Document:

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PERPETUAL TRUSTEES AUSTRALIA LIMITED
ABN 86 000 431 827
Issuer Trustee

MACQUARIE SECURITISATION LIMITED
ABN 16 003 297 336
Manager

THE BANK OF NEW YORK, NEW YORK BRANCH
Note Trustee

THE BANK OF NEW YORK, NEW YORK BRANCH
Note Registrar

THE BANK OF NEW YORK, NEW YORK BRANCH
Principal Paying Agent

THE BANK OF NEW YORK, NEW YORK BRANCH
Agent Bank

THE BANK OF NEW YORK, LONDON BRANCH
Paying Agent

AGENCY AGREEMENT
PUMA GLOBAL TRUST NO. 1

                                   CLAYTON UTZ
          Levels 23-35 No 1 O'Connell Street Sydney NSW 2000 Australia
            PO Box H3 Australia Square Sydney NSW 1215 DX 370 Sydney
                    Tel + 61 2 9353 4000 Fax + 61 2 9251 7832
                OUR REF - 174/3323/1537356 CONTACT - TESSA HOSER

              SYDNEY o MELBOURNE o BRISBANE o PERTH o CANBERRA o DARWIN

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

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TABLE OF CONTENTS

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<S>   <C>                                                                                                 <C>
1.    DEFINITIONS AND INTERPRETATION........................................................................2
      1.1         Definitions...............................................................................2
      1.2         Sub-Fund Notice and Trust Deed Definitions................................................3
      1.3         Interpretation............................................................................4
      1.4         Issuer Trustee Capacity...................................................................5
      1.5         Transaction Document and Issuing Document.................................................5
      1.6         Incorporated Definitions and other Transaction Documents and provisions...................5

2.    APPOINTMENT OF PAYING AGENTS..........................................................................6
      2.1         Appointment...............................................................................6
      2.2         Several Obligations of Paying Agents......................................................6

3.    PAYMENTS..............................................................................................6
      3.1         Payment by Issuer Trustee.................................................................6
      3.2         Payments by Paying Agents.................................................................6
      3.3         Method of Payment for Book-Entry Notes....................................................6
      3.4         Method of Payment for Definitive Notes....................................................6
      3.5         Non-Payment...............................................................................7
      3.6         Late Payment..............................................................................7
      3.7         Reimbursement.............................................................................7
      3.8         Payment under Currency Swap...............................................................7
      3.9         Principal Paying Agent holds funds on trust...............................................7
      3.10        Principal Paying Agent may deal with funds................................................8
      3.11        No Set-Off................................................................................8
      3.12        Holders of US$ Notes......................................................................8
      3.13        Repayment of Moneys.......................................................................8
      3.14        Paying Agents to Record, Notify Payments and Deliver Surrendered US$ Notes................9

4.    APPOINTMENT AND DUTIES OF THE AGENT BANK..............................................................9
      4.1         Appointment...............................................................................9
      4.2         Determinations by Agent Bank..............................................................9
      4.3         Notification by Agent Bank................................................................9
      4.4         Note Trustee to Perform Agent Bank's Function.............................................9
      4.5         Documents to Agent Bank..................................................................10

5.    APPOINTMENT AND DUTIES OF THE NOTE REGISTRAR.........................................................10
      5.1         Note Registrar...........................................................................10
      5.2         Note Register to be Kept.................................................................10
      5.3         Transfer or Exchange of US$ Notes........................................................10
      5.4         Replacement of Lost or Mutilated US$ Notes...............................................11
      5.5         Obligations upon Transfer, Exchange or Replacement of US$ Notes..........................11
      5.6         No Charge for Transfer or Exchange.......................................................11
      5.7         Restricted Period........................................................................11
      5.8         Cancellation of US$ Notes................................................................12
      5.9         Provision of Information and Inspection of Register......................................12
      5.10        Correctness of Register and Information..................................................12
      5.11        Non-recognition of Equitable Interests...................................................12
      5.12        Rectification of Note Register...........................................................12
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<S>   <C>                                                                                                 <C>
6.    NOTE TRUSTEE'S REQUIREMENTS REGARDING AGENTS.........................................................13
      6.1         Following Enforcement of the Charge or issue of Definitive Notes.........................13
      6.2         Good Discharge to Issuer Trustee.........................................................13
      6.3         Change of Authorised Officers............................................................14

7.    REDEMPTION OF US$ NOTES..............................................................................14
      7.1         Part Redemption of US$ Notes on Quarterly Payment Dates..................................14
      7.2         Early Redemption.........................................................................14

8.    GENERAL PAYING AGENT MATTERS.........................................................................14
      8.1         Notices to US$ Noteholders...............................................................14
      8.2         Copies of Documents for Inspection.......................................................15
      8.3         Notice of any Withholding or Deduction...................................................15

9.    INDEMNITY............................................................................................15
      9.1         Indemnity by Issuer Trustee..............................................................15
      9.2         Indemnity by Agent.......................................................................15

10.   CHANGES IN AGENTS....................................................................................16
      10.1        Appointment and Removal..................................................................16
      10.2        Resignation..............................................................................16
      10.3        Limitation of Appointment and Termination................................................16
      10.4        Payment of amounts held by the Principal Paying Agent....................................17
      10.5        Records held by Note Registrar...........................................................17
      10.6        Successor to Principal Paying Agent, Agent Bank, Note Registrar..........................17
      10.7        Notice to US$ Noteholders................................................................18
      10.8        Change in Specified Office...............................................................18

11.   MISCELLANEOUS DUTIES AND PROTECTION..................................................................19
      11.1        Agents are agents of the Issuer Trustee..................................................19
      11.2        Agency...................................................................................19
      11.3        Reliance.................................................................................19
      11.4        Entitled to Deal.........................................................................19
      11.5        Consultation.............................................................................19
      11.6        Duties and Obligations...................................................................20
      11.7        Income Tax Returns.......................................................................20
      11.8        Representation by each Agent.............................................................20

12.   FEES AND EXPENSES....................................................................................20
      12.1        Payment of Fee...........................................................................20
      12.2        Payment of Expenses......................................................................20
      12.3        No Other Fees............................................................................20
      12.4        Payment of Fees..........................................................................20
      12.5        No Commission............................................................................21
      12.6        Issuer Trustee Personally Liable for Fees................................................21
      12.7        Timing of Payments.......................................................................21
      12.8        Increase in Fees.........................................................................21

13.   NOTICES..............................................................................................21
      13.1        Method of Delivery.......................................................................21
      13.2        Deemed Receipt...........................................................................22
      13.3        Communications through Principal Paying Agent............................................22
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<S>   <C>                                                                                                 <C>
14.   ISSUER TRUSTEE'S LIMITATION OF LIABILITY.............................................................22
      14.1        Limitation on Issuer Trustee's Liability.................................................22
      14.2        Claims against Issuer Trustee............................................................23
      14.3        Breach of Trust..........................................................................23
      14.4        Acts or omissions........................................................................23
      14.5        No Authority.............................................................................23
      14.6        No obligation............................................................................23

15.   GENERAL..............................................................................................23
      15.1        Waiver...................................................................................23
      15.2        Written Waiver, Consent and Approval.....................................................24
      15.3        Severability.............................................................................24
      15.4        Survival of Indemnities..................................................................24
      15.5        Assignments..............................................................................24
      15.6        Successors and Assigns...................................................................24
      15.7        Moratorium Legislation...................................................................24
      15.8        Amendments...............................................................................24
      15.9        Governing Law............................................................................24
      15.10       Jurisdiction.............................................................................25
      15.11       Counterparts.............................................................................25
      15.12       Limitation of Note Trustee's Liability...................................................25
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THIS AGENCY AGREEMENT MADE AT                     ON                       2001

PARTIES                 PERPETUAL TRUSTEES AUSTRALIA LIMITED, ABN 86 000 431
                        827, a company duly incorporated in the State of New
                        South Wales and having an office at Level 3, 39 Hunter
                        Street, Sydney, Australia, in its capacity as trustee of
                        the PUMA Trust (as hereinafter defined) (hereinafter
                        included in the expression the "ISSUER TRUSTEE")

                        MACQUARIE SECURITISATION LIMITED, ABN 16 003 297 336, a
                        company duly incorporated in New South Wales and having
                        an office at Level 23, 20 Bond Street, Sydney, Australia
                        (hereinafter included by incorporation in the expression
                        the "MANAGER")

                        THE BANK OF NEW YORK, NEW YORK BRANCH a New York banking
                        corporation acting through its New York branch at 101
                        Barclay Street, 21W, New York, New York 10286 as trustee
                        of the Note Trust (as hereinafter defined) (hereinafter
                        included by incorporation in the expression the "NOTE
                        TRUSTEE")

                        THE BANK OF NEW YORK, NEW YORK BRANCH a New York banking
                        corporation acting through its New York branch at 101
                        Barclay Street, 21W, New York, New York 10286
                        (hereinafter included in the expression the " NOTE
                        REGISTRAR")

                        THE BANK OF NEW YORK, NEW YORK BRANCH a New York banking
                        corporation acting through its New York branch at 101
                        Barclay Street, 21W, New York, New York 10286
                        (hereinafter included in the expression the "PRINCIPAL
                        PAYING AGENT")

                        THE BANK OF NEW YORK, NEW YORK BRANCH a New York banking
                        corporation acting through its New York branch at 101
                        Barclay Street, 21W, New York, New York 10286 as trustee
                        of the Note Trust (hereinafter included in the
                        expression the "AGENT BANK")

                        THE BANK OF NEW YORK, LONDON BRANCH a New York banking
                        corporation acting through its London branch of 48th
                        floor, One Canada Square, London E14 5AL (hereinafter
                        included in the expression the "PAYING AGENT")

RECITALS

A.          The Issuer Trustee, in its capacity as trustee of the PUMA Trust,
            proposes to issue US$[ ] Class A Mortgage Backed Floating Rate Notes
            due [ ](the "CLASS A NOTES") and US$[ ] Class B Mortgage Backed
            Floating Rate Notes due [ ] (together the "US$ NOTES").

B.          The US$ Notes will be constituted pursuant to the Note Trust Deed.

C.          The Issuer Trustee wishes to appoint The Bank of New York, New York
            Branch as the initial Principal Paying Agent, the initial Note
            Registrar and the initial Agent Bank in respect of the US$ Notes and
            The Bank of New York, New York Branch has accepted these
            appointments on the terms and conditions of this Agreement.

D.          The Issuer Trustee wishes to appoint The Bank of New York, London
            Branch as an initial Paying Agent in respect of the US$ Notes and
            The Bank of New York, London Branch has accepted that appointment on
            the terms and conditions of this Agreement.

                                                                               1
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THE PARTIES AGREE

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1.     DEFINITIONS AND INTERPRETATION

1.1    DEFINITIONS

       In this Agreement, unless the contrary intention appears:

       "AGENT" means a several reference to each Paying Agent, the Note
       Registrar, and the Agent Bank.

       "AGENT BANK" means initially The Bank of New York, New York Branch or, if
       The Bank of New York, New York Branch resigns or its appointment is
       terminated as the Issuer Trustee's reference agent in respect of the US$
       Notes, the person from time to time appointed in its place to perform the
       functions of such reference agent under this Agreement.

       "AUTHORISED OFFICER" in relation to:

        (a)  the Issuer Trustee and the Manager, has the same meaning as
             "Authorised Signatory" in the Trust Deed;

       (b)   the Note Trustee, the Note Registrar, the Agent Bank and the
             Principal Paying Agent while these are the same person as the Note
             Trustee, has the same meaning as the term "Authorised Officer" in
             relation to the Note Trustee in the Note Trust Deed;

       (c)   The Bank of New York, London Branch as Paying Agent means a
             responsible officer of the Corporate Trust Administration
             department of the Paying Agent; and

       (d)   any other Agent, means the persons appointed from time to time by
             that Agent to act as its Authorised Officers for the purposes of
             this Agreement as certified in writing by 2 directors or a director
             and secretary of that Agent to the other parties to this Agreement.

       "BOOK ENTRY NOTE" has the same meaning as in the Note Trust Deed.

       "DEFINITIVE NOTE" has the same meaning as in the Note Trust Deed.

       "DEPOSITORY" has the same meaning as in the Note Trust Deed.

       "ISSUER TRUSTEE" means initially Perpetual Trustees Australia Limited or,
       if Perpetual Trustees Australia Limited retires or is removed as trustee
       of the PUMA Trust under the Trust Deed, the then substitute Trustee.

       "NOTE REGISTER" means the register established in accordance with clause
       5.2.

       "NOTE REGISTRAR" means The Bank of New York, New York Branch or if The
       Bank of New York, New York Branch resigns or its appointment is
       terminated as note registrar in respect of the US$ Notes, the person from
       time to time appointed in its place to perform the functions of such note
       registrar under this Agreement.

       "NOTE TRUST" means the trust of that name constituted by the Note Trust
       Deed.

       "PAYING AGENT" means The Bank of New York, London Branch until it resigns
       or its appointment is terminated as paying agent and each other person
       from time to time appointed hereunder to perform the functions of a
       paying agent and, except where the context otherwise requires, includes
       the Principal Paying Agent.

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       "PRINCIPAL PAYING AGENT" means The Bank of New York, New York Branch, or,
       if The Bank of New York, New York Branch resigns or its appointment is
       terminated as principal paying agent, the person from time to time
       appointed in its place to perform the functions of the principal paying
       agent under this Agreement.

       "PUMA TRUST" means the trust known as the PUMA Global Trust No. 1
       established pursuant to the Trust Deed and the Sub-Fund Notice.

       "QUARTERLY SERVICING REPORT" has the same meaning as in the Note
       Conditions.

       "RELEVANT PARTIES" has the same meaning as in the Note Conditions.

       "SPECIFIED OFFICE" in relation to:

       (a)   the Note Registrar, means the offices of the Note Registrar as
             specified in the Note Conditions or otherwise under this Agreement
             as the offices of the Note Registrar where surrenders of US$ Notes
             for transfer, exchange, replacement or redemption will occur and
             where, in respect of one of such offices, the Note Register will be
             kept, as varied from time to time in accordance with this
             Agreement;

       (b)   a Paying Agent, means the office of the Paying Agent specified in
             the Note Conditions or otherwise under this Agreement as the office
             at which payments in respect of the US$ Notes will be made, as
             varied from time to time in accordance with this Agreement; and

       (c)   the Agent Bank, means the office of the Agent Bank specified in the
             Note Conditions or otherwise under this Agreement as the office at
             which the Agent Bank will carry out its duties under this
             Agreement, as varied from time to time in accordance with this
             Agreement.

       "STAMP" means the Securities Transfer Agents Medallion Program.

       "SUB-FUND NOTICE" means the Sub-Fund Notice dated [ ] issued by the
       Manager to the Issuer Trustee and accepted by the Issuer Trustee.

       "TAX" has the same meaning as in the Security Trust Deed.

       "TRUST DEED" means the Trust Deed dated 13 July 1990 between the person
       referred to therein as the Founder and Perpetual Trustees Australia
       Limited, as amended from time to time.

       "UCC" means the Uniform Commercial Code of New York.

1.2    SUB-FUND NOTICE AND TRUST DEED DEFINITIONS

       Subject to clause 1.6, unless defined in this Agreement, words and
       phrases defined in either or both of the Trust Deed and the Sub-Fund
       Notice have the same meaning in this Agreement. Where there is any
       inconsistency in a definition between this Agreement (on the one hand)
       and the Trust Deed or the Sub-Fund Notice (on the other hand), this
       Agreement prevails. Where there is any inconsistency in a definition
       between the Trust Deed and the Sub-Fund Notice, the Sub-Fund Notice
       prevails over the Trust Deed in respect of this Agreement. Subject to
       clause 1.6, where words or phrases used but not defined in this
       Agreement are defined in the Trust Deed in relation to a Fund (as defined
       in the Trust Deed) such words or phrases are to be construed in this
       Agreement, where necessary, as being used only in relation to the PUMA
       Trust (as defined in this Agreement).

