            Notes in accordance with the Supplementary Bond Terms Notice and the
            Conditions.

      19.4  METHOD OF PAYMENT - BOOK-ENTRY NOTES

            The Principal Paying Agent shall cause all payments of principal or
            interest (as the case may be) due in respect of Class A Notes
            represented by a Book-Entry Note to be made to the Common
            Depository.

      19.5  METHOD OF PAYMENT - DEFINITIVE NOTES

            Payments of principal and interest on the Definitive Notes, if any,
            shall be made in accordance with the Conditions and the
            Supplementary Bond Terms Notice.

      19.6  LATE PAYMENT

            (a)   If any payment under clause 19.1 is made late but otherwise in
                  accordance with the provisions of this deed, each Paying Agent
                  shall make payments required to be made by it in respect of
                  the Class A Notes as provided in this clause 19. However,
                  unless and until the full amount of any payment in respect of
                  the Class A Notes required to be made under the Transaction
                  Documents has been made under clause 19.1 in accordance with
                  this deed, no Paying Agent shall be bound to make a payment
                  under this clause 19 (but may, in its discretion, make such
                  payment) except to the extent that non-payment is caused by
                  fraud, wilful misconduct, negligence or bad faith on the part
                  of that Paying Agent or of any of its directors, officers,
                  employees or servants.

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

                  (1)   forthwith upon full receipt notify the other Paying
                        Agents (if any), the Note Registrar, the Calculation
                        Agent, the Issuer, the Note Trustee, the Security
                        Trustee and the Manager; and

                  (2)   as soon as practicable after such full receipt give due
                        notice, in accordance with Condition 12 (unless the Note
                        Trustee agrees otherwise), to the Common Depository that
                        it has received the full amount.

      19.7  NOTICE OF NON-RECEIPT

            The Principal Paying Agent shall as soon as practicable notify by
            facsimile the other Paying Agents (if any), the Note Registrar, the
            Calculation Agent, the Note Trustee, the Issuer, the Security
            Trustee and the Manager if the full amount of any payment of
            principal or interest required to be made by the Supplementary Bond
            Terms Notice and Conditions in respect of the Class A Notes is not
            unconditionally received by it or to its order in accordance with
            this deed.

      19.8  REIMBURSEMENT

            The Principal Paying Agent shall (provided that it has been placed
            in funds by the Issuer) on demand promptly reimburse the other
            Paying Agents (if any) for

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                                                                         PAGE 50
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                                                                 Note Trust Deed

            payments of principal and interest properly made by that Paying
            Agent in accordance with the Supplementary Bond Terms Notice, the
            Conditions and this deed. The Issuer shall not be concerned with the
            apportionment of any moneys between the Principal Paying Agent, the
            other Paying Agents (if any) and payment to the Principal Paying
            Agent of any moneys due to the Paying Agents shall operate as a good
            discharge to the Issuer in respect of such moneys.

      19.9  METHOD OF PAYMENT

            (a)   All sums payable by the Issuer to the Principal Paying Agent
                  under this deed shall be paid by the Currency Swap Provider on
                  behalf of the Issuer in US$ to the account specified in clause
                  19.1. Those sums shall be held in an account for payment to
                  the Class A Noteholders and, failing that payment within the
                  designated periods of prescription specified in Condition 6,
                  or upon the bankruptcy, insolvency, winding up or liquidation
                  of the Principal Paying Agent or default being made by the
                  Principal Paying Agent in the payment of any amounts in
                  respect of principal or interest in accordance with this deed,
                  on trust for repayment to the Issuer (subject to clause 20).
                  On repayment in accordance with clause 20 to the Issuer that
                  trust shall terminate and all liabilities of the Principal
                  Paying Agent with respect to those moneys shall cease.

            (b)   Subject to the terms of this deed, the Principal Paying Agent
                  shall be entitled to deal with moneys paid to it under this
                  deed in the same manner as other moneys paid to it as a banker
                  by its customers. The Principal Paying Agent shall be entitled
                  to retain for its own account any interest earned on the sums
                  from time to time credited to the separate account referred to
                  in clause 19.9(b) and it need not segregate such sums from
                  other amounts held by it.

            (c)   No Paying Agent may exercise any right of set-off or
                  combination of accounts in respect of any money payable to or
                  by it under the terms of this deed.

      19.10 NO FEE

            No Paying Agent will charge any commission or fee in relation to any
            payment under this deed.

      19.11 SECURITISATION FUND

            Subject to clause 19.9(a), the Principal Paying Agent shall hold in
            trust for the Note Trustee and the Class A Noteholders all sums held
            by it for the payment of principal and interest with respect to the
            Notes until all relevant sums are paid to the Note Trustee or the
            Class A Noteholders or otherwise disposed of in accordance with this
            deed.

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20    REPAYMENT

            (a)   Immediately on any entitlement to receive principal or
                  interest under any Class A Note becoming void under the
                  Conditions, the Principal Paying Agent shall repay to the
                  Issuer the amount which would have been due in respect of that
                  principal or interest if it had been paid before the

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                                                                         PAGE 51
<PAGE>

                                                                 Note Trust Deed

                  entitlement became void, together with any fees applicable to
                  that payment or entitlement (pro rated as to the amount and
                  time) to the extent already paid under clause 12.

            (b)   Despite clause 20(a), the Principal Paying Agent shall not be
                  obliged to make any repayment to the Issuer so long as any
                  amounts which should have been paid to or to the order of the
                  Principal Paying Agent or, if applicable, the Note Trustee, by
                  the Issuer remain unpaid.

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21    APPOINTMENT OF THE CALCULATION AGENT

            (a)   The Issuer (acting on the direction of the Manager) appoints
                  the Calculation Agent as its reference agent in respect of the
                  Class A Notes upon the terms and conditions set forth in this
                  deed and the Calculation Agent accepts that appointment.

            (b)   It is acknowledged and agreed that:

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

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

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22    DUTIES OF THE CALCULATION AGENT

            (a)   The Calculation Agent shall in relation to each Class of Class
                  A Notes until the Final Maturity Date or such earlier date on
                  which the Class A Notes are due and payable in full and in
                  either case until the Issuer has paid all amounts in relation
                  to the Class A Notes to the Principal Paying Agent or, if
                  applicable, the Note Trustee:

                  (1)   perform such duties at its Specified Office as are set
                        forth in this deed and in the Conditions and any other
                        duties which are reasonably incidental at the request of
                        the Issuer, the Manager, the Note Trustee or the
                        Principal Paying Agent;

                  (2)   determine LIBOR for each Interest Period, and calculate
                        the relevant Interest and Interest Rate on Notes, in the
                        manner set out in Condition 4; and

                  (3)   notify the Issuer, the Manager, the Note Trustee and the
                        Paying Agents in writing on or as soon as possible after
                        the first day of that Interest Period, of the Interest
                        Rate and the Interest so determined by it in relation to
                        that Interest Period, specifying to the Issuer and the
                        Manager the rates upon which they are based and (where
                        relevant) the names of the banks quoting those rates.

            (b)   The Interest, Interest Rate and relevant Payment Date made
                  available under Condition 4(d) may subsequently be amended (or
                  appropriate alternative arrangements made by way of
                  adjustment) without notice to Class A Noteholders in the event
                  of a shortening of the Interest Period.

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                                                                         PAGE 52
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                                                                 Note Trust Deed

            (c)   If the Calculation Agent at any time for any reason does not
                  determine the Interest Rate or calculate the Interest for a
                  Class A Note, the Manager shall do so and each such
                  determination or calculation shall be deemed to have been made
                  by the Calculation Agent. In doing so, the Manager shall apply
                  the provisions of this clause 22, with any necessary
                  consequential amendments, to the extent that, in its opinion,
                  it can do so, and, in all other respects it shall do so in
                  such a manner as it shall deem fair and reasonable in all the
                  circumstances.

            (d)   If the Manager does not at any time for any reason determine a
                  Principal Payment, the Outstanding Principal Balance or the
                  Invested Amount applicable to Class A Notes in accordance with
                  the Transaction Documents, the Principal Payment, the
                  Outstanding Principal Balance and the Invested Amount shall be
                  determined by the Calculation Agent in accordance with the
                  Transaction Documents (but based on the information in its
                  possession) and each such determination or calculation shall
                  be deemed to have been made by the Manager. The Calculation
                  Agent may appoint any person as its agent for the purpose of
                  making any such calculation or determination.

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23    NOTICE OF ANY WITHHOLDING OR DEDUCTION

            If the Issuer or any Paying Agent is, in respect of any payment in
            respect of the Class A Notes. compelled to withhold or deduct any
            amount for or on account of any taxes, duties or charges as
            contemplated by Condition 7, the Issuer must give notice to the
            Principal Paying Agent, the Note Trustee and the Class A Noteholders
            in accordance with Condition 12 immediately after becoming aware of
            the requirement to make the withholding or deduction and must give
            to the Principal Paying Agent and the Note Trustee such information
            as they reasonably require to enable each of them to comply with the
            requirement.

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24    EARLY REDEMPTION OF NOTES

            (a)   If the Issuer intends to redeem all (but not some only) of a
                  Class of Class A Notes prior to its Final Maturity Date
                  pursuant to Condition 5(g) or (h) (which it may only do at the
                  direction of the Manager), the Manager shall give not less
                  than 5 days' prior notice to the Principal Paying Agent and
                  the Note Trustee before giving the requisite period of notice
                  to the relevant Class A Noteholders in accordance with
                  Condition 5(g) or (h) and stating the date on which such Class
                  A Notes are to be redeemed.

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

                  (1)   notify the Clearing Agency of the proposed redemption,
                        specifying:

                        (A)   the aggregate Outstanding Principal Balance and
                              Invested Amount (as the case may be) of each Class
                              of Class A Notes to be redeemed;

                        (B)   the amount of principal to be repaid in relation
                              to each Class of Class A Notes; and

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                                                                         PAGE 53
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                                                                 Note Trust Deed

                        (C)   the date on which each Class of Class A Notes are
                              to be redeemed; and

                  (2)   promptly and in accordance with the relevant Conditions
                        on behalf of and at the expense of the Issuer publish
                        the notices required in connection with that redemption.

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25    PRO RATA REDEMPTION, PURCHASES AND CANCELLATION OF NOTES

            (a)   If the Issuer is required to redeem some (but not all) of a
                  Class of Class A Notes prior to its Final Maturity Date
                  pursuant to Condition 5(a) the Manager shall on each
                  Determination Date give prior notice to the Calculation Agent,
                  the Principal Paying Agent and the Note Trustee, as provided
                  in Condition 5.

            (b)   On receipt of a notice under paragraph (a), the Principal
                  Paying Agent shall notify the Common Depository of the
                  proposed redemption, specifying in each case the aggregate
                  principal amount of the Class A Notes to be redeemed, the
                  Class of Class A Notes to be redeemed and the date on which
                  such Class A Notes are to be redeemed.

            (c)   The Manager shall, on each Determination Date in respect of
                  each Class of the Class A Notes calculate:

                  (1)   the amount of principal to be repaid in respect of each
                        Class of Class A Notes due on the next Payment Date
                        following that Determination Date; and

                  (2)   the Outstanding Principal Balance and Invested Amount of
                        each Class A Note on the first day of the next following
                        Interest Period (after deducting any principal due to be
                        made on the next Payment Date),

                  and shall forthwith on that Determination Date notify or cause
                  to be notified to the Issuer, the Calculation Agent the Note
                  Trustee, the Principal Paying Agent of each of those
                  determinations in accordance with the Supplementary Bond Terms
                  Notice and Conditions. On receipt of that notice, the
                  Principal Paying Agent shall give a copy of that notice to the
                  Clearing Agency or any Common Depository for them in
                  accordance with the requirements of the Note Depository
                  Agreement.

            (d)   The Manager will immediately cause details of each
                  determination under clause 25(c) to be made available in
                  accordance with Condition 12 by one Banking Day before the
                  relevant Payment Date.

            (e)   If no principal is due to be repaid on the Class A Notes on
                  any Payment Date, the Manager shall give notice or shall cause
                  a notice to this effect to be given to the Class A Noteholders
                  in accordance with Condition 12.

            (f)   If any Class of Class A Notes is redeemed in whole or in part
                  in accordance with the Conditions and the Transaction
                  Documents, the Principal Paying Agent will, if any Book-Entry
                  Notes are still outstanding in relation to that Class, cause
                  the Note Registrar to record all relevant details in the Note
                  Register. The Principal Paying Agent shall as soon as
                  possible, and in any event within three months after the date
                  of any

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                                                                         PAGE 54
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                                                                 Note Trust Deed

                  redemption or purchase, furnish to each of the Issuer and the
                  Note Trustee a certificate setting out the aggregate Invested
                  Amount or Outstanding Principal Balance of Class A Notes which
                  have been redeemed or the aggregate Invested Amount or
                  Outstanding Principal Balance of Class A Notes which have been
                  purchased. If the Invested Amount of a Book-Entry Note is
                  reduced to nil, the Principal Paying Agent shall destroy the
                  relevant Book-Entry Note and issue a destruction certificate
                  forthwith to the Note Trustee and shall send a copy of that
                  certificate to the Issuer, the Manager and the Note Trustee.

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26    NOTICES TO NOTEHOLDERS

            (a)   At the expense of the Issuer, the Principal Paying Agent shall
                  make available at its offices in New York City on a Banking
                  Day, all notices to Class A Noteholders.

            (b)   The Principal Paying Agent shall promptly send to each of the
                  Note Trustee and the Issuer one copy of the form of every
                  notice given to Class A Noteholders in accordance with the
                  Conditions.

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27    DOCUMENTS AND FORMS

            (a)   The Manager shall provide to the Principal Paying Agent for
                  distribution to each Paying Agent sufficient copies of all
                  documents required by the Conditions or the Note Trust Deed to
                  be available to the Class A Noteholders for issue or
                  inspection (including the Note Trust Deed, the Master Trust
                  Deed and the Supplementary Bond Terms Notice).

            (b)   The Manager shall provide to the Calculation Agent such
                  documents as the Calculation Agent may reasonably require from
                  the Manager or the Issuer (and in the case of the Issuer only
                  those documents that are in the Issuer's possession or power)
                  in order for the Calculation Agent properly to fulfil its
                  duties in respect of the Class A Notes.

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28    AUTHENTICATION

            The Principal Paying Agent shall authenticate or cause to be
            authenticated the Book-Entry Notes and (if required) the Definitive
            Notes (whether on initial issue or on replacement).

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29    INDEMNITY

            (a)   Subject to clause 29(b) and clause 45, the Issuer shall
                  indemnify each Paying Agent, the Note Registrar and the
                  Calculation Agent and their respective directors, officers and
                  employees against any loss, damages, proceeding, liability,
                  cost, claim, action, demand or expense (in this clause 29,
                  each, an Expense) which the Paying Agent, the Note Registrar
                  or the Calculation Agent and their respective directors,
                  officers and employees, as the case may be, may incur or which
                  may be made against

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                  the Paying Agent, the Note Registrar's or the Calculation
                  Agent (as the case may be), as a result of or in connection
                  with the Paying Agent's, the Note Registrar's or the
                  Calculation Agent's, as the case may be, appointment or the
                  proper exercise and/or enforcement of the Paying Agent's or
                  the Note Registrar's or the Calculation Agent's, as the case
                  may be, duties under this deed, notwithstanding the
                  resignation or removal of that Paying Agent, Note Registrar or
                  the Calculation Agent in accordance with clause 33 (including
                  any liability in respect of payment of a cheque drawn by that
                  Paying Agent where the cheque is collected or sued upon or an
                  attempt at collection is made after the amount in respect of
                  which it is paid has been returned to the Issuer under clause
                  20).

            (b)   The indemnity in paragraph (a) applies to any Expense of a
                  Paying Agent, the Note Registrar or the Calculation Agent (as
                  the case may be) only to the extent the Expense does not
                  result from the breach by the Paying Agent, the Note Registrar
                  or the Calculation Agent (as the case may be) of the terms of
                  this deed or from the Paying Agent's, the Note Registrar's or
                  the Calculation Agent's (as the case may be) own fraud, wilful
                  default or negligence or that of its directors, officers or
                  employees or servants.

            (c)   Each of the Calculation Agent, the Paying Agents and the Note
                  Registrar severally indemnifies the Issuer and the Manager and
                  its respective directors, officers and employees against any
                  Expense which the Issuer or the Manager or their respective
                  directors, officers or employees (as the case may be) may
                  incur or which may be made against it (but in no event
                  punitive, indirect or special damages or loss of profits) as a
                  result of a breach by the Calculation Agent, the Paying Agent
                  or the Note Registrar (as the case may be) of the terms of
                  this deed or its own fraud, wilful default or negligence or
                  that of its directors, officers or employees or servants,
                  including any failure to obtain and maintain in existence any
                  Authorisation required by it for the assumption, exercise and
                  performance of its powers and duties under this deed. This
                  clause 29 will survive the retirement or removal of the Paying
                  Agent, Note Registrar or Calculation Agent (as the case may
                  be) and the termination of this deed.

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30    THE NOTE REGISTER

      30.1  APPOINTMENT OF NOTE REGISTRAR

            The Issuer, at the direction of the Manager, appoints the Note
            Registrar to be the initial Note Registrar upon the terms and
            conditions of this deed. The Note Registrar accepts that
            appointment.

      30.2  DETAILS TO BE KEPT ON THE NOTE REGISTER

            The Note Registrar shall keep the Note Register with respect to the
            Class A Notes in accordance with this deed, on which shall be
            entered the following information relating to the Securitisation
            Fund:

            (a)   (NAME) the name of the Securitisation Fund;

            (b)   (CREATION) the date of the creation of the Securitisation
                  Fund;

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            (c)   (ISSUE DATES) the Issue Dates for Class A Notes issued in
                  relation to the Securitisation Fund;

            (d)   (INITIAL PRINCIPAL AMOUNT) the total Initial Principal Amount
                  of Class A Notes issued on each such Issue Date;

            (e)   (OUTSTANDING PRINCIPAL BALANCE) the Outstanding Principal
                  Balance of each Class A Note or Class of Class A Notes from
                  time to time;

            (f)   (INVESTED AMOUNT) the Invested Amount of each Class A Note or
                  Class of Class A Notes from time to time;

            (g)   (SERIES) details of relevant Classes of Class A Notes;

            (h)   (DETAILS OF NOTEHOLDERS) the name and address of each Class A
                  Noteholder;

            (i)   (NUMBER OF NOTES) the number of Class A Notes held by each
                  Class A Noteholder;

            (j)   (DATE OF ENTRY) the date on which a person was entered as the
                  holder of Class A Notes;

            (k)   (DATE OF CESSATION) the date on which a person ceased to be a
                  Class A Noteholder;

            (l)   (ACCOUNT) the account to which any payments due to a Class A
                  Noteholder are to be made (if applicable);

            (m)   (PAYMENTS) a record of each payment in respect of the Class A
                  Notes; and

            (n)   (ADDITIONAL INFORMATION) such other information as:

                  (1)   is required by the Supplementary Bond Terms Notice;

                  (2)   the Note Registrar considers necessary or desirable; or

                  (3)   the Manager or the Issuer reasonably requires.

      30.3  PAYMENTS OF PRINCIPAL AND INTEREST

            (a)   Any payment of principal or interest on any Class A Note shall
                  be endorsed by the Note Registrar on the Note Register. In the
                  case of payments of principal, the Outstanding Principal
                  Balance and Invested Amount of the Class A Notes shall be
                  reduced for all purposes by the amount so paid and endorsed on
                  the Note Register. Any such record shall be prima facie
                  evidence that the payment in question has been made.

            (b)   If the amount of principal or interest (as the case may be)
                  due for payment on any Class A Note is not paid in full
                  (including Carry Over Class A Charge Offs and by reason of a
                  deduction or withholding) the Note Registrar shall endorse a
                  record of that shortfall on the Note Register.

      30.4  PLACE OF KEEPING REGISTER, COPIES AND ACCESS

            The Note Register shall be:

            (a)   (PLACE KEPT) kept at the principal office of the Note
                  Registrar or at such place as the Issuer, the Manager and the
                  Note Registrar may agree;

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                  (b)   (ACCESS TO ISSUER AND MANAGER) open to the Issuer and
                        the Manager to inspect at the Note Registrar's Specified
                        Office during normal business hours;

                  (c)   (INSPECTION BY CLASS A NOTEHOLDERS) open for inspection
                        by a Class A Noteholder during normal business hours but
                        only in respect of information relating to that Class A
                        Noteholder; and

                  (d)   (NOT FOR COPYING) not available to be copied by any
                        person (other than the Issuer or the Manager or the Note
                        Trustee or Paying Agent) except in compliance with such
                        terms and conditions (if any) as the Manager, the Issuer
                        and the Note Registrar or the Note Trustee or Paying
                        Agent in their absolute discretion nominate from time to
                        time.

            30.5  DETAILS ON NOTE REGISTER CONCLUSIVE

                  (a)   (RELIANCE ON REGISTER) The Issuer, the Note Trustee and
                        the Paying Agents shall be entitled to rely on the Note
                        Register 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 Note
                        Register is inconsistent with any other document, matter
                        or thing. The Issuer, the Note Trustee, and the Paying
                        Agents and the Note Registrar are not liable to any
                        person in any circumstances whatsoever for any
                        inaccuracy in, or omission from, the Note Register.

                  (b)   (NO TRUSTS) The Note Registrar shall not be obliged to
                        enter on the Note Register notice of any trust, Security
                        Interest or other interest whatsoever in respect of any
                        Class A Notes and the Issuer, the Note Trustee, and the
                        Paying Agents and the Note Registrar shall be entitled
                        to recognise a Class A Noteholder as the absolute owner
                        of Class A Notes and the Issuer, the Note Trustee, and
                        the Paying Agents and the Note Registrar shall not be
                        bound or affected by any trust affecting the ownership
                        of any Class A Notes unless ordered by a court or
                        required by statute.

            30.6  ALTERATION OF DETAILS ON NOTE REGISTER

                  On the Note Registrar being notified of any change of name or
                  address or payment or other details of a Class A Noteholder by
                  the Class A Noteholder, the Note Registrar shall alter the
                  Note Register accordingly.

            30.7  RECTIFICATION OF NOTE REGISTER

                  If:

                  (a)   an entry is omitted from the Note Register;

                  (b)   an entry is made in the Note Register otherwise than in
                        accordance with this deed;

                  (c)   an entry wrongly exists in the Note Register;

                  (d)   there is an error or defect in any entry in the Note
                        Register; or

                  (e)   default is made or unnecessary delay takes place in
                        entering in the Note Register that any person has ceased
                        to be the holder of Class A Notes.

                  the Note Registrar shall rectify the same.

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      30.8  CORRECTNESS OF NOTE REGISTER

            The Note Registrar shall not be liable for any mistake on the Note
            Register or in any purported copy except to the extent that the
            mistake is attributable to its fraud, negligence or wilful default.

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31    CHANGES OF NOTE REGISTRAR

      31.1  REMOVAL

            The Issuer (on the direction of the Manager) may terminate the
            appointment of the Note Registrar with the prior written approval of
            the Note Trustee (which approval must not be unreasonably withheld
            or delayed), with effect not less than 60 days from that notice.

      31.2  RESIGNATION

            Subject to this clause 31, the Note Registrar may resign its
            appointment at any time by giving to the Issuer, the Manager and the
            Note Trustee not less than 60 days written notice to that effect.

      31.3  LIMITATION

            Despite clauses 31.1 and 31.2:

            (a)   no resignation by or termination of the appointment of the
                  Note Registrar shall take effect until a new Note Registrar
                  approved in writing by the Note Trustee has been appointed on
                  terms previously approved in writing by the Note Trustee (in
                  each case, that approval not to be unreasonably withheld or
                  delayed); and

            (b)   the appointment of a new Note Registrar shall be on terms and
                  subject to the conditions of this deed and the outgoing Note
                  Registrar shall co-operate fully to do all further acts and
                  things and execute any further documents as may be necessary
                  or desirable to give effect to the appointment of the new Note
                  Registrar.

      31.4  APPOINTMENT OF NEW NOTE REGISTRAR

            The Issuer shall forthwith appoint, as soon as reasonably practical,
            a replacement Note Registrar in the event of the resignation or
            removal of the Note Registrar under this clause 31. The retirement
            or resignation of the Note Registrar shall not become effective
            until the successor Note Registrar is appointed. The Manager must
            assist the Issuer to appoint a new Note Registrar on this date or if
            the Issuer fails to appoint a new Note Registrar by the date which
            is one month prior to the Note Registrar's retirement or removal,
            the Note Registrar may petition any court of competent jurisdiction
            at the expense of the Issuer (which expense is an Expense for the
            purposes of the Master Trust Deed) for the appointment of a new Note
            Registrar acceptable to the Issuer.

