<PAGE>



(MULTICURRENCY--CROSS BORDER)

                                     ISDA(R)
                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT

                                dated as of                  2004

<TABLE>
<CAPTION>

<S>                                 <C>         <C>
NATIONAL AUSTRALIA BANK                          PERPETUAL TRUSTEES VICTORIA
LIMITED (ABN 12 004 044 937)                     LIMITED (ABN 47 004 027 258) IN ITS
("PARTY A")                                      CAPACITY AS TRUSTEE OF THE INTERSTAR
                                                 MILLENNIUM SERIES 2004-2G TRUST (IN THAT
                                                 CAPACITY, "PARTY B")

                                        AND


INTERSTAR SECURITISATION
MANAGEMENT PTY LTD (ABN 56
100 346 898) (THE "TRUST MANAGER")
-------------------------------------           ---------------------------------------------
</TABLE>

have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as follows:--

1.       INTERPRETATION

(a)      DEFINITIONS. The terms defined in Section 14 and in the Schedule will
have the meanings therein specified for the purpose of this Master
Agreement.

(b)      INCONSISTENCY. In the event of any inconsistency between the provisions
of the Schedule and the other provisions of this Master Agreement, the
Schedule will prevail. In the event of any inconsistency between the provisions
of any Confirmation and this Master Agreement (including the Schedule), such
Confirmation will prevail for the purpose of the relevant Transaction.

(c)      SINGLE AGREEMENT. All Transactions are entered into in reliance on the
fact that this Master Agreement and all Confirmations form a single agreement
between the parties (collectively referred to as this "Agreement"), and the
parties would not otherwise enter into any Transactions.

2.       OBLIGATIONS

(a)      GENERAL CONDITIONS.

         (i) Each party will make each payment or delivery specified in each
         Confirmation to be made by it, subject to the other provisions of this
         Agreement.
<PAGE>


         (ii) Payments under this Agreement will be made on the due date for
         value on that date in the place of the account specified in the
         relevant Confirmation or otherwise pursuant to this Agreement, in
         freely transferable funds and in the manner customary for payments in
         the required currency. Where settlement is by delivery (that is, other
         than by payment), such delivery will be made for receipt on the due
         date in the manner customary for the relevant obligation unless
         otherwise specified in the relevant Confirmation or elsewhere in this
         Agreement.

         (iii) Each obligation of each party under Section 2(a)(i) is subject to
         (1) the condition precedent that no Event of Default or Potential Event
         of Default with respect to the other party has occurred and is
         continuing, (2) the condition precedent that no Early Termination Date
         in respect of the relevant Transaction has occurred or been effectively
         designated and (3) each other applicable condition precedent specified
         in this Agreement.

(b)      CHANGE OF ACCOUNT. Either party may change its account for receiving a
payment or delivery by giving notice to the other party at least five Local
Business Days prior to the scheduled date for the payment or delivery to which
such change applies unless such other party gives timely notice of a reasonable
objection to such change.

(c)      NETTING.  If on any date amounts would otherwise be payable:--

         (i)  in the same currency; and

         (ii) in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation to make
payment of any such amount will be automatically satisfied and discharged and,
if the aggregate amount that would otherwise have been payable by one party
exceeds the aggregate amount that would otherwise have been payable by the other
party, replaced by an obligation upon the party by whom the larger aggregate
amount would have been payable to pay to the other party the excess of the
larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount
will be determined in respect of all amounts payable on the same date in the
same currency in respect of such Transactions, regardless of whether such
amounts are payable in respect of the same Transaction. The election may be made
in the Schedule or a Confirmation by specifying that subparagraph (ii) above
will not apply to the Transactions identified as being subject to the election,
together with the starting date (in which case subparagraph (ii) above will not,
or will cease to, apply to such Transactions from such date). This election may
be made separately for different groups of Transactions and will apply
separately to each pairing of Offices through which the parties make and receive
payments or deliveries.

(d)     DEDUCTION OR WITHHOLDING FOR TAX.

        (i) GROSS-UP. All payments under this Agreement will be made without any
        deduction or withholding for or on account of any Tax unless such
        deduction or withholding is required by any applicable law, as modified
        by the practice of any relevant governmental revenue authority, then in
        effect. If a party is so required to deduct or withhold, then that party
        ("X") will:--

               (1)  promptly notify the other party ("Y") of such requirement;

               (2) pay to the relevant authorities the full amount required to
               be deducted or withheld (including the full amount required to be
               deducted or withheld from any additional amount paid by X to Y
               under this Section 2(d)) promptly upon the earlier of determining
               that such deduction or withholding is required or receiving
               notice that such amount has been assessed against Y;

               (3) promptly forward to Y an official receipt (or a certified
               copy), or other documentation reasonably acceptable to Y,
               evidencing such payment to such authorities; and

2    ISDA(R) 1992
<PAGE>


               (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to
               the payment to which Y is otherwise entitled under this
               Agreement, such additional amount as is necessary to ensure that
               the net amount actually received by Y (free and clear of
               Indemnifiable Taxes, whether assessed against X or Y) will equal
               the full amount Y would have received had no such deduction or
               withholding been required. However, X will not be required to pay
               any additional amount to Y to the extent that it would not be
               required to be paid but for:--

                  (A) the failure by Y to comply with or perform any agreement
                  contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

                  (B) the failure of a representation made by Y pursuant to
                  Section 3(f) to be accurate and true unless such failure would
                  not have occurred but for (I) any action taken by a taxing
                  authority, or brought in a court of competent jurisdiction, on
                  or after the date on which a Transaction is entered into
                  (regardless of whether such action is taken or brought with
                  respect to a party to this Agreement) or (II) a Change in Tax
                  Law.

         (ii) LIABILITY.  If:--

              (1) X is required by any applicable law, as modified by the
              practice of any relevant governmental revenue authority, to make
              any deduction or withholding in respect of which X would not be
              required to pay an additional amount to Y under Section
              2(d)(i)(4);

              (2) X does not so deduct or withhold; and

              (3) a liability resulting from such Tax is assessed directly
              against X,

         then, except to the extent Y has satisfied or then satisfies the
         liability resulting from such Tax, Y will promptly pay to X the amount
         of such liability (including any related liability for interest, but
         including any related liability for penalties only if Y has failed to
         comply with or perform any agreement contained in Section 4(a)(i),
         4(a)(iii) or 4(d)).

(e)      DEFAULT INTEREST; OTHER AMOUNTS. Prior to the occurrence or effective
designation of an Early Termination Date in respect of the relevant
Transaction, a party that defaults in the performance of any payment obligation
will, to the extent permitted by law and subject to Section 6(c), be required
to pay interest (before as well as after judgment) on the overdue amount to the
other party on demand in the same currency as such overdue amount, for the
period from (and including) the original due date for payment to (but excluding)
the date of actual payment, at the Default Rate. Such interest will be
calculated on the basis of daily compounding and the actual number of days
elapsed. If, prior to the occurrence or effective designation of an Early
Termination Date in respect of the relevant Transaction, a party defaults in
the performance of any obligation required to be settled by delivery, it will
compensate the other party on demand if and to the extent provided for in the
relevant Confirmation or elsewhere in this Agreement.

3.       REPRESENTATIONS

Each party represents to the other party (which representations will be deemed
to be repeated by each party on each date on which a Transaction is entered into
and, in the case of the representations in Section 3(f), at all times until the
termination of this Agreement) that:--

(a)      BASIC REPRESENTATIONS.

         (i) STATUS. It is duly organized and validly existing under the laws of
         the jurisdiction of its organization or incorporation and, if relevant
         under such laws, in good standing;

         (ii) POWERS. It has the power to execute this Agreement and any other
         documentation relating to this Agreement to which it is a party, to
         deliver this Agreement and any other documentation relating to this
         Agreement that it is required by this Agreement to deliver and to
         perform its obligations under this Agreement and any obligations it has
         under any Credit Support Document to which it is a party and has taken
         all necessary action to authorize such execution, delivery and
         performance;

3    ISDA(R) 1992
<PAGE>


         (iii) NO VIOLATION OR CONFLICT. Such execution, delivery and
         performance do not violate or conflict with any law applicable to it,
         any provision of its constitutional documents, any order or judgment of
         any court or other agency of government applicable to it or any of its
         assets or any contractual restriction binding on or affecting it or any
         of its assets;

         (iv) CONSENTS. All governmental and other consents that are required to
         have been obtained by it with respect to this Agreement or any Credit
         Support Document to which it is a party have been obtained and are in
         full force and effect and all conditions of any such consents have been
         complied with; and

         (v) OBLIGATIONS BINDING. Its obligations under this Agreement and any
         Credit Support Document to which it is a party constitute its legal,
         valid and binding obligations, enforceable in accordance with their
         respective terms (subject to applicable bankruptcy, reorganization,
         insolvency, moratorium or similar laws affecting creditors' rights
         generally and subject, as to enforceability, to equitable principles of
         general application (regardless of whether enforcement is sought in a
         proceeding in equity or at law)).

(b)      ABSENCE OF CERTAIN EVENTS. No Event of Default or Potential Event of
Default or, to its knowledge, Termination Event with respect to it has
occurred and is continuing and no such event or circumstance would occur as a
result of its entering into or performing its obligations under this Agreement
or any Credit Support Document to which it is a party.

(c)      ABSENCE OF LITIGATION. There is not pending or, to its knowledge,
threatened against it or any of its Affiliates any action, suit or proceeding
at law or in equity or before any court, tribunal, governmental body, agency or
official or any arbitrator that is likely to affect the legality, validity or
enforceability against it of this Agreement or any Credit Support Document to
which it is a party or its ability to perform its obligations under this
Agreement or such Credit Support Document.

(d)      ACCURACY OF SPECIFIED INFORMATION. All applicable information that is
furnished in writing by or on behalf of it to the other party and is identified
for the purpose of this Section 3(d) in the Schedule is, as of the date of the
information, true, accurate and complete in every material aspect.