                                                                               3
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1.3    INTERPRETATION

       In this Agreement, unless the contrary intention appears:

       (a)   headings are for convenience only and do not affect the
             interpretation of this Agreement;

       (b)   a reference to this "AGREEMENT" includes the Recitals;

       (c)   the expression "PERSON" includes an individual, the estate of an
             individual, a body politic, a corporation and a statutory or other
             authority or association (incorporated or unincorporated);

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

       (e)   subject to clause 1.6, a reference to any document or agreement is
             to such document or agreement as amended, novated, supplemented,
             varied or replaced from time to time;

       (f)   a reference to any legislation or to any section or provision of
             any legislation includes any statutory modification or re-enactment
             or any statutory provision substituted for that legislation and all
             ordinances, by-laws, regulations and other statutory instruments
             issued under that legislation, section or provision;

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

       (h)   a reference to a clause is a reference to a clause of this
             Agreement;

        (i)  a reference to "WILFUL DEFAULT" in relation to a party means,
             subject to clause 1.3(j), any wilful failure by that party to
             comply with, or wilful breach by the that party of, any of its
             obligations under any Transaction Document, other than a failure or
             breach which:

             (i)     A.   arises as a result of a breach of a Transaction
                          Document by a person other than:

                          (1)   that party; or

                          (2)   any other person referred to in clause 1.3(j);
                                and

                     B.   the performance of the action (the non-performance of
                          which gave rise to such breach) is a pre-condition to
                          that party performing the said obligation; or

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

             (iii)   is in accordance with a proper instruction or direction
                     given at a meeting convened under any Transaction Document;

        (j)  a reference to the "FRAUD", "NEGLIGENCE" or "WILFUL DEFAULT" of a
             party means the fraud, negligence or wilful default of that party
             and of its officers, employees, agents and any other person where
             that party is liable for the acts or omissions of such other person
             under the terms of any Transaction Document;

        (k)  where any word or phrase is given a defined meaning, any other part
             of speech or

                                                                               4
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             other grammatical form in respect of such word or phrase has a
             corresponding meaning;

        (l)  where any day on which a payment is due to be made or a thing is
             due to be done under this Agreement is not a Business Day, that
             payment must be made or that thing must be done on the immediately
             succeeding Business Day;

        (m)  a reference to the "CLOSE OF BUSINESS" on any day is a reference to
             5.00 pm on that day;

        (n)  a reference to time is to local time in New York;

        (o)  subject to clause 13.2, each party will only be considered to have
             knowledge or awareness of, or notice of, a thing or grounds to
             believe anything by virtue of the officers of that party (or any
             Related Body Corporate of that party) having day to day
             responsibility for the administration or management of that party's
             (or a Related Body Corporate of that party's) obligations in
             relation to the PUMA Trust having actual knowledge, actual
             awareness or actual notice of that thing, or grounds or reason to
             believe that thing (and similar references will be interpreted in
             this way);

        (p)  a reference to the enforcement of the Charge means that the
             Security Trustee appoints (or the Voting Secured Creditors as
             contemplated by clause 8.4 of the Security Trust Deed appoint) a
             Receiver over any Charged Property, or takes possession of any
             Charged Property, pursuant to the Security Trust Deed (expressions
             used in this clause have the same meanings as in the Security Trust
             Deed); and

        (q)  a reference to a "CLASS" of the US$ Notes or US$ Noteholders is to
             the Class A Notes, the Class B Notes or, as the case may be the
             respective Class A Noteholder or Class B Noteholder thereof.

1.4    ISSUER TRUSTEE CAPACITY

       In this Agreement, except where provided to the contrary:

        (a)  (REFERENCES TO ISSUER TRUSTEE): a reference to the Issuer Trustee
             is a reference to the Issuer Trustee in its capacity as trustee of
             the PUMA Trust only, and in no other capacity; and

        (b)  (REFERENCES TO ASSETS OF THE ISSUER TRUSTEE): a reference to the
             undertaking, assets, business or money of the Issuer Trustee is a
             reference to the undertaking, assets, business or money of the
             Issuer Trustee in the capacity referred to in paragraph (a).

1.5    TRANSACTION DOCUMENT AND ISSUING DOCUMENT

       For the purposes of the Trust Deed and the Sub-Fund Notice, this
       Agreement is a Transaction Document and an Issuing Document in relation
       to the PUMA Trust.

1.6    INCORPORATED DEFINITIONS AND OTHER TRANSACTION DOCUMENTS AND PROVISIONS

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

                                                                               5
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       the parties to this Agreement.

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2.     APPOINTMENT OF PAYING AGENTS

2.1    APPOINTMENT

       The Issuer Trustee, at the direction of the Manager, hereby appoints the
       Principal Paying Agent as its initial principal paying agent, and each
       other Paying Agent from time to time as its paying agent, for making
       payments in respect of the US$ Notes pursuant to the Transaction
       Documents at their respective Specified Offices in accordance with the
       terms and conditions of this Agreement. The Principal Paying Agent, and
       each other Paying Agent, hereby accepts that appointment.

2.2    SEVERAL OBLIGATIONS OF PAYING AGENTS

       While there is more than one Paying Agent, the obligations of the Paying
       Agents under this Agreement are several and not joint.

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3.     PAYMENTS

3.1    PAYMENT BY ISSUER TRUSTEE

       Subject to clause 3.8, the Issuer Trustee must not later than [10.00 am]
       on each Quarterly Payment Date, pay to or to the order of the Principal
       Paying Agent to an account in the name of "PUMA Global Trust No. 1" (or
       such other account as may be determined by the Manager and notified to
       the Note Trustee, the Issuer Trustee and each Paying Agent, from time to
       time) and specified by the Principal Paying Agent in same day funds the
       amount in US$ as may be required (after taking account of any money then
       held by the Principal Paying Agent and available for the purpose) to be
       paid on that Quarterly Payment Date in respect of the US$ Notes under the
       Note Conditions.

3.2    PAYMENTS BY PAYING AGENTS

       Subject to payment being duly made as provided in clause 3.1 (or the
       Principal Paying Agent otherwise being satisfied that the payment will be
       duly made on the due date), and subject to clause 6, the Paying Agents
       will pay or cause to be paid to the US$ Noteholders on behalf of the
       Issuer Trustee on each Quarterly Payment Date the relevant amounts of
       principal and interest due in respect of the US$ Notes in accordance with
       this Agreement and the Note Conditions.

3.3    METHOD OF PAYMENT FOR BOOK-ENTRY NOTES

       The Principal Paying Agent will cause all payments of principal or
       interest (as the case may be) due in respect of Book-Entry Notes to be
       made to the Depository or, if applicable, to its nominee, in whose name
       the Book-Entry Notes are registered to the account or accounts designated
       by the Depository or, if applicable, that nominee and otherwise in
       accordance with condition 8.1 of the Note Conditions.

3.4    METHOD OF PAYMENT FOR DEFINITIVE NOTES

       The Paying Agents will cause all payments of principal or interest (as
       the case may be) due in respect of Definitive Notes to be made in
       accordance with condition 8.1 of the Note Conditions.

                                                                               6
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3.5    NON-PAYMENT

       (a)   (NO OBLIGATION ON PAYING AGENTS): If the Issuer Trustee fails to
             make any payment, unless and until the full amount of the payment
             has been made under the terms of this Agreement (except as to the
             time of making the payment) or other arrangements satisfactory to
             the Principal Paying Agent have been made, none of the Principal
             Paying Agent nor any of the other Paying Agents is bound to make
             any payment in accordance with this clause 3 (but may, in its
             discretion, make any such payment).

       (b)   (NOTICE OF NON-RECEIPT): The Principal Paying Agent will
             immediately notify by facsimile the other Paying Agents, the Note
             Trustee, the Issuer Trustee, the Security Trustee and the Manager
             if the full amount of any payment of principal or interest in
             respect of the US$ Notes required to be made pursuant to the Note
             Conditions is not unconditionally received by it or to its order in
             accordance with this Agreement.

3.6    LATE PAYMENT

       (a)   (LATE PAYMENTS TO BE PAID IN ACCORDANCE WITH THIS AGREEMENT): If
             any payment under clause 3.1 is made late but otherwise in
             accordance with the provisions of this Agreement, each Paying Agent
             will make the payments required to be made by it in respect of the
             US$ Notes as provided in this clause 3.

       (b)   (NOTICE): If the Principal Paying Agent does not receive on a
             Quarterly Payment Date the full amount of principal and interest
             then payable on any US$ Note in accordance with the Note
             Conditions, but receives the full amount later, it will:

             (i)     forthwith upon receipt of the full amount notify the other
                     Paying Agents, the Issuer Trustee, the Note Trustee, the
                     Security Trustee and the Manager; and

             (ii)    as soon as practicable after receipt of the full amount
                     give notice, in accordance with condition 11.1 of the Note
                     Conditions, to the US$ Noteholders that it has received the
                     full amount.

3.7    REIMBURSEMENT

       The Principal Paying Agent will (provided that it has been placed in
       funds by the Issuer Trustee) on demand promptly reimburse each other
       Paying Agent for payments of principal and interest properly made by that
       Paying Agent in accordance with the Note Conditions and this Agreement.
       The Issuer Trustee will not be responsible for the apportionment of any
       moneys between the Principal Paying Agent and the other Paying Agents and
       a payment to the Principal Paying Agent of any moneys due to the Paying
       Agents will operate as a good discharge to the Issuer Trustee in respect
       of such moneys.

3.8    PAYMENT UNDER CURRENCY SWAP

       The payment by the Issuer Trustee of its Australian dollar payment
       obligations under the Sub-Fund Notice on each Quarterly Payment Date to
       the Currency Swap Provider will be a good discharge of its corresponding
       US dollar obligations under clause 3.1 (but will not relieve the Issuer
       Trustee of any liability in respect of any default in payment in respect
       of a US$ Note under any other Transaction Document).

3.9    PRINCIPAL PAYING AGENT HOLDS FUNDS ON TRUST

       Each Paying Agent will hold in a separate account on trust for the Note
       Trustee and the US$ Noteholders all sums held by such Paying Agent for
       the payment of principal and interest with

                                                                               7
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       respect to the US$ Notes until such sums are paid to the Note Trustee or
       the US$ Noteholders in accordance with the Note Trust Deed or the Note
       Conditions or repaid under clause 3.13.

3.10   PRINCIPAL PAYING AGENT MAY DEAL WITH FUNDS

       Subject to the terms of this Agreement, the Principal Paying Agent is
       entitled to deal with moneys paid to it under this Agreement in the same
       manner as other moneys paid to it as a banker by its customers. The
       Principal Paying Agent is entitled to retain for its own account any
       interest earned on such moneys, except as required by law.

3.11   NO SET-OFF

       No Paying Agent is entitled to 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 US$ Notes in respect of moneys payable by it under this
       Agreement.

3.12   HOLDERS OF US$ NOTES

       Except as ordered by a court of competent jurisdiction or as required by
       law, each Paying Agent is entitled to treat the person:

       (a)   (BOOK ENTRY NOTES): who is, while a Book-Entry Note remains
             outstanding, the registered owner of that Book-Entry Note as
             recorded in the Note Register as the absolute owner of that
             Book-Entry Note and as the person entitled to receive payments of
             principal or interest (as applicable) and each person shown in the
             records of the Depository as the holder of any US$ Note represented
             by a Book-Entry Note will be entitled to receive from the
             registered owner of that Book-Entry Note any payment so made only
             in accordance with the respective rules and procedures of the
             Depository;

       (b)   (DEFINITIVE NOTES): who is the registered owner of any Definitive
             Note as recorded in the Note Register 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); and

       (c)   (NOTE TRUSTEE): who, when a Book-Entry Note in respect of any US$
             Note is no longer outstanding but Definitive Notes in respect of
             the US$ 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 US$ Noteholders,

       in all cases and for all purposes, despite any notice to the contrary,
       and will not be liable for so doing.

3.13   REPAYMENT OF MONEYS

       (a)   (PRESCRIPTION): Immediately on any entitlement to receive principal
             or interest under any US$ Note becoming void under the Note
             Conditions, the Principal Paying Agent will repay to the Issuer
             Trustee the amount which would have been due in respect of that
             principal or interest if it had been paid before the 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)   (NO REPAYMENT WHILE OUTSTANDING AMOUNTS DUE): Notwithstanding
             clause 3.13(a) the Principal Paying Agent is not obliged to make
             any repayment to the

                                                                               8
<PAGE>

             Issuer Trustee while any fees and expenses which should have been
             paid to or to the order of the Principal Paying Agent or, if
             applicable, the Note Trustee, by the Issuer Trustee remain unpaid.

3.14   PAYING AGENTS TO RECORD, NOTIFY PAYMENTS AND DELIVER SURRENDERED US$
       NOTES

       Each Paying Agent must:

       (a)   (NOTIFY NOTE REGISTRAR): promptly notify the Note Registrar of each
             payment made by it, or at its direction, to US$ Noteholders in
             respect of the US$ Notes;

       (b)   (RECORDS): keep a full and complete record of each payment made by
             it, or at its direction, to US$ Noteholders and provide copies of
             such records to the Issuer Trustee, the Manager, the Note Trustee
             or the Note Registrar upon request; and

       (c)   (DELIVER): promptly deliver to the Note Registrar any US$ Notes
             surrendered to it pursuant to condition 8.2 of the Note Conditions.

       A record by a Paying Agent under this clause 3.14 is sufficient
       evidence, unless the contrary is proved, of the relevant payments having
       been made or not made.

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4.     APPOINTMENT AND DUTIES OF THE AGENT BANK

4.1    APPOINTMENT

       The Issuer Trustee, at the direction of the Manager, hereby appoints the
       Agent Bank as its initial reference agent in respect of the US$ Notes
       upon the terms and conditions contained in this Agreement and the Agent
       Bank hereby accepts that appointment.

4.2    DETERMINATIONS BY AGENT BANK

       The Agent Bank must perform such duties, and make such calculations,
       determinations, notifications and publications at its Specified Office as
       are set forth in the Note Conditions and the Currency Swap Agreement (in
       respect of the Currency Swaps) to be performed or made by it until the
       US$ Notes are redeemed (or deemed to be redeemed) in full in accordance
       with the Note Conditions and must perform any other duties as requested
       by the Issuer Trustee, the Manager or the Principal Paying Agent which
       are reasonably incidental to those duties.

4.3    NOTIFICATION BY AGENT BANK

       If the Agent Bank fails to perform any duty or to make any calculation,
       determination, notification or publication as provided in clause 4.2, it
       must forthwith notify the Issuer Trustee, the Manager, the Note Trustee,
       the Principal Paying Agent and the Currency Swap Provider thereof.

4.4    NOTE TRUSTEE TO PERFORM AGENT BANK'S FUNCTION

       If the Agent Bank for any reason does not determine by close of business
       on the relevant Rate Set Date (as defined in the Note Conditions) the
       Interest Rates for the US$ Notes, or calculate an Interest Amount (each
       as defined in the Note Conditions), the Note Trustee must do so and each
       such determination or calculation will be as if made by the Agent Bank
       for the purposes of the Note Conditions. In doing so, the Note Trustee
       will apply the provisions of condition 6 of the Note Conditions, with
       any necessary consequential amendments, to the extent that it can and, in
       all other respects it will do so in such a manner as it considers fair
       and reasonable in all the circumstances.

                                                                               9
<PAGE>

4.5    DOCUMENTS TO AGENT BANK

       The Manager and the Issuer Trustee will provide to the Agent Bank such
       documents and other information as the Agent Bank reasonably requires in
       order for the Agent Bank to properly fulfil its duties in respect of the
       US$ Notes and the Currency Swap Agreement.

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5.     APPOINTMENT AND DUTIES OF THE NOTE REGISTRAR

5.1    NOTE REGISTRAR

       The Issuer Trustee, at the direction of the Manager, hereby appoints the
       Note Registrar as its initial note registrar in respect of the US$ Notes
       upon the terms and conditions contained in this Agreement and the Note
       Registrar hereby accepts that appointment.

5.2    NOTE REGISTER TO BE KEPT

       The Note Registrar must keep a register, at one of its Specified Offices,
       in which, subject to such reasonable regulations as the Note Registrar
       may prescribe, the Note Registrar must keep a full and complete record
       of:

       (a)   (US$ NOTEHOLDER DETAILS): the name, address and, where applicable,
             taxation, social security or other identifying number of each US$
             Noteholder, the details of the US$ Notes held by that US$
             Noteholder and the details of the account to which any payments due
             to the US$ Noteholder are to be made in each case as notified by
             that US$ Noteholder from time to time;

       (b)   (EXCHANGE ETC. OF US$ NOTES): the issue and any exchange, transfer,
             replacement, redemption (in whole or part) or cancellation of a US$
             Note;

       (c)   (PAYMENTS): all payments made in respect of the US$ Notes (as
             notified to it by each Paying Agent pursuant to clause 3.14(a));

       (d)   (PRINCIPAL): the Principal Balance of each US$ Note from time to
             time (as notified to it by the Manager pursuant to clause 7.1);
             and

       (e)   (OTHER INFORMATION): such other information as the Manager
             reasonably requires or the Note Registrar considers appropriate or
             desirable.