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32    GENERAL

      32.1  COMMUNICATIONS TO CLASS A NOTEHOLDERS

            The Principal Paying Agent shall, upon receipt from the Issuer,
            Manager, Security Trustee, the Calculation Agent, the Note Registrar
            or Note Trustee of any communication to be delivered to Class A
            Noteholders, including any communications pursuant to this deed or
            any other solicitation of notice from or consent of the Class A
            Noteholders pursuant to or relating to this deed, forward such
            communications to the Class A Noteholders, along with instructions
            that the responses relating to such communications be returned to
            the Principal Paying Agent. Such communication shall include the
            date upon which the response to such solicitation shall be delivered
            (the RESPONSE DATE). The Principal Paying Agent shall treat any
            Class A Noteholder who has not delivered its response as of the
            Response Date as having withheld its consent to the proposed action.
            The Principal Paying Agent shall notify the Issuer, Manager and Note
            Trustee of the results of any such solicitations of consent.

            The Principal Paying Agent will not be responsible for, or liable to
            any person in respect of the contents of any communications
            delivered to or from the Class A Noteholders.

      32.2  INTENTIONALLY DELETED

      32.3  IDENTITY

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

            (a)   who is, while a Book-Entry Note remains outstanding, the
                  registered owner of that Book-Entry Note as the person
                  entitled to receive payments of principal or interest (as
                  applicable) and each person shown in the records of the Common
                  Depository as the holder of any Class A Note represented by a
                  Book-Entry Note shall be entitled to receive from the
                  registered owner of that Book-Entry Note any payment so made
                  in accordance with the respective rules and procedures of the
                  Common Depository and on the terms and subject to the
                  conditions of that Book-Entry Note;

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

            (c)   who, when a Book-Entry Note in respect of any Class of Notes
                  is no longer outstanding but Definitive Notes in respect of
                  that Class of Notes have not been issued, is for the time
                  being the Note Trustee, as the person entrusted with the
                  receipt of principal or interest, as applicable, on behalf of
                  the relevant Noteholders,

            and in all cases and for all purposes despite any notice to the
            contrary and shall not be liable for so doing.

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                                                                 Note Trust Deed

      32.4  NO SET-OFF

            No Paying Agent shall exercise any right of set-off, withholding,
            counterclaim or lien against, or make any deduction in any payment
            to, any person entitled to receive amounts of principal or interest
            on the Class A Notes in respect of moneys payable by it under this
            deed.

      32.5  RELIANCE

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

      32.6  ENTITLED TO DEAL

            The Note Trustee, the Calculation Agent, the Note Registrar and the
            Principal Paying Agent shall not be precluded from acquiring,
            holding or dealing in any Class A Notes or from engaging or being
            interested in any contract or other financial or other transaction
            with the Issuer, the Manager or the Mortgage Manager and in no event
            whatsoever (other than fraud, negligence or wilful default) shall
            any Note Trustee, Calculation Agent, Note Registrar or Principal
            Paying Agent be liable to account to the Issuer or any person
            entitled to receive amounts of principal or interest on the Class A
            Notes for any profit made or fees or commissions received in
            connection with this deed or any Class A Notes.

      32.7  CONSULTATION

            Each of the Note Trustee, the Calculation Agent, the Note Registrar
            and the Principal Paying Agent may consult as to legal matters with
            lawyers selected by it, who may be employees of or lawyers to any
            party to this deed.

      32.8  DUTIES

            The Note Trustee, the Calculation Agent, the Note Registrar and the
            Principal Paying Agent shall perform the duties, and only the
            duties, contained in or reasonably incidental to this deed and the
            Conditions and in the Class A Notes. and no implied duties or
            obligations (other than general laws as to agency) shall be read
            into this deed or the Class A Notes against the Note Trustee, the
            Calculation Agent, the Note Registrar or the Principal Paying Agent.
            None of the Note Trustee, the Calculation Agent, the Note Registrar
            or the Principal Paying Agent shall be required to take any action
            under this deed which would require it to incur any expense or
            liability, for which (in its reasonable opinion) either it would not
            be reimbursed within a reasonable time or in respect of which it has
            not been indemnified to its satisfaction.

      32.9  INCOME TAX RETURNS

            The Principal Paying Agent shall deliver to each Class A Noteholder
            such information as may be reasonably required to enable such Class
            A Noteholder to prepare its income tax returns.

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33    CHANGES IN PAYING AGENTS AND CALCULATION AGENT

      33.1  REMOVAL

            The Issuer (on the direction of the Manager) may at any time:

            (a)   with the prior written approval of the Note Trustee appoint:

                  (1)   additional or alternative Paying Agents; or

                  (2)   an alternative Calculation Agent;

            (b)   subject to this clause 33, terminate the appointment of any
                  Paying Agent or the Calculation Agent by giving written notice
                  to that effect to each Designated Rating Agency, the
                  Calculation Agent (if its appointment is to be terminated),
                  the Principal Paying Agent and the Note Trustee and (if
                  different) the Paying Agent whose appointment is to be
                  terminated:

                  (1)   with effect immediately on that notice, if any of the
                        following occurs in relation to the Paying Agent or
                        Calculation Agent (as the case may be):

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

                        (B)   the Paying Agent or Calculation Agent has ceased
                              its business;

                        (C)   the Paying Agent or Calculation Agent fails to
                              comply with any of its obligations under this deed
                              and, if capable of remedy, such failure is not
                              remedied within five Banking Days after the
                              earlier of the Paying Agent or the Calculation
                              Agent, as the case may be, having become aware of
                              that failure and the receipt by the Paying Agent
                              or the Calculation Agent, as the case may be, of
                              written notice with respect thereto from the
                              Issuer or Manager; or

                  (2)   otherwise, with the prior written approval of the Note
                        Trustee (which approval must not be unreasonably
                        withheld or delayed) with effect from the next
                        succeeding Payment Date, if such date falls more than 30
                        days after the notice, or otherwise from the following
                        Payment Date.

      33.2  RESIGNATION

            Subject to this clause 33, a Paying Agent or the Calculation Agent
            may resign its appointment under this deed at any time by giving to
            the Issuer, the Manager, each Designated Rating Agency and (where a
            Paying Agent is resigning and the Paying Agent is not the Principal
            Paying Agent) the Principal Paying Agent not less than 60 days'
            written notice to that effect, which notice shall expire not less
            than 30 days before any due date for payment of any Class A Notes.

      33.3  LIMITATION

            Despite clauses 33.1 and 33.2:

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                                                                 Note Trust Deed

            (a)   no resignation by or termination of the appointment of the
                  Principal Paying Agent shall take effect until a new Principal
                  Paying Agent approved in writing by the Note Trustee has been
                  appointed on terms previously approved in writing by the Note
                  Trustee (in each case, that approval not to be unreasonably
                  withheld or delayed);

            (b)   subject to clause 33.3(a), if the Principal Paying Agent or
                  the Calculation Agent gives a notice of resignation in
                  accordance with clause 33.2 and if by the date which is one
                  (1) month prior to the date of the Principal Paying Agent's or
                  the Calculation Agent's (as the case may be) proposed
                  retirement or removal, the Issuer or the Manager has not
                  appointed a new Principal Paying Agent or Calculation Agent,
                  then the Principal Paying Agent or Calculation Agent (as the
                  case may be) may petition any court of competent jurisdiction
                  at the expense of the Issuer (which expense is an Expense for
                  the purposes of the Master Trust Deed) for the appointment of
                  a new Principal Paying Agent or Calculation Agent (as the case
                  may be) acceptable to the Issuer and the Note Trustee;

            (c)   no resignation by or termination of the appointment of any
                  Paying Agent shall take effect if as a result of that
                  resignation or termination there would cease to be a Paying
                  Agent which has a Paying Office in the City of New York;

            (d)   no appointment or termination of the appointment of any Paying
                  Agent or the Calculation Agent (as the case may be) shall take
                  effect unless and until notice has been given to the Class A
                  Noteholders in accordance with the Conditions; and

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

            (f)   the appointment of any additional Paying Agent shall be on the
                  terms and subject to the conditions of this deed and each of
                  the parties to this deed shall co-operate fully to do all
                  further acts and things and execute any further documents as
                  may be necessary or desirable to give effect to the
                  appointment of the Paying Agent (which shall be, in the case
                  of an appointment under clause 33.1(a) or a termination under
                  clause 33.1(b)(2), at the cost of the relevant Paying Agent).

            In addition, the Issuer shall forthwith appoint a Paying Agent in
            New York City (if there is no such Paying Agent at the time) and
            while such circumstances subsist maintain such a Paying Agent.
            Notice of any such termination or appointment and of any change in
            the office through which any Paying Agent will act will be given in
            accordance with Condition 12.

      33.4  DELIVERY OF AMOUNTS

            If the appointment of the Principal Paying Agent terminates, the
            Principal Paying Agent shall, on the date on which that termination
            takes effect, pay to the successor Principal Paying Agent any amount
            held by it for payment of principal or interest in respect of any
            Class A Note and shall deliver to the successor Principal Paying
            Agent all records maintained by it pursuant to this deed and all
            documents (including any Definitive Notes) held by it.

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      33.5  SUCCESSOR TO PRINCIPAL PAYING AGENT

            (a)   On the execution by the Issuer, the Manager and any successor
                  Principal Paying Agent of an instrument effecting the
                  appointment of that successor Principal Paying Agent and a
                  deed whereby the successor agrees to be bound by the terms of
                  this deed, that successor Principal Paying Agent shall,
                  without any further act, deed or conveyance, become vested
                  with all the authority, rights, powers, trusts, immunities,
                  duties and obligations of its predecessor with effect as if
                  originally named as Principal Paying Agent in this deed and
                  that predecessor, on payment to it of the pro rata proportion
                  of its administration fee and disbursements then unpaid (if
                  any), shall have no further liabilities under this deed,
                  except for any accrued liabilities arising from or relating to
                  any act or omission occurring prior to the date on which the
                  successor Principal Paying Agent is appointed.

            (b)   Any corporation:

                  (1)   into which the Principal Paying Agent is merged;

                  (2)   with which the Principal Paying Agent is consolidated;

                  (3)   resulting from any merger or consolidation to which the
                        Principal Paying Agent is a party;

                  (4)   to which the Principal Paying Agent sells or otherwise
                        transfers all or substantially all the assets of its
                        corporate trust business,

                  shall, on the date when that merger, conversion,
                  consolidation, sale or transfer becomes effective (and upon
                  execution by the Issuer, the Manager and any such merged or
                  consolidated entity of a deed whereby that entity agrees to be
                  bound by the terms of this deed) and to the extent permitted
                  by applicable law, become the successor Principal Paying Agent
                  under this deed without the execution or filing of any
                  agreement or document or any further act on the part of the
                  parties to this deed, unless otherwise required by the Issuer
                  or the Manager, and after that effective date all references
                  in this deed to the Principal Paying Agent shall be references
                  to that corporation.

            (c)   The Manager undertakes to use its best endeavours to procure
                  execution by the relevant parties of the deeds referred to in
                  clauses 33.5(a) and 33.5(b)

      33.6  SUCCESSOR TO CALCULATION AGENT

            (a)   On the execution by the Issuer, the Manager and any successor
                  Calculation Agent of an instrument effecting the appointment
                  of that successor Calculation Agent and a deed whereby the
                  successor agrees to be bound by the terms of this deed, that
                  successor Calculation Agent shall, without any further act,
                  deed or conveyance, become vested with all the authority,
                  rights, powers, trusts, immunities, duties and obligations of
                  its predecessor with effect as if originally named as
                  Calculation Agent in this deed and that predecessor, on
                  payment to it of the pro rata proportion of its administration
                  fee and disbursements then unpaid (if any), shall have no
                  further liabilities under this deed, except for any accrued
                  liabilities arising from or relating to any act or omission
                  occurring prior to the date on which the successor Calculation
                  Agent is appointed.

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                                                                 Note Trust Deed

            (b)   Any corporation:

                  (1)   into which the Calculation Agent is merged;

                  (2)   with which the Calculation Agent is consolidated;

                  (3)   resulting from any merger or consolidation to which the
                        Calculation Agent is a party;

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

                  shall, on the date when that merger, conversion,
                  consolidation, sale or transfer becomes effective (and upon
                  execution by the Issuer, the Manager and any such merged or
                  consolidated entity of a deed whereby that entity agrees to be
                  bound by the terms of this deed) and to the extent permitted
                  by applicable law, become the successor Calculation Agent
                  under this deed without the execution or filing of any
                  agreement or document or any further act on the part of the
                  parties to this deed, unless otherwise required by the Issuer
                  or the Manager, and after that effective date all references
                  in this deed to the Calculation Agent shall be references to
                  that corporation.

            (c)   The Manager undertakes to use its best endeavours to procure
                  execution by the relevant parties of the deeds referred to in
                  clauses 33.6(a) and 33.6(b).

      33.7  NOTICE TO NOTEHOLDERS

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

            (a)   the termination of the appointment of any Paying Agent or the
                  Calculation Agent;

            (b)   the appointment of a new Paying Agent or Calculation Agent; or

            (c)   the resignation of any Paying Agent or Calculation Agent,

            give to the Class A Noteholders notice of the termination,
            appointment or resignation in accordance with Condition 12 (in the
            case of a termination under clause 33.1(b) or 33.2 at the cost of
            the outgoing Paying Agent or the Calculation Agent, as the case may
            be).

      33.8  CHANGE IN PAYING OFFICE OR SPECIFIED OFFICE

            (a)   If any Paying Agent proposes to change its Paying Office or to
                  nominate a further Paying Office (which must be within the
                  same city as its previous Paying Office), it must give to the
                  Issuer, the Manager, the Note Trustee and, in the case of a
                  change in the Paying Office of a Paying Agent other than the
                  Principal Paying Agent, the Principal Paying Agent, not less
                  than 30 days' prior written notice of that change, giving the
                  address of the new Paying Office and stating the date on which
                  the change is to take effect. No change of Paying Office may
                  occur within the period of 30 days before any due date for
                  payment of any Notes.

            (b)   If the Calculation Agent proposes to change its Specified
                  Office (which must be in New York), or to nominate a further
                  Specified Office, it must give to the Issuer, the Manager and
                  the Note Trustee, not less than 30 days' prior written notice
                  of that change, giving the address of the new Specified

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                  Office and stating the date on which the change is to take
                  effect. No change of specified office may occur within the
                  period of 30 days before any due date for payment of any Class
                  A Notes.

            (c)   The Manager on behalf of the Issuer must, within 14 days of
                  receipt of a notice under paragraph (a) (unless the
                  appointment is to terminate pursuant to clause 33.1 or 33.2 on
                  or prior to the date of that change) give to the Class A
                  Noteholders notice in accordance with the Conditions of that
                  change and of the address of the new Paying Office or
                  Specified Office (as the case may be) but the costs of giving
                  that notice shall be borne by the Paying Agent or the
                  Calculation Agent (as the case may be) which is changing its
                  Paying Office or Specified Office and not by the Issuer or the
                  Manager.

            (d)   Despite any other provision of this deed, no Paying Office may
                  be located in Australia.

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34       WAIVER

            (a)   The Note Trustee may, without the consent of any of the Class
                  A Noteholders, and if directed to do so by the holders of at
                  least 75% of the aggregate Invested Amount of the Class A
                  Notes must, and without prejudice to its rights in respect of
                  any subsequent breach, condition, event or act from time to
                  time and at any time (but only if, and in so far as, in its
                  opinion the interests of any of the Class A Noteholders are
                  not materially prejudiced unless the Note Trustee is acting at
                  the direction of the holders of at least 75% of the aggregate
                  Invested Amount of the Class A Notes), waive or authorise on
                  any terms and subject to any conditions as it sees fit and
                  proper:

                  (1)   any breach or proposed breach by the Issuer of any of
                        the covenants or provisions contained in this deed or in
                        the Class A Notes (including the Conditions) or any
                        other Transaction Document (as to which evidence of a
                        breach of one Class A Note shall be deemed evidence of a
                        breach of all Class A Notes); or

                  (2)   determine that any condition, event or act which
                        constitutes, or which with the giving of notice, the
                        lapse of time or the issue of a certificate would
                        constitute, but for that determination, an Event of
                        Default shall not, or shall not subject to specified
                        conditions, be so treated for the purposes of this deed,

                  but the Note Trustee shall not exercise any powers conferred
                  on it by this clause 34 in contravention of any express
                  direction given in writing by holders of Class A Notes
                  representing at least 75% of the aggregate Invested Amount of
                  the Class A Notes or the affected class of Class A Notes as
                  applicable. No direction or request shall affect any waiver,
                  authorisation or determination previously given or made.

            (b)   Any waiver, authorisation or determination under this clause
                  34 is binding on the Class A Noteholders and if, but only if,
                  the Note Trustee so requires, shall be notified by the Issuer
                  to the Class A Noteholders in accordance with Condition 12 as
                  soon as practicable.

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35    AMENDMENT

      35.1  APPROVAL

            The Note Trustee, the Manager and the Issuer may, following the
            giving of not less than ten Banking Days' prior notice to each
            Designated Rating Agency, by way of supplemental deed alter, add to
            or modify this deed (including this clause 35), the Conditions and
            this clause 35 or any Transaction Document (in so far as any such
            amendment affects or relates to the Securitisation Fund), so long as
            that alteration, addition or modification is:

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

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

            (c)   in the opinion of the Note Trustee appropriate or expedient as
                  a consequence of an amendment to any statute or regulation or
                  altered requirements of any Government Agency (including,
                  without limitation, an alteration, addition or modification
                  which is in the opinion of the Note Trustee appropriate or
                  expedient as a consequence of the enactment of a statute or
                  regulation or an amendment to any law or regulation or ruling
                  by the Commissioner or Deputy Commissioner of Taxation or any
                  governmental announcement or statement, in any case which has
                  or may have the effect of altering the manner or basis of
                  taxation of trusts generally or of trusts similar to the
                  Securitisation Fund); or

            (d)   in the reasonable opinion of the Note Trustee neither
                  prejudicial nor likely to be prejudicial to the interests of
                  the Class A Noteholders as a whole, and in the manner, and to
                  the extent, permitted by the Transaction Documents.

      35.2  RESOLUTION OF CLASS A NOTEHOLDERS

            Where in the opinion of the Note Trustee a proposed alteration,
            addition or modification to this deed, other than an alteration,
            addition or modification referred to in clause 35.1, is prejudicial
            or likely to be prejudicial to the interest of Class A Noteholders
            as a whole or any class of Class A Noteholders, the Note Trustee,
            the Manager and the Issuer may make that alteration, addition or
            modification only if sanctioned in writing by holders of at least
            75% of the aggregate Invested Amount of the Class A Notes.

      35.3  DISTRIBUTION OF AMENDMENTS

            The Manager shall distribute to all Class A Noteholders and each
            Designated Rating Agency a copy of any amendments made under clause
            35.1 or 35.2 in accordance with Condition 12 as soon as reasonably
            practicable after the amendment has been made.

      35.4  AMENDMENTS BINDING

            Any amendment under this clause 35 is binding on the Noteholders.

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      35.5  NO RATING AGENCY DOWNGRADE

            The Note Trustee will be entitled to assume that any proposed
            alteration, addition or revocation will not be prejudicial or likely
            to be prejudicial to the interests of Class A Noteholders or a
            sub-class thereof if each of the Designated Rating Agencies confirms
            in writing that if the alteration, addition or revocation is
            effected this will not lead to a reduction, qualification or
            withdrawal of the then rating given to the Class A Notes. or the
            relevant sub-class of the Class A Notes by the Designated Rating
            Agency.

      35.6  CONFORMITY WITH TIA

            Every amendment of this deed executed pursuant to this clause 35
            shall conform to the requirements of the TIA as then in effect so
            long as this deed shall then be qualified under the TIA.

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36    CLASS A NOTEHOLDERS

      36.1  ABSOLUTE OWNER

            (a)   The Issuer, the Manager, the Security Trustee, the Note
                  Trustee and any Paying Agent may treat the registered holders
                  of any Definitive Note as the absolute owner of that
                  Definitive Note (whether or not that Definitive Note is
                  overdue and despite any notation or notice of ownership or
                  writing on it or any notice of previous loss or theft of it or
                  trust or other interest in it) for the purpose of making
                  payment and for all purposes and none of the Issuer, the
                  Manager, the Security Trustee, the Note Trustee or the Paying
                  Agent is affected by any notice to the contrary.

            (b)   So long as the Class A Notes, or any of them, are represented
                  by a Book-Entry Note, the Issuer, the Manager, the Note
                  Trustee and any Paying Agent may treat the person for the time
                  being shown in the records of the Clearing Agency as the
                  holder of any Class A Note as the absolute owner of that Class
                  A Note and the Issuer, the Manager, the Note Trustee and the
                  Paying Agent are not affected by any notice to the contrary,
                  but without prejudice to the entitlement of the registered
                  holder of the Book-Entry Note to be paid principal and
                  interest on the Book-Entry Note in accordance with its terms.
                  Such person shall have no claim directly against the Issuer in
                  respect of payment due on the Class A Notes for so long as the
                  Class A Notes are represented by a Book-Entry Note and the
                  relevant obligations of the Issuer will be discharged by
                  payment to the registered holder of the Book-Entry Note in
                  respect of each amount so paid.

            (c)   All payments made to the owner of a Class A Note under this
                  clause 36 (or, in the case of a Book-Entry Note, to or to the
                  order of the registered holder of that Book-Entry Note) shall
                  be valid and, to the extent of the sums so paid, effective to
                  satisfy and discharge the liability for the moneys payable
                  upon those Class A Notes.

            (d)   Any instalment of interest or principal, payable on any Class
                  A Note which is punctually paid or duly provided for by the
                  Issuer to the Paying Agent on the applicable Payment Date or
                  Maturity Date shall be paid to

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                  the person in whose name such Class A Note is registered on
                  the Record Date, by cheque mailed first-class, postage
                  prepaid, to such person's address as it appears on the Note
                  Register on such Record Date, except that, unless Definitive
                  Notes have been issued pursuant to clause 3.3, with respect to
                  Class A Notes registered on the Record Date in the name of the
                  nominee of the Clearing Agency (initially, such nominee to be
                  the Common Depository), payment will be made by wire transfer
                  in immediately available funds to the account designated by
                  such nominee and except for the final instalment of principal
                  payable with respect to such Class A Note on a Payment Date or
                  Maturity Date (and except for the redemption of any Class A
                  Note called for redemption pursuant to Condition 5 which shall
                  be payable as provided below.

            (e)   The principal of each Class A Note shall be payable on each
                  Payment Date and the Maturity Date as set forth in the
                  Conditions. The Principal Paying Agent shall notify the person
                  in whose name a Class A Note is registered at the close of
                  business on the Record Date preceding the Payment Date on
                  which the Issuer expects that the final instalment of
                  principal of and interest on such Class A Note will be paid.
                  Such notice shall be mailed or transmitted by facsimile prior
                  to such final Maturity Date and shall specify that such final
                  instalment will be payable only upon presentation and
                  surrender of such Class A Note and shall specify the place
                  where such Class A Note may be presented and surrendered for
                  payment of such instalment. Notices in connection with
                  redemptions of Class A Notes shall be mailed to Class A
                  Noteholders as provided in Condition 12.

      36.2  CLEARING AGENCY CERTIFICATE

            The Issuer, the Manager and the Note Trustee may call for and shall
            be at liberty to accept and place full reliance on as sufficient
            evidence a certificate or letter or confirmation signed on behalf of
            any Clearing Agency or any form of record made by either of them to
            the effect that at any particular time or throughout any particular
            period any particular person is, was or will be shown in its records
            as entitled to a particular interest in a Book-Entry Note.

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37    CURRENCY INDEMNITY

            Subject to this deed including, without limitation, clause 45, the
            Issuer indemnifies the Note Trustee and the Class A Noteholders and
            keeps them indemnified against:

            (a)   any loss or damage incurred by any of them arising from the
                  non-payment by the Issuer of any US$ due to the Note Trustee
                  or the relevant Class A Noteholders under this deed or the
                  relevant Class A Notes by reason of any variation in the rates
                  of exchange between those used for the purposes of calculating
                  the amount due under a judgment or order in respect of that
                  payment, which amount is expressed in a currency other than
                  US$, and under which the Note Trustee and the Class A
                  Noteholders do not have an option to have that judgment or
                  order expressed in US$, and those prevailing at the date of
                  actual payment by the Issuer; and

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            (b)   any deficiency arising or resulting from any variation in
                  rates of exchange between:

                  (1)   the date (if any) as of which the non-US$ currency
                        equivalent of the US$ amounts due or contingently due
                        under this deed (other than this clause 37) or in
                        respect of the relevant Class A Notes is calculated for
                        the purposes of any bankruptcy, insolvency or
                        liquidation of the Issuer; and

                  (2)   the final date for ascertaining the amount of claims in
                        that bankruptcy, insolvency or liquidation provided that
                        in that bankruptcy, insolvency or liquidation claims are
                        required to be made in a currency other than US$.

                  The amount of that deficiency shall not be reduced by any
                  variation in rates of exchange occurring between that final
                  date and the date of any distribution of assets in connection
                  with that bankruptcy, insolvency or liquidation.