(e)      PAYER TAX REPRESENTATION. Each representation specified in the Schedule
as being made by it for the purpose of this Section 3(e) is accurate and true.

(f)      PAYEE TAX REPRESENTATIONS. Each representation specified in the
Schedule as being made by it for the purpose of this Section 3(f) is accurate
and true.

4.       AGREEMENTS

Each party agrees with the other that, so long as either party has or may have
any obligation under this Agreement or under any Credit Support Document to
which it is a party:--

(a)      FURNISH SPECIFIED INFORMATION. It will deliver to the other party or,
in certain cases under subparagraph (iii) below, to such government or taxing
authority as the other party reasonably directs:--

         (i) any forms, documents or certificates relating to taxation specified
         in the Schedule or any Confirmation;

         (ii) any other documents specified in the Schedule or any Confirmation;
         and

         (iii) upon reasonable demand by such other party, any form or document
         that may be required or reasonably requested in writing in order to
         allow such other party or its Credit Support Provider to make a payment
         under this Agreement or any applicable Credit Support Document without
         any deduction or withholding for or on account of any Tax or with such
         deduction or withholding at a reduced rate (so long as the completion,
         execution or submission of such form or document would not materially
         prejudice the legal or commercial position of the party in receipt of
         such demand), with any such form or document to be accurate and
         completed in a manner reasonably satisfactory to such other party and
         to be executed and to be delivered with any reasonably required
         certification,

in each case by the date specified in the Schedule or such Confirmation or, if
none is specified, as soon as reasonably practicable.

4    ISDA(R) 1992
<PAGE>


(b)      MAINTAIN AUTHORIZATIONS. It will use all reasonable efforts to maintain
in full force and effect all consents of any governmental or other authority
that are required to be obtained by it with respect to this Agreement or any
Credit Support Document to which it is a party and will use all reasonable
efforts to obtain any that may become necessary in the future.

(c)      COMPLY WITH LAWS. It will comply in all material respects with all
applicable laws and orders to which it may be subject if failure so to comply
would materially impair its ability to perform its obligations under this
Agreement or any Credit Support Document to which it is a party.

(d)      TAX AGREEMENT. It will give notice of any failure of a representation
made by it under Section 3(f) to be accurate and true promptly upon learning of
such failure.

(e)      PAYMENT OF STAMP TAX. Subject to Section 11, it will pay any Stamp Tax
levied or imposed upon it or in respect of its execution or performance of this
Agreement by a jurisdiction in which it is incorporated, organized, managed
and controlled, or considered to have its seat, or in which a branch or office
through which it is acting for the purpose of this Agreement is located ("Stamp
Tax Jurisdiction") and will indemnify the other party against any Stamp Tax
levied or imposed upon the other party or in respect of the other party's
execution or performance of this Agreement by any such Stamp Tax Jurisdiction
which is not also a Stamp Tax Jurisdiction with respect to the other party.


5.       EVENTS OF DEFAULT AND TERMINATION EVENTS

(a)      EVENTS OF DEFAULT. The occurrence at any time with respect to a party
or, if applicable, any Credit Support Provider of such party or any Specified
Entity of such party of any of the following events constitutes an event of
default (an "Event of Default") with respect to such party:--

         (i) FAILURE TO PAY OR DELIVER. Failure by the party to make, when due,
         any payment under this Agreement or delivery under Section 2(a)(i) or
         2(e) required to be made by it if such failure is not remedied on or
         before the third Local Business Day after notice of such failure is
         given to the party;

         (ii) BREACH OF AGREEMENT. Failure by the party to comply with or
         perform any agreement or obligation (other than an obligation to make
         any payment under this Agreement or delivery under Section 2(a)(i) or
         2(e) or to give notice of a Termination Event or any agreement or
         obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied
         with or performed by the party in accordance with this Agreement if
         such failure is not remedied on or before the thirtieth day after
         notice of such failure is given to the party;

         (iii) CREDIT SUPPORT DEFAULT.

                (1) Failure by the party or any Credit Support Provider of such
                party to comply with or perform any agreement or obligation to
                be complied with or performed by it in accordance with any
                Credit Support Document if such failure is continuing after any
                applicable grace period has elapsed;

                (2) the expiration or termination of such Credit Support
                Document or the failing or ceasing of such Credit Support
                Document to be in full force and effect for the purpose of this
                Agreement (in either case other than in accordance with its
                terms) prior to the satisfaction of all obligations of such
                party under each Transaction to which such Credit Support
                Document relates without the written consent of the other party;
                or

                (3) the party or such Credit Support Provider disaffirms,
                disclaims, repudiates or rejects, in whole or in part, or
                challenges the validity of, such Credit Support Document;

         (iv) MISREPRESENTATION. A representation (other than a representation
         under Section 3(e) or (f)) made or repeated or deemed to have been made
         or repeated by the party or any Credit Support Provider of such party
         in this Agreement or any Credit Support Document proves to have been
         incorrect or misleading in any material respect when made or repeated
         or deemed to have been made or repeated;

5    ISDA(R) 1992
<PAGE>


         (v) DEFAULT UNDER SPECIFIED TRANSACTION. The party, any Credit Support
         Provider of such party or any applicable Specified Entity of such party
         (1) defaults under a Specified Transaction and, after giving effect to
         any applicable notice requirement or grace period, there occurs a
         liquidation of, an acceleration of obligations under, or an early
         termination of, that Specified Transaction, (2) defaults, after giving
         effect to any applicable notice requirement or grace period, in making
         any payment or delivery due on the last payment, delivery or exchange
         date of, or any payment on early termination of, a Specified
         Transaction (or such default continues for at least three Local
         Business Days if there is no applicable notice requirement or grace
         period) or (3) disaffirms, disclaims, repudiates or rejects, in whole
         or in part, a Specified Transaction (or such action is taken by any
         person or entity appointed or empowered to operate it or act on its
         behalf);

         (vi) CROSS DEFAULT. If "Cross Default" is specified in the Schedule as
         applying to the party, the occurrence or existence of (1) a default,
         event of default or other similar condition or event (however
         described) in respect of such party, any Credit Support Provider of
         such party or any applicable Specified Entity of such party under one
         or more agreements or instruments relating to Specified Indebtedness of
         any of them (individually or collectively) in an aggregate amount of
         not less than the applicable Threshold Amount (as specified in the
         Schedule) which has resulted in such Specified Indebtedness becoming,
         or becoming capable at such time of being declared, due and payable
         under such agreements or instruments, before it would otherwise have
         been due and payable or (2) a default by such party, such Credit
         Support Provider or such Specified Entity (individually or
         collectively) in making one or more payments on the due date thereof in
         an aggregate amount of not less than the applicable Threshold Amount
         under such agreements or instruments (after giving effect to any
         applicable notice requirement or grace period);

         (vii) BANKRUPTCY. The party, any Credit Support Provider of such party
         or any applicable Specified Entity of such party:--

                (1) is dissolved (other than pursuant to a consolidation,
                amalgamation or merger); (2) becomes insolvent or is unable to
                pay its debts or fails or admits in writing its inability
                generally to pay its debts as they become due; (3) makes a
                general assignment, arrangement or composition with or for the
                benefit of its creditors; (4) institutes or has instituted
                against it a proceeding seeking a judgment of insolvency or
                bankruptcy or any other relief under any bankruptcy or
                insolvency law or other similar law affecting creditors' rights,
                or a petition is presented for its winding-up or liquidation,
                and, in the case of any such proceeding or petition instituted
                or presented against it, such proceeding or petition (A) results
                in a judgment of insolvency or bankruptcy or the entry of an
                order for relief or the making of an order for its winding-up or
                liquidation or (B) is not dismissed, discharged, stayed or
                restrained in each case within 30 days of the institution or
                presentation thereof; (5) has a resolution passed for its
                winding-up, official management or liquidation (other than
                pursuant to a consolidation, amalgamation or merger); (6) seeks
                or becomes subject to the appointment of an administrator,
                provisional liquidator, conservator, receiver, trustee,
                custodian or other similar official for it or for all or
                substantially all its assets; (7) has a secured party take
                possession of all or substantially all its assets or has a
                distress, execution, attachment, sequestration or other legal
                process levied, enforced or sued on or against all or
                substantially all its assets and such secured party maintains
                possession, or any such process is not dismissed, discharged,
                stayed or restrained, in each case within 30 days thereafter;
                (8) causes or is subject to any event with respect to it which,
                under the applicable laws of any jurisdiction, has an analogous
                effect to any of the events specified in clauses (1) to (7)
                (inclusive); or (9) takes any action in furtherance of, or
                indicating its consent to, approval of, or acquiescence in, any
                of the foregoing acts; or

         (viii) MERGER WITHOUT ASSUMPTION. The party or any Credit Support
         Provider of such party consolidates or amalgamates with, or merges with
         or into, or transfers all or substantially all its assets to, another
         entity and, at the time of such consolidation, amalgamation, merger or
         transfer:--

                  (1) the resulting, surviving or transferee entity fails to
                  assume all the obligations of such party or such Credit
                  Support Provider under this Agreement or any Credit Support
                  Document to which it or its predecessor was a party by
                  operation of law or pursuant to an agreement reasonably
                  satisfactory to the other party to this Agreement; or

6    ISDA(R) 1992
<PAGE>


                  (2) the benefits of any Credit Support Document fail to extend
                  (without the consent of the other party) to the performance by
                  such resulting, surviving or transferee entity of its
                  obligations under this Agreement.