5.3    TRANSFER OR EXCHANGE OF US$ NOTES

       US$ Notes held by a US$ Noteholder may be transferred or may be exchanged
       for other US$ Notes of the same class in any authorised denominations and
       a like Principal Balance, provided in each case that the requirements of
       Section 8-401(a) of the UCC are met, by that US$ Noteholder upon:

       (a)   (SURRENDER AND INSTRUMENT OF TRANSFER OR EXCHANGE): the surrender
             of the US$ Notes to be transferred or exchanged duly endorsed with,
             or accompanied by, a written instrument of transfer or exchange in
             the form, in the case of a transfer, annexed to such US$ Notes or
             otherwise in a form satisfactory to the Note Registrar duly
             executed by the US$ Noteholder, or its 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 of, 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 Exchange Act; and

                                                                              10
<PAGE>

       (b)   (OTHER DOCUMENTS): the provision of such other documents as the
             Note Registrar may reasonably require,

       to the Note Registrar at a Specified Office of the Note Registrar.

5.4    REPLACEMENT OF LOST OR MUTILATED US$ NOTES

       If any US$ Note is lost, stolen, mutilated, defaced or destroyed it may,
       provided that the requirements of Section 8-405 of the UCC are met, be
       replaced with other US$ Notes of the same class in any authorised
       denomination, and a like Principal Balance, upon surrender to the Note
       Registrar of the US$ Notes to be replaced (where the US$ Note has been
       mutilated or defaced) at a Specified Office of the Note Registrar, the
       provision of such evidence and indemnities as the Note Registrar or the
       Issuer Trustee may reasonably require and payment of the Note Registrar's
       and the Issuer Trustee's expenses incurred, and any tax or governmental
       charge that may be imposed, in connection with such replacement.

5.5    OBLIGATIONS UPON TRANSFER, EXCHANGE OR REPLACEMENT OF US$ NOTES

       Subject to this Deed, upon compliance by the relevant US$ Noteholder with
       the provisions of clauses 5.3 or 5.4, as applicable, in relation to the
       transfer, exchange or replacement of any US$ Notes:

       (a)   (ADVISE ISSUER TRUSTEE): the Note Registrar must within 3 Business
             Days so advise the Issuer Trustee and the Note Trustee (if it is
             not the Note Registrar) in writing and provide details of the new
             US$ Notes to be issued in place of those US$ Notes;

       (b)   (EXECUTION AND AUTHENTICATION): the Issuer Trustee must, within 3
             Business Days of such advice, execute and deliver to the Note
             Trustee for authentication in the name of the relevant US$
             Noteholder or the designated transferee or transferees, as the case
             may be, one or more new US$ Notes of the same class in any
             authorised denominations, and a like Principal Balance as those US$
             Notes (in each case as specified by the Note Registrar) and the
             Note Trustee must within 3 Business Days of receipt of such
             executed US$ Notes authenticate them and (if it is not the Note
             Registrar) deliver those US$ Notes to the Note Registrar; and

       (c)   (DELIVERY TO US$ NOTEHOLDER): the Note Registrar must, within 3
             Business Days of receipt of such new US$ Notes (or authentication
             of such US$ Notes if the Note Registrar is the Note Trustee),
             forward to the relevant US$ Noteholder (being the transferee in the
             case of a transfer of a US$ Note) such new US$ Notes.

5.6    NO CHARGE FOR TRANSFER OR EXCHANGE

       No service charge may be made to a US$ Noteholder for any transfer or
       exchange of US$ Notes, but the Note Registrar may require payment by the
       US$ Noteholder of a sum sufficient to cover any tax or other governmental
       charge that may be imposed in connection with any transfer or exchange of
       US$ Notes.

5.7    RESTRICTED PERIOD

       Notwithstanding the preceding provisions of this clause 5, the Note
       Registrar need not register transfers or exchanges of US$ Notes, and the
       Issuer Trustee is not required to execute nor the Note Trustee to
       authenticate any US$ Notes, for a period of 2 business days, in the case
       of a Book Entry Note, or 30 days, in the case of a Definitive Note,
       preceding the due date for any payment with respect to the US$ Notes or
       for such period, not exceeding 30 days, as is specified by the Note
       Trustee prior to any meeting of Relevant Noteholders (as defined in the
       First Schedule of the Trust Deed), which includes US$ Noteholders, under
       the Trust Deed or

                                                                              11
<PAGE>

       prior to any meeting of Voting Secured Creditors (as defined in the
       Security Trust Deed), which includes US$ Noteholders, under the Security
       Trust Deed.

5.8    CANCELLATION OF US$ NOTES

       The Note Registrar must cancel or destroy all US$ Notes that have been
       surrendered to it for transfer, exchange or replacement (including any
       Book Entry Notes surrendered pursuant to clause 3.4(b) of the Note Trust
       Deed) or surrendered to a Paying Agent for redemption and delivered to
       the Note Registrar and must, upon request, provide a certificate to the
       Issuer Trustee, the Note Trustee or the Manager with the details of all
       such US$ Notes so cancelled or destroyed.

5.9    PROVISION OF INFORMATION AND INSPECTION OF REGISTER

       The Note Registrar must:

       (a)   (INFORMATION): provide to the Issuer Trustee, the Manager, the Note
             Trustee and each other Agent such information as is contained in
             the Note Register and is required by them in order to perform any
             obligation pursuant to the Transaction Documents;

       (b)   (INSPECTION): make the Note Register:

             (i)     available for inspection or copying by the Issuer Trustee,
                     the Manager, the Note Trustee and each other Agent or their
                     agents or delegates; and

             (ii)    available for inspection by each US$ Noteholder but only in
                     respect of information relating to that US$ Noteholder,

       at one of the Note Registrar's Specified Offices upon reasonable prior
       notice and during local business hours.

5.10   CORRECTNESS OF REGISTER AND INFORMATION

       The Issuer Trustee, the Note Trustee, the Manager and each Agent (other
       than the Note Registrar) may accept the correctness of the Note Register
       and any information provided to it by the Note Registrar and is not
       required to enquire into its authenticity. None of the Issuer Trustee,
       the Note Trustee, the Manager or any Agent (including the Note Registrar)
       is liable for any mistake in the Note Register or in any purported copy
       except to the extent that the mistake is attributable to its own fraud,
       negligence or wilful default.

5.11   NON-RECOGNITION OF EQUITABLE INTERESTS

       Except as required by law or as ordered by a court of competent
       jurisdiction, no notice of any trust, whether express, implied or
       constructive, is to be entered in the Note Register and except as
       otherwise provided in any Transaction Document, or required by law or
       ordered by a court of competent jurisdiction, none of the Note Registrar,
       the Note Trustee, the Issuer Trustee, the Manager or any other Agent is
       to be affected by or compelled to recognise (even when having notice of
       it) any right or interest in any US$ Notes other than the registered US$
       Noteholder's absolute right to the entirety of them and the receipt of a
       registered US$ Noteholder is a good discharge to the Issuer Trustee, the
       Manager, the Note Trustee and each Agent.

5.12   RECTIFICATION OF NOTE REGISTER

       If:

       (a)   (ENTRY OMITTED): an entry is omitted from the Note Register;

                                                                              12
<PAGE>

       (b)   (ENTRY MADE OTHERWISE THAN IN ACCORDANCE WITH THIS DEED): an entry
             is made in the Note Register otherwise than in accordance with this
             Agreement;

       (c)   (WRONG ENTRY EXISTS): an entry wrongly exists in the Note
             Registrar;

       (d)   (ERROR OR DEFECT EXISTS IN REGISTER); there is an error or defect
             in any entry in the Note Register; or

       (e)   (DEFAULT MADE): default is made or unnecessary delay takes place in
             entering in the Note Register that any person has ceased to be the
             holder of US$ Notes,

       then the Note Registrar may rectify the same.

--------------------------------------------------------------------------------
6.     NOTE TRUSTEE'S REQUIREMENTS REGARDING AGENTS

6.1    FOLLOWING ENFORCEMENT OF THE CHARGE OR ISSUE OF DEFINITIVE NOTES

       At any time after either an Event of Default (unless waived by the
       Security Trustee pursuant to clause 9.5 of the Security Trust Deed) or
       the enforcement of the Charge or at any time after Definitive Notes have
       not been issued when required in accordance with the Note Trust Deed, the
       Note Trustee may:

       (a)   (REQUIRE AGENTS): by notice in writing to the Issuer Trustee, the
             Manager, and each Agent require any one or more of the Agents
             either:

             (i)     A.    to act as the Agent of the Note Trustee on the terms
                           and conditions of this Agreement in relation to
                           payments to be made by or on behalf of the Note
                           Trustee under the terms of the Note Trust Deed,
                           except that the Note Trustee's liability under any
                           provision of this Agreement for the indemnification
                           of the Principal Paying Agent, the Paying Agents and
                           the Agent Bank will be limited to any amount for the
                           time being held by the Note Trustee on the trust of
                           the Note Trust Deed and which is available to be
                           applied by the Note Trustee for that purpose; and

                     B.    to hold all US$ Notes, and all amounts, documents and
                           records held by them in respect of the US$ Notes, on
                           behalf of the Note Trustee; or

             (ii)    to deliver up all US$ Notes and all amounts, documents and
                     records held by them in respect of the US$ Notes, to the
                     Note Trustee or as the Note Trustee directs in that notice,
                     other than any documents or records which an Agent is
                     obliged not to release by any law; and

       (b)   (REQUIRE ISSUER TRUSTEE): by notice in writing to the Issuer
             Trustee require it to make (or arrange to be made) all subsequent
             payments in respect of the US$ 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 Trustee and until that
             notice is withdrawn, clause 6.1(b) of the Note Trust Deed will not
             apply.

6.2    GOOD DISCHARGE TO ISSUER TRUSTEE

       The payment by or on behalf of the Issuer Trustee of its payment
       obligations on each Quarterly Payment Date under the Sub-Fund Notice and
       the Note Conditions to the Note Trustee in accordance with clause 6.1 is
       a good discharge to the Issuer Trustee and the Issuer Trustee will not be
       liable for any act or omission or default of the Note Trustee during the
       period it is

                                                                              13
<PAGE>

       required to make payments to the Note Trustee under clause 6.1.

6.3    CHANGE OF AUTHORISED OFFICERS

       The Note Trustee will forthwith give notice to the Manager, the Issuer
       Trustee, the Security Trustee and each Agent of any change in the
       Authorised Officers of the Note Trustee.

--------------------------------------------------------------------------------
7.     REDEMPTION OF US$ NOTES

7.1    PART REDEMPTION OF US$ NOTES ON QUARTERLY PAYMENT DATES

       (a)   (MANAGER TO MAKE DETERMINATIONS ETC): At least five Business Day
             prior to each Quarterly Payment Date, the Manager will make the
             determinations referred to in condition 7.9(a) of the Note
             Conditions in relation to that Quarterly Payment Date and will give
             to the Issuer Trustee, the Note Trustee, the Principal Paying
             Agent, the Agent Bank and the Note Registrar, the notifications,
             and will cause to be made to the US$ Noteholders the publication,
             required by condition 7.9(b) of the Note Conditions. If the
             Manager does not at any time for any reason make the determinations
             referred to in condition 7.9(a) of the Note Conditions it must
             forthwith advise the Note Trustee and the Agent Bank and such
             determinations must be made by the Agent Bank, or failing the Agent
             Bank, by the Note Trustee in accordance with such condition 7.9(c)
             of the Note Conditions (but based on the information in its
             possession) and each such determination will be deemed to have been
             made by the Manager.

       (b)   (NOTIFY DEPOSITORY): If any Book-Entry Notes are outstanding, on
             receipt of a notification under condition 7.9(b) of the Note
             Conditions, the Principal Paying Agent must notify the Depository
             of any proposed redemption in accordance with the Depository's
             applicable procedures, specifying the principal amount of each
             Book-Entry Note to be redeemed and the date on which the redemption
             is to occur and must provide a copy to the Depository of the
             notification received under condition 7.9(b) of the Note
             Conditions.

7.2    EARLY REDEMPTION

       (a)   (NOTICE TO PAYING AGENT ETC): If the Issuer Trustee intends to
             redeem all (but not some only) of the US$ Notes prior to the Final
             Maturity Date (as defined in the Note Conditions) pursuant to
             conditions 7.3 or 7.4 of the Note Conditions, the Manager will
             direct the Issuer Trustee to give the requisite notice to the Note
             Trustee, the Principal Paying Agent, each Paying Agent, the Note
             Registrar, the Agent Bank and the US$ Noteholders in accordance
             with conditions 7.3 or 7.4 (as the case may be) of the Note
             Conditions and stating the date on which such US$ Notes are to be
             redeemed.

       (b)   (NOTICE TO DEPOSITORY): The Principal Paying Agent will, on receipt
             of a notice under clause 7.2(a), and if any Book Entry Notes are
             outstanding, notify the Depository of the proposed redemption in
             accordance with the Depository's applicable procedures, specifying
             the Principal Balance of each Book-Entry Note to be redeemed, the
             amount of principal to be repaid in relation to each Book-Entry
             Note and the date on which the Book-Entry Notes are to be redeemed.

--------------------------------------------------------------------------------
8.     GENERAL PAYING AGENT MATTERS

8.1    NOTICES TO US$ NOTEHOLDERS

       (a)   (NOTICES TO BE GIVEN BY NOTE REGISTRAR): At the request of the
             Issuer Trustee, the

                                                                              14
<PAGE>

             Note Trustee, the Manager, the Security Trustee or any other Agent,
             and at the expense of the Issuer Trustee, the Note Registrar will
             arrange for the delivery of all notices and the Quarterly Servicing
             Report to US$ Noteholders in accordance with the Note Conditions.

       (b)   (COPY TO NOTE TRUSTEE): The Note Registrar will promptly send to
             the Note Trustee one copy of the form of every notice given to US$
             Noteholders in accordance with the Note Conditions (unless such
             notice is given at the request of the Note Trustee).

       The Note Registrar will not be responsible for, or liable to any person
       in respect of, the contents of any notices or reports delivered by it at
       the request of the Issuer Trustee, the Note Trustee, the Manager, the
       Security Trustee or any other Agent pursuant to this clause 8.1.

8.2    COPIES OF DOCUMENTS FOR INSPECTION

       The Manager will provide to the Note Registrar sufficient copies of all
       documents required by the Note Conditions or the Note Trust Deed to be
       available to US$ Noteholders for issue or inspection.

8.3    NOTICE OF ANY WITHHOLDING OR DEDUCTION

       If the Issuer Trustee or any Paying Agent is, in respect of any payment
       in respect of the US$ Notes, compelled to withhold or deduct any amount
       for or on account of any taxes, duties or charges as contemplated by
       condition 8.4 of the Note Conditions, the Issuer Trustee must give
       notice to the Principal Paying Agent, the Note Trustee and the US$
       Noteholders in accordance with condition 11.1 of the Note Conditions
       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 require to enable each of them
       to comply with the requirement.

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9.     INDEMNITY

9.1    INDEMNITY BY ISSUER TRUSTEE

       Subject to clause 14, the Issuer Trustee undertakes to indemnify each
       Agent and its directors, officers, employees and controlling persons
       against all losses, liabilities, costs, claims, actions, damages,
       expenses or demands which any of them may incur or which may be made
       against any of them as a result of or in connection with the appointment
       of or the exercise of the powers and duties by the Agent under this
       Agreement except as may result from its fraud, negligence or default or
       that of its directors, officers, employees or controlling persons or any
       of them, or breach by it of the terms of this Agreement and
       notwithstanding the resignation or removal of that Agent pursuant to
       clause 10.

9.2    INDEMNITY BY AGENT

       Each Agent undertakes to indemnify on a several basis the Issuer Trustee,
       the Manager and each of their respective directors, officers, employees
       and controlling persons against all losses, liabilities, costs, claims,
       actions, damages, expenses or demands which any of them may incur or
       which may be made against any of them as a result of its default,
       negligence or bad faith or that of its directors, officers, employees or
       controlling persons or any of them, or breach by it of the terms of this
       Agreement. Notwithstanding anything in this Agreement to the contrary, in
       no event will an Agent be liable under, or in connection with, this
       Agreement for indirect, special, incidental, punitive or consequential
       losses or damages of any kind whatsoever, including, but not limited to,
       lost profits, whether or not foreseeable, even if the Agent has been
       advised of the possibility thereof and regardless of the form of action
       in which such damages are sought.