            (c)   If any payment is made by the Issuer under this deed or the
                  Class A Notes or if the Note Trustee or any Class Noteholder
                  receives or recovers any money under or pursuant to this deed
                  or the Class A Notes in a currency (RECEIPT CURRENCY) other
                  than the currency in which the money was payable pursuant to
                  the terms of this deed or the Class A Notes (AGREED CURRENCY),
                  the Issuer must, as a separate and additional liability, pay
                  to the recipient such additional amount so that after
                  conversion from the Receipt Currency into the Agreed Currency
                  of such money so paid, received or recovered and after the
                  payment of all commission and expenses in relation to such
                  conversion the recipient will receive net in its hands an
                  amount in the Agreed Currency equal to the amount of the money
                  payable under this deed or the Class A Notes in the Agreed
                  Currency.

            (d)   Any payment purportedly pursuant to the terms of this deed or
                  a Class A Note in a currency other than the currency in which
                  it is required to be paid will not discharge or satisfy the
                  relevant obligation of the payer to make the payment except to
                  the extent that, and insofar as, the currency in which the
                  payment is required to be made is acquired by sale of the
                  currency in which the payment was actually made.

            (e)   The indemnities in this clause 37 are obligations of the
                  Issuer separate and independent from its obligations under the
                  other provisions of this deed and Class A Notes and apply
                  irrespective of any time or indulgence granted by the Note
                  Trustee or the Class A Noteholders from time to time and shall
                  continue in full force and effect despite the judgment or
                  filing of any proof or proofs in any bankruptcy, insolvency or
                  liquidation of the Issuer for a liquidated sum or sums in
                  respect of amounts due under this deed (other than this clause
                  37) or the Class A Notes. Any deficiency will constitute a
                  loss suffered by the Class A Noteholders and no proof or
                  evidence of any actual loss shall be required by the Issuer or
                  its liquidator.

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38    NEW NOTE TRUSTEES

      38.1  APPOINTMENT BY ISSUER

            The Issuer may, at the direction of the Manager, at any time appoint
            a new note trustee of this deed who has previously been approved in
            writing by holders of at least 75% of the aggregate Invested Amount
            of the Class A Notes. One or more persons may hold office as note
            trustee or note trustees of this deed but that note trustee or note
            trustees must be or include a Trust Corporation. Whenever there are
            more than two note trustees of this deed the majority of those note
            trustees are competent to execute and exercise all the duties,
            powers, trusts, authorities and discretions vested in the Note
            Trustee by this deed if a Trust Corporation is included in that
            majority.

      38.2  APPOINTMENT BY NOTE TRUSTEE

            (a)   The Note Trustee may, on not less than 14 days prior written
                  notice to the Issuer and Manager, appoint any person
                  established or resident in any jurisdiction (whether a Trust
                  Corporation or not) to act either as a separate note trustee
                  or as a co-note trustee jointly with the Note Trustee:

                  (1)   if the Note Trustee considers that appointment to be in
                        the interests of the Class A Noteholders;

                  (2)   for the purposes of conforming to any legal
                        requirements, restrictions or conditions in any
                        jurisdiction in which any particular act or acts is or
                        are to be performed; or

                  (3)   for the purposes of obtaining a judgment in any
                        jurisdiction or the enforcement in any jurisdiction of
                        either a judgment already obtained or any of the
                        provisions of this deed against the Issuer.

            (b)   Subject to the provisions of this deed, a person appointed
                  under paragraph (a) has all trusts, powers, authorities and
                  discretions (not exceeding those conferred on the Note Trustee
                  by this deed) and all duties and obligations conferred or
                  imposed by the instrument of appointment. All rights, powers,
                  duties and obligations conferred or imposed upon the Note
                  Trustee shall be conferred or imposed upon and exercised or
                  performed by the Note Trustee and such separate note trustee
                  or co-trustee jointly (it being understood that such separate
                  trustee or co-trustee is not authorised to act separately
                  without the Note Trustee joining in such act), except to the
                  extent that under any law of any jurisdiction in which any
                  particular act or acts are to be performed the Note Trustee
                  shall be incompetent or unqualified to perform such act or
                  acts, in which event such rights, powers, duties and
                  obligations shall be exercised and performed singly by such
                  separate trustee or co-trustee, but solely at the direction of
                  the Note Trustee.

            (c)   The Note Trustee may remove any person appointed under this
                  clause 38. The reasonable remuneration of any person appointed
                  under this clause 38 together with any costs, charges and
                  expenses properly incurred by it in performing its function as
                  note trustee or co-note trustee will be costs, charges and
                  expenses incurred by the Note Trustee under this deed.

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      38.3  NOTICE

            (a)   The Issuer shall notify the Principal Paying Agent and the
                  Class A Noteholders of any appointment of a new note trustee
                  or any retirement or removal of an existing note trustee of
                  this deed as soon as practicable after becoming aware of that
                  appointment, retirement or removal in accordance with
                  Condition 12.

            (b)   The Note Trustee shall notify each Designated Rating Agency of
                  any appointment of a new note trustee or its retirement or
                  removal as soon as practicable.

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39    NOTE TRUSTEE'S RETIREMENT AND REMOVAL

      39.1  REMOVAL BY ISSUER

            The Issuer (or the Manager after informing the Issuer of its
            intention to do so) may at any time terminate the appointment of the
            Note Trustee by giving written notice to that effect to each
            Designated Rating Agency and the Note Trustee with effect
            immediately on that notice, subject to clause 39.4, if any of the
            following occurs in relation to the Note Trustee:

            (a)   an Insolvency Event has occurred in relation to the Note
                  Trustee in its personal capacity or in respect of its personal
                  assets (and not in its capacity as trustee of any trust or in
                  respect of any assets it holds as trustee);

            (b)   the Note Trustee has ceased its business;

            (c)   the Note Trustee fails to comply with any of its obligations
                  under any Transaction Document and such failure has had or, if
                  continued, will have, a Material Adverse Effect (as determined
                  by the Issuer), and, if capable of remedy, the Note Trustee
                  does not remedy that failure within 14 days after the earlier
                  of:

                  (1)   the Note Trustee becoming aware of that failure; and

                  (2)   receipt by the Note Trustee of a written notice with
                        respect thereto from either the Issuer or the Manager;
                        or

            (d)   the Note Trustee fails to satisfy any obligation imposed on it
                  under the TIA with respect to the Securitisation Fund or this
                  deed or comply with clause 39.9.

      39.2  REMOVAL BY CLASS A NOTEHOLDERS

            The Class A Noteholders may resolve by written consent of the
            holders of at least 75% of the aggregate Invested Amount of the
            Class A Notes to require the Issuer to remove the Note Trustee or
            note trustees for the time being of this deed.

      39.3  RESIGNATION

            Subject to this clause 39, the Note Trustee may resign its
            appointment under this deed at any time by giving to the Issuer, the
            Manager, the Security Trustee and each Designated Rating Agency not
            less than 3 months' written notice to that effect which notice shall
            expire not less than 30 days (or such lesser time as the

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                                                                 Note Trust Deed
'

            Manager, the Issuer and the Note Trustee may agree) before any due
            date for payment of the Class A Notes.

      39.4  RATING AGENCIES APPROVAL

            Any resignation or removal of the Note Trustee and appointment of a
            successor note trustee will not become effective until acceptance of
            the appointment by that successor note trustee and confirmation by
            the Moody's Investor Service Inc (such confirmation not to be
            unreasonably withheld or delayed) that such appointment will not
            cause a downgrading, qualification or withdrawal of the then current
            ratings of the Class A Notes. The Manager is responsible for
            obtaining such confirmation from Moody's Investor Service Inc.

      39.5  TRUST CORPORATION

            The Issuer undertakes that if the Note Trustee which is a Trust
            Corporation retires or is removed it will use its best endeavours to
            appoint a new note trustee of this deed which is a Trust Corporation
            as soon as reasonably practicable. The retirement or removal of any
            Note Trustee shall not become effective until a successor Note
            Trustee which is a Trust Corporation is appointed, save as
            hereinafter provided. The Manager must assist the Issuer to appoint
            a new note trustee of this deed. If the Issuer fails to appoint a
            new Note Trustee by the date which is one (1) month prior to the
            date of the Note Trustee's proposed retirement or removal, the Note
            Trustee shall be entitled to appoint a new Note Trustee which is a
            Trust Corporation and such appointment shall be deemed to have been
            made under clause 38.2 of this deed. If no other person can be found
            to act as the Note Trustee, the Noteholders may appoint a Note
            Trustee from among the holders of the Class A Notes.

      39.6  SUCCESSOR TO NOTE TRUSTEE

            (a)   On the execution by the Issuer, the Manager and any successor
                  Note Trustee of an instrument effecting the appointment of
                  that successor Note Trustee and a deed whereby the successor
                  agrees to be bound by this deed, that successor Note Trustee
                  shall, without any further act, deed or conveyance, become
                  vested with all the authority, rights, powers, trusts,
                  immunities, duties and obligations of the predecessor Note
                  Trustee with effect as if originally named as Note Trustee in
                  this deed and the Transaction Documents and that predecessor
                  Note Trustee, on payment to it of the pro rata proportion of
                  its fee and disbursements then unpaid (if any), shall have no
                  further liabilities under this deed, except for any accrued
                  liabilities arising from or relating to any act or omission
                  occurring prior to the date on which the successor Note
                  Trustee is appointed.

            (b)   Any corporation:

                  (1)   into which the Note Trustee is merged;

                  (2)   with which the Note Trustee is consolidated;

                  (3)   resulting from any merger or consolidation to which the
                        Note Trustee is a party;

                  (4)   to which the Note Trustee sells or otherwise transfers
                        all or substantially all the assets of its corporate
                        trust business,

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                                                                 Note Trust Deed

                  shall, on the date when that merger, conversion,
                  consolidation, sale or transfer becomes effective (and upon
                  execution by the Issuer, the Manager and any such merged or
                  consolidated entity of a deed whereby that entity agrees to be
                  bound by the terms of this deed) and to the extent permitted
                  by applicable law, become the successor Note Trustee under
                  this deed without the execution or filing of any agreement or
                  document or any further act on the part of the parties to this
                  deed, unless otherwise required by the Issuer or the Manager,
                  and after that effective date all references in this deed to
                  the Note Trustee shall be references to that corporation.

            (c)   The Manager undertakes to use its best endeavours to procure
                  execution by the relevant parties of the deeds referred to in
                  clauses 39.6(a)and 39.6(b).

      39.7  NOTICE

            (a)   The Issuer shall notify the Principal Paying Agent and the
                  Class A Noteholders of any appointment of a new note trustee
                  or any retirement or removal of the existing note trustee of
                  this deed as soon as practicable after becoming aware of that
                  appointment, retirement or removal in accordance with
                  Condition 12.

            (b)   The Note Trustee shall notify each Designated Rating Agency of
                  its retirement as soon as practical.

      39.8  RETENTION OF LIEN

            (a)   Nothing in this clause 39 shall release the Note Trustee from
                  any liability incurred by it prior to its retirement.

            (b)   The outgoing Note Trustee will remain entitled to the benefit
                  of the indemnities granted by this deed to the outgoing Note
                  Trustee in respect of any liability, cost or other obligation
                  incurred by it while acting as Note Trustee, as if it were
                  still the Note Trustee under this deed.

      39.9  ELIGIBILITY; DISQUALIFICATION

            (a)   The Note Trustee shall at all times satisfy the requirements
                  of Section 310(a) of the TIA.

            (b)   The Note Trustee shall have a combined capital and surplus (as
                  those terms are used in the TIA) of at least US$50,000,000 as
                  set forth in its most recent published annual report of
                  condition.

            (c)   The Note Trustee shall comply with Section 310(b) of the TIA,
                  provided that any indenture or indentures under which other
                  securities of the Trustee are outstanding shall be excluded
                  from the operation of Section 310(b)(1) of the TIA for the
                  purposes of paragraph (b) if the requirements for such
                  exclusion set out in Section 310(b)(1) of the TIA are met.

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                                                                 Note Trust Deed

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40    NOTE TRUSTEE'S POWERS ADDITIONAL

            The powers conferred upon the Note Trustee by this deed shall be in
            addition to any powers which may from time to time be vested in the
            Note Trustee by the general law or as a holder of any of the Class A
            Notes.

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41    SEVERABILITY OF PROVISIONS

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

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42    NOTICES

      42.1  GENERAL

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

            (a)   must be in writing;

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

            (c)   will be taken to be duly given or made:

                  (1)   (in the case of delivery in person or by post) when
                        delivered, received or left at the address of the person
                        shown in clause 42.2 or to any other address of which
                        the sender may have been notified by the recipient; and

                  (2)   (in the case of facsimile transmission) on receipt of a
                        transmission report confirming successful transmission
                        to the number shown in clause 42.2 or any other number
                        notified by the recipient to the sender in accordance
                        with this clause 42;

                  but if delivery or receipt is on a day on which business is
                  not generally carried on in the place to which the
                  communication is sent or is later than 5.00 pm (local time),
                  it will be taken to have been duly given or made at the
                  commencement of business on the next day on which business is
                  generally carried on in that place. Any party may by notice to
                  each party change its address and facsimile under this clause
                  42.1.

      42.2  DETAILS

            The address and facsimile of each person to whom notices may be sent
            at the date of this deed are as follows:

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                                                                 Note Trust Deed

            The Issuer

                  Perpetual Trustees Australia Limited
                  Level 7
                  9 Castlereagh Street
                  Sydney  New South Wales  2000

                  Fax:             (02) 9221 7870

                  Attention:       Manager, Securitisation

            The Manager

                 ME Portfolio Management Limited
                 Level 23
                 360 Collins Street
                 Melbourne  Victoria  3000

                 Fax:             (03) 9605 6200

                 Attention:       Funding Manager

            The Note Trustee

                The Bank of New York
                101 Barclay Street
                Floor 21 West
                New York,  New York  10286

                Fax:             1 212 815 3522
                Attention:       Global Structured Products Unit

            The Calculation Agent

                The Bank of New York
                101 Barclay Street
                Floor 21 West
                New York,  New York  10286

                Fax:             1 212 815 3522
                Attention:       Global Structured Products Unit

            The Security Trustee

                 Perpetual Trustee Company Limited
                 Level 7
                 9 Castlereagh Street
                 Sydney  New South Wales  2000

                 Fax:   (02) 9221 7870   Attention:   Manager - Securitisation

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                                                                 Note Trust Deed

            The Note Registrar

                 The Bank of New York
                 101 Barclay Street
                 Floor 21 West
                 New York,  New York10286

                 Fax:             1 212 815 3522
                 Attention:       Global Structured Products Unit

            The Principal Paying Agent

                 The Bank of New York
                 101 Barclay Street
                 Floor 21 West
                 New York,  New York  10286

                 Fax:             1 212 815 3522
                 Attention:       Global Structured Products Unit\

      42.3  COMMUNICATION THROUGH PRINCIPAL PAYING AGENT

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

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43    GOVERNING LAW AND JURISDICTION

      43.1  GOVERNING LAW

            (a)   Subject to clause 43.1(b), this deed and the trust constituted
                  under this deed are governed by the law of New South Wales,
                  Australia. The parties submit to the non-exclusive
                  jurisdiction of courts exercising jurisdiction there.

            (b)   The administration of the Trust created under this deed,
                  including the exercise of the Note Trustee's powers under
                  clause 13 of this deed, is governed by the law of New York. In
                  the event of any inconsistency between the operation of the
                  law of New South Wales, Australia and the law of New York in
                  respect of the application of those powers, the law of New
                  York will prevail to the extent of the inconsistency.

      43.2  JURISDICTION

            Each of the parties hereto irrevocably agrees for the benefit of
            each other and the Noteholders that the courts of New South Wales,
            Australia are to have jurisdiction to settle any disputes which may
            arise out of or in connection with this deed and that accordingly
            any notices, demands, suit, action or proceedings arising out of or
            in connection with this deed (together referred to as "PROCEEDINGS")
            may be brought in the courts of New South Wales, Australia. Each of
            the parties hereto irrevocably and unconditionally waives and agrees
            not to raise any objection which it may have now or subsequently to
            the laying of the venue of any

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            Proceedings in the courts of New South Wales, Australia and any
            claim that any Proceedings have been brought in an inconvenient
            forum and further irrevocably and unconditionally agrees that a
            judgment in any Proceedings brought in the courts of New South
            Wales, Australia shall be conclusive and binding upon it and may be
            enforced in the courts of any other jurisdiction. Nothing in this
            Clause shall limit any right to take Proceedings in any other court
            of competent jurisdiction, nor shall the taking of Proceedings in
            one or more jurisdictions preclude the taking of Proceedings in any
            other jurisdiction, whether concurrently or not.

      43.3  AGENT

            The Issuer irrevocably and unconditionally appoints CT Corporation
            System, 111 Eighth Avenue, 13th floor, New York, New York, 10011 and
            in the event of its ceasing so to act will appoint such other person
            as the Note Trustee may approve and as the Issuer may nominate in
            writing to the Note Trustee for the purpose to accept service of
            process on its behalf in respect of any Proceedings. The Issuer:

            (a)   agrees to procure that, so long as any of the Notes remains
                  outstanding, there shall be in force an appointment of such a
                  person approved by the Note Trustee with an office with
                  authority to accept service as aforesaid;

            (b)   agrees that failure by any such person to give notice of such
                  service of process to the Issuer shall not impair the validity
                  of such service or of any judgment based thereon;

            (c)   consents to the service of process in respect of any
                  Proceedings by airmailing of copies, postage prepaid, to the
                  Issuer in accordance with Clause 26; and

            (d)   agrees that nothing in this deed shall affect the right to
                  serve process in any other manner permitted by law.

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44    COUNTERPARTS

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

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45    LIMITED RECOURSE

      45.1  GENERAL

            Clause 26 of the Master Trust Deed applies to the obligations and
            liabilities of the Issuer and the Manager under this deed.

      45.2  LIABILITY OF ISSUER LIMITED TO ITS RIGHT TO INDEMNITY

            (a)   The Issuer enters into this deed only in its capacity as
                  trustee of the Securitisation Fund and in no other capacity
                  (except where the Transaction Documents provide otherwise).
                  Subject to clause 45.2(c) below, a liability arising under or
                  in connection with this deed or the Securitisation Fund is
                  limited to and can be enforced against the Issuer only to the
                  extent to

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                  which it can be satisfied out of the assets and property of
                  the Securitisation Fund which are available to satisfy the
                  right of the Issuer to be exonerated or indemnified for the
                  liability. This limitation of the Issuer's liability applies
                  despite any other provision of this deed and extends to all
                  liabilities and obligations of the Issuer in any way connected
                  with any representation, warranty, conduct, omission,
                  agreement or transaction related to this deed or the
                  Securitisation Fund.

            (b)   Subject to 45.2(c)below, no person (including any Relevant
                  Party) may take action against the Issuer in any capacity
                  other than as trustee of the Securitisation Fund or seek the
                  appointment of a receiver (except under the Security Trust
                  Deed), or a liquidator, an administrator or any similar person
                  to the Issuer or prove in any liquidation, administration or
                  arrangements of or affecting the Issuer except in relation to
                  the Assets of the Securitisation Fund.

            (c)   The provisions of this clause 45.2 shall not apply to any
                  obligation or liability of the Issuer to the extent that it is
                  not satisfied because under a Transaction Document or by
                  operation of law there is a reduction in the extent of the
                  Issuer's indemnification or exoneration out of the Assets of
                  the Securitisation Fund as a result of the Issuer's fraud,
                  negligence or wilful default and will not apply to any
                  obligation or liability of the Issuer to pay amounts from its
                  personal funds pursuant to clause 12.1.

            (d)   It is acknowledged that the Relevant Parties are responsible
                  under this deed or the other Transaction Documents for
                  performing a variety of obligations relating to the
                  Securitisation Fund. No act or omission of the Issuer
                  (including any related failure to satisfy its obligations
                  under this deed) will be considered fraud, negligence or
                  wilful default of the Issuer for the purpose of clause
                  45.2(c)above to the extent to which the act or omission was
                  caused or contributed to by any failure by any Relevant Party
                  or any person who has been delegated or appointed by the
                  Issuer in accordance with the Transaction Documents to fulfil
                  its obligations relating to the Securitisation Fund or by any
                  other act or omission of a Relevant Party or any such person.

            (e)   No attorney, agent, delegate, receiver or receiver and manager
                  appointed in accordance with this deed or any other
                  Transaction Document has authority to act on behalf of the
                  Issuer in a way which exposes the Issuer to any personal
                  liability and no act or omission of any such person will be
                  considered fraud, negligence or wilful default of the Issuer
                  for the purpose of clause 45.2(c) above.

            (f)   In this clause 45.2, Relevant Parties means any party to a
                  Transaction Document other than the Issuer.

            (g)   Nothing in this clause 45.2 limits the obligations expressly
                  imposed on the Issuer under the Transaction Documents.

            (h)   The Issuer is not obliged to do or refrain from doing anything
                  under this deed (including incurring liability) unless the
                  Issuer's liability is limited in the same manner as set out in
                  paragraphs (a) to (c) of this clause 45.2.

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      45.3  UNRESTRICTED REMEDIES

            Nothing in clause 45.2 limits any party in:

            (a)   obtaining an injunction or other order to restrain any breach
                  of this deed by any party;

            (b)   obtaining declaratory relief;

            (c)   relation to its rights under the Security Trust Deed; or

            (d)   taking any legal action against the Issuer in its personal
                  capacity under clause 45.2(c)

      45.4  RESTRICTED REMEDIES

            Except as provided in clauses 45.2(c) and 45.3, none of the Note
            Trustee, each Paying Agent or the Calculation Agent shall, in
            respect of this Deed:

            (a)   (judgment) obtain a judgment for the payment of money or
                  damages by the Issuer;

            (b)   (statutory demand) issue any demand under s459E(1) of the
                  Corporations Act (or any analogous provision under any other
                  law) against the Issuer;

            (c)   (winding up) apply for the winding up or dissolution of the
                  Issuer;

            (d)   (execution) levy or enforce any distress or other execution
                  to, on or against any assets of the Issuer;

            (e)   (court appointed receiver) apply for the appointment by a
                  court of a receiver to any of the assets of the Issuer;

            (f)   (set-off or counterclaim) exercise or seek to exercise any
                  set-off or counterclaim against the Issuer; or

            (g)   (administrator) appoint, or agree to the appointment, of any
                  administrator to the Issuer,

            or take proceedings for any of the above and the Note Trustee, each
            Paying Agent and the Calculation Agent waives their rights to make
            those applications and take those proceedings.

            A reference to the Issuer in this clause 45.4 is to the Issuer in
            its personal capacity and not as trustee of the Securitisation Fund

      45.5  WILFUL DEFAULT OF THE ISSUER

            For the purposes of this deed the expression "wilful default":

            (a)   in relation to the Issuer, means a wilful default of this deed
                  by the Issuer:

                  (1)   other than a default which:

                        (A)   arises out of a breach of a Transaction Document
                              by a person other than the Issuer or any person
                              referred to in clause 45.5(b) in relation to the
                              Issuer;

                        (B)   arises because some other act or omission is a
                              precondition to the relevant act or omission of
                              the Issuer and that other act or omission does not
                              occur;

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                        (C)   is in accordance with a lawful court order or
                              direction or is required by law; or

                        (D)   is in accordance with an instruction or direction
                              given to it by any person in circumstances where
                              that person is authorised to do so by any
                              Transaction Document; and

                  (2)   in circumstances where had it not committed that default
                        it would have been entitled to recoupment, reimbursement
                        or a right of indemnity for its costs and expenses (if
                        any) in complying with this deed from the Securitisation
                        Fund;

            (b)   a reference to the "fraud", "negligence" or "wilful default"
                  of the Issuer means the fraud, negligence or wilful default of
                  the Issuer and of its officers or employees, but not of its
                  agents or delegates, unless the Issuer is liable for the acts
                  or omissions of such other person under the terms of this
                  deed.

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46    SUCCESSOR TRUSTEE

            The Note Trustee, each Paying Agent and the Calculation Agent shall
            do all things reasonably necessary to enable any successor Issuer
            appointed under clause 18 of the Master Trust Deed to become the
            Issuer under this deed.

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47    REIMBURSEMENT FOR THE COST OF INDEPENDENT ADVICE

            Where the Note Trustee is required to express an opinion or make a
            determination or calculation under this deed or the other
            Transaction Documents, the Note Trustee may appoint or engage such
            independent advisers as the Note Trustee reasonably requires to
            assist in the giving of that opinion or the making of that
            determination or calculation and any reasonable costs and expenses
            payable to those advisers will be reimbursed to the Note Trustee by
            the Issuer or if another person is expressly stated in the relevant
            provision in a Transaction Document, that person.

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48    NO LIABILITY

            Without limitation the Note Trustee shall not be liable (subject to
            the mandatory requirements of the TIA) for:

            (a)   any decline in the value or loss realised upon any sale or
                  other disposition made under the Security Trust Deed of any
                  Charged Property or any other property charged to the Security
                  Trustee by any other person in respect of or relating to the
                  obligations of any person in respect of the Issuer or the
                  Secured Moneys (as defined in the Security Trust Deed) or
                  relating in any way to the Charged Property;

            (b)   any decline or loss directly or indirectly arising from the
                  Note Trustee acting or failing to act as a consequence of an
                  opinion reached by it or failing to act as a consequence of it
                  not being indemnified for any action it might otherwise have
                  taken as contemplated by clause 6.3; and

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                                                                 Note Trust Deed

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

            except for the fraud, negligence or wilful default of the Note
            Trustee.