(b)      TERMINATION EVENTS. The occurrence at any time with respect to a party
or, if applicable, any Credit Support Provider of such party or any Specified
Entity of such party of any event specified below constitutes an Illegality if
the event is specified in (i) below, a Tax Event if the event is specified in
(ii) below or a Tax Event Upon Merger if the event is specified in (iii) below,
and, if specified to be applicable, a Credit Event Upon Merger if the event is
specified pursuant to (iv) below or an Additional Termination Event if the
event is specified pursuant to (v) below:--

         (i) ILLEGALITY. Due to the adoption of, or any change in, any
         applicable law after the date on which a Transaction is entered into,
         or due to the promulgation of, or any change in, the interpretation by
         any court, tribunal or regulatory authority with competent jurisdiction
         of any applicable law after such date, it becomes unlawful (other than
         as a result of a breach by the party of Section 4(b)) for such party
         (which will be the Affected Party):--

                  (1) to perform any absolute or contingent obligation to make a
                  payment or delivery or to receive a payment or delivery in
                  respect of such Transaction or to comply with any other
                  material provision of this Agreement relating to such
                  Transaction; or

                  (2) to perform, or for any Credit Support Provider of such
                  party to perform, any contingent or other obligation which the
                  party (or such Credit Support Provider) has under any Credit
                  Support Document relating to such Transaction;

         (ii) TAX EVENT. Due to (x) any action taken by a taxing authority, or
         brought in a court of competent jurisdiction, on or after the date on
         which a Transaction is entered into (regardless of whether such action
         is taken or brought with respect to a party to this Agreement) or (y) a
         Change in Tax Law, the party (which will be the Affected Party) will,
         or there is a substantial likelihood that it will, on the next
         succeeding Scheduled Payment Date (1) be required to pay to the other
         party an additional amount in respect of an Indemnifiable Tax under
         Section 2(d)(i)(4) (except in respect of interest under Section 2(e),
         6(d)(ii) or 6(e)) or (2) receive a payment from which an amount is
         required to be deducted or withheld for or on account of a Tax (except
         in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) and no
         additional amount is required to be paid in respect of such Tax under
         Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or
         (B));

         (iii) TAX EVENT UPON MERGER. The party (the "Burdened Party") on the
         next succeeding Scheduled Payment Date will either (1) be required to
         pay an additional amount in respect of an Indemnifiable Tax under
         Section 2(d)(i)(4) (except in respect of interest under Section 2(e),
         6(d)(ii) or 6(e)) or (2) receive a payment from which an amount has
         been deducted or withheld for or on account of any Indemnifiable Tax in
         respect of which the other party is not required to pay an additional
         amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in
         either case as a result of a party consolidating or amalgamating with,
         or merging with or into, or transferring all or substantially all its
         assets to, another entity (which will be the Affected Party) where such
         action does not constitute an event described in Section 5(a)(viii);

         (iv) CREDIT EVENT UPON MERGER. If "Credit Event Upon Merger" is
         specified in the Schedule as applying to the party, such party ("X"),
         any Credit Support Provider of X or any applicable Specified Entity of
         X consolidates or amalgamates with, or merges with or into, or
         transfers all or substantially all its assets to, another entity and
         such action does not constitute an event described in Section
         5(a)(viii) but the creditworthiness of the resulting, surviving or
         transferee entity is materially weaker than that of X, such Credit
         Support Provider or such Specified Entity, as the case may be,
         immediately prior to such action (and, in such event, X or its
         successor or transferee, as appropriate, will be the Affected Party);
         or

         (v) ADDITIONAL TERMINATION EVENT. If any "Additional Termination Event"
         is specified in the Schedule or any Confirmation as applying, the
         occurrence of such event (and, in such event, the Affected Party or
         Affected Parties shall be as specified for such Additional Termination
         Event in the Schedule or such Confirmation).

(c)      EVENT OF DEFAULT AND ILLEGALITY. If an event or circumstance which
would otherwise constitute or give rise to an Event of Default also constitutes
an Illegality, it will be treated as an Illegality and will not constitute an

7    ISDA(R) 1992
<PAGE>


Event of Default.

6.       EARLY TERMINATION

(a)      RIGHT TO TERMINATE FOLLOWING EVENT OF DEFAULT. If at any time an Event
of Default with respect to a party (the "Defaulting Party") has occurred and is
then continuing, the other party (the "Non-defaulting Party") may, by not more
than 20 days notice to the Defaulting Party specifying the relevant Event of
Default, designate a day not earlier than the day such notice is effective as
an Early Termination Date in respect of all outstanding Transactions. If,
however, "Automatic Early Termination" is specified in the Schedule as applying
to a party, then an Early Termination Date in respect of all outstanding
Transactions will occur immediately upon the occurrence with respect to such
party of an Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6)
or, to the extent analogous thereto, (8), and as of the time immediately
preceding the institution of the relevant proceeding or the presentation of the
relevant petition upon the occurrence with respect to such party of an Event
of Default specified in Section 5(a)(vii)(4) or, to the extent analogous
thereto, (8).

(b)      RIGHT TO TERMINATE FOLLOWING TERMINATION EVENT.

         (i) NOTICE. If a Termination Event occurs, an Affected Party will,
         promptly upon becoming aware of it, notify the other party, specifying
         the nature of that Termination Event and each Affected Transaction and
         will also give such other information about that Termination Event as
         the other party may reasonably require.

         (ii) TRANSFER TO AVOID TERMINATION EVENT. If either an Illegality under
         Section 5(b)(i)(1) or a Tax Event occurs and there is only one Affected
         Party, or if a Tax Event Upon Merger occurs and the Burdened Party is
         the Affected Party, the Affected Party will, as a condition to its
         right to designate an Early Termination Date under Section 6(b)(iv),
         use all reasonable efforts (which will not require such party to incur
         a loss, excluding immaterial, incidental expenses) to transfer within
         20 days after it gives notice under Section 6(b)(i) all its rights and
         obligations under this Agreement in respect of the Affected
         Transactions to another of its Offices or Affiliates so that such
         Termination Event ceases to exist.

         If the Affected Party is not able to make such a transfer it will give
         notice to the other party to that effect within such 20 day period,
         whereupon the other party may effect such a transfer within 30 days
         after the notice is given under Section 6(b)(i).

         Any such transfer by a party under this Section 6(b)(ii) will be
         subject to and conditional upon the prior written consent of the other
         party, which consent will not be withheld if such other party's
         policies in effect at such time would permit it to enter into
         transactions with the transferee on the terms proposed.

         (iii) TWO AFFECTED PARTIES. If an Illegality under Section 5(b)(i)(1)
         or a Tax Event occurs and there are two Affected Parties, each party
         will use all reasonable efforts to reach agreement within 30 days after
         notice thereof is given under Section 6(b)(i) on action to avoid that
         Termination Event.

         (iv)     RIGHT TO TERMINATE. If:--

                  (1) a transfer under Section 6(b)(ii) or an agreement under
                  Section 6(b)(iii), as the case may be, has not been effected
                  with respect to all Affected Transactions within 30 days after
                  an Affected Party gives notice under Section 6(b)(i); or

                  (2) an Illegality under Section 5(b)(i)(2), a Credit Event
                  Upon Merger or an Additional Termination Event occurs, or a
                  Tax Event Upon Merger occurs and the Burdened Party is not the
                  Affected Party,

         either party in the case of an Illegality, the Burdened Party in the
         case of a Tax Event Upon Merger, any Affected Party in the case of a
         Tax Event or an Additional Termination Event if there is more than one
         Affected Party, or the party which is not the Affected Party in the
         case of a Credit Event Upon Merger or an Additional Termination Event
         if there is only one Affected Party may, by not more than 20 days
         notice to the other party and provided that the relevant Termination
         Event is then continuing, designate a day not earlier than the day such
         notice is effective as an Early Termination Date in respect of all
         Affected Transactions.

(c)      EFFECT OF DESIGNATION.


8    ISDA(R) 1992
<PAGE>


         (i) If notice designating an Early Termination Date is given under
         Section 6(a) or (b), the Early Termination Date will occur on the date
         so designated, whether or not the relevant Event of Default or
         Termination Event is then continuing.

         (ii) Upon the occurrence or effective designation of an Early
         Termination Date, no further payments or deliveries under Section
         2(a)(i) or 2(e) in respect of the Terminated Transactions will be
         required to be made, but without prejudice to the other provisions of
         this Agreement. The amount, if any, payable in respect of an Early
         Termination Date shall be determined pursuant to Section 6(e).

  (d)    CALCULATIONS.

         (i) STATEMENT. On or as soon as reasonably practicable following the
         occurrence of an Early Termination Date, each party will make the
         calculations on its part, if any, contemplated by Section 6(e) and will
         provide to the other party a statement (1) showing, in reasonable
         detail, such calculations (including all relevant quotations and
         specifying any amount payable under Section 6(e)) and (2) giving
         details of the relevant account to which any amount payable to it is to
         be paid. In the absence of written confirmation from the source of a
         quotation obtained in determining a Market Quotation, the records of
         the party obtaining such quotation will be conclusive evidence of the
         existence and accuracy of such quotation.

         (ii) PAYMENT DATE. An amount calculated as being due in respect of any
         Early Termination Date under Section 6(e) will be payable on the day
         that notice of the amount payable is effective (in the case of an Early
         Termination Date which is designated or occurs as a result of an Event
         of Default) and on the day which is two Local Business Days after the
         day on which notice of the amount payable is effective (in the case of
         an Early Termination Date which is designated as a result of a
         Termination Event). Such amount will be paid together with (to the
         extent permitted under applicable law) interest thereon (before as well
         as after judgment) in the Termination Currency, from (and including)
         the relevant Early Termination Date to (but excluding) the date such
         amount is paid, at the Applicable Rate. Such interest will be
         calculated on the basis of daily compounding and the actual number of
         days elapsed.

(e)      PAYMENTS ON EARLY TERMINATION. If an Early Termination Date occurs, the
following provisions shall apply based on the parties' election in the Schedule
of a payment measure, either "Market Quotation" or "Loss", and a payment
method, either the "First Method" or the "Second Method". If the parties fail
to designate a payment measure or payment method in the Schedule, it will be
deemed that "Market Quotation" or the "Second Method", as the case may be,
shall apply. The amount, if any, payable in respect of an Early Termination
Date and determined pursuant to this Section will be subject to any Set-off.