                                                                              15
<PAGE>

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10.    CHANGES IN AGENTS

10.1   APPOINTMENT AND REMOVAL

       The Issuer Trustee (on the direction of the Manager) may with the prior
       written approval of the Note Trustee (which approval must not be
       unreasonably withheld or delayed):

       (a)   (APPOINT NEW AGENTS): appoint:

             (i)     additional or alternative Paying Agents (other than the
                     Principal Paying Agent); or

             (ii)    an alternative Agent Bank, Note Registrar or Principal
                     Paying Agent; and

       (b)   (TERMINATE APPOINTMENT OF AGENTS): subject to this clause 10,
             terminate the appointment of any Agent by giving written notice to
             that effect to the Agent whose appointment is to be terminated
             copied to each Current Rating Authority, the Note Trustee and (if
             it is not the Agent whose appointment is to be terminated) the
             Principal Paying Agent:

             (i)     with effect immediately on the giving of that notice, if
                     any of the following occurs in relation to the Agent (as
                     the case may be):

                     A.   an Insolvency Event;

                     B.   it ceases to conduct business or proposes to cease
                          conduct of its business or a substantial part of that
                          business; or

                     C.   it fails to remedy within five Business Days after
                          prior written notice by the Issuer Trustee or Manager
                          any material breach of this Agreement on the part of
                          the Agent (as the case may be); and

             (ii)    otherwise, with effect on a date not less than 60 days'
                     from that notice (which date must be not less than 30 days
                     before any due date for payment on any US$ Notes).

10.2   RESIGNATION

       Subject to this clause 10, an Agent may resign its appointment under
       this Agreement at any time by giving to the Issuer Trustee, the Manager,
       each Current Rating Authority, (where the Agent resigning is the
       Principal Paying Agent) each Paying Agent and (where the Agent resigning
       is not the Principal Paying Agent) the Principal Paying Agent not less
       than 90 days' written notice to that effect (which notice must expire not
       less than 30 days before, any due date for payment on any US$ Notes).

10.3   LIMITATION OF APPOINTMENT AND TERMINATION

       Notwithstanding clauses 10.1 and 10.2:

        (a)  (PRINCIPAL PAYING AGENT AND NOTE REGISTRAR): the resignation by, or
             the termination of, the appointment of the Principal Paying Agent
             or the Note Registrar will not take effect until a new Principal
             Paying Agent or Note Registrar, as the case may be, has been
             acknowledged in writing by the Note Trustee (in each case, the
             acknowledgement not to be unreasonably delayed) and with, in the
             case of the Note Registrar, Specified Offices in each of New York
             and London;

                                                                              16
<PAGE>

        (b)  (APPOINTMENT BY RETIRING AGENT): if any Agent resigns in accordance
             with clause 10.2 but, by the day falling 15 days before the expiry
             of any notice under clause 10.2 the Issuer Trustee has not
             appointed a new Agent, then the relevant Agent may appoint in its
             place any reputable bank or trust company of good standing approved
             in writing by the Note Trustee and appointed on terms previously
             approved in writing by the Note Trustee (in each case, the approval
             not to be unreasonably withheld or delayed);

        (c)  (SPECIFIED OFFICE OF PAYING AGENT IN NEW YORK AND LONDON): the
             resignation by, or the termination of the appointment of, any
             Paying Agent will not take effect if, as a result of the
             resignation or termination, there would not be a Paying Agent which
             has a Specified Office in New York City or there would not be a
             Paying Agent which has a Specified Office in London;

        (d)  (SPECIFIED OFFICE OF AGENT BANK): the resignation by, or the
             termination of the appointment of the Agent Bank will not take
             effect until a new Agent Bank having its Specified Office in London
             or New York has been appointed; and

        (e)  (TERMS OF APPOINTMENT OF ADDITIONAL PAYING AGENTS): the appointment
             of any additional Paying Agent will be on the terms and the
             conditions of this Agreement and each of the parties to this
             Agreement must 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 will
             not, except in the case of an appointment under clause 10.1(a) or
             a termination under clause 10.1(b)(ii), be at the cost of the
             Issuer Trustee or Manager).

10.4   PAYMENT OF AMOUNTS HELD BY THE PRINCIPAL PAYING AGENT

       If the appointment of the Principal Paying Agent is terminated, the
       Principal Paying Agent must, 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 US$ Note and must
       deliver to the successor Principal Paying Agent all records maintained by
       it and all documents (including any US$ Notes) held by it pursuant to
       this Agreement.

10.5   RECORDS HELD BY NOTE REGISTRAR

       If the appointment of the Note Registrar is terminated, the Note
       Registrar must, on the date on which that termination takes effect,
       deliver to the successor Note Registrar the Note Register and all records
       maintained by it and all documents (including any US$ Notes) held by it
       pursuant to this Agreement.

10.6   SUCCESSOR TO PRINCIPAL PAYING AGENT, AGENT BANK, NOTE REGISTRAR

        (a)  (APPOINTMENT AND RELEASE): On the execution by the Issuer Trustee,
             the Manager and any successor Principal Paying Agent, Agent Bank or
             Note Registrar of an instrument effecting the appointment of that
             successor Principal Paying Agent, Agent Bank or Note Registrar that
             successor Principal Paying Agent, Agent Bank or Note Registrar, as
             the case may be, will, without any further act, deed or conveyance,
             become vested with all the authority, rights, powers, trusts,
             immunities, duties and obligations of its predecessor as if
             originally named as Principal Paying Agent, Agent Bank or Note
             Registrar, as the case may be, in this Agreement and that
             predecessor, on payment to it of the pro rata proportion of its
             administration fee and disbursements then unpaid (if any), will
             have no further liabilities under this Agreement, 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, Agent Bank or Note Registrar was appointed.

                                                                              17
<PAGE>

        (b)  (MERGER): Any corporation:

             (i)     into which the Principal Paying Agent, Agent Bank or Note
                     Registrar is merged;

             (ii)    with which the Principal Paying Agent, Agent Bank or Note
                     Registrar is consolidated;

             (iii)   resulting from any merger or consolidation to which the
                     Principal Paying Agent, Agent Bank or Note Registrar is a
                     party; or

             (iv)    to which the Principal Paying Agent, Agent Bank or Note
                     Registrar sells or otherwise transfers all or substantially
                     all the assets of its corporate trust business,

             must, on the date when that merger, conversion, consolidation,
             sale or transfer becomes effective and to the extent permitted by
             applicable law, become the successor Principal Paying Agent, Agent
             Bank or Note Registrar, as the case may be, under this Agreement
             without the execution or filing of any agreement or document or
             any further act on the part of the parties to this Agreement,
             unless otherwise required by the Issuer Trustee or the Manager,
             and after that effective date all references in this Agreement to
             the Principal Paying Agent, Agent Bank or Note Registrar, as the
             case may be, will be references to that corporation. The Principal
             Paying Agent, Agent Bank or Note Registrar, as the case may be,
             must pay for any costs or expenses associated with such merger,
             conversion, consolidation, sale or transfer.

10.7   NOTICE TO US$ NOTEHOLDERS

       The Manager on behalf of the Issuer Trustee will, within 5 days of:

       (a)   (TERMINATION): the termination of the appointment of any Agent;

       (b)   (RESIGNATION): the resignation of any Agent; or

       (c)   (APPOINTMENT): the appointment of a new Agent,

       give to the US$ Noteholders notice of the termination, appointment or
       resignation in accordance with condition 11.1 of the Note Conditions (in
       the case of a termination under clause 10.1(b)(i) or 10.2 at the cost of
       the outgoing Agent). Notwithstanding clauses 10.1 and 10.2, neither the
       termination of the appointment of an Agent, nor the resignation of an
       Agent, will take effect until notice thereof is given to the US$
       Noteholders in accordance with this clause 10.7.

10.8   CHANGE IN SPECIFIED OFFICE

       (a)   (AGENTS CHANGE): If any Agent proposes to change its Specified
             Office (which must be within the same city as its previous
             Specified Office), it must give to the Issuer Trustee the Manager,
             the Note Trustee and the other Agents not less than 30 days' prior
             written notice of that change, giving the address of the new
             Specified Office and stating the date on which the change is to
             take effect. No change of a Specified Office may occur in the
             period 30 days before any due date for payment on any US$ Notes.

       (b)   (NOTICE TO US$ NOTEHOLDERS): The Manager must, within 14 days of
             receipt of a notice under clause 10.8(a) (unless the appointment
             is to terminate pursuant to clause 10.1 or 10.2 on or prior to the
             date of that change) give to the US$

                                                                              18
<PAGE>

             Noteholders notice in accordance with condition 11.1 of the Note
             Conditions of that change and of the address of the new Specified
             Office, but the cost of giving that notice must be borne by the
             Agent which is changing its Specified Office and not by the Issuer
             Trustee or the Manager.

--------------------------------------------------------------------------------
11.    MISCELLANEOUS DUTIES AND PROTECTION

11.1   AGENTS ARE AGENTS OF THE ISSUER TRUSTEE

       (a)   (AGENT OF THE PUMA TRUST): Subject to clause 6.1, each Agent is
             the agent of the Issuer Trustee in its capacity as trustee of the
             PUMA Trust only.

       (b)   (ISSUER TRUSTEE NOT RESPONSIBLE FOR AGENTS): Notwithstanding any
             other provision contained in this Agreement, any other Transaction
             Document or at law, the Issuer Trustee in its personal capacity is
             not responsible for any act or omission of any Agent.

11.2   AGENCY

       Subject to any other provision of this Agreement, each Agent acts solely
       for and as agent of the Issuer Trustee and does not have any obligations
       towards or relationship of agency or trust with any person entitled to
       receive payments of principal and/or interest on the US$ Notes and is
       responsible only for the performance of the duties and obligations
       imposed on it pursuant to clause 11.6.

11.3   RELIANCE

       Each Agent is protected and will 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 Trustee or the Manager or
       in reliance upon any US$ 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.

11.4   ENTITLED TO DEAL

       An Agent is not precluded from acquiring, holding or dealing in any US$
       Notes or from engaging or being interested in any contract or other
       financial or other transaction with the Issuer Trustee or the Manager as
       freely as if it were not an agent of the Issuer Trustee under this
       Agreement and in no event whatsoever (other than fraud, wilful
       misconduct, negligence or bad faith) will any Agent be liable to account
       to the Issuer Trustee or any person entitled to receive amounts of
       principal or interest on the US$ Notes for any profit made or fees or
       commissions received in connection with this agreement or any US$ Notes.

11.5   CONSULTATION

       Each Agent may, after 5 days prior notice to the Issuer Trustee and the
       Manager, consult as to legal matters with lawyers selected by it, who may
       be employees of or lawyers to the Issuer Trustee, the Manager or the
       relevant Agent. An Agent is not required to provide 5 days prior notice
       of the consultation specified above if, in the reasonable opinion of that
       Agent, to do so would be contrary to the performance by it of its
       obligations under this Agreement, provided that, such Agent must provide
       written notice to the Issuer Trustee and the Manager as soon as
       practicable after that consultation.

                                                                              19
<PAGE>

11.6   DUTIES AND OBLIGATIONS

       Each Agent will perform the duties and obligations, and only the duties
       and obligations, contained in or reasonably incidental to this Agreement
       and the Note Conditions and no implied duties or obligations (other than
       general laws as to agency) will be read into this Agreement or the Note
       Conditions against any Agent. An Agent is not required to take any action
       under this Agreement 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.

11.7   INCOME TAX RETURNS

       The Principal Paying Agent will deliver to each US$ Noteholder such
       information as may be reasonably required to enable such US$ Noteholder
       to prepare its federal and state income tax returns.

11.8   REPRESENTATION BY EACH AGENT

       Each Agent represents and warrants that it is duly qualified to assume
       its obligations under this Agreement and has obtained all necessary
       approvals required to execute, deliver and perform its obligations under
       this Agreement.

--------------------------------------------------------------------------------
12.    FEES AND EXPENSES

12.1   PAYMENT OF FEE

       The Issuer Trustee will pay to each Agent during the period that any of
       the US$ Notes remain outstanding the administration fee separately agreed
       by that Agent and the Issuer Trustee. If the appointment of an Agent is
       terminated under this Agreement, the Agent must refund to the Issuer
       Trustee that proportion of the fee (if any) which relates to the period
       during which the Agent's appointment is terminated.

12.2   PAYMENT OF EXPENSES

       The Issuer Trustee must pay or reimburse to each Agent all reasonable
       costs, expenses, charges, stamp duties and other Taxes and liabilities
       properly incurred by that Agent in the performance of the obligations of
       that Agent under this Agreement including, without limitation, all costs
       and expenses (including legal costs and expenses) incurred by that Agent
       in the enforcement of any obligations under this Agreement. Nothing in
       this clause 12.2 entitles or permits an Agent to be reimbursed or
       indemnified for general overhead costs and expenses (including, without
       limitation, rents and any amounts payable by that Agent to its employees
       in connection with their employment) incurred directly or indirectly in
       connection with the business activities of that Agent or in the exercise
       of its rights, powers and discretions or the performance of its duties
       and obligations under this Agreement.

12.3   NO OTHER FEES

       Except as provided in clauses 12.1 and 12.2, or as expressly provided
       elsewhere in this Agreement, neither the Issuer Trustee nor the Manager
       has any liability in respect of any fees or expenses of any Agent in
       connection with this Agreement.

12.4   PAYMENT OF FEES

       The above fees, payments and expenses will be paid in United States
       dollars. The Issuer Trustee will in addition pay any value added tax
       which may be applicable. The Principal Paying Agent will arrange for
       payment of commissions to the other Paying Agents and arrange

                                                                              20
<PAGE>

       for the reimbursement of their expenses promptly upon demand, supported
       by evidence of that expenditure, and provided that payment is made as
       required by clause 12.1 the Issuer Trustee will not be concerned with or
       liable in respect of that payment.

12.5   NO COMMISSION

       Subject to this clause 12, no Paying Agent may charge any commission or
       fee in relation to any payment by it under this Agreement.

12.6   ISSUER TRUSTEE PERSONALLY LIABLE FOR FEES

       Notwithstanding any other provision of this Agreement, the Issuer Trustee
       must pay to each Agent the fees referred to in clause 12.1, and any
       value added tax on such fees, from its own personal funds and will not be
       entitled to be indemnified from the assets of the PUMA Trust with respect
       to such fees or value added taxes provided that if The Bank of New York,
       New York Branch or The Bank of New York, London Branch resigns or is
       removed as an Agent the Issuer Trustee will only be liable to pay the
       fees referred to in clause 12.1, and any value added tax on such fees,
       from its own personal funds to the extent that such fees and value added
       tax do not exceed the amount that would have been payable to The Bank of
       New York, New York Branch or the Bank of New York, London Branch, as the
       case may be, if it had remained as that Agent. The balance of such fees
       and value added tax, if any, will form part of the Fees and Expenses for
       which the Issuer Trustee is entitled to be indemnified from the assets of
       the PUMA Trust in accordance with the Sub-Fund Notice.

12.7   TIMING OF PAYMENTS

       Except as referred to in clause 12.6, all payments by the Issuer Trustee
       to an Agent under this clause 12 are payable on the first Quarterly
       Payment Date following demand by that Agent from funds available for this
       purpose in accordance with the Sub-Fund Notice.

12.8   INCREASE IN FEES

       The Issuer Trustee must notify in writing the Current Rating Authorities
       of any proposed increase in fees payable under this clause 12 (including
       upon the appointment of a new Agent but not including any increase in
       fees payable by the Issuer Trustee from its own personal funds in
       accordance with clause 12.6) at least 5 Business Days before such
       increase takes effect and must not agree to any such increase if this
       would result in a reduction, qualification or withdrawal of any credit
       rating then assigned by the Current Rating Authorities to the Notes. This
       clause 12.8 is not to be construed to require an Agent to undertake any
       additional duties or obligations not provided for in this Agreement
       unless otherwise agreed by that Agent in its discretion.

--------------------------------------------------------------------------------
13.    NOTICES

13.1   METHOD OF DELIVERY

       Subject to clauses 13.3 and 13.4, any notice, request, certificate,
       approval, demand, consent or other communication to be given under this
       Agreement (other than notices to the US$ Noteholders):

       (a)   (EXECUTION): except in the case of communications by email, must be
             signed by an Authorised Officer of the party giving the same;

       (b)   (IN WRITING): must be in writing; and

       (c)   (DELIVERY): must be:

                                                                              21
<PAGE>

             (i)     left at the address of the addressee;

             (ii)    sent by prepaid ordinary post to the address of the
                     addressee;

             (iii)   sent by facsimile to the facsimile number of the addressee;
                     or

             (iv)    sent by email by an Authorised Signatory of the party
                     giving the same to the addressee's specified email address,

             as notified by that addressee from time to time to the other
             parties to this Agreement as its address for service pursuant to
             this Agreement.