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49    PROSPECTUS

            The Note Trustee has no responsibility for any statement or
            information in or omission from any prospectus, advertisement,
            circular or other document issued by or on behalf of the Issuer or
            Manager, including in connection with the issue of Class A Notes.
            Neither the Issuer nor the Manager may publish or permit to be
            published any such document in connection with the offer of Class A
            Notes or an invitation for subscriptions for Class A Notes
            containing any statement which makes reference to the Note Trustee
            without the prior written consent of the Note Trustee, which consent
            must not be unreasonably withheld. In considering whether to give
            its consent, the Note Trustee is not required to take into account
            the interests of the Noteholders.

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50    NOTE TRUSTEE'S LIMITED LIABILITY

      50.1  RELIANCE ON CERTIFICATE

            The Note Trustee shall not incur any liability as a result of
            relying upon the authority, validity, due authorisation of, or the
            accuracy of any information contained in any notice, resolution,
            direction, consent, certificate, receipt, affidavit, statement,
            valuation report or other document or communication (including any
            of the above submitted or provided by the Manager, by the Issuer or
            by a Class A Noteholder) if the Note Trustee is entitled, under
            clause 50.2 to assume such authenticity, validity, due authorisation
            or accuracy.

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

      50.2  NOTE TRUSTEE'S RELIANCE ON MANAGER, SECURITY TRUSTEE, ISSUER OR
            MORTGAGE MANAGER

            (a)   (Authorised Signatories are sufficient evidence) Whenever any
                  certificate, notice, proposal, direction, instruction,
                  document or other communication is to be given to the Note
                  Trustee, the Note Trustee may assume:

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

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

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                                                                 Note Trust Deed

                        in either case unless the officers of the Note Trustee
                        responsible for the administration of the trust
                        constituted under this deed (the Note Trust) are
                        actually aware to the contrary.

            (b)   (Note Trustee not liable for loss) The Note Trustee shall not
                  be responsible for any loss arising from any forgery or lack
                  of authenticity or any act, neglect, mistake or discrepancy of
                  the Manager, the Security Trustee, Issuer or the Mortgage
                  Manager or any officer, employee, agent or delegate of the
                  Manager, the Security Trustee, the Issuer or the Mortgage
                  Manager in preparing any such document or in compiling,
                  verifying or calculating any matter or information contained
                  in any such document, if the officers of the Note Trustee
                  responsible for the administration of the trust constituted by
                  this deed are not actually aware of such forgery, lack of
                  authenticity or validity, act, neglect, mistake or
                  discrepancy.

      50.3  COMPLIANCE WITH LAWS

            The Note Trustee shall not incur any liability to anyone in respect
            of any failure to perform or to do any act or thing which by reason
            of any provision of any applicable present or future law of any
            place or any applicable ordinance, rule, regulation or by law or of
            any applicable decree, order or judgment of any competent court or
            other tribunal, the Note Trustee shall be prohibited from doing or
            performing.

      50.4  RELIANCE ON EXPERTS

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

      50.5  OVERSIGHTS OF OTHERS

            Having regard to the limitations on the Note Trustee's duties,
            powers, authorities and discretions under this deed, the Note
            Trustee shall not be responsible for any act, omission, misconduct,
            mistake, oversight, error of judgment, forgetfulness or want of
            prudence on the part of any person or agent appointed by the Note
            Trustee or on whom the Note Trustee is entitled to rely under this
            deed (other than a related body corporate (as defined in section 9
            of the Corporations Act)), attorney, banker, receiver, barrister,
            solicitor, agent or other person acting as agent or adviser to the
            Note Trustee except to the extent of losses, costs, claims or
            damages caused by the Note Trustee's fraud, negligence or wilful
            default, provided that nothing in this deed or any other Transaction
            Document imposes any obligations on the Note Trustee to review or
            supervise the performance by any other party of its obligations.

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                                                                 Note Trust Deed

      50.6  POWERS, AUTHORITIES AND DISCRETIONS

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

      50.7  IMPOSSIBILITY OR IMPRACTICABILITY

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

      50.8  LEGAL AND OTHER PROCEEDINGS

            (a)   (INDEMNITY FOR LEGAL COSTS) The Note Trustee or the Class A
                  Noteholders acting under clause 6.5 (as the case may be) (each
                  an Indemnified Party) shall be indemnified by the Issuer
                  (subject to clause 45) for all legal costs and disbursements
                  on a full indemnity basis and all other cost, disbursements,
                  outgoings and expenses incurred by the Indemnified Party in
                  connection with:

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

                  (2)   without limiting the generality of clause 50.8(a)(1)
                        above, the initiation, defence, carriage and settlement
                        of any action, suit, proceeding or dispute in respect
                        of; and

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

                  this deed or any other Transaction Document or otherwise under
                  or in respect of this deed provided that the enforcement,
                  contemplated enforcement or preservation by the Note Trustee
                  (as the case may be) of the rights referred to in clause
                  50.8(a)(1) or the court proceedings referred to in clause
                  50.8(a)(2) (including in each case the defence of any action,
                  suit, proceeding or dispute brought against the Indemnified
                  Party), and the basis of incurring any of those costs,
                  disbursements, outgoings and expenses by the Indemnified
                  Party:

                  (4)   has been approved in advance by the written consent of
                        the holders of at least 75% of the aggregate Invested
                        Amount of the Class A Notes; or

                  (5)   the Indemnified Party reasonably considers the incurring
                        of those costs, disbursements, outgoings and expenses to
                        be necessary.

            (b)   (DEFENCE OF PROCEEDINGS ALLEGING NEGLIGENCE) The Indemnified
                  Party shall be entitled to claim in respect of the above
                  indemnity from the Issuer for its expenses and liabilities
                  incurred in defending any action, suit, proceeding or dispute
                  in which fraud, negligence or wilful default is

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                                                                 Note Trust Deed

                  alleged or claimed against it, but on the same being proved,
                  accepted or admitted by it, it shall immediately repay to the
                  Issuer the amount previously paid by the Issuer to it in
                  respect of that indemnity.

            (c)   (EXPENSES) Subject to clause 45, the Issuer will on demand
                  reimburse the Note Trustee for and keep the Note Trustee
                  indemnified against all expenses including legal costs and
                  disbursements (on a full indemnity basis) reasonably incurred
                  by the Note Trustee in connection with:

                  (1)   the preparation and execution of this deed and any
                        subsequent consent, agreement, approval or waiver under
                        this deed or amendment to this deed;

                  (2)   the exercise, enforcement, preservation or attempted
                        exercise enforcement or preservation of any rights under
                        this deed including without limitation any expenses
                        incurred in the evaluation of any matter of material
                        concern to the Note Trustee; and

                  (3)   any enquiry by a Government Agency concerning the Issuer
                        or the Assets of the Securitisation Fund or a
                        transaction or activity the subject of the Transaction
                        Documents.

      50.9  NO LIABILITY EXCEPT FOR NEGLIGENCE ETC.

            Except to the extent caused by the fraud, negligence or wilful
            default on the Note Trustee's part or on the part of any of its
            officers or employees, or any agents or delegate, sub-agent,
            sub-delegate employed by the Note Trustee in accordance with this
            deed (and where this deed provides that the Note Trustee is liable
            for the acts or omissions of any such person) to carry out any
            transactions contemplated by this deed, the Note Trustee shall not
            be liable for any losses, costs, liabilities or claims arising from
            the failure to pay moneys on the due date for payment to any Class A
            Noteholder or any other person or for any loss howsoever caused in
            respect of any of the Securitisation Fund or to any Class A
            Noteholder or other person. The Note Trustee is not obliged to take
            any action under this deed unless it is indemnified to its
            reasonable satisfaction against all actions, proceedings, claims and
            demands to which it may render itself liable and all costs, charges,
            damages and expenses which it may incur by so doing.

      50.10 FURTHER LIMITATIONS ON NOTE TRUSTEE'S LIABILITY

            Subject to clause 50.2, the Note Trustee shall not be liable:

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

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                                                                 Note Trust Deed

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

                  (1)   any Class A Noteholder under this deed, any other
                        Transaction Document or any other document;

                  (2)   any person under an Enhancement or Mortgage,

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

            (c)   for any Manager's Default;

            (d)   without limiting the Note Trustee's obligations under the
                  Transaction Documents, for any act, omission or default of any
                  Mortgage Manager in relation to its servicing duties or its
                  obligations under any Mortgage Origination and Management
                  Agreement;

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

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

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

            (h)   for the failure of a person to carry out an agreement with the
                  Note Trustee in connection with the Securitisation Fund; or
                  for any losses, costs, liabilities or expenses caused by the
                  Note Trustee's failure to check any calculation, information,
                  document, form or list supplied or purported to be supplied to
                  it by the Manager, the Issuer or Security Trustee,

            except, in the case of paragraphs (c) to (h) (inclusive), to the
            extent that it is caused by the fraud, negligence or wilful default
            of the Note Trustee.

            Nothing in this clause 50.10 alone (but without limiting the
            operation of any other clause of this deed) shall imply a duty on
            the Note Trustee to supervise the Manager or the Security Trustee in
            the performance of the Manager's or the Security Trustee's functions
            and duties, and the exercise by the Manager or the Security Trustee
            of its discretions.

      50.11 CONFLICTS

            (a)   (NOT LIABLE TO ACCOUNT) the Note Trustee shall not be in any
                  way liable to account to any Class A Noteholder or any other
                  person for any profits or benefits (including any profit, bank
                  charges, commission, exchange, brokerage and fees) made or
                  derived under or in connection with any transaction or
                  contract specified in paragraph (b) below.

            (b)   (FIDUCIARY RELATIONSHIP) the Note Trustee shall not by reason
                  of any fiduciary relationship be in any way precluded from
                  making any contracts

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                                                                 Note Trust Deed

                  or entering into any transactions with any such person in the
                  ordinary course of its business or from undertaking any
                  banking, financial, development, agency or other services
                  including any contract or transaction in relation to the
                  placing of or dealing with any investment and the acceptance
                  of any office or profit or any contract of loan or deposits or
                  other contract or transaction which any person or company not
                  being a party to this deed could or might have lawfully
                  entered into if not a party to this deed. The Note Trustee
                  shall not be accountable to any Class A Noteholder or any
                  other person for any profits arising from any such contracts,
                  transactions or offices.

      50.12 INFORMATION

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

      50.13 INVESTIGATION BY NOTE TRUSTEE

            Each Noteholder acknowledges that the Note Trustee has no duty, and
            is under no obligation, to investigate whether a Manager's Default
            or Trustee's Default has occurred in relation to the Securitisation
            Fund other than where it has actual notice.

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51    NOTEHOLDERS' LISTS AND REPORTS, CONTINUING SECURITY, RELEASES AND WAIVERS

      51.1  PROVISION OF INFORMATION

            The Manager will cause to be furnished to the Note Trustee:

            (a)   every six months (with the first six month period commencing
                  on the Closing Date) (each such date being a Notice Date), a
                  list, in such form as the Note Trustee may reasonably require,
                  of the names and addresses of the Class A Noteholders as of
                  the Record Date immediately preceding that Notice Date; and

            (b)   at such other times as the Note Trustee may request in
                  writing, within 30 days after receipt by the Manager with a
                  copy provided to the Issuer of any such request, a list of
                  similar form and content as of a date not more than 10 days
                  prior to the time such list is furnished,

            provided that so long as:

            (c)   the Note Trustee is the Note Registrar; or

            (d)   the Class A Notes are Book-Entry Notes

            no such list shall be required to be furnished.

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                                                                 Note Trust Deed

      51.2  PRESERVATION OF INFORMATION; COMMUNICATIONS TO NOTEHOLDERS

            (a)   The Note Trustee shall preserve, in as current a form as is
                  reasonably practicable, the names and addresses of the Class A
                  Noteholders contained in the most recent list (if any)
                  furnished to the Note Trustee as provided in clause 51.1 and
                  if it acts as Note Registrar, the names and addresses of Class
                  A Noteholders received by the Note Trustee in its capacity as
                  Note Registrar. The Note Trustee may destroy any list
                  furnished to it as provided in such clause 51.1 upon receipt
                  of a new list so furnished.

            (b)   Class A Noteholders may communicate pursuant to Section 312(b)
                  of the TIA with other Class A Noteholders with respect to
                  their rights under this deed or under the Class A Notes.

            (c)   The Issuer, Note Trustee and Note Registrar shall have the
                  protection of Section 312(c) of the TIA.

      51.3  REPORTS BY NOTE TRUSTEE

            If required by Section 313(a) of the TIA, within 60 days after each
            30 June, beginning with 30 June 2004, the Note Trustee shall mail to
            each Class A Noteholder, the Issuer and the Manager as required by
            Section 313(c) of the TIA a brief report dated as of such date that
            complies with Section 313(a) of the TIA. The Note Trustee also shall
            comply with Section 313(b) of the TIA. A copy of each report at the
            time of its mailing to Class A Noteholders shall be filed by the
            Note Trustee with the Commission and each stock exchange, if any, on
            which the Class A Notes are listed. The Manager on behalf of the
            Issuer shall notify the Note Trustee if and when the Class A Notes
            are listed on any stock exchange.

      51.4  NOTICES TO CLASS A NOTEHOLDERS; WAIVER

            Where this deed provides for notice to Class A Noteholders of any
            event, such notice shall be sufficiently given (unless otherwise
            herein expressly provided) if in writing and mailed, first-class,
            postage prepaid to each Noteholder affected by such event, at his or
            her address as it appears on the Note Register, not later than the
            latest date, and not earlier than the earliest date, prescribed for
            the giving of such notice. In any case where notice to Class A
            Noteholders is given by mail, neither the failure to mail such
            notice nor any defect in any notice so mailed to any particular
            Class A Noteholder shall affect the sufficiency of such notice with
            respect to other Class A Noteholders, and any notice that is mailed
            in the manner herein provided shall conclusively be presumed to have
            been duly given. Where this deed provides for notice in any manner,
            such notice may be waived in writing by any person entitled to
            receive such notice, either before or after the event, and such
            waiver shall be the equivalent of such notice. Waivers of notice by
            Class A Noteholders shall be filed with the Note Trustee but such
            filing shall not be a condition precedent to the validity of any
            action taken in reliance upon such a waiver.

            In case, by reason of the suspension of regular mail services as a
            result of a strike, work stoppage or similar activity, it shall be
            impractical to mail notice of any event to Class A Noteholders when
            such notice is required to be given pursuant to any provision of
            this deed, then any manner of giving such notice as the Manager on
            behalf of the Issuer shall direct the Note Trustee shall be deemed
            to be a sufficient giving of such notice.

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<PAGE>

                                                                 Note Trust Deed

      51.5  TRUSTEE'S LIABILITY NOT AFFECTED

            This deed and the liability of the Issuer under this deed will not
            be affected or discharged by any of the following:

            (a)   (INDULGENCE): the granting to the Issuer or to any other
                  person of any time or other indulgence or consideration;

            (b)   (DELAY IN RECOVERY): subject to Condition 8 of the Conditions,
                  the Note Trustee failing or neglecting to recover any amounts
                  owing in respect of the Class A Notes;

            (c)   (LACHES): any other laches, acquiescence, delay, act, omission
                  or mistake on the part of the Note Trustee or any other
                  person; or

            (d)   (RELEASE): the release, discharge, abandonment or transfer
                  whether wholly or partially and with or without consideration
                  of any other security judgment or negotiable instrument held
                  from time to time or recovered by the Note Trustee from or
                  against the Issuer or any other person.

      51.6  REPORTS BY ISSUER

            The Issuer or the Manager on its behalf shall:

            (a)   file with the Note Trustee, within 15 days after the Issuer or
                  the Manager is required to file the same with the Commission,
                  copies of the annual reports and of the information, documents
                  and other reports (or copies of such portions of any of the
                  foregoing as the Commission may from time to time by rules and
                  regulations prescribe) which the Issuer or the Manager may be
                  required to file with the Commission pursuant to section 13 or
                  15(d) of the Securities Exchange Act of 1934, as amended;

            (b)   file with the Note Trustee and the Commission in accordance
                  with rules and regulations prescribed from time to time by the
                  Commission such additional information, documents and reports
                  with respect to compliance by the Issuer or the Manager on its
                  behalf with the conditions and covenants of this deed as may
                  be required from time to time by such rules and regulations;
                  and

            (c)   supply to the Note Trustee (and the Note Trustee shall
                  transmit by mail to all Class A Noteholders described in
                  Section 313(c) of the TIA) such summaries of any information,
                  documents and reports required to be filed by the Issuer or
                  the Manager on its behalf pursuant to clauses 51.6(a) and
                  51.6(b) as may be required by rules and regulations prescribed
                  from time to time by the Commission.

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

52    TRUST INDENTURE ACT - MISCELLANEOUS

      52.1  COMPLIANCE CERTIFICATES AND OPINIONS

            (a)   Upon any application or request by the Issuer or the Manager
                  to the Note Trustee to take any action under any provision of
                  this deed, the Issuer (or the Manager on its behalf) shall
                  furnish to the Note Trustee:

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                                                                         PAGE 89
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                                                                 Note Trust Deed

                  (1)   an Officer's Certificate stating that all conditions
                        precedent, if any, provided for in this deed relating to
                        the proposed action have been complied with;

                  (2)   an Opinion of Counsel stating that in the opinion of
                        such counsel all such conditions precedent, if any, have
                        been complied with; and

                  (3)   (if required by the TIA) an Independent Certificate from
                        a firm of certified public accountants meeting the
                        applicable requirements of Section 314(c)(3) of the TIA,
                        except that, in the case of any such application or
                        request as to which the furnishing of such documents is
                        specifically required by any provision of this deed, no
                        additional certificate or opinion need be furnished.

                  (1)   Prior to the deposit of any property or securities with
                        the Issuer that is to be made the basis for the release
                        of any property or securities subject to the Security
                        Interest created by the Security Trust Deed, the Issuer
                        (or the Manager on its behalf) shall, in addition to any
                        obligation imposed in clause 52.1(a) or elsewhere in
                        this deed, furnish to the Note Trustee an Officer's
                        Certificate certifying or stating the opinion of each
                        person signing such certificate as to the fair value
                        (within 90 days of such deposit) of the property or
                        securities to be so deposited.

                  (2)   Whenever any property or securities are to be released
                        from the Security Interest created by the Security Trust
                        Deed, the Issuer (or the Manager on its behalf) shall
                        also furnish to the Note Trustee an Officer's
                        Certificate certifying or stating the opinion of each
                        person signing such certificate as to the fair value
                        (within 90 days of such release) of the property or
                        securities proposed to be released and stating that in
                        the opinion of such person the proposed release will not
                        impair the security under the Security Trust Deed in
                        contravention of the provisions of the Security Trust
                        Deed or this deed.

                  (3)   Whenever the Issuer (or the Manager on its behalf) is
                        required to furnish to the Note Trustee an Officer's
                        Certificate certifying or stating the opinion of any
                        signer thereof as to the matters described in paragraphs
                        (1) and (2), the Issuer (or the Manager on its behalf)
                        shall also furnish to the Note Trustee an Independent
                        Certificate as to the same matters if the fair value of
                        the property or securities and of all other property or
                        securities deposited or released from the Security
                        Interest created by the Security Trust Deed since the
                        commencement of the then current calendar year, as set
                        forth in the certificate required by clause 52.1(b)(2)
                        and this clause 52.1(b)(3), equals 10% or more of the
                        Outstanding Principal Balance of the Notes, but such
                        certificate need not be furnished in the case of any
                        release of property or securities if the fair value
                        thereof as set forth in the related Officer's
                        Certificate is less than US$25,000 or less than one
                        percent of the then Outstanding Principal Balance of the
                        Notes. Notwithstanding any other provision of this
                        clause 52.1(b), the Issuer may:

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                                                                 Note Trust Deed

                        (A)   collect, liquidate, sell or otherwise dispose of
                              receivables or other Assets of the Securitisation
                              Fund as and to the extent permitted or required by
                              the Transaction Documents; and

                        (B)   make or permit to be made cash payments out of the
                              Collection Account or the US$ Account as and to
                              the extent permitted or required by the
                              Transaction Documents.

                  (c)   Every Officer's Certificate or opinion with respect to
                        compliance with a condition or covenant provided for in
                        this deed shall include:

                        (1)   a statement that each signatory of such
                              certificate or opinion has read or has caused to
                              be read such covenant or condition and the
                              definitions herein relating thereto;

                        (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 each such
                              signatory, such signatory has made such
                              examination or investigation as is necessary to
                              enable such signatory to express an informed
                              opinion as to whether or not such covenant or
                              condition has been complied with; and

                        (4)   a statement as to whether, in the opinion of each
                              such signatory such condition or covenant has been
                              complied with.

      52.2  UNDERTAKING FOR COSTS

            (a)   Subject to clause 52.2(b), all parties to this deed agree, and
                  each Class A Noteholder by such Class A Noteholder's
                  acceptance thereof shall be deemed to have agreed, that any
                  court may in its discretion require, in any suit for the
                  enforcement of any right or remedy under this deed, or in any
                  suit against the Note Trustee for any action taken, suffered
                  or omitted by it as the Note Trustee, the filing by any party
                  litigant in such suit of an undertaking to pay the costs of
                  such suit, and that such court may in its discretion assess
                  reasonable costs, including reasonable attorneys' fees,
                  against any party litigant in such suit, having due regard to
                  the merits and good faith of the claims or defences made by
                  such party litigant.

            (b)   The provisions of this clause 52.2 shall not apply to:

                  (1)   any suit instituted by the Note Trustee;

                  (2)   any suit instituted by any Class A Noteholder, or group
                        of Class A Noteholders in each case holding in the
                        aggregate more than 10% of the aggregate Invested Amount
                        of the Class A Notes; or

                  (3)   any suit instituted by any Class A Noteholder for the
                        enforcement of the payment of principal or interest on
                        any Class A Note on or after the respective due dates
                        expressed in such Class A Note and in this deed (or, in
                        the case of final redemption of a Class A Note, on or
                        after the Final Maturity Date).

      52.3  EXCLUSIONS OF SECTION 316

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

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                                                                 Note Trust Deed

            (b)   For the purposes of Section 316(a)(2) of the TIA in
                  determining whether any Class A Noteholders have concurred in
                  any relevant direction or consent, Notes owned by the Issuer
                  or by any Associate of the Issuer, shall be disregarded,
                  except that for the purposes of determining whether the Note
                  Trustee shall be protected in relying on any such direction or
                  consent, only Class A Notes which the Note Trustee knows are
                  so owned shall be so disregarded.

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

            Notwithstanding any other provisions in this deed but subject to
            clause 45, any Class A Noteholder shall have the right, which is
            absolute and unconditional, to receive payment of the principal of
            and interest, if any, on such Class A Note on or after the
            respective due dates thereof expressed in such Class A Note or in
            this deed (or, in the case of final redemption of a Note, on or
            after the Final Maturity Date) and to institute suit for the
            enforcement of any such payment, and such right shall not be
            impaired without the consent of such Class A Noteholder, except to
            the extent that the institution or prosecution thereof or the entry
            of judgment therein would, under applicable law, result in the
            surrender, impairment, waiver or loss of the Security Interest
            created by the Security Trust Deed upon any property subject to such
            Security Interest.

      52.5  CONTINUING OBLIGATION

            This deed shall be a continuing obligation notwithstanding any
            settlement of account intervening payment express or implied
            revocation or any other matter or thing whatsoever until a final
            discharge thereof has been given to the Issuer.

      52.6  NO MERGER

            Neither this deed nor any of the Note Trustee's powers shall merge
            or prejudicially affect or be merged in or prejudicially affected by
            and the Issuer's obligations hereunder shall not in any way be
            abrogated or released by any other security, any judgment or order,
            any contract, any cause of action or remedy or any other matter or
            thing now or hereafter existing in respect of the Secured Moneys.

      52.7  WAIVER

            A failure to exercise or enforce or a delay in exercising or
            enforcing or the partial exercise or enforcement of any right,
            remedy, power or privilege hereunder by a party shall not in any way
            preclude or operate as a waiver of any further exercise or
            enforcement thereof or the exercise or enforcement of any other
            right remedy power or privilege hereunder or provided by law.

      52.8  CONSENTS AND APPROVALS

            Where any act, matter or thing hereunder depends on the consent or
            approval of the Note Trustee then unless expressly provided
            otherwise herein such consent or approval may be given or withheld
            in the absolute and unfettered discretion of the Note Trustee and
            may be given subject to such conditions as the Note Trustee

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                                                                 Note Trust Deed

            thinks fit in its absolute and unfettered discretion and
            notwithstanding anything to the contrary in this deed, may be given
            retrospectively.

      52.9  WRITTEN WAIVER, CONSENT AND APPROVAL

            Any waiver, consent or approval given by a party under this deed
            shall only be effective and shall only bind that party if it is
            given in writing or given verbally and subsequently confirmed in
            writing and executed by that party or on its behalf by an officer
            for the time being of that party.

      52.10 TIME OF ESSENCE

            Time is of the essence in respect of the Issuer's obligations
            hereunder.