         (i) EVENTS OF DEFAULT. If the Early Termination Date results from an
         Event of Default:--

               (1) First Method and Market Quotation. If the First Method and
               Market Quotation apply, the Defaulting Party will pay to the
               Non-defaulting Party the excess, if a positive number, of (A) the
               sum of the Settlement Amount (determined by the Non-defaulting
               Party) in respect of the Terminated Transactions and the
               Termination Currency Equivalent of the Unpaid Amounts owing to
               the Non-defaulting Party over (B) the Termination Currency
               Equivalent of the Unpaid Amounts owing to the Defaulting Party.

               (2) First Method and Loss. If the First Method and Loss apply,
               the Defaulting Party will pay to the Non-defaulting Party, if a
               positive number, the Non-defaulting Party's Loss in respect of
               this Agreement.

               (3) Second Method and Market Quotation. If the Second Method and
               Market Quotation apply, an amount will be payable equal to (A)
               the sum of the Settlement Amount (determined by the
               Non-defaulting Party) in respect of the Terminated Transactions
               and the Termination Currency Equivalent of the Unpaid Amounts
               owing to the Non-defaulting Party less (B) the Termination
               Currency Equivalent of the Unpaid Amounts owing to the Defaulting
               Party. If that amount is a positive number, the Defaulting Party
               will pay it to the Non-defaulting Party; if it is a negative
               number, the Non-defaulting Party will pay the absolute value of
               that amount to the Defaulting Party.

9    ISDA(R) 1992
<PAGE>



               (4) Second Method and Loss. If the Second Method and Loss apply,
               an amount will be payable equal to the Non-defaulting Party's
               Loss in respect of this Agreement. If that amount is a positive
               number, the Defaulting Party will pay it to the Non-defaulting
               Party; if it is a negative number, the Non-defaulting Party will
               pay the absolute value of that amount to the Defaulting Party.

         (ii) TERMINATION EVENTS. If the Early Termination Date results from a
         Termination Event:--

               (1) One Affected Party. If there is one Affected Party, the
               amount payable will be determined in accordance with Section
               6(e)(i)(3), if Market Quotation applies, or Section 6(e)(i)(4),
               if Loss applies, except that, in either case, references to the
               Defaulting Party and to the Non-defaulting Party will be deemed
               to be references to the Affected Party and the party which is not
               the Affected Party, respectively, and, if Loss applies and fewer
               than all the Transactions are being terminated, Loss shall be
               calculated in respect of all Terminated Transactions.

               (2)  Two Affected Parties.  If there are two Affected Parties:--

                     (A) if Market Quotation applies, each party will determine
                     a Settlement Amount in respect of the Terminated
                     Transactions, and an amount will be payable equal to (I)
                     the sum of (a) one-half of the difference between the
                     Settlement Amount of the party with the higher Settlement
                     Amount ("X") and the Settlement Amount of the party with
                     the lower Settlement Amount ("Y") and (b) the Termination
                     Currency Equivalent of the Unpaid Amounts owing to X less
                     (II) the Termination Currency Equivalent of the Unpaid
                     Amounts owing to Y; and

                     (B) if Loss applies, each party will determine its Loss in
                     respect of this Agreement (or, if fewer than all the
                     Transactions are being terminated, in respect of all
                     Terminated Transactions) and an amount will be payable
                     equal to one-half of the difference between the Loss of the
                     party with the higher Loss ("X") and the Loss of the party
                     with the lower Loss ("Y").

             If the amount payable is a positive number, Y will pay it to X; if
             it is a negative number, X will pay the absolute value of that
             amount to Y.

         (iii) ADJUSTMENT FOR BANKRUPTCY. In circumstances where an Early
         Termination Date occurs because "Automatic Early Termination" applies
         in respect of a party, the amount determined under this Section 6(e)
         will be subject to such adjustments as are appropriate and permitted by
         law to reflect any payments or deliveries made by one party to the
         other under this Agreement (and retained by such other party) during
         the period from the relevant Early Termination Date to the date for
         payment determined under Section 6(d)(ii).

         (iv) PRE-ESTIMATE. The parties agree that if Market Quotation applies
         an amount recoverable under this Section 6(e) is a reasonable
         pre-estimate of loss and not a penalty. Such amount is payable for the
         loss of bargain and the loss of protection against future risks and
         except as otherwise provided in this Agreement neither party will be
         entitled to recover any additional damages as a consequence of such
         losses.

7.       TRANSFER

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the
other party, except that:--

(a) a party may make such a transfer of this Agreement pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer of all
or substantially all its assets to, another entity (but without prejudice to any
other right or remedy under this Agreement); and

(b) a party may make such a transfer of all or any part of its interest in any
amount payable to it from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

8.       CONTRACTUAL CURRENCY


10    ISDA(R) 1992
<PAGE>


(a)      PAYMENT IN THE CONTRACTUAL CURRENCY. Each payment under this Agreement
will be made in the relevant currency specified in this Agreement for that
payment (the "Contractual Currency"). To the extent permitted by applicable
law, any obligation to make payments under this Agreement in the Contractual
Currency will not be discharged or satisfied by any tender in any currency
other than the Contractual Currency, except to the extent such tender results
in the actual receipt by the party to which payment is owed, acting in a
reasonable manner and in good faith in converting the currency so tendered into
the Contractual Currency, of the full amount in the Contractual Currency of
all amounts payable in respect of this Agreement. If for any reason the amount
in the Contractual Currency so received falls short of the amount in the
contractual Currency payable in respect of this Agreement, the party required
to make the payment will, to the extent permitted by applicable law,
immediately pay such additional amount in the Contractual Currency as may be
necessary to compensate for the shortfall. If for any reason the amount in the
Contractual Currency so received exceeds the amount in the Contractual Currency
payable in respect of this Agreement, the party receiving the payment will
refund promptly the amount of such excess.

(b)      JUDGMENTS. To the extent permitted by applicable law, if any judgment
or order expressed in a currency other than the Contractual Currency is
rendered (i) for the payment of any amount owing in respect of this Agreement,
(ii) for the payment of any amount relating to any early termination in respect
of this Agreement or (iii) in respect of a judgment or order of another court
for the payment of any amount described in (i) or (ii) above, the party seeking
recovery, after recovery in full of the aggregate amount to which such party is
entitled pursuant to the judgment or order, will be entitled to receive
immediately from the other party the amount of any shortfall of the Contractual
Currency received by such party as a consequence of sums paid in such other
currency and will refund promptly to the other party any excess of the
Contractual Currency received by such party as a consequence of sums paid in
such other currency if such shortfall or such excess arises or results from any
variation between the rate of exchange at which the Contractual Currency is
converted into the currency of the judgment or order for the purposes of such
judgment or order and the rate of exchange at which such party is able, acting
in a reasonable manner and in good faith in converting the currency received
Contractual Currency, to purchase the Contractual Currency with the amount of
the currency of the judgment or order actually received by such party. The term
"rate of exchange" includes, without limitation, any premiums and costs of
exchange payable in connection with the purchase of or conversion into the
Contractual Currency.

(c)      SEPARATE INDEMNITIES. To the extent permitted by applicable law, these
indemnities constitute separate and independent obligations from the other
obligations in this Agreement, will be enforceable as separate and independent
causes of action, will apply notwithstanding any indulgence granted by the
party to which any payment is owed and will not be affected by judgment being
obtained or claim or proof being made for any other sums payable in respect of
this Agreement.

(d)      EVIDENCE OF LOSS. For the purpose of this Section 8, it will be
sufficient for a party to demonstrate that it would have suffered a loss had
an actual exchange or purchase been made.

9.       MISCELLANEOUS

(a)      ENTIRE AGREEMENT. This Agreement constitutes the entire agreement and
understanding of the parties with respect to its subject matter and supersedes
all oral communication and prior writings with respect thereto.

(b)      AMENDMENTS. No amendment, modification or waiver in respect of this
Agreement will be effective unless in writing (including a writing evidenced by
a facsimile transmission) and executed by each of the parties or confirmed by
an exchange of telexes or electronic messages on an electronic messaging system.

(c)      SURVIVAL OF OBLIGATIONS. Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the
termination of any Transaction.

(d)      REMEDIES CUMULATIVE. Except as provided in this Agreement, the rights,
remedies and privileges provided in this Agreement are cumulative and not
exclusive of any rights, powers, remedies and privileges provided by law.

(e)      COUNTERPARTS AND CONFIRMATIONS.

         (i) This Agreement (and each amendment, modification and waiver in
         respect of it) may be executed and delivered in counterparts (including
         by facsimile transmission), each of which will be deemed an original.


11    ISDA(R) 1992
<PAGE>


         (ii) The parties intend that they are legally bound by the terms of
         each Transaction from the moment they agree to those terms (whether
         orally or otherwise). A Confirmation shall be entered into as soon as
         practicable and may be executed and delivered in counterparts
         (including by facsimile transmission) or be created by an exchange of
         telexes or by an exchange of electronic messages on an electronic
         messaging system, which in each case will be sufficient for all
         purposes to evidence a binding supplement to this Agreement. The
         parties will specify therein or through another effective means that
         any such counterpart, telex or electronic message constitutes a
         Confirmation.

(f)      NO WAIVER OF RIGHTS. A failure or delay in exercising any right, power
or privilege in respect of this Agreement will not be presumed to operate as a
waiver, and a single or partial exercise of any right, power or privilege will
not be presumed to preclude any subsequent or further exercise, of that right,
power or privilege or the exercise of any other right, power or privilege.

(g)      HEADINGS. The headings used in this Agreement are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement.

10.      OFFICES; MULTIBRANCH PARTIES

(a)      If Section 10(a) is specified in the Schedule as applying, each party
that enters into a Transaction through an Office other than its head or home
office represents to the other party that, notwithstanding the place of booking
office or jurisdiction of incorporation or organization of such party, the
obligations of such party are the same as if it had entered into the
Transaction through its head or home office. This representation will be
deemed to be repeated by such party on each date on which a Transaction is
entered into.

(b)      Neither party may change the Office through which it makes and receives
payments or deliveries for the purpose of a Transaction without the prior
written consent of the other party.