13.2   DEEMED RECEIPT

       A notice, request, certificate, demand, consent or other communication
       under this Agreement is deemed to have been received:

       (a)   (DELIVERY): where delivered in person, upon receipt;

       (b)   (POST): where sent by post, on the 3rd (7th if outside Australia)
             day after posting;

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

       (d)   (EMAIL): subject to clause 13.4, where sent by email, on the date
             that the email is received.

       However, if the time of deemed receipt of any notice is not before 5.00
       pm local time on a Business Day at the address of the recipient it is
       deemed to have been received at the commencement of business on the next
       Business Day.

13.3   COMMUNICATIONS THROUGH PRINCIPAL PAYING AGENT

       All communications relating to this Agreement between the Issuer Trustee
       and the Agent Bank and any of the other Paying Agents or between the
       Paying Agents themselves will, except as otherwise provided in this
       Agreement, be made through the Principal Paying Agent.

13.4   EMAIL

       Notwithstanding any other provision of this clause 13, a notice, request,
       certificate, approval, demand, consent or other communication to be given
       under this Agreement may only be given by email where the recipient has
       expressly agreed with the sender that the communication, or
       communications of that type, may be given by email and subject to such
       conditions as may be required by the recipient.

--------------------------------------------------------------------------------
14.    ISSUER TRUSTEE'S LIMITATION OF LIABILITY

14.1   LIMITATION ON ISSUER TRUSTEE'S LIABILITY

       The Issuer Trustee enters into this Agreement only in its capacity as
       trustee of the PUMA Trust and in no other capacity. A liability incurred
       by the Issuer Trustee acting in its capacity as trustee of the PUMA Trust
       arising under or in connection with this Agreement is limited to and can
       be enforced against the Issuer Trustee only to the extent to which it can
       be satisfied out of the assets of the PUMA Trust out of which the Issuer
       Trustee is actually indemnified for the liability. This limitation of the
       Issuer Trustee's liability applies despite any other provision of this
       Agreement (other than clauses 12.6 and 14.3) and extends to all
       liabilities and

                                                                              22
<PAGE>

       obligations of the Issuer Trustee in any way connected with any
       representation, warranty, conduct, omission, agreement or transaction
       related to this Agreement.

14.2   CLAIMS AGAINST ISSUER TRUSTEE

       The parties other than the Issuer Trustee may not sue the Issuer Trustee
       in respect of any liabilities incurred by the Issuer Trustee acting in
       its capacity as trustee of the PUMA Trust in any capacity other than as
       trustee of the PUMA Trust including seeking the appointment of a receiver
       (except in relation to the assets of the PUMA Trust) a liquidator, an
       administrator or any similar person to the Issuer Trustee or prove in any
       liquidation, administration or similar arrangements of or affecting the
       Issuer Trustee (except in relation to the assets of the PUMA Trust).

14.3   BREACH OF TRUST

       The provisions of this clause 14 will not apply to any obligation or
       liability of the Issuer Trustee to the extent that it is not satisfied
       because under the Trust Deed, the Sub-Fund Notice or any other
       Transaction Document or by operation of law there is a reduction in the
       extent of the Issuer Trustee's indemnification out of the assets of the
       PUMA Trust as a result of the Issuer Trustee's fraud, negligence or
       wilful default and will not apply to any obligation or liability of the
       Issuer Trustee to pay amounts from its personal funds pursuant to clause
       12.6.

14.4   ACTS OR OMISSIONS

       It is acknowledged that the Relevant Parties are responsible under the
       Transaction Documents for performing a variety of obligations relating to
       the PUMA Trust. No act or omission of the Issuer Trustee (including any
       related failure to satisfy its obligations or any breach or
       representation or warranty under this Agreement) will be considered
       fraudulent, negligent or a wilful default for the purposes of clause
       14.3 to the extent to which the act or omission was caused or
       contributed to by any failure by any Relevant Party or any other person
       appointed by the Issuer Trustee under any Transaction Document (other
       than a person whose acts or omissions the Issuer Trustee is liable for in
       accordance with any Transaction Document) to fulfil its obligations
       relating to the PUMA Trust or by any other act or omission of a Relevant
       Party or any other such person.

14.5   NO AUTHORITY

       No Agent appointed in accordance with this Agreement has authority to act
       on behalf of the Issuer Trustee in a way which exposes the Issuer Trustee
       to any personal liability and no act or omission of any such person will
       be considered fraudulent, negligent or wilful default of the Issuer
       Trustee for the purposes of clause 14.3.

14.6   NO OBLIGATION

       The Issuer Trustee is not obliged to enter into any commitment or
       obligation under or in relation to this Agreement or any Transaction
       Document (including incur any further liability) unless the Issuer
       Trustee's liability is limited in a manner which is consistent with this
       clause 14 or otherwise in a manner satisfactory to the Issuer Trustee in
       its absolute discretion.

--------------------------------------------------------------------------------
15.    GENERAL

15.1   WAIVER

       A failure to exercise or enforce or a delay in exercising or enforcing or
       the partial exercise or enforcement of any right, remedy, power or
       privilege under this Agreement by a party will not in any way preclude or
       operate as a waiver of any further exercise or enforcement of such

                                                                              23
<PAGE>

       right, remedy, power or privilege of the exercise or enforcement of any
       other right, remedy, power or privilege under this Agreement or provided
       by law.

15.2   WRITTEN WAIVER, CONSENT AND APPROVAL

       Any waiver, consent or approval given by a party under this Agreement
       will only be effective and will 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 two Authorised Officers of
       that party.

15.3   SEVERABILITY

       Any provision of this Agreement which is illegal, void or unenforceable
       in any jurisdiction is ineffective in such jurisdiction to the extent
       only of such illegality, voidness or unenforceability without
       invalidating the remaining provisions of this Agreement.

15.4   SURVIVAL OF INDEMNITIES

       The indemnities contained in this Agreement are continuing, and survive
       the termination of this Agreement.

15.5   ASSIGNMENTS

       No party may assign or transfer any of its rights or obligations under
       this Agreement without the prior written consent of the other parties and
       confirmation from the Current Rating Authorities that such assignment
       will not lead to a reduction, qualification or reduction of its then
       rating of the US$ Notes.

15.6   SUCCESSORS AND ASSIGNS

       This Agreement is binding upon and ensures to the benefit of the parties
       to this Agreement and their respective successors and permitted assigns.

15.7   MORATORIUM LEGISLATION

       To the fullest extent permitted by law, the provisions of all statutes
       whether existing now or in the future operating directly or indirectly:

       (a)   (TO AFFECT OBLIGATIONS): to lessen or otherwise to vary or affect
             in favour of any party any obligation under this Agreement; or

       (b)   (TO AFFECT RIGHTS): to delay or otherwise prevent or prejudicially
             affect the exercise of any rights or remedies conferred on a party
             under this Agreement,

       are hereby expressly waived, negatived and excluded.

15.8   AMENDMENTS

       No amendments to this Agreement will be effective unless in writing and
       executed by each of the parties to this Agreement. The Manager must give
       each Current Rating Authority 5 Business Days' prior notice of any
       amendment to this Agreement.

15.9   GOVERNING LAW

       This Agreement is governed by and must be construed in accordance with
       the laws of the State of New South Wales.

                                                                              24
<PAGE>

15.10  JURISDICTION

       Each party irrevocably and unconditionally:

       (a)   (SUBMISSIONS TO JURISDICTION): submits to the non-exclusive
             jurisdiction of the courts of the State of New South Wales;

       (b)   (WAIVER OF INCONVENIENT FORUM): waives any objection it may now or
             in the future have to the bringing of proceedings in those courts
             and any claim that any proceedings have been brought in an
             inconvenient forum; and

       (c)   (SERVICE OF NOTICE): agrees, without preventing any other mode of
             service permitted by law, that any document required to be served
             in any proceedings may be served in the manner in which notices and
             other written communications may be given under clause 13.

15.11  COUNTERPARTS

       This Agreement may be executed in a number of counterparts and all such
       counterparts taken together will constitute one and the same instrument.

15.12  LIMITATION OF NOTE TRUSTEE'S LIABILITY

       The Note Trustee is a party to this Agreement in its capacity as trustee
       of the Note Trust. The liability of the Note Trustee under this Agreement
       is limited in the manner and to the same extent as under the Note Trust
       Deed.

                                                                              25
<PAGE>

EXECUTED as an agreement.

SIGNED for and on behalf of PERPETUAL
TRUSTEES AUSTRALIA LIMITED, ABN 86 000
431 827, by                              --------------------------------------
                                         Signature of Attorney
its Attorney under a Power of Attorney
dated and who declares that he or she
has not received any notice of the
revocation of such Power of Attorney,
in the presence of:

--------------------------------------   --------------------------------------
Signature of Witness                     Name of Attorney in full

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

SIGNED for and on behalf of MACQUARIE
SECURITISATION LIMITED, ABN 16 003 297    --------------------------------------
336, by                                   Signature of Attorney

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

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

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

                                                                              26
<PAGE>

SIGNED FOR AND ON BEHALF of THE BANK
OF NEW YORK, NEW YORK BRANCH acting by
its Authorised Officer in the presence
of:

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

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

SIGNED FOR AND ON BEHALF of THE BANK
OF NEW YORK, LONDON BRANCH acting by
its Authorised Officer in the presence
of:

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

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

                                                                              27<PAGE>

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

MACQUARIE BANK LIMITED
ABN 46 008 583 542
Redraw Facility Provider

PERPETUAL TRUSTEES AUSTRALIA LIMITED
ABN 86 000 431 827
Borrower

MACQUARIE SECURITISATION LIMITED
ABN 16 003 297 336
Manager

REDRAW FACILITY AGREEMENT
PUMA GLOBAL TRUST NO. 1

                                   CLAYTON UTZ
              23-35 No.1 O'Connell Street Sydney NSW 2000 Australia
            PO Box H3 Australia Square Sydney NSW 1215 DX 370 Sydney
                    Tel + 61 2 9353 4000 Fax + 61 2 9251 7832
                OUR REF - 174/3323/1537356 CONTACT - TESSA HOSER

            SYDNEY o MELBOURNE o BRISBANE o PERTH o CANBERRA o DARWIN

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

<PAGE>

TABLE OF CONTENTS

<TABLE>
<CAPTION>
<S>        <C>                                                                                                  <C>
1.          INTERPRETATION........................................................................................1

            1.1         Definitions...............................................................................1
            1.2         Sub-Fund Notice and Trust Deed Definitions................................................4
            1.3         Interpretation............................................................................4
            1.4         Borrower Capacity.........................................................................4
            1.5         Trust Deed and Sub-Fund Notice............................................................5
            1.6         Incorporated Definitions and other Transaction Documents and provisions...................5

2.          THE FACILITY..........................................................................................5

            2.1         Redraw Facility...........................................................................5
            2.2         Method of Making Advances.................................................................5
            2.3         Purpose...................................................................................5
            2.4         Extension of Scheduled Redraw Termination Date............................................5
            2.5         Termination of the Facility...............................................................5

3.          CONDITIONS PRECEDENT..................................................................................6

            3.1         Conditions Precedent to First Advance.....................................................6
            3.2         Conditions Precedent to all Advances......................................................6

4.          DRAWDOWN..............................................................................................7

            4.1         Preparation of Drawdown Notices...........................................................7
            4.2         Requirements of Drawdown Notices..........................................................7
            4.3         Availability of Facility..................................................................7
            4.4         Making of Advances........................................................................7
            4.5         Maximum Advances..........................................................................7

5.          INTEREST..............................................................................................8

            5.1         Interest Period...........................................................................8
            5.2         Rate of Interest..........................................................................8
            5.3         Calculation of Interest...................................................................8
            5.4         Payment of Interest.......................................................................8
            5.5         Carry Forward of Unpaid Interest..........................................................8

6.          REPAYMENT OF REDRAW PRINCIPAL.........................................................................8

            6.1         Repayment of the Redraw Principal during the Availability Period..........................8
            6.2         Redrawing.................................................................................9
            6.3         Repayment on Termination..................................................................9

7.          PAYMENTS..............................................................................................9

8.          ILLEGALITY AND INCREASED COST.........................................................................9

            8.1         Illegality................................................................................9
            8.2         Increased Cost............................................................................9

9.          FEES.................................................................................................10

            9.1         Payment of Fees..........................................................................10

10.         REDUCTION OF THE REDRAW FACILITY.....................................................................10

            10.1        Reduction of Facility Limit by Manager or Borrower.......................................10
            10.2        No reduction in Facility Limit below Advances Outstanding................................11
</TABLE>

                                                                              i.

<PAGE>

<TABLE>
<CAPTION>
<S>        <C>                                                                                                  <C>
11.         REPRESENTATIONS AND WARRANTIES.......................................................................11

            11.1        General Representations and Warranties...................................................11
            11.2        PUMA Trust Representations and Warranties................................................11
            11.3        Representations and Warranties Repeated..................................................12

12.         UNDERTAKINGS.........................................................................................12

            12.1        General..................................................................................12
            12.2        Manager's Undertakings after Manager Event...............................................12

13.         EVENTS OF DEFAULT....................................................................................13

            13.1        Events of Default........................................................................13
            13.2        Consequences of Event of Default.........................................................13

14.         TRUSTEE PROVISIONS...................................................................................14

            14.1        Limitation on Borrower's Liability.......................................................14
            14.2        Claims against Borrower..................................................................14
            14.3        Breach of Trust..........................................................................14
            14.4        Acts or omissions........................................................................14
            14.5        No obligation............................................................................14

15.         ASSIGNMENT...........................................................................................15

            15.1        Assignment by Borrower...................................................................15
            15.2        Assignment by Manager....................................................................15
            15.3        Assignment by Redraw Facility Provider...................................................15

16.         NOTICES..............................................................................................15

            16.1        Method of Delivery.......................................................................15
            16.2        Address for Notices......................................................................15
            16.3        Deemed Receipt...........................................................................16
            16.4        Email....................................................................................16

17.         INDEMNITY............................................................................................16

            17.1        Indemnity on Demand......................................................................16
            17.2        Redraw Facility Provider Obligations.....................................................16
            17.3        Losses on Liquidation or Re-employment of Deposits.......................................17
            17.4        Payment on Payment Date..................................................................17

18.         MISCELLANEOUS........................................................................................17

            18.1        Stamp Duties.............................................................................17
            18.2        Waiver...................................................................................17
            18.3        Written Waiver, Consent and Approval.....................................................17
            18.4        Severability.............................................................................17
            18.5        Survival of Indemnities..................................................................18
            18.6        Successors and Assigns...................................................................18
            18.7        Moratorium Legislation...................................................................18
            18.8        Amendments...............................................................................18
            18.9        Governing Law............................................................................18
            18.10       Jurisdiction.............................................................................18
            18.11       Counterparts.............................................................................18

SCHEDULE 1.......................................................................................................19

FORM OF DRAWDOWN NOTICE..........................................................................................19
</TABLE>

                                                                             ii.

<PAGE>

REDRAW FACILITY AGREEMENT MADE AT SYDNEY ON                                 2001

PARTIES                 MACQUARIE BANK LIMITED ABN 46 008 583 542 a company
                        incorporated in the Australian Capital Territory and
                        having an office at Level 15, 1 Martin Place, Sydney,
                        New South Wales ("REDRAW FACILITY PROVIDER")

                        PERPETUAL TRUSTEES AUSTRALIA LIMITED ABN 86 000 431 827
                        a company incorporated in New South Wales and having an
                        office at Level 7, 39 Hunter Street, Sydney, New South
                        Wales ("BORROWER")

                        MACQUARIE SECURITISATION LIMITED ABN 16 003 297 336 a
                        company incorporated in New South Wales and having an
                        office at Level 23, 20 Bond Street, Sydney, New South
                        Wales ("MANAGER")

RECITALS

A.          The Borrower and the Manager are respectively the trustee and the
            manager of the PUMA Trust.

B.          It is proposed that Notes will be issued by the Borrower as trustee
            of the PUMA Trust pursuant to the Trust Deed, the Note Trust Deed
            and the Sub-Fund Notice.

C.          The Manager has requested the Redraw Facility Provider to provide
            the Borrower with the Redraw Facility to assist the Borrower to fund
            Redraws or Subordinate Funded Further Advances to be made by the
            Borrower to Mortgagors under Approved Mortgages which are included
            in the PUMA Trust in accordance with the Sub-Fund Notice.