      52.11 MORATORIUM LEGISLATION

            To the fullest extent permitted by law, the provisions of all
            Statutes operating directly or indirectly:

            (a)   to lessen or otherwise to vary or affect in favour of the
                  Issuer any obligation under this deed; or

            (b)   to delay or otherwise prevent or prejudicially affect the
                  exercise of any powers conferred on the Note Trustee, the
                  Principal Paying Agent, the Calculation Agent or the Note
                  Registrar under this deed;

            are hereby expressly waived, negatived and excluded.

      52.12 BINDING ON EACH SIGNATORY

            This deed shall bind each of the signatories hereto notwithstanding
            that any one or more of the named parties hereto does not execute
            this deed, that there is any invalidity forgery or irregularity
            touching any execution hereof or that this deed is or becomes
            unenforceable, void or voidable against any such named party.

      52.13 COUNTERPARTS

            This deed may be executed in a number of counterparts and all such
            counterparts taken together shall be deemed to constitute one and
            the same instrument.

      52.14 ASSIGNMENT

            No party may assign or transfer any of its rights or obligations
            under this deed without the prior written consent of the other
            parties and in accordance with the provisions of this deed with
            respect to retirement of each of such parties from their respective
            roles under this deed.

      52.15 POWER OF ATTORNEY

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

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                                                                 Note Trust Deed

      52.16 CERTIFICATE OF NOTE TRUSTEE

            A certificate in writing signed by a Responsible Officer of the Note
            Trustee certifying any act, matter or thing relating to this deed is
            conclusive and binding on the Issuer in the absence of manifest
            error on the face of the certificate.

      52.17 REMEDIES CUMULATIVE

            The rights and remedies conferred by this deed upon the Note Trustee
            are cumulative and in addition to all other rights or remedies
            available to the Note Trustee by Statute or by general law.

      52.18 INTEREST ON JUDGMENT

            If a liability under this deed (other than a liability for
            negligence, fraud or wilful default of the Issuer under the
            Transaction Documents) becomes merged in a judgment or order then
            the Issuer as an independent obligation will pay interest to the
            Note Trustee on the amount of that liability at a rate being the
            higher of the rate payable pursuant to the judgment or order and the
            highest rate payable on the Class A Notes from the date it becomes
            payable until it is paid.

      52.19 CONFLICT WITH TRUST INDENTURE ACT

            If any provision hereof limits, qualifies or conflicts with another
            provision hereof that is required to be included in this indenture
            by any of the provisions of the TIA, such required provision shall
            prevail.

            The provisions of Sections 310 to 317 (inclusive) of the TIA that
            impose duties on any person (including the provisions automatically
            deemed included herein unless expressly excluded by this deed) are a
            part of and govern this deed, whether or not contained herein.

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

53    CONSENT OF CLASS A NOTEHOLDERS

      53.1  GENERAL

            Except as expressly provided elsewhere in this deed or in clause
            53.2 below, any action that may be taken by the Class A Noteholders
            under this deed may be taken by registered holders of not less than
            a majority of the aggregate Invested Amount of Class A Notes.

      53.2  SPECIAL WRITTEN APPROVALS

            (a)   The following matters are only capable of being effected by
                  the approval in writing of holders of at least 75% of the
                  aggregate Invested Amount of the Class A Notes, namely:

                  (1)   modification of the date fixed for final maturity of the
                        Class A Notes;

                  (2)   reduction or cancellation of the principal payable on
                        the Class A Notes or any alteration of the date or
                        priority of redemption of the Class A Notes;

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                                                                         PAGE 94
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                                                                 Note Trust Deed

                  (3)   alteration of the amount of interest payable on any
                        class of the Class A Notes or modification of the method
                        of calculating the amount of interest payable on the
                        Class A Notes or modification of the date of payment of
                        or interest payable on the Class A Notes;

                  (4)   alteration of the currency in which payments under the
                        Class A Notes are to be made;

                  (5)   altering the required percentage of aggregate Invested
                        Amount of the Class A Notes required to consent or take
                        any action;

                  (6)   alteration of this sub-paragraph.

            (b)   The Class A Noteholders shall in addition to the powers given
                  under this deed have the following powers if approval is given
                  by holders of at least 75% of the aggregate Invested Amount of
                  the Class A Notes as appropriate,

                  (1)   power to sanction any compromise or arrangement proposed
                        to be made between the Issuer and the Class A
                        Noteholders;

                  (2)   power to sanction any abrogation, modification,
                        compromise or arrangement in respect of the rights of
                        the Class A Noteholders against the Issuer or against
                        any of its property or against any other person whether
                        such rights shall arise under these presents, any of the
                        Notes or otherwise;

                  (3)   power to assent to any modification of the provisions
                        contained in this deed, the Class A Notes (including the
                        Conditions) or the provisions of any of the Transaction
                        Documents which shall be proposed by the Issuer or the
                        Note Trustee;

                  (4)   power to give any authority or sanction which under the
                        provisions of this deed or the Class A Notes (including
                        the Conditions) is required to be given in writing by
                        holders of at least 75% of the aggregate Invested Amount
                        of the Class A Notes;

                  (5)   power to approve of a person to be appointed a trustee
                        and power to remove any trustee or trustees for the time
                        being under this deed;

                  (6)   power to discharge or exonerate the Note Trustee from
                        all liability in respect of any act or omission for
                        which the Note Trustee may have become responsible under
                        this deed or under the Class A Notes;

                  (7)   power to authorise the Note Trustee to concur in and
                        execute and do all such deeds, instruments, acts and
                        things as may be necessary to carry out and give effect
                        to the approval in writing by holders of at least 75% of
                        the aggregate Invested Amount of the Class A Notes;

                  (8)   override any waiver by the Note Trustee of a breach of
                        any provisions of Transaction Documents or an Event of
                        Default under the Security Trust Deed;

                  (9)   power to sanction any scheme or proposal for the
                        exchange or sale of the Class A Notes, as the case may
                        be, or for the conversion of the Class A Notes, or for
                        the cancellation of the Class A Notes, in

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                                                                         PAGE 95
<PAGE>

                                                                 Note Trust Deed

                        consideration of shares, stock, notes, bonds,
                        debentures, debenture stock and/or other obligations
                        and/or securities of the Issuer or of any other company
                        formed or to be formed, or for or into or in
                        consideration of cash, or partly for or into or in
                        consideration of such shares, stock, notes, bonds,
                        debenture stock and/or other obligations and/or
                        securities as aforesaid and partly for or into or in
                        consideration of cash.

      53.3  REQUIREMENT FOR WRITING

            Except as expressly provided elsewhere in this deed, all notices and
            consents from Class A Noteholders shall be delivered in writing. Any
            solicitation of such notices or consent shall be in writing and be
            delivered by the Issuer, Manager or Note Trustee, as applicable,
            seeking such notice or consent from the Class A Noteholders to the
            Principal Paying Agent, who shall deliver the foregoing to the
            appropriate Class A Noteholders. With respect to any solicitation of
            approval of Class A Noteholders, the Record Date for determining
            Class A Noteholders with respect to such solicitation shall be the
            date upon which the Principal Paying Agent distributes such notices
            or solicitation to the Class A Noteholders.

      53.4  MEETINGS OF CLASS A NOTEHOLDERS

            Meetings of Class A Noteholders may be convened in the manner set
            out in the Meeting Procedures set out in Schedule 3 in any
            circumstance where a matter arises for determination by the Class A
            Noteholders pursuant to this deed.

      53.5  ENTIRE AGREEMENT

            This deed together with such of the Transaction Documents to which
            each of the parties hereto is a party, constitutes the entire
            agreement between the parties to it as to the subject matter with
            which it deals.

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                                                                         PAGE 96
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                                                                 Note Trust Deed

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EXECUTED AS A DEED:
Each attorney executing this deed states that he or she has no notice of,
alteration to, or revocation or suspension of, his or her power of attorney.

ISSUER

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEES AUSTRALIA LIMITED
by its attorney in the presence of:

<TABLE>

<S>                                                            <C>
------------------------------------------------                 --------------------------------------------------
Witness                                                          Attorney

------------------------------------------------                 --------------------------------------------------
Name (please print)                                              Name (please print)

MANAGER

SIGNED SEALED AND DELIVERED for
ME PORTFOLIO MANAGEMENT LIMITED
by its attorney in the presence of:

------------------------------------------------                 --------------------------------------------------
Witness                                                          Attorney

------------------------------------------------                 --------------------------------------------------
Name (please print)                                              Name (please print)

NOTE TRUSTEE / PRINCIPAL PAYING AGENT/

CALCULATION AGENT / NOTE REGISTRAR

EXECUTED for
THE BANK OF NEW YORK
by its Authorised Signatory in the presence of:

------------------------------------------------                 --------------------------------------------------
Witness                                                          Authorised Signatory

------------------------------------------------                 --------------------------------------------------
Name (please print)                                              Name (please print)

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<PAGE>

                                                                 Note Trust Deed

SECURITY TRUSTEE

SIGNED SEALED AND DELIVERED for
PERPETUAL TRUSTEE COMPANY LIMITED
by its attorney in the presence of:

------------------------------------------------                 --------------------------------------------------
Witness                                                          Attorney

------------------------------------------------                 --------------------------------------------------
Name (please print)                                              Name (please print)

</TABLE>

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                                                                         PAGE 98
<PAGE>

                                                                 Note Trust Deed

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

SCHEDULE 1

FORM BOOK-ENTRY NOTE

REGISTERED                             CUSIP No................................

                                       ISIN No.................................

                                       Common Code.............................

Unless this Note is presented by an authorised representative of The Depository
Trust Company, a New York corporation (DTC), to the Issuer or its agent for
registration of transfer, exchange or payment, and any Note issued is registered
in the name of Cede & Co. or in such other name as is requested by an authorised
representative of DTC (and any payment is made to Cede & Co. or to such other
entity as is requested by an authorised representative of DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                      Perpetual Trustees Australia Limited

                              (ABN 86 000 431 827)

           (a limited liability company incorporated under the law of

                           New South Wales, Australia)

                        in its capacity as trustee of the

                             SMHL Global Fund No. 5

                                 BOOK-ENTRY NOTE

                                  representing

                                 US$750,000,000

               Class A Mortgage Backed Floating Rate Notes Due on

                           the Payment Date falling in

This Note is a Class A Book-Entry Note in respect of a duly authorised issue of
Notes of Perpetual Trustees Australia Limited in its capacity as trustee of the
SMHL Global Fund No. 5 (the "SECURITISATION FUND") (the "ISSUER"), designated as
specified in the title above (the "NOTES"), in an initial aggregate principal
amount of

                              ** (US$750,000,000)**

and (a) constituted by a Master Trust Deed (the "MASTER TRUST DEED") dated 4
July 1994 between the Issuer as trustee, and ME Portfolio Management Limited
(the "MANAGER"), by a Supplementary Bond Terms Notice (the "SUPPLEMENTARY BOND
TERMS NOTICE") dated November 2003 executed by the Issuer, the Security Trustee
(as defined herein), The Bank of New York (the note trustee for the time being
referred to as the "NOTE TRUSTEE") as trustee for the holders for the time being
of the Class A Notes (the "CLASS A NOTEHOLDERS") and the

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<PAGE>

                                                                 Note Trust Deed

Manager, and by the Conditions; (b) issued subject to a Note Trust Deed dated
November 2003 (the "NOTE TRUST DEED") between (among others) the Issuer, the
Manager and the Note Trustee; and (c) secured by a Security Trust Deed (the
"SECURITY TRUST DEED") dated November 2003 between the Issuer, the Manager, the
Note Trustee and Perpetual Trustee Company Limited (ABN 42 000 001 007) (the
"Security Trustee", which expression shall include its successor for the time
being as security trustee under the Security Trust Deed). References to the
Conditions (or to any particular numbered Condition) shall be to the Terms and
Conditions of the Class A Notes set out in Schedule 4 to the Note Trust Deed but
with the deletion of those provisions which are applicable only to Class A Notes
in definitive form. Terms and expressions defined in the Note Trust Deed and the
Conditions shall, save as expressly stated otherwise, bear the same meanings
when used herein.

If the Issuer is obliged to issue Definitive Notes under Clause 3.3 of the Note
Trust Deed this Class A Book-Entry Note will be exchangeable in whole at the
offices of the Principal Paying Agent at [                  ] (or such other
place outside Australia and any of its respective territories and possessions
and other areas subject to jurisdictions as the Note Trustee may agree) for
Class A Definitive Notes and the Issuer shall execute and procure that the
Principal Paying Agent authenticates and delivers in full exchange for this
Class A Book-Entry Note, Class A Definitive Notes in aggregate principal amount
equal to the Amount of all Class A Notes represented by this Class A Book-Entry
Note. The Issuer is not obliged to issue Definitive Notes until 30 days after
the occurrence of an event set out in clause 3.3 of the Note Trust Deed.

The Issuer, in its capacity as trustee of the Securitisation Fund, subject to
this Class A Book-Entry Note and subject to and in accordance with the
Conditions and the Note Trust Deed promises to pay to Cede & Co., or registered
assigns of this Class A Book-Entry Note the principal sum of (US$[       ]) or
such lesser amount as may from time to time be represented by this Class A
Book-Entry Note (or such part of that amount as may become repayable under the
Conditions, the Supplementary Bond Terms Notice and the Note Trust Deed) on
such date(s) that principal sum (or any part of it) becomes repayable in
accordance with the Conditions, the Supplementary Bond Terms Notice and the
Note Trust Deed and to pay interest in arrears on each Payment Date (as defined
in Condition 4) on the Invested Amount (as defined in Condition 5(a)) of this
Class A Book-Entry Note at rates determined in accordance with Class A
Condition 4 and all subject to and in accordance with the certification
requirements described in this Class A Book-Entry Note, the Conditions, the
Supplementary Bond Terms Notice and the Note Trust Deed, which shall be binding
on the registered holder of this Class A Book-Entry Note (as if references in
the Conditions to the Notes and the Noteholders were references to this Class
A Book-Entry Note and the registered holder of this Class A Book-Entry Note
respectively and as if the same had been set out in this Class A Book-Entry
Note in full with all necessary changes, except as otherwise provided in this
Class A Book-Entry Note).

Payments of interest on this Class A Note due and payable on each Quarterly
Payment Date, together with the instalment of principal, if any, shall be
payable to the nominee of the Common Depositary (initially, such nominee to be
Cede & Co.). No payment of interest or principal may be made by the Issuer or
any Paying Agent in the Commonwealth of Australia or its possessions or into a
bank account or to an address in the Commonwealth of Australia. Each of the
persons appearing from time to time in the records of DTC, as the holder of a
beneficial interest in a Class A Note will be entitled to receive any payment so
made in respect of that Class A Note in accordance with the respective rules and
procedures of DTC. Such persons will have no claim directly against the Issuer
in respect of payments due on the Class A Notes which must be made by the holder
of this Class A Book-Entry Note, for so long as this Class A Book-Entry Note is
outstanding.

On any payment of principal and/or interest on the Class A Notes as set out
above details of that

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                                                                        PAGE 100
<PAGE>

                                                                 Note Trust Deed

payment shall be endorsed by the Note Registrar in the Note Register and, in the
case of payments of principal, the Outstanding Principal Balance and Invested
Amount of the Class A Notes shall be reduced for all purposes by the amount so
paid and endorsed in the Note Register. Any such record shall be prima facie
evidence that the payment in question has been made.

If the Issuer is obliged to issue Definitive Notes under Clause 3.3 of the Note
Trust Deed, the Book-Entry Notes will be surrendered to the Issuer by a Clearing
Agency and a Clearing Agency will deliver the relevant registration instructions
to the Issuer. Definitive Notes shall be executed by the Issuer and
authenticated by the Principal Paying Agent and delivered as per the
instructions of the Clearing Agency.

The Class A Definitive Notes to be issued on that exchange will be in registered
form each in the denomination of US$100,000 and multiples of US$1 in excess
thereof. If the Issuer fails to meet its obligations to issue Class A Definitive
Notes, this shall be without prejudice to the Issuer's obligations with respect
to the Notes under the Note Trust Deed, the Master Trust Deed, the Supplementary
Bond Terms Notice and this Class A Book-Entry Note.

On an exchange of this Class A Book-Entry Note, this Class A Book-Entry Note
shall be surrendered to the Principal Paying Agent.

This Class A Book-Entry Note shall not become valid for any purpose unless and
until the Certificate of Authentication attached has been signed by an
Authorised Signatory of the Principal Paying Agent (as defined in the
Supplementary Bond Terms Notice).

This Class A Book-Entry Note is governed by, and shall be construed in
accordance with, the laws of New South Wales, Australia.

IN WITNESS the Issuer has caused this Class A Book-Entry Note to be signed
[manually/in facsimile] by a person duly authorised on its behalf

PERPETUAL TRUSTEES AUSTRALIA LIMITED in its capacity as trustee of the SMHL
Global Fund No. 5 Trust of 2003

By:       --------------------------------------

          Authorised Signatory

Date:     --------------------------------------

IMPORTANT NOTICE:

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

(a)   The Notes do not represent deposits or other liabilities of Perpetual
      Trustee Australia Limited, ABN 86 000 431 827, or associates of Perpetual
      Trustees Australia Limited.

(b)   The holding of Notes is subject to investment risk, including possible
      delays in repayment and loss of income and principal invested.

(c)   None of Perpetual Trustees Australia Limited, any associate of Perpetual
      Trustees Australia Limited, the Security Trustee or the Note Trustee in
      any way stands behind the capital value and/or performance of the Notes or
      the assets of the Securitisation Fund except to the limited extent
      provided in the Transaction Documents for the Securitisation Fund.

(d)   None of Perpetual Trustee Australia Limited, the Manager, the Security
      Trustee, the Note Trustee or, the Currency Swap Provider (as defined in
      the Supplementary Bond Terms

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                                                                        PAGE 101
<PAGE>

                                                                 Note Trust Deed

      Notice) guarantees the payment of interest or the repayment of principal
      due on the Notes.

(e)   None of the obligations of the Issuer or the Manager are guaranteed in any
      way by any associate either of them.

(f)   Without limiting the Conditions, the Issuer's liability to make payments
      in respect of the Notes is limited to its right of indemnity from the
      assets of the Securitisation Fund from time to time available to make such
      payments under the Master Trust Deed and Supplementary Bond Terms Notice.
      All claims against the Issuer in relation to the Notes can be enforced
      against the Issuer only to the extent to which it can be satisfied out of
      the assets of the Securitisation Fund out of which the Issuer is actually
      indemnified for the liability except in the case of (and to the extent of)
      any fraud, negligence or wilful default (as defined in the Master Trust
      Deed) on the part of the Issuer.

(g)   The Noteholder is required to accept any distribution of moneys under the
      Security Trust Deed in full and final satisfaction of all moneys owing to
      it, and any debt represented by any shortfall that exists after any such
      final distribution is extinguished.

                          CERTIFICATE OF AUTHENTICATION

This Class A Book-Entry Note is authenticated by           and until so
authenticated shall not be valid for any purpose.     as Principal Paying Agent

Assignment

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

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

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

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

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

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints

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

attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

<TABLE>
<CAPTION>
<S>                                                                   <C>

Dated:   ------------------------------------------------             ----------------------------------------------
                                                                      Signature
                                                                      Guaranteed:

Dated:   ------------------------------------------------             ----------------------------------------------
                                                                      Signatures must be guaranteed by an "eligible
                                                                      guarantor institution" meeting the
                                                                      requirements of the Note Registrar, which
                                                                      requirements include membership or
                                                                      participation in STAMP or such other
                                                                      "signature guarantee program" as may be
                                                                      determined by the Note Registrar in addition
                                                                      to, or in substitution for, STAMP, all in
                                                                      accordance with the Securities Exchange Act of
                                                                      1934, as amended.
</TABLE>

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                                                                        PAGE 102
<PAGE>

                                                                 Note Trust Deed

*     NOTE: The signature to this assignment must correspond with the name of
      the registered owner as it appears on the face of the within Note in every
      particular without alteration, enlargement or any change whatsoever.

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                                                                        PAGE 103
<PAGE>

                                                                 Note Trust Deed

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

SCHEDULE 2

INFORMATION TO BE CONTAINED IN NOTEHOLDER'S REPORT

o     the Outstanding Principal Balance of each class of notes, including the
      Class B notes;

o     the Invested Amount of each class of notes, including the Class B notes;

o     the interest payments and principal distributions on each class of notes;

o     the Collections;

o     the Interest Collections;

o     the Principal Collections;

o     the aggregate of all redraws made during the relevant Calculation Period;

o     the amount of funds withdrawn from the cash collateral account, if any,
      for the relevant Calculation Period;

o     the balance of the cash collateral account after giving effect to all
      deposits and withdrawals from that account on the next Payment Date;

o     the aggregate amount of Realised Losses realised during the relevant
      Calculation Period, if any;

o     the amount of Realised Losses, if any, during the relevant Calculation
      Period allocated to each class of notes and to any Redraw Funding
      Facility;

o     the bond factor for each class of notes, which with respect to a class of
      notes, means the aggregate of the Invested Amount of the class of notes
      less all principal payments on that class of notes to be made on the next
      Payment Date, divided by the aggregate initial Invested Amount of that
      class of notes;

o     if required, the threshold rate as of that Payment Date;

o     the interest rates on the notes for the related Interest Period;

o     scheduled and unscheduled payments of principal on the housing loans;

o     aggregate Outstanding Principal Balance of the fixed rate housing loans
      and the aggregate Outstanding Principal Balance of the variable rate
      housing loans;

o     delinquency and loss statistics with respect to the housing loans;

o     LIBOR for the related Interest Period;

o     the Class A Carry Over Charge Offs;

o     the Class A Charge Offs;

o     the Class B Carry Over Charge Offs;

o     the Class B Charge Offs;

o     Redraw Charge Offs

o     Carry Over Redraw Charge Offs

o     the Required Cash Collateral; and

o     the current cash collateral balance.

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                                                                 Note Trust Deed

Unless and until definitive Class A Notes are issued, beneficial owners of the
Class A Notes will receive reports and other information provided for under the
Transaction Documents only if, when and to the extent provided by DTC and its
participating organisation.

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                                                                        PAGE 105
<PAGE>

                                                                 Note Trust Deed

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

SCHEDULE 3 - MEETING PROCEDURES

1.    CONVENING OF MEETINGS

      1.1   A meeting of Class A Noteholders must be convened by the Note
            Registrar if required to do so in writing:

            (a)   by the Issuer:

            (b)   by the Note Trustee; or

            (c)   by Class A Noteholders representing not less than 25% of the
                  Class A Notes.

      1.2   Each meeting of Class A Noteholders will be held at the time and
            place designated by the Note Registrar.

      2.    NOTICE OF MEETINGS

      2.1   The Note Registrar shall give notice of a proposed meeting of Class
            A Noteholders to each Class A Noteholder, the Issuer and the Note
            Trustee as follows:

            (a)   the notice must specify the date, time and place of the
                  meeting and the nature of each specific resolution (if any) to
                  be proposed at that meeting;

            (b)   the notice must be given 5 Business Days in advance of the
                  meeting (inclusive of the day on which the notice is given and
                  of the day on which the meeting is held), unless the matter
                  requires, in the opinion of the Note Trustee, urgent
                  attention; and

            (c)   the notice may be given to each recipient in any manner
                  provided in relation to that recipient under this deed.

      2.2   An accidental omission to give notice to, or the non-receipt of
            notice by, any person entitled to such notice, does not invalidate
            the proceedings at any meeting.

      3.    CHAIRMAN

            A representative of the Note Trustee, nominated in writing, is
            entitled to take the chair at every meeting of Class A Noteholders.
            If no such nomination is made or the person nominated is not present
            at the meeting within 15 minutes after the time appointed for the
            meeting to be held, the Class A Noteholders present may choose one
            of their number to be chairman.

      4.    QUORUM

            At any meeting of Class A Noteholders any 2 or more persons present
            in person, by telephone, by video conference, or by Representative,
            being Class A Noteholders who represent in excess of 50% of the
            aggregate Invested Amount of the Class A Notes. will form a quorum
            for the transaction of business and no business (other than the
            choosing of a chairman) may be transacted at any meeting unless the
            requisite quorum is present at the commencement of business.

      5.    ADJOURNMENT

      5.1   If within 15 minutes from the time appointed for any meeting of
            Noteholders a quorum is not present then:

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<PAGE>

                                                                 Note Trust Deed

            (a)   If convened on the requisition of Class A Noteholders, the
                  meeting will be dissolved; and

            (b)   in any other case, the meeting will stand adjourned (unless
                  the Note Trustee agrees that it be dissolved) for the period,
                  not less than 7 days or more than 42 days determined by the
                  chairman.

            In any adjourned meeting two or more Class A Noteholders present in
            person or by Representative representing in excess of 25% of the
            aggregate Invested Amount of the Class A Notes will form a quorum
            and will have the power to pass any resolution and to decide all
            matters which could properly have been dealt with at the meeting
            from which the adjournment took place had a quorum been present.

      5.2   The chairman may with the consent of (and must if directed by) any
            meeting adjourn it from time to time and from place to place. No
            business may be transacted at any adjourned meeting except business
            which might lawfully have been transacted at the meeting from which
            the adjournment took place.