(c)      If a party is specified as a Multibranch Party in the Schedule, such
Multibranch Party may make and receive payments or deliveries under any
Transaction through any Office listed in the Schedule, and the Office through
which it makes and receives payments or deliveries with respect to a
Transaction will be specified in the relevant Confirmation.

11.      EXPENSES

A Defaulting Party will, on demand, indemnify and hold harmless the other party
for and against all reasonable out-of-pocket expenses, including legal fees and
Stamp Tax, incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement or any Credit Support Document to
which the Defaulting Party is a party or by reason of the early termination of
any Transaction, including, but not limited to, costs of collection.

12.      NOTICES

(a)      EFFECTIVENESS. Any notice or other communication in respect of this
Agreement may be given in any manner set forth below (except that a notice or
other communication under Section 5 or 6 may not be given by facsimile
transmission or electronic messaging system) to the address or number or in
accordance with the electronic messaging system details provided (see the
Schedule) and will be deemed effective as indicated:--

         (i) if in writing and delivered in person or by courier, on the date it
         is delivered;

         (ii) if sent by telex, on the date the recipient's answerback is
         received;

         (iii) if sent by facsimile transmission, on the date that transmission
         is received by a responsible employee of the recipient in legible form
         (it being agreed that the burden of proving receipt will be on the
         sender and will not be met by a transmission report generated by the
         sender's facsimile machine);

         (iv) if sent by certified or registered mail (airmail, if overseas) or
         the equivalent (return receipt requested), on the date that mail is
         delivered or its delivery is attempted; or

         (v) if sent by electronic messaging system, on the date that electronic
         message is received,

12    ISDA(R) 1992
<PAGE>


unless the date of delivery (or attempted delivery) or that receipt, as
applicable, is not a Local Business Day or that communication is delivered (or
attempted) or received, as applicable, after the close of business on a Local
Business Day, in which case that communication shall be deemed given and
effective on the first following day that is a Local Business Day.

(b)      CHANGE OF ADDRESSES. Either party may by notice to the other change the
address, telex or facsimile number or electronic messaging system details at
which notices or other communications are to be given to it.

13.      GOVERNING LAW AND JURISDICTION

(a)      GOVERNING LAW. This Agreement will be governed by and construed in
accordance with the law specified in the Schedule.

(b)      JURISDICTION. With respect to any suit, action or proceedings relating
to this Agreement ("Proceedings"), each party irrevocably:--

         (i) submits to the jurisdiction of the English courts, if this
         Agreement is expressed to be governed by English law, or to the
         non-exclusive jurisdiction of the courts of the State of New York and
         the United States District Court located in the Borough of Manhattan in
         New York City, if this Agreement is expressed to be governed by the
         laws of the State of New York; and

         (ii) waives any objection which it may have at any time to the laying
         of venue of any Proceedings brought in any such court, waives any claim
         that such Proceedings have been brought in an inconvenient forum and
         further waives the right to object, with respect to such Proceedings,
         that such court does not have any jurisdiction over such party.

Nothing in this Agreement precludes either party from bringing Proceedings in
any other jurisdiction (outside, if this Agreement is expressed to be governed
by English law, the Contracting States, as defined in Section 1(3) of the Civil
Jurisdiction and Judgments Act 1982 or any modification, extension or
re-enactment thereof for the time being in force) nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction.

(c)      SERVICE OF PROCESS. Each party irrevocably appoints the Process Agent
(if any) specified opposite its name in the Schedule to receive, for it and on
its behalf, service of process in any Proceedings. If for any reason any
party's Process Agent is unable to act as such, such party will promptly notify
the other party and within 30 days appoint a substitute process agent
acceptable to the other party. The parties irrevocably consent to service of
process given in the manner provided for notices in Section 12. Nothing in this
Agreement will affect the right of either party to serve process in any other
manner permitted by law.

(d)      WAIVER OF IMMUNITIES. Each party irrevocably waives, to the fullest
extent permitted by applicable law, with respect to itself and its revenues and
assets (irrespective of their use or intended use), all immunity on the grounds
of sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of
any court, (iii) relief by way of injunction, order for specific performance or
for recovery of property, (iv) attachment of its assets (whether before or
after judgment) and (v) execution or enforcement of any judgment to which it
or its revenues or assets might otherwise be entitled in any Proceedings in
the courts of any jurisdiction and irrevocably agrees, to the extent permitted
by applicable law, that it will not claim any such immunity in any Proceedings.

14.      DEFINITIONS

As used in this Agreement:--

"ADDITIONAL TERMINATION EVENT" has the meaning specified in Section 5(b).

"AFFECTED PARTY" has the meaning specified in Section 5(b).

"AFFECTED TRANSACTIONS" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

13    ISDA(R) 1992
<PAGE>


"AFFILIATE" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control" of
any entity or person means ownership of a majority of the voting power of the
entity or person.

"APPLICABLE RATE" means:--

(a) in respect of obligations payable or deliverable (or which would have been
but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

(b) in respect of an obligation to pay an amount under Section 6(e) of either
party from and after the date (determined in accordance with Section 6(d)(ii))
on which that amount is payable, the Default Rate;

(c) in respect of all other obligations payable or deliverable (or which would
have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default
Rate; and

(d) in all other cases, the Termination Rate.

"BURDENED PARTY" has the meaning specified in Section 5(b).

"CHANGE IN TAX LAW" means the enactment, promulgation, execution or ratification
of, or any change in or amendment to, any law (or in the application or official
interpretation of any law) that occurs on or after the date on which the
relevant Transaction is entered into.

"CONSENT" includes a consent, approval, action, authorization, exemption,
notice, filing, registration or exchange control consent.

"CREDIT EVENT UPON MERGER" has the meaning specified in Section 5(b).

"CREDIT SUPPORT DOCUMENT" means any agreement or instrument that is specified as
such in this Agreement.

"CREDIT SUPPORT PROVIDER" has the meaning specified in the Schedule.

"DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

"DEFAULTING PARTY" has the meaning specified in Section 6(a).

"EARLY TERMINATION DATE" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"EVENT OF DEFAULT" has the meaning specified in Section 5(a) and, if applicable,
in the Schedule.

"ILLEGALITY" has the meaning specified in Section 5(b).

"INDEMNIFIABLE TAX" means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection
between the jurisdiction of the government or taxation authority imposing such
Tax and the recipient of such payment or a person related to such recipient
(including, without limitation, a connection arising from such recipient or
related person being or having been a citizen or resident of such jurisdiction,
or being or having been organised, present or engaged in a trade or business in
such jurisdiction, or having or having had a permanent establishment or fixed
place of business in such jurisdiction, but excluding a connection arising
solely from such recipient or related person having executed, delivered,
performed its obligations or received a payment under, or enforced, this
Agreement or a Credit Support Document).

"LAW" includes any treaty, law, rule or regulation (as modified, in the case of
tax matters, by the practice of any relevant governmental revenue authority) and
"LAWFUL" and "UNLAWFUL" will be construed accordingly.

14    ISDA(R) 1992
<PAGE>


"LOCAL BUSINESS DAY" means, subject to the Schedule, a day on which commercial
banks are open for business (including dealings in foreign exchange and foreign
currency deposits) (a) in relation to any obligation under Section 2(a)(i), in
the place(s) specified in the relevant Confirmation or, if not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions
contained, or incorporated by reference, in this Agreement, (b) in relation to
any other payment, in the place where the relevant account is located and, if
different, in the principal financial centre, if any, of the currency of such
payment, (c) in relation to any notice or other communication, including notice
contemplated under Section 5(a)(i), in the city specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and
(d) in relation to Section 5(a)(v)(2), in the relevant locations for performance
with respect to such Specified Transaction.

"LOSS" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be its
total losses and costs (or gain, in which case expressed as a negative number)
in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost
of funding or, at the election of such party but without duplication, loss or
cost incurred as a result of its terminating, liquidating, obtaining or
reestablishing any hedge or related trading position (or any gain resulting from
any of them). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each
applicable condition precedent) on or before the relevant Early Termination Date
and not made, except, so as to avoid duplication, if Section 6(e)(i)(1) or (3)
or 6(e)(ii)(2)(A) applies. Loss does not include a party's legal fees and
out-of-pocket expenses referred to under Section 11. A party will determine its
Loss as of the relevant Early Termination Date, or, if that is not reasonably
practicable, as of the earliest date thereafter as is reasonably practicable. A
party may (but need not) determine its Loss by reference to quotations of
relevant rates or prices from one or more leading dealers in the relevant
markets.

"MARKET QUOTATION" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or by
such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document
with respect to the obligations of such party) and the quoting Reference
Market-maker to enter into a transaction (the "Replacement Transaction") that
would have the effect of preserving for such party the economic equivalent of
any payment or delivery (whether the underlying obligation was absolute or
contingent and assuming the satisfaction of each applicable condition precedent)
by the parties under Section 2(a)(i) in respect of such Terminated Transaction
or group of Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have been required after that date. For this
purpose, Unpaid Amounts in respect of the Terminated Transaction or group of
Terminated Transactions are to be excluded but, without limitation, any payment
or delivery that would, but for the relevant Early Termination Date, have been
required (assuming satisfaction of each applicable condition precedent) after
that Early Termination Date is to be included. The Replacement Transaction would
be subject to such documentation as such party and the Reference Market-maker
may, in good faith, agree. The party making the determination (or its agent)
will request each Reference Market-maker to provide its quotation to the extent
reasonably practicable as of the same day and time (without regard to different
time zones) on or as soon as reasonably practicable after the relevant Early
Termination Date. The day and time as of which those quotations are to be
obtained will be selected in good faith by the party obligated to make a
determination under Section 6(e), and, if each party is so obliged, after
consultation with the other. If more than three quotations are provided, the
Market Quotation will be the arithmetic mean of the quotations, without regard
to the quotations having the highest and lowest values. If exactly three such
quotations are provided, the Market Quotation will be the quotation remaining
after disregarding the highest and lowest quotations. For this purpose, if more
than one quotation has the same highest value or lowest value, then one of such
quotations shall be disregarded. If fewer than three quotations are provided, it
will be deemed that the Market Quotation in respect of such Terminated
Transaction or group of Terminated Transactions cannot be determined.