D.          The Redraw Facility Provider has agreed to provide the Redraw
            Facility to the Borrower on the terms and conditions contained in
            this Agreement.

THE PARTIES AGREE

--------------------------------------------------------------------------------
1.          INTERPRETATION

1.1         DEFINITIONS

            In this Agreement, unless the contrary intention appears:

            "ADVANCE" means the principal amount of each advance to the Borrower
            by the Redraw Facility Provider in accordance with this Agreement.

            "APPROVED PURPOSE" means the use of an Advance:

            (a)         to fund Redraws in accordance with the Sub-Fund Notice
                        where there are insufficient Collections that may be
                        applied for this purpose in accordance with the Sub-Fund
                        Notice;

            (b)         to fund Subordinate Funded Further Advances; and

            (c)         to repay any outstanding Advances.

            "AUTHORISED SIGNATORY" in relation to the Redraw Facility Provider
            means any person from time to time appointed by the Redraw Facility
            Provider to act as its Authorised Signatory for the purposes of this
            Agreement and notified to the Borrower.

            "AVAILABILITY PERIOD" means the period commencing on the date of
            this Agreement and ending on the Redraw Facility Termination Date.

                                                                               1
<PAGE>

            "BBSW" in relation to an Interest Period means the rate expressed as
            a percentage per annum appearing at approximately 10.10 am on the
            first occurring Payment Date during that Interest Period on the
            Reuters Screen page "BBSW" as being the average of the mean buying
            and selling rates appearing on that page for a bill of exchange
            having a tenor of one month and rounded to 4 decimal places. If on
            that Payment Date fewer than 4 banks are quoted on the Reuters
            Screen page "BBSW" the rate for that Payment Date will be calculated
            as above by taking the rates otherwise quoted by 4 Banks on
            application by the Redraw Facility Provider for such a bill of the
            same tenor eliminating the highest and lowest mean rates and taking
            the average of the remaining rates rounded to 4 decimal places. If a
            rate cannot be determined in accordance with the foregoing
            procedures, then "BBSW" for that Interest Period means such rate as
            is specified in good faith by the Redraw Facility Provider having
            regard to comparable indices then available as to the rates
            otherwise bid and offered for such bills of one month tenor around
            that time.

            "BORROWER" means Perpetual Trustees Australia Limited or if
            Perpetual Trustees Australia Limited retires or is removed as
            trustee of the PUMA Trust under the Trust Deed, the then substitute
            Trustee.

            "DRAWDOWN DATE" means any date on which an Advance is, or is to be,
            made.

            "DRAWDOWN NOTICE" means a notice substantially in the form set out
            in Schedule 1 (or in such other form as may be agreed between the
            Redraw Facility Provider, the Manager and the Borrower).

            "EFFECTIVE CONTROL" means:

            (a)         control of the composition of the board of directors of
                        the Manager;

            (b)         control of more than half of the voting power of the
                        Manager; or

            (c)         control of more than half of the issued share capital of
                        the Manager excluding any part of such issued share
                        capital which carries no right to participate beyond a
                        specified amount in the distribution of either profit or
                        capital.

            "EVENT OF DEFAULT" means any of the events set out or referred to in
            clause13.1 of this Agreement as an Event of Default.

            "FACILITY LIMIT" at any time means the lesser of:

            (a)         A$10 million; and

            (b)         the amount, if any, to which the Facility Limit has been
                        reduced at that time by the Manager or the Borrower in
                        accordance with clause 10,

            or such greater or lesser amount from time to time agreed in writing
            between the Manager and the Redraw Facility Provider (and notified
            in writing to the Borrower), provided that in the case of an
            increase in the Facility Limit, each Current Rating Authority is
            notified and confirms that such an increase in the Facility Limit
            will not result in a downgrade, withdrawal or qualification of any
            ratings then assigned by it to the Notes.

            "INTEREST PERIOD" means each period determined in accordance with
            clause 5.1.

            "MANAGER" means Macquarie Securitisation Limited or if Macquarie
            Securitisation Limited retires or is removed as manager of the PUMA
            Trust, any substitute manager appointed in its place by the Borrower
            pursuant to the Management Deed.

            "MANAGER DEFAULT" has the same meaning as in the Note Trust Deed.

                                                                               2
<PAGE>

            "MANAGER EVENT" means the Manager is not or ceases to be a body over
            which the Redraw Facility Provider has Effective Control.

            "NOTE CONDITIONS" has the same meaning as in the Note Trust Deed.

            "OBLIGATIONS" means all of the liabilities of the Borrower to the
            Redraw Facility Provider under this Agreement and, without limiting
            the generality of the foregoing, includes any liabilities which:

            (a)         are liquidated;

            (b)         are present, prospective or contingent;

            (c)         relate to the payment of money or the performance or
                        omission of any act;

            (d)         sound in damages only; or

            (e)         accrue as a result of any Event of Default.

            "POTENTIAL EVENT OF DEFAULT" means any event which, with the giving
            of notice or the lapse of time or both, would constitute an Event of
            Default under the Security Trust Deed.

            "PRESCRIBED RATE" in relation to an Interest Period means:

            (a)         the sum of BBSW for that Interest Period and [0.35%] per
                        annum; or

            (b)         such greater or lesser amount from time to time agreed
                        in writing between the Redraw Facility Provider and the
                        Manager, and notified to the Borrower, provided that, in
                        the case of an increase in the Prescribed Rate, each
                        Current Rating Authority is notified and confirms that
                        such an increase in the Prescribed Rate will not result
                        in a reduction, withdrawal or qualification of any
                        ratings then assigned by it to the Notes.

            "RECEIVER" means a person appointed under or by virtue of the
            Security Trust Deed as a receiver or receiver and manager.

            "REDRAW FACILITY" means the facility provided by the Redraw Facility
            Provider to the Borrower pursuant to the terms of this Agreement.

            "REDRAW FACILITY PRINCIPAL" means the aggregate of the Advances
            which have not been repaid to the Redraw Facility Provider in
            accordance with this Agreement.

            "REDRAW FACILITY TERMINATION DATE" means the earliest of:

            (a)         the Scheduled Redraw Termination Date;

            (b)         the date which the Redraw Facility Provider appoints as
                        the Redraw Facility Termination Date in accordance with
                        clause 8.1;

            (c)         the date upon which the Facility Limit is reduced to
                        zero in accordance with clause 10; and

            (d)         the date on which the Redraw Facility Provider declares
                        the Redraw Facility terminated in accordance with clause
                        13.2(b).

            "RELEVANT PARTIES" has the same meaning as in the Note Conditions.

            "SCHEDULED REDRAW TERMINATION DATE" means the date which is 364 days
            after the date of

                                                                               3
<PAGE>

            this Agreement or such later date specified by the Redraw Facility
            Provider pursuant to clause 2.4.

            "SUB-FUND NOTICE" means the Sub-Fund Notice dated on or about the
            date of this Agreement from the Manager to the Borrower which
            provides for the establishment of PUMA Global Trust No. 1.

            "TAX" has the same meaning as in the Security Trust Deed.

            "TRUST DEED" means the Trust Deed dated 13 July 1990 between the
            person referred to therein as the Founder and the Borrower, as
            amended from time to time.

            "TRUSTEE DEFAULT" has the same meaning as in the Note Trust Deed.

            "UNUTILISED FACILITY AMOUNT" means on any day the amount calculated
            as follows:

                                  UFA = FL - A

            where:

            UFA   =     the Unutilised Facility Amount on that day;

            FL    =     the Facility Limit on that day; and

            A     =     the aggregate of the Advances outstanding on that day.

1.2         SUB-FUND NOTICE AND TRUST DEED DEFINITIONS

            Subject to clause 1.6, unless defined in this Agreement, words and
            phrases defined in either or both of the Trust Deed and the Sub-Fund
            Notice have the same meaning in this Agreement. Where there is any
            inconsistency in a definition between this Agreement (on the one
            hand) and the Trust Deed or the Sub-Fund Notice (on the other hand),
            this Agreement prevails. Where there is any inconsistency in a
            definition between the Trust Deed and the Sub-Fund Notice, the
            Sub-Fund Notice prevails over the Trust Deed in respect of this
            Agreement. Subject to clause 1.6, where words or phrases used but
            not defined in this Agreement are defined in the Trust Deed in
            relation to a Fund such words or phrases are to be construed in this
            Agreement, where necessary, as being used only in relation to the
            PUMA Trust.

1.3         INTERPRETATION

            The provisions of clause 1.2 of the Trust Deed are incorporated
            into this Agreement as if set out in full in this Agreement and as
            if references to "this Deed" were to "this Agreement" and references
            to a "Banking Day" were to a "Business Day".

1.4         BORROWER CAPACITY

            In this Agreement, except where provided to the contrary:

            (a)         (REFERENCES TO BORROWER): a reference to the Borrower is
                        a reference to the Borrower in its capacity as trustee
                        of the PUMA Trust only, and in no other capacity; and

            (b)         (REFERENCES TO ASSETS OF THE BORROWER): a reference to
                        the undertaking, assets, business or money of the
                        Borrower is a reference to the undertaking, assets,
                        business or money of the Borrower in the capacity
                        referred to in paragraph (a).

                                                                               4
<PAGE>

1.5         TRUST DEED AND SUB-FUND NOTICE

            For the purposes of the Trust Deed and the Sub-Fund Notice this
            Agreement is a Transaction Document and a Stand-by Arrangement.

1.6         INCORPORATED DEFINITIONS AND OTHER TRANSACTION DOCUMENTS AND
            PROVISIONS

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

--------------------------------------------------------------------------------
2.          THE FACILITY

2.1         REDRAW FACILITY

            Subject to this Agreement, the Redraw Facility Provider agrees to
            make Advances to the Borrower during the Availability Period up to
            an aggregate principal amount equal to the Facility Limit.

2.2         METHOD OF MAKING ADVANCES

            Advances under the Redraw Facility will be made in accordance with
            clause 4.4.

2.3         PURPOSE

            The Manager will direct the Borrower to use, and the Borrower will
            use, the proceeds of each Advance (if any) under the Redraw Facility
            exclusively for the Approved Purpose.

2.4         EXTENSION OF SCHEDULED REDRAW TERMINATION DATE

            (a)         (MANAGER TO REQUEST EXTENSION): Not less than 120 days
                        before the then Scheduled Redraw Termination Date (or
                        such other period as agreed between the Manager and the
                        Redraw Facility Provider), the Manager may deliver a
                        notice in writing to the Redraw Facility Provider (with
                        a copy to the Borrower) requesting the Redraw Facility
                        Provider to extend the Scheduled Redraw Termination
                        Date.

            (b)         (REDRAW FACILITY PROVIDER MAY EXTEND): Following receipt
                        by the Redraw Facility Provider of the notice referred
                        to in paragraph (a), by no later than 60 days prior to
                        the Scheduled Redraw Termination Date (or such other
                        period as agreed between the Redraw Facility Provider
                        and the Borrower) the Redraw Facility Provider may, in
                        its absolute discretion, send the Borrower a notice in
                        writing (copied to the Manager) extending the then
                        Scheduled Redraw Termination Date to the new Scheduled
                        Redraw Termination Date specified in the notice (which
                        must be a date no more than 364 days after the date of
                        the notice).

2.5         TERMINATION OF THE FACILITY

            The Redraw Facility will terminate, and the Redraw Facility
            Provider's obligation to make any Advances will cease, on the Redraw
            Facility Termination Date.

                                                                               5
<PAGE>

--------------------------------------------------------------------------------
3.          CONDITIONS PRECEDENT

3.1         CONDITIONS PRECEDENT TO FIRST ADVANCE

            The Redraw Facility Provider is not obliged to make the first
            Advance under this Agreement to the Borrower unless the Redraw
            Facility Provider has received each of the following, in form and
            substance acceptable to the Redraw Facility Provider:

            (a)         (THIS AGREEMENT): this Agreement duly executed and
                        delivered by the Borrower and the Manager;

            (b)         (POWER OF ATTORNEY): a copy of each power of attorney
                        under which this Agreement has been or will be executed
                        by the Borrower and the Manager certified as a true copy
                        by the Borrower and the Manager respectively;

            (c)         (AUTHORISED SIGNATORIES): a list of the Authorised
                        Signatories of the Manager;

            (d)         (SECURITY TRUST DEED): a copy of the Security Trust Deed
                        executed by each of the parties to the Security Trust
                        Deed and certified as a true copy by the Manager;

            (e)         (SUB-FUND NOTICE): a copy of the Sub-Fund Notice
                        executed by each of the parties to the Sub-Fund Notice
                        and certified as a true copy by the Manager;

            (f)         (SECURITY TRUST DEED REGISTERED): evidence of the due
                        registration or the lodgement for due registration of
                        the Security Trust Deed with the Australian Securities
                        and Investments Commission; and

            (g)         (LEGAL OPINION): a certificate addressed to the Redraw
                        Facility Provider from the Borrower's counsel in form
                        and substance satisfactory to the Redraw Facility
                        Provider.

3.2         CONDITIONS PRECEDENT TO ALL ADVANCES

            The obligation of the Redraw Facility Provider to make and continue
            to make each Advance under this Agreement is subject to the further
            conditions precedent that:

            (a)         (REPRESENTATIONS AND WARRANTIES BY BORROWER OR MANAGER
                        TRUE): the representations and warranties made or deemed
                        to be made by the Borrower or the Manager in all
                        Transaction Documents are true and correct as of the
                        date of the relevant Drawdown Notice and the relevant
                        Drawdown Date as though made on those dates;

            (b)         (MORTGAGE INSURANCE): each Approved Mortgage which is an
                        asset of the PUMA Trust has in relation to it as at the
                        Drawdown Date in relation to the Advance a Mortgage
                        Insurance Policy from a solvent insurer which provides
                        100% cover for principal and interest losses (other than
                        principal and interest in respect of Subordinate Funded
                        Further Advances);

            (c)         (NO EVENT OF DEFAULT): no Event of Default or Potential
                        Event of Default is subsisting at the date of the
                        corresponding Drawdown Notice and the Drawdown Date or
                        will result from the provision or continuation of the
                        Advance;

            (d)         (NO NOTICE OF SECURITY INTERESTS): other than in respect
                        of priorities granted by statute, the Redraw Facility
                        Provider has not received notice from any person that it
                        claims to have a Security Interest ranking in priority
                        to or equal with the Security Interest held by the
                        Redraw Facility Provider under the Security Trust Deed
                        (other than as provided in the Security Trust Deed); and

                                                                               6
<PAGE>

            (e)         (NOTES IN EXISTENCE): the US$ Notes have been issued and
                        have not been redeemed or repaid in full.

--------------------------------------------------------------------------------
4.          DRAWDOWN

4.1         PREPARATION OF DRAWDOWN NOTICES

            If on any date the Manager determines that an Advance under this
            Agreement is to be applied in accordance with the Sub-Fund Notice,
            the Manager may:

            (a)         (PREPARE DRAWDOWN NOTICE): prepare a Drawdown Notice
                        (containing the details referred to in clause 4.2)
                        requesting an Advance on that date of an amount
                        determined by the Manager; and

            (b)         (DELIVER DRAWDOWN NOTICE): deliver the Drawdown Notice
                        to the Redraw Facility Provider, with a copy to the
                        Borrower, no later than the close of business on that
                        day (or such later time as the Redraw Facility Provider
                        and the Borrower may agree).

4.2         REQUIREMENTS OF DRAWDOWN NOTICES

            A Drawdown Notice given under clause 4.1(b) must:

            (a)         (AUTHORISED SIGNATORY): be signed by an Authorised
                        Signatory of the Manager;

            (b)         (IRREVOCABLE): be expressed to be irrevocable; and

            (c)         (SPECIFY): specify:

                        (i)         the Drawdown Date for the requested Advance;
                                    and

                        (ii)        the amount of the requested Advance.

4.3         AVAILABILITY OF FACILITY

            Subject to clause 4.5, during the Availability Period the Redraw
            Facility Provider must make an Advance on the Drawdown Date of the
            requested Advance provided that:

            (a)         (RECEIPT OF DRAWDOWN NOTICE): the Redraw Facility
                        Provider has received a duly signed and completed
                        Drawdown Notice by the time specified in clause 4.1(b);
                        and

            (b)         (CONDITIONS PRECEDENT): the requirements of clause 3
                        have been satisfied or waived in writing by the Redraw
                        Facility Provider before the Drawdown Notice is given.

4.4         MAKING OF ADVANCES

            Subject to clause 4.3, after receipt of a Drawdown Notice the
            amount of the Advance requested in a Drawdown Notice must, unless
            otherwise directed by the Manager, be deposited by the Redraw
            Facility Provider in an Account or a Combined Account in immediately
            available funds no later than 11.00 am on the Drawdown Date.