      5.3   Notice of any meeting adjourned through want of a quorum must be
            given in accordance with clause 2.1 of the Meetings Procedures and
            must state the quorum required at that adjourned meeting. That
            notice need not contain any further information regarding the
            adjourned meeting.

      6.    VOTING PROCEDURE

      6.1   Every question submitted to a meeting will be decided in the first
            instance by a show of hands.

      6.2   Unless a poll is (before or on the declaration of the result of the
            show of hands) demanded by the chairman, the Issuer, the Note
            Trustee or by one or more Class A Noteholders or Representatives of
            Class A Noteholders whose aggregate Invested Amount exceeds 5% of
            the full Invested Amount, a declaration by the chairman that a
            resolution has been carried by a particular majority or lost or not
            carried by any particular majority is conclusive.

      6.3   If a poll is so demanded, it must be taken in such manner and
            (subject to clause 6.5) either at once or after such adjournment as
            the chairman directs and the result of such poll is taken to be the
            resolution of the meeting at which the poll was demanded. The demand
            for a poll will not prevent the continuance of the meeting for the
            transaction of any business other than the question on which the
            poll has been demanded.

      6.4   Any poll demanded at any meeting on the election of a chairman or on
            any question of adjournment will be taken at the meeting without
            adjournment.

      6.5

            (a)   On a show of hands every person present being a Class A
                  Noteholder holding, or a Representative holding or
                  representing, one or more Class A Notes has one vote.

            (b)   On a poll every Class A Noteholder (or its Representative)
                  present has one vote for each Class A Note held and registered
                  in the Class A Noteholder's name.

            (c)   Any person entitled to more than one vote need not:

                  (1)   use all their votes; or

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                                                                        PAGE 107
<PAGE>

                                                                 Note Trust Deed

                  (2)   cast all their votes in the same way.

      7.    RIGHT TO ATTEND AND SPEAK

            The Manager, the Issuer and the Note Trustee (through their
            respective representatives) and their respective financial and legal
            advisers is entitled to attend and speak at any meeting of the Class
            A Noteholders. No other person is entitled to attend or vote at any
            meeting of the Class A Noteholders or to join with others in
            requesting the convening of such a meeting unless they are a Class A
            Noteholder or a Representative of a Class A Noteholder.

      8.    APPOINTMENT OF PROXIES

      8.1   Each appointment of a proxy:

            (a)   must be in writing;

            (b)   if so required by the Issuer, must be accompanied by proof
                  satisfactory to the Issuer of its due execution; and

            (c)   must be deposited with the Note Registrar at its address for
                  service of notices under this deed or at such other place as
                  the Note Registrar designated or approves not less than 24
                  hours before the time appointed for holding the meeting or
                  adjourned meeting at which the named proxy proposes to vote.

            In default, the appointment of proxy is not valid unless the
            chairman of the meeting decided otherwise before such meeting or
            adjourned meeting proceeds to business.

      8.2   The proxy named in any appointment of proxy need not be a Class A
            Noteholder.

      8.3   The issuer is not obliged to investigate or be concerned with the
            validity of, or the authority of, the proxy named in any appointment
            of proxy.

      8.4   Any vote cast in accordance with the terms of an appointment of
            proxy conforming with clause 8.1 is valid despite the previous
            revocation or amendment of the appointment of proxy or of any of the
            Class A Noteholder's instructions under which it was executed,
            unless written notice of that revocation or amendment is received by
            the Note Registrar at its address for service of notices under this
            deed or by the chairman of the meeting not less than 24 hours before
            the commencement of the meeting or adjourned meeting at which the
            appointment of proxy is used.

      9.    APPOINTMENT OF CORPORATE REPRESENTATIVES

      A person authorised in a manner similar to sections 249(3)-(6) of the
      Corporations Act (as if that section applied to meetings of Class A
      Noteholders) by a Class A Noteholder being a body corporate to act for it
      at any meeting shall, in accordance with the person's authority (until the
      Note Registrar receives notice of revocation of the person's authority) be
      entitled to exercise the same powers on behalf of that body corporate as
      that body corporate could exercise if it were an individual Class A
      Noteholder and must, if requested to do so by the chairman of any meeting
      or adjourned meeting, produce evidence of authority so to act at or before
      the meeting.

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                                                                        PAGE 108

<PAGE>

                                                                 Note Trust Deed

      10.   RIGHTS OF REPRESENTATIVES

      A Representative of a Class A Noteholder may demand or join in demanding a
      poll and (except to the extent the Representative is specifically directed
      to vote for or against any proposal) has power generally to act at a
      meeting for the Class A Noteholder.

      11.   MINUTES AND RECORDS

      11.1  The Note Registrar shall make and enter in its books minutes of all
            resolutions and proceedings at every meeting of Class A Noteholders
            promptly following the conclusion of the relevant meeting.

      11.2  Minutes of meetings of Class A Noteholders are conclusive evidence
            if signed (or purportedly signed) by the chairman of that meeting or
            the chairman of the next succeeding meeting. Until the contrary is
            proved every meeting of which minutes have been made and signed is
            taken to have been duly convened and held and all resolutions passed
            or proceedings transacted at that meeting are taken to have been
            duly passed and transacted.

      11.3  The Note Registrar shall provide a Class A Noteholder with a copy of
            the minutes of each meeting of Class A Noteholders promptly after
            request.

      12.   WRITTEN RESOLUTIONS

      Despite the above provisions of these Meeting Procedures, a resolution of
      all the Class A Noteholders (including a Special Resolution) may be passed
      and adopted without any meeting being required, by an instrument in
      writing signed (including by counterparts):

            (a)   in the case of a Class A Noteholders' Resolution by Class A
                  Noteholders holding those aggregate Invested Amount is not
                  less than 50% of the aggregate Invested Amount of all Class A
                  Notes unless the relevant resolution concerns action to be
                  taken under Condition 8 following the occurrence of an Event
                  of Default, in which case the required percentage is 67%; and

            (b)   in the case of a Special Resolution, by Class A Noteholders
                  whose aggregate Invested Amount is not less than 75% of the
                  aggregate Invested Amount of all Class A Notes.

      Any such instrument is effective on presentation to the Note Registrar and
      Note Trustee for entry in the records of the trust constituted under this
      deed. The Note Registrar shall give to each Class A Noteholder, the Note
      Trustee and the Issuer at least 5 Business Days' notice of the proposed
      resolution.

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                                                                        PAGE 109
<PAGE>

                                                                 Note Trust Deed

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

SCHEDULE 4 - TERMS AND CONDITIONS OF THE CLASS A NOTES

The issue of US$750,000,000, Class A Note Mortgage Backed Pass Through Floating
Rate Notes due 9 November 2029 (the "CLASS A NOTES") and A$20,700,000 Class B
Mortgage Backed Pass Through Floating Rate Notes due 9 November 2029 (the "CLASS
B NOTES" and together with the Class A Notes, the "NOTES") by Perpetual Trustees
Australia Limited, in its capacity as trustee of the SMHL Global Fund No. 5 (the
"SECURITISATION FUND") (in such capacity, the "ISSUER"). These Notes are (a)
issued subject to a Master Trust Deed (the "MASTER TRUST DEED") dated 4 July
1994 between the Issuer and ME Portfolio Management Limited (formerly called
Superannuation Members' Home Loans Limited) (in such capacity, the "MANAGER")
(as amended), a Supplementary Bond Terms Notice (the "SUPPLEMENTARY BOND TERMS
NOTICE") dated on or about [*] November 2003 executed by (among others) the
Issuer, Perpetual Trustee Company Limited (ABN 42 000 001 007) (as the security
trustee for the time being referred to as the "SECURITY TRUSTEE"), The Bank of
New York (the note trustee for the time being referred to as the "NOTE TRUSTEE")
and the Manager, and in respect of the Class A Notes these terms and conditions
(the "CONDITIONS"); (b) in respect of the Class A Notes only, constituted by a
note trust deed dated on or about [*] November 2003 (the "NOTE TRUST DEED")
between the Issuer, the Manager, The Bank of New York as trustee for the holders
for the time being of the Class A Notes (the "CLASS A NOTEHOLDERS" and together
with the holders for the time being of the Class B Notes (the "CLASS B
NOTEHOLDERS"), the "NOTEHOLDERS"), The Bank of New York as Principal Paying
Agent (the "PRINCIPAL PAYING AGENT", which expression includes its successors as
Principal Paying Agent under the Note Trust Deed) and The Bank of New York, as
calculation agent (the "CALCULATION AGENT", which expression includes its
successors as Calculation Agent under the Note Trust Deed) and The Bank of New
York as note registrar (the "NOTE REGISTRAR"); and (c) secured by a Security
Trust Deed (the "SECURITY TRUST DEED") dated on or about [*] November 2003
between the Issuer, the Manager, the Note Trustee and the Security Trustee.

The statements set out below include summaries of, and are subject to the
detailed provisions of, the Master Trust Deed, the Supplementary Bond Terms
Notice, the Security Trust Deed and the Note Trust Deed. Certain words and
expressions used herein have the meanings defined in those documents. In
accordance with the Note Trust Deed, under which further paying agents may be
appointed (together with the Principal Paying Agent, the "PAYING Agents", which
expression includes the successors of each paying agent under the Note Trust
Deed and any additional paying agents appointed), payments in respect of the
Class A Notes will be made by the Paying Agents and the Calculation Agent will
make the determinations specified in the Note Trust Deed. The Class A
Noteholders will be entitled (directly or indirectly) to the benefit of, will be
bound by, and will be deemed to have notice of, all the provisions of the Master
Trust Deed, the Supplementary Bond Terms Notice, the Security Trust Deed, the
Note Trust Deed, the Mortgage Origination and Management Agreement dated 4 July
1994 and novated by the Deed of Novation dated 28 September 1995 (as amended)
(the "MORTGAGE ORIGINATION AND MANAGEMENT AGREEMENT") between Members' Equity
Pty Limited (formerly known as NMFM Lending Pty Limited) as mortgage manager
(together with any substitute or successor, the "MORTGAGE MANAGER"), the Manager
and the Issuer, (together with the agreements with respect to the Fixed Floating
Rate Swap and the Currency Swap (as each such term is defined below), (those
documents the "RELEVANT DOCUMENTS") and certain other transaction documents
defined as such in the Master Trust Deed, collectively the "TRANSACTION
DOCUMENTS"). Copies of the Transaction Documents are available for inspection at
the office of the Principal Paying Agent, being at the date hereof The Bank of
New York.

Perpetual Trustees Australia Limited as trustee of trusts established under the
Master Trust Deed (including the Securitisation Fund) has entered into a
separate ISDA Master Agreement dated

--------------------------------------------------------------------------------
                                                                        PAGE 110
<PAGE>

                                                                 Note Trust Deed

[29 March 2001] with Westpac Banking Corporation ABN 33 007 457 141 ("Westpac")
(as amended by the Amending Deed to the ISDA Master Agreement dated [*] November
2003) (the "FIXED-FLOATING RATE SWAP PROVIDER") together with a confirmation in
respect of the Securitisation Fund relating thereto as at the Closing Date (the
"FIXED-FLOATING RATE SWAP"). The Issuer has also entered into an ISDA Master
Agreement dated [*] November 2003 with Westpac (the "CURRENCY SWAP PROVIDER"
and, together with the Fixed-Floating Rate Swap Provider, the "SWAP PROVIDERS")
together with the confirmations relating thereto which have an effective date of
the Closing Date in respect of the Class A Notes (the "CURRENCY SWAP").

Perpetual Trustees Australia Limited as trustee of the Securitisation Fund, at
the direction of the Manager, may in the future enter into Fixed-Floating Rate
Swaps with new fixed-floating rate swap providers provided that each new
fixed-floating rate swap provider has at least the minimum credit rating
specified by each rating agency, if any, in order to provide such fixed-floating
rate swaps to the Securitisation Fund.

Class A Note Book-Entry Notes will also bear the following legend: "This
book-entry note is a global note for the purposes of section 128F(10) of the
Income Tax Assessment Act 1936 of the Commonwealth of Australia".

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

1     FORM, DENOMINATION AND TITLE

The Class A Notes will be issued in registered form without interest coupons in
minimum denominations of US$100,000 and multiples of US$1 in excess thereof.

Each Class A Note will be represented by one or more typewritten fully
registered book-entry notes (each, a "BOOK-ENTRY NOTE" and collectively, the
"BOOK-ENTRY NOTES") registered in the name of Cede & Co ("CEDE") as nominee of
The Depository Trust Company ("DTC"). Beneficial interests in the Book-Entry
Notes will be shown on, and transfers thereof will be effected only through,
records maintained by DTC and its participants. Euroclear Bank S.A./N.V, as
operator of the Euroclear System ("EUROCLEAR") and Clearstream Banking, Societe
Anonyme ("CLEARSTREAM"), may hold interests in the Book-Entry Notes on behalf of
persons who have accounts with Euroclear and Clearstream through accounts
maintained in the names of Euroclear or Clearstream, or in the names of their
respective depositories, with DTC.

If the Issuer is obliged to issue Definitive Notes under clause 3.3 of Note
Trust Deed, interests in the applicable Book-Entry Note will be transferred to
the beneficial owners thereof in the form of Definitive Notes, without interest
coupons, in the denominations set forth above. A Definitive Note will be issued
to each Class A Noteholder in respect of its registered holding or holdings of
Class A Notes against delivery by such Class A Noteholders of a written order
containing instructions and such other information as the Issuer and The Bank of
New York, acting as a note registrar (the "NOTE REGISTRAR") may require to
complete, execute and deliver such Definitive Notes. In such circumstances, the
Issuer will cause sufficient Definitive Notes to be executed and delivered to
the Note Registrar for completion, authentication (by the Principal Paying
Agent) and dispatch to the relevant Class A Noteholders.

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

2     STATUS, SECURITY AND RELATIONSHIP BETWEEN THE CLASS A NOTES AND THE CLASS
      B NOTES

The Class A Notes are secured by a first ranking floating charge over all of the
assets of the Trust (which include, among other things, the Loans (as defined
below) and the Mortgages (as

--------------------------------------------------------------------------------
                                                                        PAGE 111
<PAGE>

                                                                 Note Trust Deed

defined below) and related securities) (as more particularly described in the
Security Trust Deed) and will rank pari passu and rateably without any
preference or priority among themselves.

The Class A Notes are issued subject to the Master Trust Deed and the
Supplementary Bond Terms Notice and are secured by the same security as the
Class B Notes but the Class A Notes will rank in priority to the Class B Notes
both before and after enforcement of the security and in respect of both
principal and interest (as set out in Conditions 4 and 5).

The proceeds of the issue of the Class A Notes and the Class B Notes are to be
used by the Issuer to purchase an interest in certain housing loans (the
"LOANS") and certain related mortgages (the "MORTGAGES").

In the event that the security for the Class A Notes is enforced and the
proceeds of such enforcement are insufficient, after payment of all other claims
ranking in priority to or pari passu with the Class A Notes under the Security
Trust Deed, to pay in full all principal and interest and other amounts due in
respect of the Class A Notes, then the Class A Noteholders shall have no further
claim against the Issuer in respect of any such unpaid amounts.

The net proceeds of realisation of the assets of the Securitisation Fund
(including following enforcement of the Security Trust Deed) may be insufficient
to pay all amounts due to the Noteholders. Save in certain limited circumstances
the other assets of the Issuer will not be available for payment of any
shortfall and all claims in respect of such shortfall shall be extinguished (see
further Condition 15). None of the Mortgage Manager, the Manager, the Note
Trustee, the Calculation Agent, the Principal Paying Agent, the Note Registrar,
the Security Trustee or the Swap Providers (as defined in the Supplementary Bond
Terms Notice) has any obligation to any Noteholder for payment of any amount by
the Issuer in respect of the Notes.

The Note Trust Deed contains provisions requiring the Note Trustee to have
regard to the interests of Class A Noteholders as regards all the powers,
trusts, authorities, duties and discretions of the Note Trustee (except where
expressly provided otherwise).

The Security Trust Deed contains provisions requiring the Security Trustee,
subject to the other provisions of the Security Trust Deed, to give priority to
the interests of the Class A Noteholders, if there is a conflict between the
interest of such Noteholders and any other Voting Secured Creditor (as defined
below).

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

3     COVENANTS OF THE ISSUER

So long as any of the Class A Notes remain outstanding, the Issuer has made
certain covenants for the benefit of the Class A Noteholders which are set out
in the Master Trust Deed.

These covenants include the following.

(a)   The Issuer shall act continuously as trustee of the Trust until the Trust
      is terminated as provided by the Master Trust Deed or the Issuer has
      retired or been removed from office in the manner provided under the
      Master Trust Deed.

(b)   The Issuer shall:

      (1)   act honestly and in good faith and comply with all relevant material
            laws in the performance of its duties and in the exercise of its
            discretions under the Master Trust Deed;

      (2)   exercise such diligence and prudence as a prudent person of business
            would exercise in performing its express functions and in exercising
            its discretions under the Master Trust Deed, having regard to the
            interests of the Class A Noteholders,

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            the Class B Noteholders, the Beneficiaries and other Noteholders of
            the Securitisation Fund in accordance with its obligations under the
            relevant Transaction Documents;

      (3)   use its best endeavours to carry on and conduct its business in so
            far as it relates to the Master Trust Deed in a proper and efficient
            manner;

      (4)   do everything and take all such actions which are necessary
            (including obtaining all such authorisations and approvals as are
            appropriate) to ensure that it is able to exercise all its powers
            and remedies and perform all its obligations under the Master Trust
            Deed, the Transaction Documents and all other deeds, agreements and
            other arrangements entered into by the Issuer pursuant to the Master
            Trust Deed;

      (5)   not, as Issuer, engage in any business or activity in respect of the
            Securitisation Fund except as contemplated or required by the
            Transaction Documents;

      (6)   except as contemplated or required by the Transaction Documents,
            not, in respect of the Securitisation Fund, guarantee or become
            obligated for the debts of any other entity or hold out its credit
            as being available to settle the obligations of others;

      (7)   within 45 days of notice from the Manager to do so, remove any of
            its agents or delegates that breaches any obligation imposed on the
            Issuer under the Master Trust Deed or any other Transaction Document
            where the Manager reasonably believes it will materially adversely
            affect the rating of either or both of the Class A Notes and Class B
            Notes; and

      (8)   not agree to any amendment to Agreed Procedures (as defined in the
            Mortgage Origination and Management Agreement) unless each
            Designated Rating Agency confirms that it will not withdraw or
            downgrade the rating of the Notes as a result of such amendment.

(c)   Except as provided in any Transaction Document (and other than the charge
      given to the Security Trustee and the Issuer's lien over the assets of the
      Securitisation Fund), the Issuer shall not nor permit any of its officers
      to sell, mortgage, charge or otherwise encumber or part with possession of
      any assets of the Securitisation Fund (the "FUND ASSETS").

(d)   The Issuer shall duly observe and perform the covenants and obligations of
      the Master Trust Deed and will be personally liable to the Noteholders,
      the Beneficiaries, or any other creditors for its negligence, fraud or
      wilful default (as defined in Condition 15).

(e)   The Issuer will open and operate certain bank accounts in accordance with
      the Master Trust Deed and any Transaction Document.

(f)   Subject to the Master Trust Deed and any Transaction Document to which it
      is a party, the Issuer must act on all directions given to it by the
      Manager in accordance with the terms of the Master Trust Deed.

(g)   The Issuer must properly perform the functions which are necessary for it
      to perform under all Transaction Documents in respect of the
      Securitisation Fund.

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4     INTEREST

(a)   PAYMENT DATES

      Each Class A Note bears interest on the Invested Amount (as defined in the
      Supplementary Bond Terms Notice) of that Class A Note from and including 9
      February 2004 or such later date as may be agreed between the Manager and
      the Issuer for the issue of the Class A Notes (the "CLOSING DATE").
      Interest in respect of the Class A Notes will be payable in arrears on 9
      February 2004 in respect of the period from (and including) the Closing
      Date and ending on (but excluding) 9 February 2004 (the "FIRST PAYMENT
      Date") and thereafter on each 9th May, August, November and February (each
      such date a "PAYMENT DATE"). If any Payment Date would otherwise fall on a
      day which is not a Banking Day (as defined below), it shall be postponed
      to the next day which is a Banking Day. The final Payment Date for a Class
      of Notes will be the earlier of the Final Maturity Date for that Class of
      Notes and the Payment Date on which the Notes are redeemed in full.

      "BANKING DAY" in this Condition 4 and in Conditions 5 and 9 below means
      any day (other than a Saturday, Sunday or public holiday) on which banks
      are open for business in London, New York, Sydney and Melbourne.

      The period beginning on (and including) the Closing Date and ending on
      (but excluding) the first Payment Date, and each successive period
      beginning on (and including) a Payment Date and ending on (but excluding)
      the next Payment Date is called an "INTEREST PERIOD". Interest payable on
      a Class A Note in respect of any Interest Period or any other period will
      be calculated on the basis of the actual number of days in that Interest
      Period and a 360 day year.

      A Class A Note will stop earning interest on any date on which the
      Outstanding Principal Balance of the Class A Note is zero (provided that
      interest shall thereafter begin to accrue from (and including) any date on
      which the Outstanding Principal Balance of the Class A Note becomes
      greater than zero) or if the Outstanding Principal Balance of the Class A
      Note is not zero on the due date for redemption in full of the Class A
      Note, unless payment of principal is improperly withheld or refused,
      following which the Class A Note will continue to earn interest on the
      Invested Amount of the Class A Note at the rate from time to time
      applicable to the Class A Note until the later of the date on which the
      Class A Note Trustee or Principal Paying Agent receives the moneys in
      respect of the Class A Notes and notifies the holders of that receipt or
      the date on which the Outstanding Principal Balance of the Class A Note
      has been reduced to zero but interest will begin to accrue from and
      including any date on which the Outstanding Principal Balance of the Class
      A Note becomes greater than zero.

      If interest is not paid on a Class A Note on the date when it is due and
      payable (other than because the due date is not a Banking Day) that unpaid
      interest will itself bear interest at the Interest Rate applicable to that
      Class A Note until the unpaid interest and the amount of interest on it is
      available for payment by the Issuer.

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(b)   INTEREST RATE

      The rate of interest applicable from time to time to a Class of Class A
      Notes (the "INTEREST RATE") will be determined by the Calculation Agent on
      the basis of the following paragraphs.

      The second Banking Day in London and New York before the beginning of each
      Interest Period (each an "INTEREST DETERMINATION DATE"), the Calculation
      Agent will determine the rate "USD-LIBOR-BBA" as the applicable Floating
      Rate Option under the Definitions of the International Swaps and
      Derivatives Association, Inc. ("ISDA") (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 calculated by reference to the duration of that first
      Interest Period) deposits in US dollars which appears on the Telerate Page
      3750 as of 11.00 am, London time, on the Interest Determination Date. If
      such rate does not appear on the Telerate Page 3750, the rate for that
      Interest Period will be determined as if the Issuer and 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 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 (as defined in the ISDA Definitions). The
      Calculation Agent will request the principal London office of each of the
      Reference Banks to provide a quotation of its rate. If at least two such
      quotations are provided, the rate for that Interest Period will be the
      arithmetic mean of the quotations. If fewer than two quotations are
      provided as requested, the rate for that Interest Period will be the
      arithmetic mean of the rates quoted by not less than two major banks in
      New York City, selected by the Calculation Agent and the Currency Swap
      Provider, at approximately 11.00 am, New York City time, on that Interest
      Determination Date 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. If no such rates are
      available in New York City, then the rate for such Interest Period shall
      be the most recently determined rate in accordance with this paragraph.

      The Interest Rate applicable to the Class A Notes for such Interest Period
      will be the aggregate of (i) the interest rate or arithmetic mean as
      determined by the Calculation Agent under the previous paragraph; and (ii)
      the margin of [*]% (the "CLASS A MARGIN") in relation to the Class A
      Notes.

      If the Issuer has not redeemed all of the Class A Notes on or before the
      Payment Date falling in 9 November 2009, the Class A Margin will increase
      to [*]% for the period from (and including) that date until (but
      excluding) the date on which the Class A Notes are redeemed in full in
      accordance with these Conditions.

      There is no maximum or minimum Interest Rate.

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                                                                 Note Trust Deed

(c)   DETERMINATION OF INTEREST RATE AND CALCULATION OF INTEREST

      The Calculation Agent will, as soon as practicable after 11.00 am (London
      time) on each Interest Determination Date, determine the Interest Rate
      applicable to, and calculate the amount of interest payable (the
      "INTEREST") for, the immediately succeeding Interest Period. The Interest
      is calculated by applying the Interest Rate for the relevant Class of
      Class A Notes to the Invested Amount (as defined in the Supplementary Bond
      Terms Notice) of that Class A Note on the first day of the next Interest
      Period after giving effect to any payments of principal made with respect
      for such class on such day, multiplying such product by a fraction, the
      numerator of which is the actual number of days in the relevant Interest
      Period and the denominator of which is 360 days and rounding the resultant
      figure down to the nearest cent (half a cent being rounded upwards). The
      determination of the Interest Rate and the Interest by the Calculation
      Agent shall (in the absence of manifest error) be final and binding upon
      all parties.