"NON-DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the Non-defaulting party (as certified by it) if
it were to fund the relevant amount.

"NON-DEFAULTING PARTY" has the meaning specified in Section 6(a).

"OFFICE" means a branch or office of a party, which may be such party's head or
home office.


15    ISDA(R) 1992
<PAGE>


"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.

"REFERENCE MARKET-MAKERS" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria that
such party applies generally at the time in deciding whether to offer or to make
an extension of credit and (b) to the extent practicable, from among such
dealers having an office in the same city.

"RELEVANT JURISDICTION" means, with respect to a party, the jurisdictions (a) in
which the party is incorporated, organized, managed and controlled or considered
to have its seat, (b) where an Office through which the party is acting for
purposes of this Agreement is located, (c) in which the party executes this
Agreement and (d) in relation to any payment, from or through which such payment
is made.

"SCHEDULED PAYMENT DATE" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

"SET-OFF" means set-off, offset, combination of accounts, right of retention or
withholding or similar right or requirement to which the payer of an amount
under Section 6 is entitled or subject (whether arising under this Agreement,
another contract, applicable law or otherwise) that is exercised by, or imposed
on, such payer.

"SETTLEMENT AMOUNT" means, with respect to a party and any Early Termination
Date, the sum of:--

(a) the Termination Currency Equivalent of the Market Quotations (whether
positive or negative) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation is determined; and

(b) such party's Loss (whether positive or negative and without reference to any
Unpaid Amounts) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation cannot be determined or would not (in
the reasonable belief of the party making the determination) produce a
commercially reasonable result.

"SPECIFIED ENTITY" has the meaning specified in the Schedule.

"SPECIFIED INDEBTEDNESS" means, subject to the Schedule, any obligation (whether
present or future, contingent or otherwise, as principal or surety or otherwise)
in respect of borrowed money.

"SPECIFIED TRANSACTION" means, subject to the Schedule, (a) any transaction
(including an agreement with respect thereto) now existing or hereafter entered
into between one party to this Agreement (or any Credit Support Provider of such
party or any applicable Specified Entity of such party) and the other party to
this Agreement (or any Credit Support Provider of such other party or any
applicable Specified Entity of such other party) which is a rate swap
transaction, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions), (b) any combination of
these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation.

"STAMP TAX" means any stamp, registration, documentation or similar tax.

"TAX" means any present or future tax, levy, impost, duty, charge, assessment or
fee of any nature (including interest, penalties and additions thereto) that is
imposed by any government or other taxing authority in respect of any payment
under this Agreement other than a stamp, registration, documentation or similar
tax.

"TAX EVENT" has the meaning specified in Section 5(b).

"TAX EVENT UPON MERGER" has the meaning specified in Section 5(b).


16    ISDA(R) 1992
<PAGE>


"TERMINATED TRANSACTIONS" means with respect to any Early Termination Date (a)
if resulting from a Termination Event, all Affected Transactions and (b) if
resulting from an Event of Default, all Transactions (in either case) in effect
immediately before the effectiveness of the notice designating that Early
Termination Date (or, if "Automatic Early Termination" applies, immediately
before that Early Termination Date).

"TERMINATION CURRENCY" has the meaning specified in the Schedule.

"TERMINATION CURRENCY EQUIVALENT" means, in respect of any amount denominated in
the Termination Currency, such Termination Currency amount and, in respect of
any amount denominated in a currency other than the Termination Currency (the
"Other Currency"), the amount in the Termination Currency determined by the
party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or, if
the relevant Market Quotation or Loss (as the case may be), is determined as of
a later date, that later date, with the Termination Currency at the rate equal
to the spot exchange rate of the foreign exchange agent (selected as provided
below) for the purchase of such Other Currency with the Termination Currency at
or about 11:00 a.m. (in the city in which such foreign exchange agent is
located) on such date as would be customary for the determination of such a rate
for the purchase of such Other Currency for value on the relevant Early
Termination Date or that later date. The foreign exchange agent will, if only
one party is obliged to make a determination under Section 6(e), be selected in
good faith by that party and otherwise will be agreed by the parties.

"TERMINATION EVENT" means an Illegality, a Tax Event or a Tax Event Upon Merger
or, if specified to be applicable, a Credit Event Upon Merger or an Additional
Termination Event.

"TERMINATION RATE" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as certified
by such party) if it were to fund or of funding such amounts.

"UNPAID AMOUNTS" owing to any party means, with respect to an Early Termination
Date, the aggregate of (a) in respect of all Terminated Transactions, the
amounts that became payable (or that would have become payable but for Section
2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early
Termination Date and which remain unpaid as at such Early Termination Date and
(b) in respect of each Terminated Transaction, for each obligation under Section
2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be
settled by delivery to such party on or prior to such Early Termination Date and
which has not been so settled as at such Early Termination Date, an amount equal
to the fair market value of that which was (or would have been) required to be
delivered as of the originally scheduled date for delivery, in each case
together with (to the extent permitted under applicable law) interest, in the
currency of such amounts, from (and including) the date such amounts or
obligations were or would have been required to have been paid or performed to
(but excluding) such Early Termination Date, at the Applicable Rate. Such
amounts of interest will be calculated on the basis of daily compounding and the
actual number of days elapsed. The fair market value of any obligation referred
to in clause (b) above shall be reasonably determined by the party obliged to
make the determination under Section 6(e) or, if each party is so obliged, it
shall be the average of the Termination Currency Equivalents of the fair market
values reasonably determined by both parties.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

17    ISDA(R) 1992
<PAGE>


<TABLE>
<CAPTION>

<S>                                                  <C>
PARTY A

SIGNED on behalf of                                   )
NATIONAL AUSTRALIA BANK LIMITED                       )   -------------------------------------------
by its attorneys under power of attorney              )   Signature
in the presence of:                                   )

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

-------------------------------------------------------
Witness


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




PARTY B

SIGNED on behalf of                                   )
PERPETUAL TRUSTEES VICTORIA LIMITED                   )   -------------------------------------------
by its attorney under power of attorney               )   Signature
in the presence of:                                   )

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

-------------------------------------------------------
Witness


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




TRUST MANAGER

SIGNED on behalf of                                   )
INTERSTAR SECURITISATION MANAGEMENT PTY LIMITED       )   -------------------------------------------
by its attorney under power of attorney               )   Signature
in the presence of:                                   )

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

-------------------------------------------------------
Witness


-------------------------------------------------------
Print name
</TABLE>



18    ISDA(R) 1992
<PAGE>


INTEREST RATE SWAP SCHEDULE
--------------------------------------------------------------------------------



                                    SCHEDULE

                                     TO THE

                              ISDA MASTER AGREEMENT

                          DATED AS OF               2004



BETWEEN



NATIONAL AUSTRALIA BANK LIMITED (ABN 12 004 044 937)  ("PARTY A")

PERPETUAL TRUSTEES VICTORIA LIMITED (ABN 47 004 027 258) IN ITS CAPACITY AS
TRUSTEE OF THE INTERSTAR MILLENNIUM SERIES 2004-2G TRUST (IN THAT CAPACITY,
"PARTY B")

AND

INTERSTAR SECURITISATION MANAGEMENT PTY LTD (ABN 56 100 346 898) (THE "TRUST
MANAGER")



PART 1: TERMINATION PROVISIONS

In this Agreement:

(a)      "SPECIFIED ENTITY" does not apply in relation to Party A or Party B.

(b)      "SPECIFIED TRANSACTION" is not applicable.

(c)      The provisions of:

         Section 5(a)(ii)

         Section 5(a)(iii)

         Section 5(a)(iv)

         Section 5(a)(v)

         Section 5(a)(vi)

         Section 5(a)(viii)

         will not apply to Party A or Party B.

         For the purposes of Section 5(a)(i), it shall not be a failure to make
         a payment under that Section to the extent that Break Costs are payable
         under clause 6.5(a) of the Series Notice but there are insufficient
         funds to pay those Break Costs.

(d)      "TERMINATION CURRENCY" means Australian dollars.

(e)      The "BANKRUPTCY" provisions of Section 5(a)(vii) are replaced by "An
         Insolvency Event has occurred in respect of the party". The occurrence
         of an Insolvency Event in respect of Party B in its personal capacity
         will not constitute an Event of Default provided that, within 30 days
         of that occurrence, Party B and the Trust Manager are able to procure
         the novation
--------------------------------------------------------------------------------
                                                                         PAGE 19
<PAGE>


INTEREST RATE SWAP SCHEDULE
--------------------------------------------------------------------------------


         of this Agreement and all Transactions to a third party in respect of
         which each Designated Rating Agency confirms that the novation will not
         result in the downgrading of any Notes.

(f)      The provisions of:

         Section 5(b)(ii)

         Section 5(b)(iii)

         Section 5(b)(iv)

         will not apply to Party A or Party B.

(g)      The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a) will not
         apply to Party A or Party B.

(h)      In the "TRANSFER TO AVOID TERMINATION EVENT" provision of Section
         6(b)(ii), after the words "another of its Offices or Affiliates" on the
         seventh line add "(in respect of which each Designated Rating Agency
         confirms that the transfer will not result in the downgrading of any
         Notes)".

(i)      PAYMENTS ON EARLY TERMINATION. For the purpose of Section 6(e) of this
         Agreement:

         (i)      Market Quotation will apply.

         (ii)     The Second Method will apply.

(j)      ADDITIONAL TERMINATION EVENT. For the purposes of Section 5(b)(v), each
         Default Event will be an Additional Termination Event and Party B will
         be the Affected Party for such Additional Termination Event.