4.5         MAXIMUM ADVANCES

            The maximum aggregate amount of Advances that the Redraw Facility
            Provider may be obliged to make under the Redraw Facility is, when
            aggregated with all Advances then

                                                                               7
<PAGE>

            outstanding, an amount equal to the Facility Limit.

--------------------------------------------------------------------------------
5.          INTEREST

5.1         INTEREST PERIOD

            (a)         (DURATION): The duration of the Redraw Facility is
                        divided into successive Interest Periods.

            (b)         (FIRST INTEREST PERIOD): The first Interest Period
                        commences on (and includes) the Drawdown Date for the
                        first Advance and ends on (but excludes) the next
                        following Monthly Payment Date.

            (c)         (SUCCEEDING INTEREST PERIODS): Each succeeding Interest
                        Period commences on (and includes) a Monthly Payment
                        Date and ends on (but excludes) the next following
                        Monthly Payment Date.

            (d)         (LAST INTEREST PERIOD): The last Interest Period ends on
                        and includes the Monthly Payment Date that all moneys
                        the payment or repayment of which form part of the
                        Obligations are paid or repaid in full to the Redraw
                        Facility Provider.

5.2         RATE OF INTEREST

            The rate of interest applicable to the Redraw Facility Principal for
            an Interest Period is the Prescribed Rate for that Interest Period.

5.3         CALCULATION OF INTEREST

            Interest on the Redraw Facility Principal accrues from day to day in
            respect of each Interest Period at the Prescribed Rate for that
            Interest Period on the amount of the Redraw Facility Principal on
            that day and will be calculated on the basis of the actual number of
            days elapsed in a 365 day year.

5.4         PAYMENT OF INTEREST

            The Borrower at the direction of the Manager will on the Monthly
            Payment Date at the end of each Interest Period in respect of the
            Redraw Facility Principal pay to the Redraw Facility Provider so
            much of the then accrued interest on the Redraw Facility Principal
            as there are funds available for this purpose in accordance with the
            Sub-Fund Notice.

5.5         CARRY FORWARD OF UNPAID INTEREST

            If any payment by the Borrower on a Monthly Payment Date pursuant to
            clause 5.4 is insufficient to pay the full amount of accrued
            interest on the Redraw Facility Principal up to the close of the
            Interest Period then just ended, such unpaid accrued interest will
            in turn accrue interest (as a separate and independent obligation)
            until paid at the Prescribed Rate for each succeeding Interest
            Period and, if not paid on the Monthly Payment Date at the end of
            each such succeeding Interest Period, such interest on unpaid
            interest will itself bear interest in accordance with this clause
            5.5.

--------------------------------------------------------------------------------
6.          REPAYMENT OF REDRAW PRINCIPAL

6.1         REPAYMENT OF THE REDRAW PRINCIPAL DURING THE AVAILABILITY PERIOD

            Subject to clause 6.3, the Borrower must on each Payment Date pay
            to the Redraw Facility Provider the Redraw Facility Principal as at
            the close of business on the Business Day

                                                                               8
<PAGE>

            immediately preceding that Payment Date to the extent of the funds
            available for this purpose in accordance with the Sub-Fund Notice.

6.2         REDRAWING

            Amounts repaid pursuant to clause 6.1 may be redrawn by the Borrower
            in accordance with the terms of this Agreement.

6.3         REPAYMENT ON TERMINATION

            Notwithstanding clause 6.1 and subject to the terms of the Security
            Trust Deed, on the Monthly Payment Date immediately following the
            Redraw Facility Termination Date, the Borrower must pay or repay so
            much of the Redraw Facility Principal together with interest accrued
            on the Redraw Facility Principal and all other money, the payment or
            repayment of which forms part of the Obligations, as is available
            for this purpose in accordance with the Sub-Fund Notice. If all
            amounts due in accordance with this clause 6.3 are not paid or
            repaid in full on the Monthly Payment Date immediately following the
            Redraw Facility Termination Date, on each succeeding Monthly Payment
            Date the Borrower must pay or repay so much of such amounts as there
            are funds available for this purpose in accordance with the Sub-Fund
            Notice until such amounts are paid or repaid in full.

--------------------------------------------------------------------------------
7.          PAYMENTS

            All payments to be made by the Borrower under this Agreement must be
            made:

            (a)         (DUE DATE): not later than close of business on the due
                        date for payment;

            (b)         (AS DIRECTED): in the manner and to such account as the
                        Redraw Facility Provider directs in writing; and

            (c)         (SET-OFF): without set-off or counterclaim and free and
                        clear of and without deduction for or on account of
                        present or future Taxes, levies, imposts, duties,
                        charges, fees, deductions, withholdings, restrictions or
                        conditions of any nature.

--------------------------------------------------------------------------------
8.          ILLEGALITY AND INCREASED COST

8.1         ILLEGALITY

            If any change in applicable law, regulation, treaty or official
            directive or in the interpretation or administration thereof by any
            Governmental Agency charged with the administration thereof makes it
            unlawful or impossible for the Redraw Facility Provider to maintain
            or give effect to its obligations under this Agreement, the Redraw
            Facility Provider may by written notice to the Borrower (with a copy
            to the Manager) appoint a date as the Redraw Facility Termination
            Date which date must not be prior to 30 days (or such shorter period
            required by law) after the date of receipt by the Borrower of
            written notice from the Redraw Facility Provider appointing the
            Redraw Facility Termination Date.

8.2         INCREASED COST

            (a)         (CHANGE IN LAW): If by reason of any change in law or in
                        its interpretation or administration or of compliance
                        with any request from or requirement of any fiscal,
                        monetary or other authority:

                        (i)         the Redraw Facility Provider incurs a cost
                                    as a result of its having entered into or
                                    performing its obligations under this
                                    Agreement or as a result of any Advance
                                    being outstanding hereunder;

                                                                               9
<PAGE>

                        (ii)        there is any increase in the cost to the
                                    Redraw Facility Provider of funding or
                                    maintaining any Advance;

                        (iii)       the amount of principal, interest or other
                                    amount payable to the Redraw Facility
                                    Provider or the effective return to the
                                    Redraw Facility Provider under this
                                    Agreement is reduced; or

                        (iv)        the Redraw Facility Provider becomes liable
                                    to make any payment (not being a payment of
                                    Tax on its overall net income) on or
                                    calculated by reference to the amount of
                                    Advances made under this Agreement,

                        then from time to time on notification by the Redraw
                        Facility Provider (copied to the Manager) the Borrower
                        will on the Monthly Payment Date following such
                        notification, and on each succeeding Monthly Payment
                        Date until the Redraw Facility Provider is paid in full,
                        pay to the Redraw Facility Provider so much of the
                        amounts sufficient to indemnify the Redraw Facility
                        Provider against such cost, increased cost, reduction or
                        liability as there are funds available for this purpose
                        in accordance with the Sub-Fund Notice.

            (b)         (NO DEFENCE): If the Redraw Facility Provider has acted
                        in good faith it will not be a defence to the Borrower,
                        in the event of any failure by the Borrower to comply
                        with its payment obligations under clause 8.2(a), that
                        any such cost, increased cost, reduction or liability
                        could have been avoided. However, the Redraw Facility
                        Provider will negotiate in good faith with the Borrower
                        and the Manager with a view to finding a means by which
                        such cost, increased cost, reduction or liability may be
                        minimised.

            (c)         (CERTIFICATE CONCLUSIVE): The Redraw Facility Provider's
                        certificate as to the amount of, and basis for arriving
                        at, any such cost, increased cost, reduction or
                        liability is conclusive and binding on the Borrower in
                        the absence of manifest error on the face of the
                        certificate.

--------------------------------------------------------------------------------
9.          FEES

9.1         PAYMENT OF FEES

            The Borrower must pay to the Redraw Facility Provider a fee of
            [0.10]% per annum of the Unutilised Facility Amount. The fee will be
            calculated and accrue daily from the Closing Date on the basis of a
            365 day year and must be paid quarterly in arrears on each Quarterly
            Payment Date from the funds available for this purpose in accordance
            with the Sub-Fund Notice and to the extent that such funds are not
            sufficient to pay the fee in full, the fee must be paid from the
            funds available on each succeeding Payment Date until paid in full.
            The fee may be varied from time to time as agreed in writing between
            the Redraw Facility Provider and the Manager and notified to the
            Borrower, provided that in the case of an increase in the fee, each
            Current Rating Authority is notified and confirms that such increase
            in the fee will not result in a downgrade, withdrawal or
            qualification of any ratings then assigned by it to the Notes.

--------------------------------------------------------------------------------
10.         REDUCTION OF THE REDRAW FACILITY

10.1        REDUCTION OF FACILITY LIMIT BY MANAGER OR BORROWER

            Subject to clause 10.2, the Manager or the Borrower may on any
            Business Day reduce the Facility Limit in whole or in part if on
            that Business Day:

            (a)         (NO CREDIT RATING DOWNGRADE): if any Notes are
                        outstanding, each Current Rating Authority has
                        previously confirmed in writing that the reduction in
                        the Facility

                                                                              10
<PAGE>

                        Limit on that Business Day will not result in a
                        downgrade, qualification or withdrawal of the credit
                        ratings then assigned by it to the Notes; and

            (b)         (NOTICE): the Redraw Facility Provider has received not
                        less than 5 Business Days prior to the reduction (or
                        such other period as agreed between the Manager and the
                        Redraw Facility Provider), written notice from the
                        Manager (with a copy to the Borrower) or the Borrower
                        (with a copy to the Manager) specifying that Business
                        Day as the date the reduction is to take effect and the
                        amount to which the Facility Limit is to be reduced.

10.2        NO REDUCTION IN FACILITY LIMIT BELOW ADVANCES OUTSTANDING

            Neither the Borrower nor the Manager may reduce the Facility Limit
            on any Business Day below the aggregate of the Advances then
            outstanding on that Business Day.

--------------------------------------------------------------------------------
11.         REPRESENTATIONS AND WARRANTIES

11.1        GENERAL REPRESENTATIONS AND WARRANTIES

            The Borrower in its capacity as trustee of the PUMA Trust represents
            and warrants to the Redraw Facility Provider that:

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

            (b)         (CORPORATE POWER AND AUTHORISATION): the Borrower has
                        the power to enter into, and to perform its obligations,
                        and has taken all corporate and other action necessary
                        to authorise the entry into of, and performance of its
                        obligations under, this Agreement and each other
                        Transaction Document to which it is a party;

            (c)         (LEGALLY BINDING OBLIGATION): this Agreement and each of
                        the other Transaction Documents to which it is a party
                        constitute its valid and legally binding obligations
                        subject to stamping and any necessary registration
                        except as such enforceability may be limited by any
                        applicable bankruptcy, insolvency, reorganisation,
                        moratorium, or trust or general principles of equity or
                        other similar laws affecting creditors' rights
                        generally;

            (d)         (NO EVENT OF DEFAULT): to the best of the Borrower's
                        knowledge, no Event of Default or event which with the
                        giving of notice, lapse of time or other applicable
                        condition would become an Event of Default has occurred
                        which has not been waived or remedied in accordance with
                        this Agreement;

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

            (f)         (EXECUTION, DELIVERY AND PERFORMANCE): the execution,
                        delivery and performance of this Agreement and each
                        other Transaction Document to which it is a party does
                        not violate its constitution.

11.2        PUMA TRUST REPRESENTATIONS AND WARRANTIES

            The Borrower in its capacity as trustee of the PUMA Trust represents
            and warrants to the Redraw Facility Provider in relation to the PUMA
            Trust as follows:

            (a)         (PUMA TRUST VALIDLY CREATED): the PUMA Trust has been
                        validly created and is

                                                                              11
<PAGE>

                        in existence at the date of this Agreement;

            (b)         (SOLE TRUSTEE): the Borrower has been validly appointed
                        as trustee of the PUMA Trust and is presently the sole
                        trustee of the PUMA Trust;

            (c)         (NO PROCEEDINGS TO REMOVE): no notice has been given to
                        the Borrower and to the Borrower's knowledge no
                        resolution has been passed or direction or notice has
                        been given, removing the Borrower as trustee of the PUMA
                        Trust;

            (d)         (BORROWER'S POWER): the Borrower has power under the
                        Trust Deed to enter into the Transaction Documents to
                        which it is a party in its capacity as trustee of the
                        PUMA Trust; and

            (e)         (GOOD TITLE): the Borrower is the legal owner of the
                        assets of the PUMA Trust and has power under the Trust
                        Deed to mortgage or charge them in the manner provided
                        in the Security Trust Deed.

11.3        REPRESENTATIONS AND WARRANTIES REPEATED

            Each representation and warranty contained in clauses 11.1 and
            11.2 will be deemed to be repeated on each Drawdown Date with
            reference to the facts and circumstances then subsisting, as if made
            on each such day.

--------------------------------------------------------------------------------
12.         UNDERTAKINGS

12.1        GENERAL

            The Borrower undertakes to the Redraw Facility Provider that it
            will:

            (a)         (ACT CONTINUOUSLY): act continuously as trustee of the
                        PUMA Trust in accordance with the Trust Deed and the
                        Sub-Fund Notice until the PUMA Trust is terminated or
                        until it has retired or been removed in accordance with
                        the Trust Deed;

            (b)         (DO ALL THINGS NECESSARY): do everything and take all
                        such actions which are necessary (including, without
                        limitation, 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 this Agreement, other arrangements
                        entered into by the Borrower pursuant to this Agreement
                        and each Transaction Document to which it is a party;

            (c)         (MAINTAIN AUTHORISATIONS): ensure that each
                        authorisation required for it to maintain its status as
                        trustee of the PUMA Trust is obtained and promptly
                        renewed and maintained in full force and effect; and

            (d)         (NOT AMEND OR REVOKE): not consent to amend or revoke
                        the provisions of any Transaction Document without the
                        prior written consent of the Redraw Facility Provider.

12.2        MANAGER'S UNDERTAKINGS AFTER MANAGER EVENT

            At any time after a Manager Event occurs the Manager will:

            (a)         (NOTIFY REDRAW FACILITY PROVIDER): immediately notify
                        the Redraw Facility Provider as soon as it becomes
                        actually aware of the occurrence of:

                        (i)         any Event of Default, Potential Event of
                                    Default, Manager Default or Trustee Default
                                    and the steps taken to remedy that event; or

                                                                              12
<PAGE>

                        (ii)        any litigation, arbitration, criminal or
                                    administrative proceedings relating to any
                                    of the Borrower's property, assets or
                                    revenues that involves a claim against it in
                                    excess of A$1,000,000 or that, if decided
                                    adversely to it, could have a material
                                    adverse effect on its ability to perform the
                                    Obligations,

                        and in each case advise the Redraw Facility Provider of
                        what steps it has taken and what steps it proposes to
                        take in relation to such occurrences; and

            (b)         (DELIVER ACCOUNTS): deliver to the Redraw Facility
                        Provider:

                        (i)         as soon as practicable and in any event not
                                    later than 120 days after the close of each
                                    of the PUMA Trust's financial years, a copy
                                    of the audited annual accounts of the PUMA
                                    Trust;

                        (ii)        as soon as practicable and in any event not
                                    later than 90 days after each of the PUMA
                                    Trust's financial years, a copy of the
                                    report prepared by the Auditor in accordance
                                    with clause 13.5 of the Trust Deed (if any);

                        (iii)       as and when required by the Redraw Facility
                                    Provider, a certificate executed by 2
                                    Authorised Signatories on behalf of the
                                    Manager stating to the best of the knowledge
                                    of the Manager whether or not an Event of
                                    Default, Potential Event of Default, Manager
                                    Default or Trustee Default has occurred and
                                    if the same has occurred, setting out the
                                    details thereof and the steps (if any) taken
                                    by the Manager to remedy or cure the same;
                                    and

                        (iv)        promptly, such further information regarding
                                    the PUMA Trust's financial condition and
                                    business operations within the knowledge of
                                    the Manager as the Redraw Facility Provider
                                    from time to time reasonably requires.

--------------------------------------------------------------------------------
13.         EVENTS OF DEFAULT

13.1        EVENTS OF DEFAULT

            Each of the following events is an Event of Default whether or not
            caused by any reason whatsoever outside the control of the Borrower
            or any other person:

            (a)         (FAILURE TO REPAY OR PAY): the Borrower fails to repay,
                        in accordance with this Agreement, any Advance or fails
                        to pay any interest, fees, costs, charges, expenses or
                        other moneys payable under this Agreement in each case
                        within 10 days of the due date for payment of such
                        amount;

            (b)         (BREACH OF UNDERTAKING): at any time after a Manager
                        Event occurs, the Borrower breaches its undertaking in
                        clause 12.1(d); and

            (c)         (EVENT OF DEFAULT UNDER SECURITY TRUST DEED): an Event
                        of Default (as defined in the Security Trust Deed)
                        occurs.