(d)   NOTIFICATION OF INTEREST RATE AND INTEREST

      The Calculation Agent will cause the Interest Rate and the Interest
      applicable to each Class A Note for each Interest Period and the relevant
      Payment Date to be notified to the Issuer, the Manager, the Note Trustee
      and the Paying Agents. The Interest, Interest Rate and the relevant
      Payment Date so made available may subsequently be amended (or appropriate
      alternative arrangements made by way of ' adjustment) without notice in
      the event of a shortening of the Interest Period.

(e)   DETERMINATION OR CALCULATION BY THE MANAGER

      If the Calculation Agent at any time for any reason does not determine the
      relevant Interest Rate or calculate the Interest for a Class A Note, the
      Manager shall do so and each such determination or calculation shall be
      deemed to have been made by the Calculation Agent. In doing so, the
      Manager shall apply the foregoing provisions of this Condition, with any
      necessary consequential amendments, to the extent that in its opinion, it
      can do so, and, in all other respects it shall do so in such a manner as
      it reasonably considers to be fair and reasonable in all the
      circumstances.

(f)   CALCULATION AGENT

      The Issuer will procure that, so long as any of the Class A Notes remains
      outstanding, there will, at all times, be a Calculation Agent. The Issuer,
      or the Manager with the consent of the Issuer (such consent not to be
      unreasonably withheld), reserves the right at any time to terminate the
      appointment of the Calculation Agent subject to the terms of the Note
      Trust Deed. Notice of that termination will be given to the Class A
      Noteholders. If any person is unable or unwilling to continue to act as
      the Calculation Agent, or if the appointment of the Calculation Agent is
      terminated, the Issuer will, with the approval of the Note Trustee,
      appoint a successor Calculation Agent to act as such in its place,
      provided that neither the resignation nor removal of the Calculation Agent
      shall take effect until a successor approved by the Note Trustee has been
      appointed.

(g)   INCOME DISTRIBUTION

      On each Payment Date, and based on the calculations, instructions and
      directions provided to it by the Manager, and subject to the terms of the
      Security Trust Deed and the Supplementary Bond Terms Notice, (to the
      extent it has not already done so) the Issuer must apply the Interest
      Collections for the relevant Calculation Period as follows:

      (1)   first, in or toward payment of or allowance for Taxes in respect of
            the Securitisation Fund;

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                                                                 Note Trust Deed

      (2)   secondly, pari passu and rateably in or toward payment of or
            allowance for the Issuer's Fee, the Manager's Fee and any Expenses
            (other than the Expenses referred to in clause (8) below) in respect
            of the Securitisation Fund;

      (3)   thirdly, without duplication, in or toward any amounts payable under
            clause (4) below on any previous Payment Date, if there had been
            sufficient Interest Collections, which have not been paid by the
            Issuer together with accrued interest thereon which in the case of a
            Note must be at the Interest Rate applicable to the relevant Note;

      (4)   fourthly, pari passu and rateably in or toward payment of any
            interest due under any Redraw Funding Facility and in and toward
            payment to the Currency Swap Provider, in or toward payment of the
            A$ Class A Interest Amount payable under that Confirmation at that
            Payment Date, which is thereafter to be applied to payment of
            interest on the Class A Notes;

      (5)   fifthly, without duplication, in or toward any amounts payable under
            clause (6) below on any previous Payment Date, if there had been
            sufficient Interest Collections, which have not been paid by the
            Issuer together with accrued interest thereon at the Interest Rate
            applicable to the relevant Note;

      (6)   sixthly, in or toward payment to Class B Noteholders of the Class B
            Interest due on the Class B Notes on that Payment Date;

      (7)   seventhly, in crediting to the Cash Collateral Account the amount
            (if any) by which the Required Cash Collateral exceeds the Cash
            Collateral;

      (8)   eighthly, in or toward payment towards any break costs payable on
            cancellation of any Fixed-Floating Rate Swap to the extent that
            those amounts are not recovered under the relevant Loan secured by
            Mortgages comprised in the Assets of the Securitisation Fund in the
            form of any applicable prepayment fees or a drawing has not been
            made under a Payment Funding Facility;

      (9)   ninthly, pari passu and rateably in or towards payment to the
            Liquidity Noteholder of interest payable in respect of the Liquidity
            Notes and in or towards payment of any interest in respect of any
            Payment Funding Facility;

      (10)  tenthly, in respect of the amount of any Class A Charge Offs and
            Redraw Charge Offs in and towards reinstatement of in the books of
            the Securitisation Fund pari passu and rateably to Class A Charge
            Offs and Redraw Charge Offs for that Calculation Period;

      (11)  eleventhly, in respect of the amount of any Carry Over Redraw Charge
            Offs and the A$ Equivalent of the Carry Over Class A Charge offs
            allocated to each Class A Note, as the case may be, in and towards
            reinstatement of in the books of the Securitisation Fund, pari passu
            and rateably (based on the Carry Over Redraw Charge Offs and the A$
            Equivalent of the Carry Over Class A Charge Offs allocated to each
            Class A Note as the case may be):

            (A)   the A$ Equivalent of any Carry Over Class A Charge Offs; and

            (B)   any Carry Over Redraw Charge Offs;

      (12)  twelfthly, in respect of the amount of any Class B Charge Offs and
            any Carry Over Class B Charge Offs in and towards reinstatement of
            in the books of the Securitisation Fund and in the following order:

            (A)   any Class B Charge Offs for that Calculation Period; and

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                                                                 Note Trust Deed

            (B)   pari passu and rateably the Invested Amount of the Class B
                  Notes to the extent of any Carry Over Class B Charge Offs;

      (13)  thirteenthly, (to the extent not paid under clause 5(b)) pari passu
            and rateably, in or toward repayment of any principal due and
            payable under any Redraw Funding Facility, and in or toward
            repayment of any principal due and payable under any Payment Funding
            Facility;

      (14)  fourteenthly, in payment of or provision for amounts payable to the
            Income Beneficiary of the Securitisation Fund in accordance with
            clauses 22.1(d) and 22.3(d) of the Master Trust Deed.

      Capitalised terms in this paragraph (g) have the same meaning given in the
      Supplementary Bond Terms Notice unless otherwise defined in this document.

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5     REDEMPTION AND PURCHASE

Capitalised terms in this Condition 5 have the same meaning given in the
Supplementary Bond Terms Notice unless otherwise defined in this document.

(a)   MANDATORY REDEMPTION IN PART FROM PRINCIPAL COLLECTIONS AND APPORTIONMENT
      OF PRINCIPAL COLLECTIONS BETWEEN THE CLASS A NOTES AND THE CLASS B NOTES

      The Class A Notes shall be subject to mandatory redemption in part on any
      Payment Date if on that date there are any Principal Collections available
      to be distributed in relation to such Class A Notes. The principal amount
      so redeemable in respect of each Class A Note prior to enforcement of the
      Security Trust Deed (each a "PRINCIPAL PAYMENT") on any Payment Date shall
      be the amount available for payment as set out in Condition 5(b) on the
      day which is seven Banking Days prior to the Payment Date (the "CUT Off")
      divided by the aggregate Invested Amount of all Class A Notes, multiplied
      by the Invested Amount of that Note, provided always that no Principal
      Payment on a Class A Note on any date may exceed the amount equal to the
      Invested Amount of that Class A Note at that date.

      Notice of amounts to be redeemed will be provided by the Manager to the
      Issuer, the Calculation Agent, the Principal Paying Agent and the Note
      Trustee.

(b)   PRINCIPAL DISTRIBUTIONS ON NOTES

      On each Payment Date, and in accordance with the calculations,
      instructions and directions provided to it by the Manager and subject to
      the terms of the Security Trust Deed and the Supplementary Bond Terms
      Notice (to the extent it has not already done so), the Issuer must apply
      the Principal Collections together with any amounts to be applied under
      this clause 5(b) pursuant to clause 5(d) for the relevant Calculation
      Period towards the following payments in the following order of priority:

      (1)   first, in or toward payment of or allowance for Taxes in respect of
            the Securitisation Fund (to the extent not paid or provided for as
            described in Condition 4);

      (2)   secondly, pari passu and rateably in or toward payment of or
            allowance for the Issuer's Fee, the Manager's Fee and any Expenses
            (other than the Expenses referred to in this Condition 5(b) below)
            in respect of the Securitisation Fund (to the extent not paid or
            provided for as described in Condition 4(g));

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      (3)   thirdly, in or toward payment of the amounts payable and the
            priority under Condition 4(g)(4) above on the Class A Notes on that
            Payment Date (to the extent not paid or provided for as described in
            Condition 4(g)()));

      (4)   fourthly, in or toward payment of the amounts payable and the
            priority under Condition 4(g)() above on Class B Notes on that
            Payment Date (to the extent not paid under Condition 4(g)());

      (5)   fifthly, in or toward repayment of any Redraw Principal Outstanding
            under a Redraw Funding Facility;

      (6)   sixthly, in or toward payments approved by the Manager under any
            Loan Redraw Facility;

      (7)   seventhly, in or toward payment to the Currency Swap Provider under
            a Confirmation relating to the Class A Notes until the Outstanding
            Principal Balance of the Class A Notes is reduced to zero, of an
            amount equal to the lesser of:

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

            (B)   the A$ Equivalent of the Outstanding Principal Balance for all
                  Class A Notes;

      (8)   eighthly, in or toward payment to the Class B Noteholders pari passu
            and rateably, until the Outstanding Principal Balance of the Class B
            Notes is reduced to zero of an amount equal to the lesser of:

            (A)   the amount available for distribution under this paragraph (8)
                  after all payments which have priority under this paragraph
                  (b); and

            (B)   the Outstanding Principal Balance for all Class B Notes;

      (9)   ninthly, pari passu and rateably (based on the Carry Over Redraw
            Charge Offs and A$ Equivalent of the Carry Over Class A Charge Offs
            allocated to each Class A Note, as the case may be):

            (A)   in or toward payment to the Currency Swap Provider under a
                  Confirmation relating to the Class A Notes, of the A$
                  Equivalent of any Carry Over Class A Charge Offs; and

            (B)   in or towards repaying the Redraw Principal Outstanding of
                  each Redraw Funding Facility to the extent of any Carry Over
                  Redraw Charge Offs;

      (10)  tenthly, in or towards repaying the Invested Amount of the Class B
            Notes to the extent of any Carry Over Class B Charge Offs;

      (11)  eleventhly, in or towards payment towards any break costs payable on
            cancellation of any Fixed-Floating Rate Swap to the extent that
            those amounts are not recovered under the relevant Loan secured by
            Mortgages comprised in Assets of the Securitisation Fund in the form
            of any applicable prepayment fees or a drawing has not been made
            under a Payment Funding Facility (to the extent not paid as
            described under Condition 4(g)); and

      (12)  twelfthly, subject to paragraph (c) below, pari passu and rateably
            in or towards payment to the Liquidity Noteholder of the principal
            amount outstanding in respect of the Liquidity Notes and in or
            towards repayment of any principal in respect of any Payment Funding
            Facility.

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(c)   RIGHTS OF LIQUIDITY NOTEHOLDER

      On any Payment Date, the Issuer must not make any payments out of
      Principal Collections to the Liquidity Noteholder under paragraph (b)
      above unless the Invested Amount of all the Notes is zero, or will be zero
      following any payments made on the relevant Payment Date.

(d)   PAYMENT OF CHARGE OFFS

      The amount of any reinstatement under Conditions 4(g)(10), (11) and (12)
      must be applied on the Payment Date of the reimbursement in accordance
      with clause 5(b) as if the amount reimbursed formed part of Principal
      Collections.

(e)   GENERAL

      No amount of principal will be paid to a Noteholder in excess of the
      Invested Amount applicable to the Notes held by that Noteholder.

(f)   US$ ACCOUNT

      The Issuer must direct the Currency Swap Provider to pay all amounts
      denominated in US$ payable to the Issuer by the Currency Swap Provider
      under the Currency Swap into the US$ Account or to the Principal Paying
      Agent on behalf of the Issuer.

      On each Payment Date, the Issuer must, on the direction of the Manager, or
      must require that the Principal Paying Agent on its behalf, distribute
      from the US$ Account the relevant amounts of interest and principal due in
      respect of each Class A Note in accordance with the Note Trust Deed and in
      order of priority in Conditions 4(g) and 5(b).

(g)   CALCULATION OF PRINCIPAL PAYMENTS, OUTSTANDING PRINCIPAL BALANCE AND
      INVESTED AMOUNT

      The Manager must, not later than two Banking Days before each Payment Date
      advise the Issuer in respect of the Class A Notes only and the Currency
      Swap Provider in writing of:

      (1)   all amounts payable or to be provided for under clause 6 of the
            Supplementary Bond Terms Notice (which includes the amounts payable
            to be provided under Condition 4(g) and 5(b));

      (2)   reasonable details of the calculation of all such amounts; and

      (3)   the Outstanding Principal Balance and Invested Amount of each Class
            A Note and Class B Note following the making of all payments to be
            made on that Payment Date in accordance with the Supplementary Bond
            Terms Notice.

      The Manager must also notify the Issuer of all details of payments which
      are to be made by or on behalf of the Issuer on or by each Payment Date.
      The Manager must, not later than two Banking Days before each Payment
      Date, also notify the Currency Swap Provider of all payments which are to
      be made by or on behalf of the Issuer under Conditions 4(g) and 5(b) in
      respect of the Class A Notes.

      The Manager will notify the Issuer, the Note Trustee, the Principal Paying
      Agent and the Calculation Agent by not later than two Banking Days prior
      to the relevant Payment Date (the "DETERMINATION DATE") of each such
      determination and will immediately cause details, of each of those
      determinations to be made available in accordance with Condition 12 one
      Banking Day before the relevant Payment Date. If no repayment of principal
      is due to be made on the Class A Notes on any Payment Date a notice to
      this effect will be given to the Class A Noteholders in accordance with
      Condition 12.

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                                                                 Note Trust Deed

      If the Manager does not at any time for any reason determine a repayment
      of principal or the Outstanding Principal Balance and the Invested Amount
      applicable to Class A Notes in accordance with this paragraph, the
      repayment of principal and Outstanding Principal Balance and the Invested
      Amount may be determined by the Calculation Agent (or, failing the
      Calculation Agent, the Note Trustee) in accordance with this paragraph
      (but based on the information in its possession) and each such
      determination or calculation shall be deemed to have been made by the
      Manager.

(h)   CALL

      The Issuer 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 case of Class A Notes, in accordance with
      Condition 12 purchase or redeem all, but not some only, of the Notes by
      repaying the Outstanding Principal Balance of those Notes together with
      accrued interest to (but excluding) the date of repurchase or redemption,
      on any Payment Date falling on or after the earlier of:

      (1)   the Payment Date on which the Outstanding Principal Balance of all
            Notes is equal to or less than 10% of the total initial Outstanding
            Principal Balance of all Notes; and

      (2)   in the case of Class A Notes, the Payment Date falling in 9 November
            2009,

      provided that:

      (3)   if the aggregate Outstanding Principal Balance for all Class A Notes
            on such date of redemption or repurchase has been reduced by Class A
            Charge Offs which have not been repaid under Conditions 4(g)(9) and
            (10), the Noteholders owning at least 75% of the aggregate Invested
            Amount of the Class A Notes must consent to such repurchase or
            redemption; and

      (4)   the Issuer will be in a position on such Payment Date to discharge
            (and the Manager so certifies to the Issuer and the Note Trustee
            upon which certification the Issuer and the Note Trustee will rely
            conclusively) all its liabilities in respect of the Class A Notes
            (at their Outstanding Principal Balance) 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.

(i)   REDEMPTION FOR TAXATION OR OTHER REASONS

      If the Manager satisfies the Issuer and the Note Trustee immediately prior
      to giving the notice referred to below that either:

      (1)   on the next Payment Date the Issuer would be required to deduct or
            withhold from any payment of principal or interest in respect of the
            Class A Notes, the Currency Swap or the Redraw Funding Facility 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

      (2)   the total amount payable in respect of interest in relation to any
            of the Loans secured by Mortgages comprised in the Assets of the
            Securitisation Fund for a Calculation Period ceases to be receivable
            (whether or not actually received) by the Issuer during such
            Calculation Period,

      the Issuer must, when so directed by the Manager, at the Manager's option
      (provided that the Issuer will be in a position on such Payment Date to
      discharge (and the Manager will

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      so certify to the Issuer and the Note Trustee) all its liabilities in
      respect of the Class A Notes (at their Invested Amount) and any amounts
      which would be required under the Security Trust Deed to be paid in
      priority or pari passu with the Class A Notes if the security for the
      Class A Notes were being enforced), having given not more than 60 nor less
      than 45 days' notice to the Class A Noteholders in accordance with
      Condition 12, redeem all, but not some only, of the Class A Notes at their
      then Invested Amount together with accrued interest to (but excluding) the
      date of redemption on any subsequent Payment Date, provided that the Class
      A Noteholders may by Extraordinary Resolution elect, and shall notify the
      Issuer and the Manager not less than 21 days before the next Payment Date
      following the receipt of notice of such proposed redemption that they do
      not require the Issuer to redeem the Class A Notes.

(j)   REDEMPTION ON FINAL MATURITY

      If not otherwise redeemed, the Class A Notes must be repaid in full on 9
      November 2029.

(k)   CANCELLATION

      All Class A Notes redeemed in full pursuant to the above provisions will
      be cancelled.

(l)   CERTIFICATION

      For the purposes of any redemption made pursuant to this Condition 5, the
      Note Trustee may rely upon an Officer's Certificate under the Note Trust
      Deed from the Manager certifying or stating the opinion of each person
      signing such certificate as:

      (1)   to the fair value (within 90 days of such release) of the property
            or securities proposed to be released from the Security Trust Deed;

      (2)   that in the opinion of such person the proposed release will not
            impair the security under the Security Trust Deed in contravention
            of the provisions of the Security Trust Deed or the Note Trust Deed;
            and

      (3)   that the Issuer will be in a position to discharge all its
            liabilities in respect of the relevant Class A Notes and any amounts
            required under the Security Trust Deed to be paid in priority to or
            pari passu with those Class A Notes,

      and such Officer's Certificate shall be conclusive and binding on the
      Issuer, the Note Trustee and the holders of those Class A Notes.

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6     PAYMENTS

(a)   METHOD OF PAYMENT

      Any instalment of interest or principal, payable on any Class A Note which
      is punctually paid or duly provided for by the Issuer to the Principal
      Paying Agent on the applicable Payment Date or Final Maturity Date shall
      be paid to the person in whose name such Class A Note is registered on the
      Record Date, by cheque mailed first-class, postage prepaid, to such
      person's address as it appears on the Note Register on such Record Date,
      except that, unless Definitive Notes have been issued pursuant to clause
      3.3 of the Note Trust Deed, with respect to Class A Notes registered on
      the Record Date in the name of the nominee of the Clearing Agency
      (initially such Clearing Agency to be DTC and such nominee to be Cede &
      Co.), payment will be made by wire transfer in immediately available funds
      to the account designated by such nominee and except for the final
      instalment of principal payable with respect to such Class A Note on a
      Payment Date or Maturity Date.

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(b)   INITIAL PRINCIPAL PAYING AGENT

      The initial Principal Paying Agent is The Bank of New York at its offices
      in New York City.

(c)   PAYING AGENTS

      The Issuer may (at the direction of the Manager) at any time (with the
      previous written approval of the Note Trustee) terminate the appointment
      of any Paying Agent and appoint additional or other Paying Agents,
      provided that it will at all times maintain a Paying Agent having a
      specified office New York City. Notice of any such termination or
      appointment and of any change in the office through which any Paying Agent
      will act will be given in accordance with Condition 12.

(d)   PAYMENT ON BANKING DAYS

      If the due date for payment of any amount of principal or interest in
      respect of any Class A Note is not a Banking Day then payment will not be
      made until the next succeeding Banking Day and the holder of that Class A
      Note shall not be entitled to any further interest or other payment in
      respect of that delay. In this Condition 6 the expression "Banking Day"
      means any day (other than a Saturday, Sunday or a public holiday) on which
      banks are open for business in the place where the specified office of the
      Paying Agent at which the Class A Note is presented for payment is
      situated and, in the case of payment by transfer to a US dollar account,
      in New York City and prior to the exchange of a Book-Entry Note (in
      respect of the Class A Notes) for any definitive Class A Notes, on which
      DTC is open for business.

(e)   INTEREST

      If interest is not paid in respect of a Class A Note on the date when due
      and payable (other than because the due date is not a Banking Day), that
      unpaid interest shall itself bear interest at the Interest Rate applicable
      from time to time to the Class A Notes until the unpaid interest, and
      interest on it, is available for payment and notice of that availability
      has been duly given in accordance with Condition 12.

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7     TAXATION

All payments in respect of the Class A Notes will be made without withholding or
deduction for, or on account of, any present or future taxes, duties or charges
of whatsoever nature unless the Issuer or any Paying Agent is required by
applicable law to make any such payment in respect of the Class 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 that event the Issuer or that
Paying Agent (as the case may be) shall make such payment after such withholding
or deduction has been made and shall account to the relevant authorities for the
amount so required to be withheld or deducted. Neither the Issuer nor any Paying
Agent nor the Note Trustee will be obliged to make any additional payments to
Class A Noteholders in respect of that withholding or deduction.

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8    PRESCRIPTION

A Class A Note shall become void in its entirety unless surrendered for payment
within ten years of the Relevant Date (as such term is defined below) in respect
of any payment on it the effect of which would be to reduce the Outstanding
Principal Balance of that Class A Note to zero. After

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                                                                 Note Trust Deed

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

As used in these Conditions, the "RELEVANT DATE" means the date on which a
payment first becomes due but, if the full amount of the money payable has not
been received by the Principal Paying Agent or the Note Trustee on or prior to
that date, it means the date on which the full amount of such money having been
so received, notice to that effect is duly given by the Principal Paying Agent
in accordance with Condition 12.

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9     EVENTS OF DEFAULT

Subject to the Supplementary Bond Terms Notice each of the following events is
an Event of Default whether or not caused by any reason whatsoever outside the
control of an Interested Person (as defined in the Security Trust Deed) or any
other person:

(a)   the Issuer does not within 10 Banking Days of the due date, and in the
      specified manner, pay in full any Secured Moneys (except in respect of any
      moneys payable under any Payment Funding Facility and Redraw Funding
      Facility which fall due for payment prior to the Repayment Date or payment
      of interest on Class B Notes unless all Class A Notes have been repaid);

(b)   the Issuer or the Manager defaults in fully performing observing and
      fulfilling any material obligation in relation to the Securitisation Fund
      under the Security Trust Deed or any Secured Document (other than a
      provision requiring the payment of money as contemplated by paragraph (a)
      of this clause or, prior to the Repayment Date, in respect of any such
      default under a Payment Funding Facility and Redraw Funding Facility) and
      such default has not been remedied within 10 Banking Days of the Issuer or
      the Manager (as the case requires) receiving notice from the Security
      Trustee specifying the breach and requiring the same to be rectified;

(c)   any representation, warranty or statement in relation to the
      Securitisation Fund made, repeated or deemed to be made or repeated in the
      Security Trust Deed or in any Secured Document by the Issuer or the
      Manager (as the case requires) is proved to be untrue in any material
      respect when made, repeated or deemed to be made or repeated (as the case
      may be) (except, prior to the Repayment Date, in respect of any
      representation, warranty or statement made, repeated or deemed to be made
      or repeated under the Payment Funding Facility and Redraw Funding
      Facility);

(d)   the Issuer or the Manager (as the case requires) breaches any material
      undertaking given at any time to the Security Trustee in relation to the
      Securitisation Fund or fails to comply with any material condition imposed
      by the Security Trustee in relation to the Securitisation Fund in agreeing
      to any matter (including any waiver) (except, prior to the Repayment Date,
      in respect of any breach of any material undertaking or failure to comply
      with any material condition under the Payment Funding Facility and Redraw
      Funding Facility);

(e)   any Insolvency Event occurs in relation to the Issuer other than for the
      reconstruction of the Issuer or the Securitisation Fund with the prior
      written approval of the Manager and the Security Trustee and provided that
      each Designated Rating Agency has confirmed in writing that such
      reconstruction will not have an adverse effect on the rating of the Notes;

(f)   any Encumbrance over any Charged Property becomes enforceable or any
      Encumbrance that is a floating security over any Charged Property
      crystallises or otherwise becomes a fixed or specific security;

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                                                                 Note Trust Deed

(g)   any investigation into the affairs, or into particular affairs, of the
      Issuer in relation to the Securitisation Fund is directed or commenced
      under any Statute;

(h)   any Secured Document is, becomes or is claimed by the Issuer or the
      Manager to be void, voidable or unenforceable in whole or in any material
      part;

(i)   the Issuer or the Manager disaffirms, disclaims, repudiates or rejects any
      Secured Document in whole or in any material part;

(j)   there occurs without the prior written approval of the Security Trustee,
      any vesting or distribution of any assets of the Securitisation Fund other
      than in accordance with the relevant Supplementary Bond Terms Notices;

(k)   any material breach of trust in relation to the Securitisation Fund by the
      Issuer or the Issuer for any reason loses or ceases to be entitled to a
      material extent to its right of indemnity against the assets of the
      Securitisation Fund;

(l)   as a result of the act or omission of the Issuer the assets of the
      Securitisation Fund are materially diminished or made materially less
      accessible to the Security Trustee;

(m)   without the prior consent of the Security Trustee, the Securitisation Fund
      is wound-up, or the Issuer is required to wind up the Securitisation Fund
      under the Master Trust Deed or the applicable law, or the winding up of
      the Securitisation Fund commences; and

(n)   the Charge ceases to rank as contemplated by clause 4.2 of the Security
      Trust Deed.