(k)      Add the following new paragraph to the end of Section 7:

         "Notwithstanding the other provisions of this Section 7, in the event
         that a trustee is appointed as a successor to Party B under the Master
         Trust Deed and the Series Notice ("SUCCESSOR TRUSTEE"), Party A
         undertakes that it shall (unless, at the time the Successor Trustee is
         so appointed, Party A is entitled to terminate the Transaction under
         Section 6, in which case it may) execute a novation agreement novating
         to the Successor Trustee the Transaction on the same terms or on other
         terms to be agreed between Party A, Party B and the Successor Trustee,
         and give written notice to each Designated Rating Agency of such
         novation.".

(l)      Replace Section 5(a)(i) with:

         "(i) FAILURE TO PAY OR DELIVER. Failure by the party to make when due
         any payment under this Agreement or delivery under Section 2(a)(i) or
         2(e) required to be made by it if such failure is not remedied at or
         before 10:00am on the tenth Local Business Day after the due date,
         except that:

                  (A) no Event of Default shall result from Party B's failure to
                  pay an amount due under this Agreement where Party B has
                  sufficient funds with its bankers with which the bank accounts
                  of the Trust are held and has given instructions to those
                  bankers to make that payment, and that payment would have been
                  made but for temporary technical or administrative
                  difficulties outside the control of Party B (as certified by
                  the Trust Manager on behalf of Party B in a written
--------------------------------------------------------------------------------
                                                                         PAGE 20
<PAGE>


INTEREST RATE SWAP SCHEDULE
--------------------------------------------------------------------------------


                  notice to Party A within 10 Local Business Days after the due
                  date or immediately thereafter); and

                  (B) in the event that sub-paragraph (A) applies, Party A has
                  no obligation to make a corresponding payment under this
                  Agreement until such time as it actually receives funds from
                  Party B;".


PART 2: TAX REPRESENTATIONS

(a)      PAYER TAX REPRESENTATION. For the purpose of Section 3(e), Party A and
         Party B make the following representation:

         It is not required by any applicable law (other than pursuant to any
         notice served under section 218 of the Income Tax Assessment Act
         (Commonwealth) or any equivalent State or Territory provision), as
         modified by the practice of any relevant governmental revenue
         authority, of any Relevant Jurisdiction to make any deduction or
         withholding for or on account of any Tax from any payment (other than
         interest under Section 2(e), 6(d)(ii) or 6(e) of this Agreement) to be
         made by it to the other party under this Agreement. In making this
         representation, it may rely on:

         (i)      the accuracy of any representations made by the other party
                  pursuant to Section 3(f);

         (ii)     the satisfaction of the agreement of the other party contained
                  in Section 4(a)(i) or 4(a)(iii) and the accuracy and
                  effectiveness of any document provided by the other party
                  pursuant to Section 4(a)(i) or 4(a)(iii); and

         (iii)    the satisfaction of the agreement of the other party contained
                  in Section 4(d),

         PROVIDED that it shall not be a breach of this representation where
         reliance is placed on clause (ii) and the other party does not deliver
         a form or document under Section 4(a)(iii) by reason of material
         prejudice to its legal or commercial position.

(b)      PAYEE TAX REPRESENTATION.

         For the purpose of Section 3(f), Party A makes the following
         representation and Party B will make the following representation:

         "It is an Australian resident and does not derive the payments under
         this Agreement in part or whole in carrying on business in a country
         outside Australia at or through a permanent establishment of itself in
         that country".

PART 3: DOCUMENTS TO BE DELIVERED

For the purpose of Section 4(a)(i) and (ii) of this Agreement, each party agrees
to deliver the following documents, as applicable:

(a)      Tax forms, documents or certificates to be delivered are:

         Any document or certificate reasonably required or reasonably requested
         by a party in connection with its obligations to make a payment under
         this
--------------------------------------------------------------------------------
                                                                         PAGE 21
<PAGE>

INTEREST RATE SWAP SCHEDULE
--------------------------------------------------------------------------------

         Agreement which would enable that party to make the payment free from
         any deduction or withholding for or on account of Tax or as would
         reduce the rate at which deduction or withholding for or on account of
         Tax is applied to that payment.

         PARTY REQUIRED TO DELIVER:         Party A and Party B

         DATE BY WHICH TO BE DELIVERED:     On the earlier of:

                                            (a)   learning that such document or
                                                  certificate is required; and


                                            (b)   as soon as reasonably
                                                  practicable following a
                                                  request by the other party.

(b)      Other documents to be delivered are:

         (i)      A copy of a power of attorney authorising execution by the
                  attorney of this Agreement.

                  PARTY REQUIRED TO DELIVER:      Party A, Party B and the
                                                  Trust Manager

                  DATE BY WHICH TO BE DELIVERED:  On execution of this
                                                  Agreement;

         (ii)     A list of authorised signatories for the party and evidence
                  satisfactory in form and substance to the other party of the
                  authority of the authorised signatories of the party to
                  execute any Confirmation on behalf of the party.

                  PARTY REQUIRED TO DELIVER:     Party A, Party B and the Trust
                                                 Manager

                  DATE BY WHICH TO BE DELIVERED: On execution of any relevant
                                                 Confirmation (as the case
                                                 may be).

         (iii)    Party A's annual report containing consolidated financial
                  statements certified by independent certified public
                  accountants and prepared in accordance with accounting
                  principles that are generally accepted in the Commonwealth of
                  Australia, and such other public information in respect of its
                  condition or operations, financial or otherwise, as the other
                  parties may reasonably request from time to time.

                  PARTY REQUIRED TO DELIVER:     Party A

                  DATE BY WHICH TO BE DELIVERED: as soon as reasonably
                                                 practicable following a
                                                 request by Party B or the
                                                 Trust Manager.

         (iv)     A copy of the Master Trust Deed, the Series Notice and the
                  Security Trust Deed and any Information Memorandum relating to
                  the Trust.

                  PARTY REQUIRED TO DELIVER:     Trust Manager
--------------------------------------------------------------------------------
                                                                        PAGE  22
<PAGE>


INTEREST RATE SWAP SCHEDULE
--------------------------------------------------------------------------------


                  DATE BY WHICH TO BE DELIVERED: On execution of this Agreement.

         (v)      A copy of any document amending or varying any of the terms of
                  any of the documents referred to in sub paragraph (iv).

                  PARTY REQUIRED TO DELIVER:     Trust Manager

                  DATE BY WHICH TO BE DELIVERED: promptly upon any such
                                                 document becoming effective in
                                                 accordance with its terms.

         Each of the foregoing documents is covered by the representation
         contained in Section 3(d) of this Agreement.

PART 4: MISCELLANEOUS

(a)      ADDRESS FOR NOTICES. For the purpose of Section 12(a):

         Address for notices or communications to Party A:

         Address:         Level 11
                          120 Spencer Street
                          Melbourne VIC 3000

         Attention:       Manager, Documentation

         Fax No:          (03) 8614 0073

         For all purposes

         Address for notices or communications to Party B:

         Address:          Level 7
                           9 Castlereagh Street
                           Sydney NSW 2000

         Attention:        Manager Securitisation

         Fax No:           02 9221 7870

         Address for notices or communications to the Trust Manager:

         Address:          Level 28
                           367 Collins Street
                           Melbourne VIC 3000

         Attention:        Managing Director

         Fax No:           03 9621 2368

(b)      PROCESS AGENT.  For the purposes of Section 13(c):

         Party A appoints as its Process Agent - Not Applicable

         Party B appoints as its Process Agent - Not Applicable

(c)      OFFICES. The provisions of Section 10(a) will not apply to this
         Agreement.

(d)      MULTIBRANCH PARTY. For the purposes of Section 10(c) of this Agreement:

         Party A is not a Multibranch Party.

         Party B is not a Multibranch Party.
--------------------------------------------------------------------------------
                                                                        PAGE  23
<PAGE>

INTEREST RATE SWAP SCHEDULE
--------------------------------------------------------------------------------



(e)      CALCULATION AGENT. The Calculation Agent is Party A, unless otherwise
         specified in a Confirmation in relation to the relevant Transaction.

(f)      CREDIT SUPPORT DOCUMENT.  Details of any Credit Support Document:

         in relation to Party A - Nil

         in relation to Party B - Security Trust Deed.

(g)      CREDIT SUPPORT PROVIDER.  Credit Support Provider means:

         in relation to Party A - Nil

         in relation to Party B - Nil

(h)      GOVERNING LAW. This Agreement is governed by and construed in
         accordance with the laws of New South Wales, and Section 13(b)(i) is
         deleted and replaced with the following: "submits to the non-exclusive
         jurisdiction of the courts of New South Wales and courts of appeal from
         them."

(i)      NETTING OF PAYMENTS. Sub-paragraph (ii) of Section 2(c) of this
         Agreement will not apply to the following Transactions (in each case
         starting from the date of this Agreement): All Transactions being
         Australian dollar interest rate swaps or derivatives, unless otherwise
         agreed.

(j)      "AFFILIATE" will have the meaning specified in Section 14. For the
         purpose of Section 3(c), each of Party A and Party B is deemed not to
         have any Affiliates.


PART 5:  OTHER PROVISIONS

(a)      This Agreement, each Confirmation and each Transaction are subject to
         the 2000 ISDA Definitions (as published by the International Swaps &
         Derivatives Association, Inc.) as amended from time to time (the "ISDA
         DEFINITIONS"), and will be governed in all respects by any provisions
         set forth in the ISDA Definitions. The provisions of the ISDA
         Definitions are incorporated by reference in, and shall be deemed to be
         a part of, this Agreement and each Confirmation.

(b)      In the event of any inconsistency between any two or more of the
         following documents, they shall take precedence over each other in the
         following descending order:

         (i)      any Confirmation;

         (ii)     the Schedule to the Master Agreement;

         (iii)    the other provisions of the Master Agreement;

         (iv)     the ISDA Definitions.

(c)      The parties acknowledge that telephone conversations between them may
         be recorded and each party consents to such recordings being used as
         evidence in court proceedings.