13.2        CONSEQUENCES OF EVENT OF DEFAULT

            At any time after the occurrence of an Event of Default the Redraw
            Facility Provider may, without being obliged to do so and
            notwithstanding any waiver of any previous default, by written
            notice to the Borrower:

            (a)         (DECLARE ADVANCES DUE): declare the Redraw Facility
                        Principal, accrued interest and all other sums which
                        have accrued due under this Agreement (whether or not

                                                                              13
<PAGE>

                        presently payable) to be due, whereupon they will
                        become, immediately due and payable; and/or

            (b)         (DECLARE REDRAW FACILITY TERMINATED): declare the Redraw
                        Facility terminated in which case the obligations of the
                        Redraw Facility Provider under this Agreement will
                        immediately terminate from the date of receipt by the
                        Borrower of such written notice.

--------------------------------------------------------------------------------
14.         TRUSTEE PROVISIONS

14.1        LIMITATION ON BORROWER'S LIABILITY

            The Borrower enters into this Agreement only in its capacity as
            trustee of the PUMA Trust and in no other capacity. A liability
            incurred by the Borrower acting in its capacity as trustee of the
            PUMA Trust arising under or in connection with this Agreement is
            limited to and can be enforced against the Borrower only to the
            extent to which it can be satisfied out of the assets of the PUMA
            Trust out of which the Borrower is actually indemnified for the
            liability. This limitation of the Borrower's liability applies
            despite any other provision of this Agreement (other than clause
            14.3) and extends to all liabilities and obligations of the
            Borrower in any way connected with any representation, warranty,
            conduct, omission, agreement or transaction related to this
            Agreement.

14.2        CLAIMS AGAINST BORROWER

            The parties other than the Borrower may not sue the Borrower in
            respect of liabilities incurred by the Borrower acting in its
            capacity as trustee of the PUMA Trust in any capacity other than as
            trustee of the PUMA Trust, including seeking the appointment of a
            receiver (except in relation to the assets of the PUMA Trust), a
            liquidator, an administrator or any similar person to the Borrower
            or prove in any liquidation, administration or arrangements of or
            affecting the Borrower (except in relation to the assets of the PUMA
            Trust).

14.3        BREACH OF TRUST

            The provisions of this clause 14 will not apply to any obligation
            or liability of the Borrower to the extent that it is not satisfied
            because under the Trust Deed, the Sub-Fund Notice, any other
            Transaction Document or by operation of law there is a reduction in
            the extent of the Borrower's indemnification out of the assets of
            the PUMA Trust as a result of the Borrower's fraud, negligence or
            wilful default.

14.4        ACTS OR OMISSIONS

            It is acknowledged that the Relevant Parties are responsible under
            the Transaction Documents for performing a variety of obligations
            relating to the PUMA Trust. No act or omission of the Borrower
            (including any related failure to satisfy its obligations or any
            breach or representation or warranty under this Agreement) will be
            considered fraudulent, negligent or a wilful default for the purpose
            of clause 14.3 to the extent to which the act or omission was
            caused or contributed to by any failure by any Relevant Party or any
            other person appointed by the Borrower under any Transaction
            Document (other than a person whose acts or omissions the Borrower
            is liable for in accordance with any Transaction Document) to fulfil
            its obligations in relation to the PUMA Trust or by any other act or
            omission of a Relevant Party or any other such person.

14.5        NO OBLIGATION

            The Borrower is not obliged to enter into any commitment or
            obligation under this Agreement or any Transaction Document
            (including incur any further liability) unless the Borrower's

                                                                              14
<PAGE>

            liability is limited in a manner which is consistent with this
            clause 14 or otherwise in a manner satisfactory to the Borrower in
            its absolute discretion.

--------------------------------------------------------------------------------
15.         ASSIGNMENT

15.1        ASSIGNMENT BY BORROWER

            The Borrower will not assign or otherwise transfer the benefit of
            this Agreement or any of its rights, duties or obligations under
            this Agreement except to a substitute Trustee which is appointed as
            a successor trustee of the PUMA Trust under and in accordance with
            the Trust Deed and which is acceptable to the Redraw Facility
            Provider and the Manager (each of whose consent is not to be
            unreasonably withheld).

15.2        ASSIGNMENT BY MANAGER

            The Manager will not assign or otherwise transfer the benefit of
            this Agreement or any of its rights, duties or obligations under
            this Agreement except to a substitute Manager which is appointed as
            a successor manager of the PUMA Trust under and in accordance with
            the Management Deed and which is acceptable to the Redraw Facility
            Provider (whose consent is not to be unreasonably withheld).

15.3        ASSIGNMENT BY REDRAW FACILITY PROVIDER

            The Redraw Facility Provider, with the consent of the Manager, may
            at any time assign or otherwise transfer all or any part of the
            benefit of this Agreement or any of its rights, duties and
            obligations under this Agreement to another Bank or financial
            institution and may disclose to a proposed assignee or transferee
            information in the possession of the Redraw Facility Provider
            relating to the Borrower and the Manager.

--------------------------------------------------------------------------------
16.         NOTICES

16.1        METHOD OF DELIVERY

            Subject to clause 16.4, any notice, request, certificate, approval,
            demand, consent or other communication to be given under this
            Agreement must:

            (a)         (AUTHORISED SIGNATORY): except in the case of
                        communications by email, be in writing and signed by an
                        Authorised Signatory of the party giving the same; and

            (b)         (DELIVERY): be:

                        (i)         left at the address of the addressee;

                        (ii)        sent by prepaid ordinary post to the address
                                    of the addressee;

                        (iii)       sent by facsimile to the facsimile number of
                                    the addressee; or

                        (iv)        sent by email by an Authorised Signatory of
                                    the party giving the same to the addressee's
                                    specified email address.

16.2        ADDRESS FOR NOTICES

            The address, facsimile number and specified email address of a party
            shall be the address, facsimile number and specified email address
            notified by that party to the other parties from time to time.

                                                                              15
<PAGE>

16.3        DEEMED RECEIPT

            A notice, request, certificate, demand, consent or other
            communication under this Agreement is deemed to have been received:

            (a)         (DELIVERY): where delivered in person, upon receipt;

            (b)         (POST): where sent by post, on the 3rd (7th if outside
                        Australia) day after posting;

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

            (d)         (EMAIL): where sent by email, on the date that the email
                        is received.

            However, if the time of deemed receipt of any notice is not before
            5.30 pm (Sydney time) on a Business Day at the address of the
            recipient it is deemed to have been received at the commencement of
            business on the next Business Day.

16.4        EMAIL

            A notice, request, certificate, approval, demand, consent or other
            communication to be given under this Deed may only be given by email
            where the recipient has agreed that that communication, or
            communications of that type, may be given by email and subject to
            such conditions as may be required by the recipient.

--------------------------------------------------------------------------------
17.         INDEMNITY

17.1        INDEMNITY ON DEMAND

            Subject to clause 14, the Borrower will on demand indemnify the
            Redraw Facility Provider against any loss, cost or expenses which
            the Redraw Facility Provider may sustain or incur as a consequence
            of any act or omission of the Borrower which gives rise to any of
            the following:

            (a)         (OVERDUE SUMS): any sum payable by the Borrower under
                        this Agreement not being paid when due;

            (b)         (EVENT OF DEFAULT): the occurrence of any Event of
                        Default; or

            (c)         (PAYMENT OF PRINCIPAL): the Redraw Facility Provider
                        receiving payments of principal other than on the last
                        day of the relevant Interest Period for any reason.

17.2        REDRAW FACILITY PROVIDER OBLIGATIONS

            (a)         (REDRAW FACILITY PROVIDER OBLIGATIONS): If the Redraw
                        Facility Provider receives written notice of any act,
                        matter or thing which, in the Redraw Facility Provider's
                        reasonable opinion, may give rise to a loss, cost,
                        charge, liability or expense in relation to which the
                        Borrower would be required to indemnify or reimburse it
                        under clause 17.1, then the Redraw Facility Provider
                        must notify the Borrower of that act, matter or thing,
                        giving such details as it is practicable to give as soon
                        as reasonably practicable and in any event within 5
                        Business Days of it coming to its attention provided
                        that failure to do so will not result in any loss or
                        reduction in the indemnity contained in clause 17.1.

            (b)         (REDRAW FACILITY PROVIDER TO CONSULT): The Redraw
                        Facility Provider must consult with the Borrower in good
                        faith in relation to the conduct of any proceedings that
                        may give rise to a claim under the indemnity in clause
                        17.1.

                                                                              16
<PAGE>

17.3        LOSSES ON LIQUIDATION OR RE-EMPLOYMENT OF DEPOSITS

            Any loss, cost or expense referred to in clause 17.1 will include
            the amount determined in good faith by the Redraw Facility Provider
            as being any loss (other than an amount for loss of profit other
            than loss of margin) including loss of margin, cost or expense
            incurred by reason of the liquidation or re-employment of deposits
            or other funds acquired or contracted for the Redraw Facility
            Provider to fund or maintain any overdue amounts referred to in
            clause 17.1(a) or payments of principal referred to in clause
            17.1(c).

17.4        PAYMENT ON PAYMENT DATE

            Any payments to be made by the Borrower pursuant to this clause 17
            will only be made on the Payment Date following demand by the Redraw
            Facility Provider and on each succeeding Payment Date until the
            Redraw Facility Provider is paid in full by payment of so much of
            the amount sufficient to indemnify the Redraw Facility Provider as
            is available for this purpose in accordance with the Sub-Fund
            Notice.

--------------------------------------------------------------------------------
18.         MISCELLANEOUS

18.1        STAMP DUTIES

            (a)         (BORROWER MUST PAY): The Borrower will pay all stamp,
                        loan transaction and similar Taxes and all registration
                        fees including fines and penalties (except such fines
                        and penalties incurred through the act, neglect or
                        omission of the Redraw Facility Provider after the
                        Redraw Facility Provider has requested and been put in
                        funds to pay such Taxes or fees), financial institutions
                        duty and debits tax which may be payable 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 Agreement.

            (b)         (BORROWER MUST INDEMNIFY): Subject to clause 14, the
                        Borrower will indemnify and keep indemnified the Redraw
                        Facility Provider against any loss or liability incurred
                        or suffered by it as a result of the delay or failure by
                        the Borrower to pay such Taxes or fees.

18.2        WAIVER

            A failure to exercise or enforce or a delay in exercising or
            enforcing or the partial exercise or enforcement of any right,
            remedy, power or privilege under this Agreement by the Redraw
            Facility Provider will not in any way preclude or operate as a
            waiver of any further exercise or enforcement of such right, remedy,
            power or privilege or the exercise or enforcement of any other
            right, remedy, power or privilege under this Agreement or provided
            by law.

18.3        WRITTEN WAIVER, CONSENT AND APPROVAL

            Any waiver, consent or approval given by the Redraw Facility
            Provider under this Agreement will only be effective and will only
            bind the Redraw Facility Provider if it is given in writing, or
            given verbally and subsequently confirmed in writing, and executed
            by the Redraw Facility Provider or on its behalf by 2 Authorised
            Signatories of the Redraw Facility Provider.

18.4        SEVERABILITY

            Any provision of this Agreement which is illegal, void or
            unenforceable in any jurisdiction is ineffective in such
            jurisdiction to the extent only of such illegality, voidness or
            unenforceability without invalidating the remaining provisions of
            this Agreement or affecting the validity or enforceability of such
            provision in any other jurisdiction.

                                                                              17
<PAGE>

18.5        SURVIVAL OF INDEMNITIES

            The indemnities contained in this Agreement are continuing
            obligations of the Borrower, separate and independent from the other
            obligations of the Borrower and will survive the termination of this
            Agreement.

18.6        SUCCESSORS AND ASSIGNS

            This Agreement is binding upon and enures to the benefit of the
            parties to this Agreement and their respective successors and
            permitted assigns.

18.7        MORATORIUM LEGISLATION

            To the fullest extent permitted by law, the provisions of all
            statutes whether existing now or in the future operating directly or
            indirectly:

            (a)         (TO AFFECT OBLIGATIONS): to lessen or otherwise to vary
                        or affect in favour of the Borrower any obligation under
                        this Agreement; or

            (b)         (TO AFFECT RIGHTS): to delay or otherwise prevent or
                        prejudicially affect the exercise of any rights or
                        remedies conferred on the Redraw Facility Provider under
                        this Agreement,

            are hereby expressly waived, negatived and excluded.

18.8        AMENDMENTS

            No amendment to this Agreement will be effective unless in writing
            and executed by each of the parties to this Agreement. The Manager
            must provide a copy of each proposed amendment to each Current
            Rating Authority before the amendment becomes effective.

18.9        GOVERNING LAW

            This Agreement is governed by and construed in accordance with the
            laws of New South Wales.

18.10       JURISDICTION

            The Borrower irrevocably and unconditionally:

            (a)         (SUBMISSION TO JURISDICTION): submits to the
                        non-exclusive jurisdiction of the courts of New South
                        Wales;

            (b)         (WAIVER OF INCONVENIENT FORUM): waives any objection it
                        may now or in the future have to the bringing of
                        proceedings in those courts and any claim that any
                        proceedings have been brought in an inconvenient forum;
                        and

            (c)         (SERVICE OF NOTICE): agrees, without preventing any
                        other mode of service permitted by law, that any
                        document required to be served in any proceedings may be
                        served in the manner in which notices and other written
                        communications may be given under clause 16.

18.11       COUNTERPARTS

            This Agreement may be executed in a number of counterparts and all
            such counterparts taken together will constitute one and the same
            instrument.

                                                                              18
<PAGE>

SCHEDULE 1

FORM OF DRAWDOWN NOTICE

TO:                    Macquarie Bank Limited, ABN 46 008 583 542 (the
                       "REDRAW FACILITY PROVIDER")

ADDRESS:               [Level 15
                       1 Martin Place
                       Sydney,  NSW  2000]

ATTENTION:             [ ]

FROM:                  Macquarie Securitisation Limited, ABN 16 003 297 336 (the
                       "MANAGER")

DATE:                  [          ]

The Manager hereby irrevocably requests you to make an Advance on the Drawdown
Date specified below for an amount equal to the amount specified below in
accordance with clause 4 of the Redraw Facility Agreement dated [            ]
between Perpetual Trustees Australia Limited, ABN 86 000 431 827, the Redraw
Facility Provider and the Manager, as novated or supplemented from time to time
(the "REDRAW FACILITY AGREEMENT"):

(a)    Drawdown Date:                                      [    ]

(b)    Amount of requested Advance:                         A$[ ]

Words used and not otherwise defined in this letter have the same meaning as in
the Redraw Facility Agreement.

SIGNED for and on behalf of MACQUARIE SECURITISATION
LIMITED, ABN 16 003 297 336,

------------------------------------------------------------
Authorised Signatory

------------------------------------------------------------
Name

------------------------------------------------------------
Title:

                                                                              19
<PAGE>

SIGNED as an agreement.

SIGNED for and on behalf of MACQUARIE BANK
LIMITED, ABN 46008 583 542 by its Attorneys
                                                  ------------------------------
and
under a Power of Attorney dated           ,       Signature of Attorney
and each Attorney declares that he or she has
not received any notice of the revocation of
such Power of Attorney, in the presence of:

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

Signature of Witness                              Signature of Attorney

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

Name of Witness in full

SIGNED for and on behalf of PERPETUAL
TRUSTEES AUSTRALIA LIMITED, ABN 86 000
431 827 by its Attorney                           ------------------------------

under a Power of Attorney dated                   Signature of Attorney
                    , and the Attorney
declares that  he or she has not received
any notice of the revocation of such
Power of Attorney, in the presence of:

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

Signature of Witness                              Name of Attorney in full

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

Name of Witness in full

                                                                              20
<PAGE>

SIGNED for and on behalf of MACQUARIE
SECURITISATION LIMITED, ABN 16 003 297 336
by its Attorneys                                  ------------------------------
                  and
                  under a Power of Attorney       Signature of Attorney
dated                            , and each
Attorney declares that  he or she has not
received any notice of the revocation of
such Power of Attorney, in the presence of:

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

Signature of Witness                              Signature of Attorney

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

Name of Witness in full

                                                                              21

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