Capitalised terms in this Condition 9 have the same meaning given in the
Security Trust Deed unless defined in this document.

In the event that the security constituted by the Security Trust Deed becomes
enforceable following an event of default under the Notes, any funds resulting
from the realisation of such security shall be applied in accordance with the
order of priority of payments as stated in the Security Trust Deed.

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10    ENFORCEMENT

At any time after an Event of Default occurs, the Security Trustee may (subject
to the Security Trust Deed), if so directed by (a) the Noteholder Secured
Creditors (as defined in the Security Trust Deed) alone, where the Noteholder
Secured Creditors are the only Voting Secured Creditors, or otherwise (b) an
"Extraordinary Resolution" of the Voting Secured Creditors (being 75% of votes
capable of being cast by Voting Secured Creditors present in person or by proxy
at the relevant meeting or a written resolution signed by all Voting Secured
Creditors, which includes the Note Trustee on behalf of Class A Noteholders, but
not, unless the Note Trustee has become bound to take steps and/or proceed under
the Security Trust Deed and fails to do so within a reasonable period of time
and such failure is continuing, the Class A Noteholders themselves), declare the
Class A Notes immediately due and payable and declare the security to be
enforceable. If an Extraordinary Resolution of the Voting Secured Creditors
referred to above elects not to direct the Security Trustee to enforce the
Security Trust Deed, in the circumstances where the Security Trustee could
enforce, the Noteholder Secured Creditor may nevertheless, and the Note Trustee
as Noteholder Secured Creditor shall subject to the terms of the Note Trust
Deed, at the direction of the Class A Noteholders, direct the Security Trustee
to enforce the Security Trust Deed on behalf of the Class A Noteholders.

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                                                                 Note Trust Deed

"VOTING SECURED CREDITOR" 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 Class A Noteholders
      and the Class B Noteholders are 75% or more of total Secured Moneys, the
      Noteholder Secured Creditors alone; and

(b)   at any other time (subject to clause 16.3 of the Security Trust Deed):

      (1)   the Note Trustee, acting on behalf of the Class A Noteholders under
            the Note Trust Deed and clause 3 of the Security Trust Deed or, if
            the Note Trustee has become bound to take steps and/or to proceed
            under the Security Trust Deed and fails to do so within a reasonable
            time and such failure is continuing, the Class A Noteholders and
            then only to the extent permitted by the Australian Law; and

      (2)   each other Secured Creditor (other than a Class A Noteholder).

Any reference to the Noteholder Secured Creditors while they are the only Voting
Secured Creditors, or where their consent is required under the Security Trust
Deed in relation to a direction or act of the Security Trustee, means the
Noteholder Secured Creditors representing more than 50% of the aggregate
Invested Amount of the Class A Notes and the Class B Notes.

Subject to the Security Trust Deed, the Security Trustee shall take all action
necessary to give effect to any direction by the Noteholder Secured Creditors
where they are the only Voting Secured Creditors or to any Extraordinary
Resolution of the Voting Secured Creditors and shall comply with all directions
given by the Note Trustee where it is the only Voting Secured Creditor or
contained in or given pursuant to any Extraordinary Resolution of the Voting
Secured Creditors in accordance with the Security Trust Deed.

No Class A Noteholder is entitled to enforce the Security Trust Deed or to
appoint or cause to be appointed a receiver to any of the assets secured by the
Security Trust Deed or otherwise to exercise any power conferred by the terms of
any applicable law on chargees except as provided in the Security Trust Deed.

If any of the Class A Notes remain outstanding and are due and payable otherwise
than by reason of a default in payment of any amount due on the Class A Notes,
the Note Trustee must not vote under the Security Trust Deed to, or otherwise
direct the Security Trustee to, dispose of the Charged Property unless either:

(a)   a sufficient amount would be realised to discharge in full all amounts
      owing to the Class A Noteholders and any other amounts payable by the
      Issuer ranking in priority to or pari passu with the Class A Notes;

(b)   the Note Trustee is of the opinion, reached after considering at any time
      and from time to time the advice of a merchant bank or other financial
      adviser selected by the Note Trustee, that the cash flow receivable by the
      Issuer (or the Security Trustee under the Security Trust Deed) will not
      (or that there is a significant risk that it will not) be sufficient,
      having regard to any other relevant actual, contingent or prospective
      liabilities of the Issuer, to discharge in full in due course all the
      amounts referred to in paragraph (a);

(c)   the Note Trustee is directed by the Holders of at least 75% of the
      aggregate Invested Amount of Class A Notes.

Neither the Note Trustee nor the Security Trustee will be liable for any decline
in the value, nor any loss realised upon any sale or other dispositions made
under the Security Trust Deed, of any Charged Property or any other property
which is charged to the Security Trustee by any other person in respect of or
relating to the obligations of the Issuer or any third party in respect of the
Issuer or the Secured Moneys or the Class A Notes or relating in any way to the
Charged

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                                                                        PAGE 126
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                                                                 Note Trust Deed

Property. Without limitation, neither the Note Trustee nor the Security
Trustee shall be liable for any such decline or loss directly or indirectly
arising from its acting, or failing to act, as a consequence of an opinion
reached by it.

The Note Trustee shall not be bound to vote under the Security Trust Deed, or
otherwise direct the Security Trustee under the Security Trust Deed or to take
any proceedings, actions or steps under, or any other proceedings pursuant to or
in connection with the Security Trust Deed, the Note Trust Deed, any Class A
Notes, unless directed or requested to do so in writing by Noteholders holding
at least 75% of the aggregate Invested Amount of Class A Notes at the time; and
then only if the Note Trustee is indemnified to its satisfaction against all
action, proceedings, claims and demands to which it may render itself liable and
all costs, charges, damages and expenses which it may incur by so doing.

Only the Security Trustee may enforce the provisions of the Security Trust Deed
and neither the Note Trustee nor any Class A Noteholder is entitled to proceed
directly against the Issuer to enforce the performance of any of the provisions
of the Security Trust Deed and the Class A Notes (including these Class A Note
Conditions) unless otherwise as set out in a Transaction Document.

The rights, remedies and discretions of the Class A Noteholders under the
Security Trust Deed including all rights to vote or give instructions or consent
can only be exercised by the Note Trustee on behalf of the Class A Noteholders
in accordance with the Security Trust Deed. The Security Trustee may rely on any
instructions or directions given to it by the Note Trustee as being given on
behalf of the Class A Noteholders from time to time and need not enquire whether
the Note Trustee or the Class A Noteholders from time to time have complied with
any requirements under the Note Trust Deed or as to the reasonableness or
otherwise of the Note Trustee. The Security Trustee is not obliged to take any
action, give any consent or waiver or make any determination under the Security
Trust Deed without being directed to do so by the Note Trustee or the Voting
Secured Creditors in accordance with the Security Trust Deed.

Upon enforcement of the security created by the Security Trust Deed, the net
proceeds of enforcement may be insufficient to pay all amounts due on redemption
to the Noteholders. The proceeds from enforcement (which will not include
amounts required by law to be paid to the holder of any prior ranking security
interest, and the proceeds of cash collateral lodged with and payable to a Swap
Provider or other provider of an Enhancement (as defined in the Master Trust
Deed)) will be applied in the order of priority as set out in the Security Trust
Deed. Any claims of the Noteholders remaining after realisation of the security
and application of the proceeds as aforesaid shall, except in certain limited
circumstances, be extinguished.

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11    REPLACEMENT OF CLASS A NOTES

If any Class A Note is lost, stolen, mutilated, defaced or destroyed, it may be
replaced at the specified office of the Principal Paying Agent upon payment by
the claimant of the expenses incurred in connection with that replacement and on
such terms as to evidence and indemnity as the Manager may reasonably require.
Mutilated or defaced Class A Notes must be surrendered before replacements will
be issued.

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12    NOTICES

All notices, other than notices given in accordance with the following
paragraphs, to Class A Noteholders shall be deemed to be given if in writing and
mailed, first-class, postage prepaid to

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                                                                 Note Trust Deed

each Class A Noteholder, at his or her address as it appears on the Note
Register, not later than the latest date, and not earlier than the earliest
date, prescribed for the giving of such notice. In any case where notice to
Class A Noteholders is given by mail, neither the failure to mail such notice
nor any defect in any notice so mailed to any particular Class A Noteholder
shall affect the sufficiency of such notice with respect to other Class A
Noteholders, and any notice that is mailed in the manner herein provided shall
conclusively be presumed to have been duly given.

A notice may be waived in writing by the relevant Class A Noteholder, either
before or after the event, and such waiver shall be the equivalent of such
notice. Waivers of notice by the Class A Noteholders shall be filed with the
Note Trustee but such filing shall not be a condition precedent to the validity
of any action taken in reliance upon such a waiver.

In case, by reason of the suspension of regular mail services as a result of a
strike, work stoppage or similar activity, it shall be impractical to mail
notice of any event to the Class A Noteholders when such notice is required to
be given, then any manner of giving such notice as the Issuer shall direct the
Note Trustee shall be deemed to be a sufficient giving of such notice.

The Manager shall deliver a quarterly servicing report for each Calculation
Period to each Class A Noteholder on the notice date relating to such
Calculation Period in the method provided in the first paragraph of this
Condition 12.

All consents and approvals in these Conditions are to be given in writing.

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13    MEETINGS OF VOTING SECURED CREDITORS AND MEETINGS OF CLASS A NOTEHOLDERS;
      MODIFICATIONS; CONSENTS; WAIVER

The Security Trust Deed contains provisions for convening meetings of the Voting
Secured Creditors to, among other things, enable the Voting Secured Creditors to
direct or consent to the Security Trustee taking or not taking certain actions
under the Security Trust Deed, for example to enable the Voting Secured
Creditors to direct the Security Trustee to enforce the Security Trust Deed.

The Note Trust Deed contains provisions for convening meetings of Class A
Noteholders to consider any matter affecting their interests, including the
directing of the Note Trustee to direct the Security Trustee to enforce the
security under the Security Trust Deed, or the sanctioning by the Extraordinary
Resolution of the Class A Noteholders of a modification of the Class A Notes
(including these Class A Note Conditions) or the provisions of any of the
Transaction Documents, provided that no modification of certain terms including,
among other things, the date of maturity of the Class A Notes, or a modification
which would have the effect of altering the amount of interest payable in
respect of a Class A Note or modification of the method of calculation of the
interest payable or of the date for payment of interest in respect of any Class
A Notes, reducing or cancelling the amount of principal payable in respect of
any Class A Notes or altering the majority required to pass an Extraordinary
Resolution or altering the currency of payment of any Class A Notes or an
alteration of the date or priority of payment of interest on, or redemption of,
the Class A Notes in the event of a call under Condition 5(g) or 5(h) (any such
modification being referred to below as a "BASIC TERMS MODIFICATION") shall be
effective except that, if the Note Trustee is of the opinion that such a Basic
Terms Modification is being proposed by the Issuer as a result of, or in order
to avoid, an Event of Default, such Basic Terms Modification may be sanctioned
by Extraordinary Resolution of the Class A Noteholders as described below. An
Extraordinary Resolution passed by the Class A Noteholders shall be binding on
all Class A Noteholders. The vote required for an Extraordinary Resolution shall
be a majority consisting of not less than 75% of the votes capable of being cast
by Voting Secured

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                                                                        PAGE 128
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                                                                 Note Trust Deed

Creditors present in person or by proxy at a duly convened meeting or a written
resolution signed by all of the Voting Secured Creditors.

The Note Trust Deed permits the Note Trustee, the Manager and the Issuer to,
following the giving of not less than 10 Banking Days' notice to each Designated
Rating Agency, alter, add to or modify, by way of supplementary deed, the Note
Trust Deed (including the meeting and amendment provisions), the Conditions
(subject to the proviso more fully described in clause 35.2 of the Note Trust
Deed or any other terms of that deed or the Conditions to which it refers) or
any Transaction Document so long as that alteration, addition or modification
is:

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

o     in the opinion of the Note Trustee necessary to comply with the provisions
      of any law or regulation or with the requirements of any Government
      Agency;

o     in the opinion of the Note Trustee appropriate or expedient as a
      consequence of a change to any law or regulation or a change in the
      requirements of any Government Agency (including, but not limited to, an
      alteration, addition or modification which is in the opinion of the Note
      Trustee appropriate or expedient as a consequence of the enactment of a
      law or regulation or an amendment to any law or regulation or ruling by
      the Commissioner or Deputy Commissioner of Taxation or any governmental
      announcement or statement, in any case which has or may have the effect of
      altering the manner or basis of taxation of trusts generally or of trusts
      similar to the Securitisation Fund); or

o     in the reasonable opinion of the Note Trustee neither prejudicial nor
      likely to be prejudicial to the interests of the Class A Noteholders as a
      whole,

and is undertaken in a manner and to the extent, permitted by the Transaction
Documents.

Where, in the opinion of the Note Trustee, a proposed alteration, addition or
modification to the Note Trust Deed, other than an alteration, addition or
modification referred to above, is prejudicial or likely to be prejudicial to
the interests of Class A Noteholders as a whole or any Class of Class A
Noteholders, the Note Trustee, the Manager and the Issuer may make that
alteration, addition or modification only if sanctioned in writing by holders of
at least 75% of the aggregate Invested Amount of the Class A Notes.

The Note Trustee may also, in accordance with the Note Trust Deed and without
the consent of the Class A Noteholders (but not in contravention of an
Extraordinary Resolution), waive or authorise any breach or proposed breach of
the Class A Notes (including these Class A Note Conditions) or any Transaction
Document or determine that any Event of Default or any condition, event or act
which with the giving of notice and/or lapse of time and/or the issue of a
certificate would constitute an Event of Default shall not, or shall not subject
to specified conditions, be treated as such. Any such modification, waiver,
authorisation or determination shall be binding on the Class A Noteholders and,
if, but only if, the Note Trustee so requires, any such modification shall be
notified to the Class A Noteholders in accordance with Condition 12 as soon as
practicable.

Every amendment to the Note Trust Deed must conform to the requirements of the
TIA as then in effect so long as the Note Trust Deed shall be qualified under
the TIA.

The Manager shall distribute to all Class A Noteholders and the Designated
Rating Agencies a copy of any amendments made under clause 35.1 or 35.2 of the
Note Trust Deed in accordance with Condition 12 as soon as reasonably
practicable after the amendment has been made.

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14    INDEMNIFICATION AND EXONERATION OF THE NOTE TRUSTEE AND THE SECURITY
      TRUSTEE

(a)   The Note Trust Deed and the Security Trust Deed contain provisions for the
      indemnification of the Note Trustee and the Security Trustee
      (respectively) and for their relief from responsibility, including
      provisions relieving them from taking proceedings to realise the security
      and to obtain repayment of the Class A Notes unless indemnified to their
      satisfaction. Each of the Note Trustee and the Security Trustee is
      entitled to enter into business transactions with the Issuer and/or any
      other party to the Transaction Documents without accounting for any profit
      resulting from such transactions. Except in the case of negligence, fraud
      or wilful default (in the case of the Security Trustee) or negligence,
      fraud, or wilful default (in the case of the Note Trustee), neither the
      Security Trustee nor the Note Trustee will be responsible for any loss,
      expense or liability which may be suffered as a result of any assets
      secured by the Security Trust Deed, Charged Property or any deeds or
      documents of title thereto, being uninsured or inadequately insured or
      being held by or to the order of the Mortgage Manager or any of its
      affiliates or by clearing organisations or their operators or by any
      person on behalf of the Note Trustee if prudently chosen in accordance
      with the Transaction Documents.

(b)   Where the Note Trustee is required to express an opinion or make a
      determination or calculation under the Transaction Documents, the Note
      Trustee may appoint or engage such independent advisers as the Note
      Trustee reasonably requires to assist in the giving of that opinion or the
      making of that determination or calculation and any reasonable costs and
      expenses payable to those advisers will be reimbursed to the Note Trustee
      by the Issuer or if another person is expressly stated in the relevant
      provision in a Transaction Document, that person.

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15    LIMITATION OF LIABILITY OF THE ISSUER

(a)   GENERAL

      Clause 26 of the Master Trust Deed applies to the obligations and
      liabilities of the Issuer in relation to the Class A Notes.

(b)   LIABILITY OF ISSUER LIMITED TO ITS RIGHT OF INDEMNITY

      (1)   The Issuer enters into the Transaction Documents and issues the
            Notes only in its capacity as trustee of the Securitisation Fund and
            in no other capacity (except where the Transaction Documents provide
            otherwise). Subject to paragraph (3) below, a liability arising
            under or in connection with the Transaction Documents, the Notes or
            the Securitisation Fund is limited to and can be enforced against
            the Issuer only to the extent to which it can be satisfied out of
            the assets and property of the Securitisation Fund and which are
            available to satisfy the right of the Issuer to be exonerated or
            indemnified for the liability. This limitation of the Issuer's
            liability applies despite any other provision of the Transaction
            Documents and extends to all liabilities and obligations of the
            Issuer in any way connected with any representation, warranty,
            conduct, omission, agreement or transaction related to the
            Transaction Documents, the Notes or the Securitisation Fund.

      (2)   Subject to paragraph (3) below, no person (including any Relevant
            Party) may take action against the Issuer in any capacity other than
            as trustee of the Securitisation Fund or seek the appointment of a
            receiver (except under the Security Trust Deed), or a liquidator, an
            administrator or any similar person to the

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                                                                 Note Trust Deed

            Issuer or prove in any liquidation, administration or arrangements
            of or affecting the Issuer except in relation to the Assets of the
            Securitisation Fund.

      (3)   The provisions of this Condition 15 shall not apply to any
            obligation or liability of the Issuer to the extent that it is not
            satisfied because under a Transaction Document or by operation of
            law there is a reduction in the extent of the Issuer's
            indemnification or exoneration out of the assets of the
            Securitisation Fund as a result of the Issuer's fraud, negligence or
            wilful default and will not apply to any obligation or liability of
            the Issuer to pay amounts from its personal funds pursuant to clause
            12.1 of the Note Trust Deed.

      (4)   It is acknowledged that the Relevant Parties are responsible under
            the Transaction Documents for performing a variety of obligations
            relating to the Securitisation Fund. No act or omission of the
            Issuer (including any related failure to satisfy its obligations
            under the Transaction Documents or the Notes) will be considered
            fraud, negligence or wilful default of the Issuer for the purpose of
            paragraph (3) of this Condition 15 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
            Issuer in accordance with the Transaction Documents to fulfil its
            obligations relating to the Securitisation Fund or by any other act
            or omission of a Relevant Party or any such person.

      (5)   No attorney, agent, delegate, receiver or receiver and manager
            appointed in accordance with this deed or any other Transaction
            Documents has authority to act on behalf of the Issuer in a way
            which exposes the Issuer to any personal liability and no act or
            omission of any such person will be considered fraud, negligence or
            wilful default of the Issuer for the purpose of paragraph (3).

      (6)   The Issuer is not obliged to do or refrain from doing anything under
            the Transaction Documents (including incur any liability) unless the
            Issuer's liability is limited in the same manner as set out in
            paragraphs (1) to (3).

      (7)   In this Condition 15 "RELEVANT PARTIES" means each party to a
            Transaction Document other than the Issuer.

      (8)   The expression "WILFUL DEFAULT" as used in this Condition 15 is
            defined in clause 26.5 of the Security Trust Deed.

      (9)   Nothing in this Condition 15 limits the obligations expressly
            imposed on the Issuer under the Transaction Documents.

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16    GOVERNING LAW

The Class A Notes and the Relevant Documents are governed by, and shall be
construed in accordance with, the laws of New South Wales, Australia. The
administration of the Trust created under the Note Trust Deed, including the
exercise of the Note Trustee's powers under clause 13 of the Note Trust Deed, is
governed by the law of New York. In the event of any inconsistency between the
operation of the law of New South Wales, Australia and the law of New York in
respect of the application of those powers, the law of New York will prevail to
the extent of the inconsistency.

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17    SUMMARY OF PROVISIONS RELATING TO THE CLASS A NOTES WHILE IN BOOK ENTRY
      FORM

Each Class A Note will initially be represented by typewritten book-entry notes
(the "BOOK-ENTRY CLASS A NOTES"), without coupons, in the principal amount of
US$750,000,000. The Book-Entry Class A Notes will be deposited with the Common
Depositary for DTC on or about the Closing Date. Upon deposit of the Book-Entry
Class A Notes with the Common Depositary, DTC will credit each investor in the
Class A Notes with a principal amount of Class A Notes for which it has
subscribed and paid.

The Book-Entry Class A Notes will be exchangeable for definitive Class A Notes
in certain circumstances described below.

Each person who is shown in the Note Register as the holder of a particular
principal amount of Class A Notes will be entitled to be treated by the Issuer
and the Note Trustee as a holder of such principal amount of Class A Notes and
the expression "CLASS A NOTEHOLDER" shall be construed accordingly, but without
prejudice to the entitlement of the holder of the Book-Entry Class A Note to be
paid principal and interest thereon in accordance with its terms. Such persons
shall have no claim directly against the Issuer in respect of payment due on the
Class A Notes for so long as the Class A Notes are represented by a Book-Entry
Class A Note and the relevant obligations of the Issuer will be discharged by
payment to the registered holder of the Book-Entry Class A Note in respect of
each amount so paid.

(a)   PAYMENTS

      Interest and principal on each Book-Entry Class A Note will be payable by
      the Principal Paying Agent to the Common Depositary provided that no
      payment of interest may be made by the Issuer or any Paying Agent in the
      Commonwealth of Australia or its possessions or into a bank account or to
      an address in the Commonwealth of Australia or its possessions.

      Each of the persons appearing from time to time as the beneficial owner of
      a Class A Note will be entitled to receive any payment so made in respect
      of that Class A Note in accordance with the respective rules and
      procedures of DTC. Such persons will have no claim directly against the
      Issuer in respect of payments due on the Class A Notes which must be made
      by the holder of the relevant Book-Entry Class A Note, for so long as such
      Book-Entry Class A Note is outstanding.

      A record of each payment made on a Book-Entry Class A Note, distinguishing
      between any payment of principal and any payment of interest, will be
      recorded in the Note Register by the Note Registrar and such record shall
      be prima facie evidence that the payment in question has been made.

(b)   EXCHANGE

      The Book-Entry Class A Notes will be exchangeable for definitive Class A
      Notes only if:

      (1)   the Principal Paying Agent advises the Manager in writing that the
            Clearing Agency is no longer willing or able to discharge properly
            its responsibilities as depository of the Class A Notes and the
            Manager is not able to locate a qualified successor;

      (2)   the Issuer, at the direction of the Manager (at the Manager's
            option), advises the Principal Paying Agent in writing that it
            elects to terminate the book entry system through the Clearing
            Agency; or

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                                                                 Note Trust Deed

      (3)   after the occurrence of an Event of Default, the Note Trustee at the
            written direction of the Class A Noteholders holding a majority of
            the aggregate Outstanding Principal Balance of the Class A Notes,
            advises both the Principal Paying Agent and Issuer that the
            continuation of a book entry system is no longer in the best
            interest of the Class A Noteowners,

      then the Principal Paying Agent must within 30 days of such event instruct
      the Clearing Agency to notify all Class A Noteowners of the occurrence of
      any such event and of the availability of Definitive Notes. Upon the
      surrender of the Book-Entry Notes to the Issuer by the Clearing Agency,
      and the delivery by the Clearing Agency of the relevant registration
      instructions to the Issuer, the Issuer shall execute and procure the
      Principal Paying Agent to authenticate the Definitive Notes in accordance
      with the instructions of the Clearing Agency.

      Class A Noteowner has the meaning given to it in the Note Trust Deed.

(c)   NOTICES

      So long as the Notes are represented by the Book-Entry Class A Note and
      the same is/are held on behalf of the Clearing Agency, notices to Class A
      Noteholders may be given by delivery of the relevant notice to the
      Clearing Agency for communication by them to entitled account holders in
      substitution for delivery to each Class A Noteholder as required by the
      Class A Note Conditions.

(d)   CANCELLATION

      The Note Registrar shall ensure that all Class A Notes:

      (1)   which have been surrendered for payment, registration of transfer,
            exchange or redemption; or

      (2)   in the case of any Definitive Note, which, being mutilated or
            defaced, have been surrendered and replaced under Condition 11,

      shall be cancelled by or on behalf of the Issuer and will execute a
      certificate and deliver same to the Note Trustee stating:

      (3)   the aggregate Outstanding Principal Balance of Notes which have been
            redeemed; and

      (4)   the serial numbers of such Notes in definitive form (where
            applicable).

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