(d)      (i)      With respect to each Transaction entered into pursuant to this
                  Agreement and for the purposes of Section 9(e)(ii), Party A
                  will, on or promptly after the relevant Trade Date, send
                  Party B (with a copy to
--------------------------------------------------------------------------------
                                                                         PAGE 24
<PAGE>


INTEREST RATE SWAP SCHEDULE
--------------------------------------------------------------------------------


                  the Trust Manager) a confirmation confirming that Transaction
                  and both Party B and the Trust Manager must promptly then
                  confirm the accuracy of or request the correction of such
                  Confirmation.

         (ii)     Party B enters into each Transaction in its capacity as
                  trustee of the Trust.

(e)      Replace Section 1(c) with the following:

         "All Transactions are entered into in reliance on the fact that this
         Master Agreement and all Transactions (as evidenced by their
         Confirmations) form a single contract (collectively referred to as this
         "AGREEMENT") and the parties would not otherwise enter into any
         Transactions. The entering into of each Transaction takes effect as an
         amendment to this Agreement (but no such amendment is effective to
         defeat or prejudice the operation of Section 16)."

(f)      In Section 2(a)(i) add the following sentence:

         "Each payment will be by way of exchange for the corresponding payment
         or payments payable by the other party".

(g)      In Section 2(a)(ii) insert immediately after the words "freely
         transferable funds" the following words:

         ", free of any set-off, counterclaim, deduction or withholding (except
         as expressly provided in this Agreement)."

(h)      New Sections 2(a)(iv) and 2(a)(v) are inserted as follows:

         "(iv)    The condition precedent in Section 2(a)(iii)(1) does not apply
                  to a payment due to be made to a party if it has satisfied all
                  its payment and delivery obligations under Section 2(a)(i) and
                  has no future payment or delivery obligations, whether
                  absolute or contingent under Section 2(a)(i).

         (v)      Where:

                  (1)     payments are due pursuant to Section 2(a)(i) by Party
                          A to Party B (the "PARTY A PAYMENT") and by Party B to
                          Party A (the "PARTY B PAYMENT") on the same day; and

                  (2)     the Security Trust Deed applicable to Party B's
                          obligations and entitlement referred to in Section
                          2(a)(v)(1) has become, and remains at that time,
                          enforceable,

                  then Party A's obligation to make the Party A payment to Party
                  B shall be subject to the condition precedent (which shall be
                  an "applicable condition precedent" for the purpose of Section
                  2(a)(iii)(3)) that Party A first receives either:

                  (3)     the Party B payment; or

                  (4)     confirmation from Party B's bank that it holds
                          irrevocably instructions to effect payment of the
                          Party B payment and that funds are available to make
                          that payment."

(i)      Section 3(a)(v) of this Agreement is modified by adding in the fourth
         line thereof the words "including without limitation in the case of
         Party A being an authorised deposit taking institution authorised to
         carry on banking
--------------------------------------------------------------------------------
                                                                         PAGE 25
<PAGE>


INTEREST RATE SWAP SCHEDULE
--------------------------------------------------------------------------------


         business in the Commonwealth of Australia, Subsection 13A(3) of the
         Banking Act 1959 (Cth) and Section 86 of the Reserve Bank Act 1959
         (Cth) or any amending or replacement legislation as may be in effect"
         after the word "generally".

(j)      The parties agree that, for the purpose of Section 2(b) of the
         Agreement, "Change of Account", any new account so designated shall be
         in the same tax jurisdiction as the original account.

(k)      In Section 3 add the following new paragraphs immediately after
         paragraph (f):

         "(g)     NON ASSIGNMENT. It has not assigned (whether absolutely, in
                  equity or otherwise) or declared any trust over any of its
                  rights under this Agreement or any Transaction (other than, in
                  respect of Party B, the trusts created pursuant to the Master
                  Trust Deed) and has not given any floating charge over its
                  rights under this Agreement or any Transaction in the case of
                  Party A, or the assets of the Trust (other than under the
                  Security Trust Deed), in the case of Party B.

         (h)      CONTRACTING AS PRINCIPAL. Subject to Section 16, it enters
                  into all Transactions as principal (in the case of Party A)
                  and as trustee (in the case of Party B), and not otherwise."

(l)      In Section 4 add three new paragraphs as follows:

         "(f)     CONTRACTING AS PRINCIPAL. Subject to Section 16, Party A will
                  enter into all Transactions as principal and not otherwise and
                  Party B will enter into each Transaction in its capacity as
                  trustee of the Trust and not otherwise.

         (g)      NON-RELIANCE. It is acting for its own account (in the case of
                  Party B, as trustee of the Trust), and it has made its own
                  independent decisions to enter into each Transaction and as to
                  whether each Transaction is appropriate or proper for it based
                  upon its own judgment (and, in the case of Party B, also on
                  the judgment of the Trust Manager) and upon advice from such
                  advisors as it has deemed necessary. It is not relying on any
                  communication (written or oral) of the other party as
                  investment advice or as a recommendation to enter into a
                  Transaction; it being understood that information and
                  explanations related to the terms and conditions of a
                  Transaction shall not be considered investment advice or a
                  recommendation to enter into that Transaction. It has not
                  received from the other party any assurance or guarantee as to
                  the expected results of a Transaction.

         (h)      EVALUATION AND UNDERSTANDING. It is capable of evaluating and
                  understanding (on its own behalf or through independent
                  professional advice), and understands and accepts, the terms,
                  conditions and risks of each Transaction. It is also capable
                  of assuming, and assumes, the financial and other risks of
                  each Transaction."

(m)      Insert a new Section 4(i) as follows:
--------------------------------------------------------------------------------
                                                                         PAGE 26
<PAGE>


INTEREST RATE SWAP SCHEDULE
--------------------------------------------------------------------------------


         "Each party agrees and consents to the communication and disclosure of
         all information in respect of this Agreement and any Transaction and
         all matters incidental hereto and thereto by the other party, provided
         such communication and disclosure is:

         (i)      for risk management and administrative purposes; or

         (ii)     required by any applicable law or regulation or any court or
                  regulatory or any other authority of competent jurisdiction;
                  or

         (iii)    for the purposes of or contemplated by the Transaction
                  Documents."

(n)      In Section 6:

         (i)      Add the following sentences at the end of the first paragraph
                  of Sections 6(b)(ii):

                  "However, if Party A is the Affected Party, then Party A, if
                  so requested by the Trust Manager, will use reasonable efforts
                  to make such a transfer to an Affiliate (as that expression is
                  defined in Section 14 disregarding any modification made by
                  this Agreement). If Party B is the Affected Party, then Party
                  B shall make such efforts to effect a transfer in accordance
                  with this Section 6(b)(ii) as it is able to make by
                  application of funds held by it as trustee of the Trust being
                  funds available for such application in accordance with the
                  provisions of the Master Trust Deed, the Notice of Creation of
                  Trust and the Series Notice."

         (ii)     Add the following sentence at the end of the last paragraph of
                  Section 6(b)(ii):

                  "However, consent may be withheld if the other party considers
                  that its credit exposure to the transferor would be adversely
                  affected by the transfer."

         (iii)    Delete the last sentence of the first paragraph in Section
                  6(e).

(o)      Section 7 (other than the new paragraph inserted under Part 1(k)) is
         deleted and replaced with the following:

         "7.      TRANSFER

                  (a)      Neither the interests nor obligations of any party in
                           or under this Agreement (including any Transaction)
                           are capable of being assigned or transferred (whether
                           at law, in equity or otherwise), charged or the
                           subject of any trust or other fiduciary obligation
                           (other than, in respect of Party B, the trusts and
                           fiduciary obligations created under the Master Trust
                           Deed and the security given under the Security Trust
                           Deed). Any action by a party which purports to do any
                           of these things is void.

                  (b)      Nothing in this Section 7:

                           (i)      restricts a transfer by a party under
                                    Section 6(b)(ii);

                          (ii)      restricts a transfer by a party of its
                                    interests and obligations in or under this
                                    Agreement (including any
--------------------------------------------------------------------------------
                                                                         PAGE 27
<PAGE>





INTEREST RATE SWAP SCHEDULE
--------------------------------------------------------------------------------



                                    Transaction) pursuant to a consolidation or
                                    amalgamation with or merger into, or
                                    transfer of all or substantially all its
                                    assets to, another entity (but without
                                    prejudice to any other right or remedy under
                                    this Agreement);

                           (iii)    restricts a novation of the interests and
                                    obligations of a party in or under this
                                    Agreement (including any Transaction); or

                           (iv)     restricts a transfer by a party of all or
                                    any part of its interest in any amount
                                    payable to it from a Defaulting Party under
                                    Section 6(e).

                  (c)      Unless otherwise agreed by the parties and each
                           Designated Rating Agency, any transfer or assignment
                           pursuant to this Section 7 must be made to an entity
                           in respect of which each Designated Rating Agency
                           confirms that such transfer or assignment will not
                           result in a reduction or withdrawal of the then
                           rating of any outstanding Notes.

                  (d)      Each party acknowledges that the other parties enter
                           into this Agreement and each Transaction on the basis
                           that this Section 7 must be strictly observed and is
                           fundamental to the terms of this Agreement (including
                           each Transaction)."

(p)      In Section 9(b) the first word "No" is replaced with:

           "Except to the extent that the entering into of each Transaction
           takes effect as an amendment to this Agreement (in the manner and
           subject to the qualification referred to in Section 1(c), as varied
           by Part 5(e) of the Schedule), no amendment may be made unless notice
           of it is given to each Designated Rating Agency and each Designated
           Rating Agency confirms that the amendment will not result in the
           downgrading of any Notes and no".

(q)      CONFIRMATION. Notwithstanding the provisions of Section 9(e)(ii), where
         a Transaction is confirmed by means of facsimile, an electronic
         messaging system or telex, such message will constitute a Confirmation
         even where not so specified in that Confirmation.

(r)      Section 12 is amended as follows:

         (i)      In Section 12(a), delete the words "(except that a notice or
                  other communication under Section 5 or 6 may not be given by
                  facsimile transmission or electronic messaging system)" in
                  lines 2 and 3.

         (ii)     Section 12(a)(iii) is replaced with:

                  "(iii)  if sent by facsimile transmission, on the date a
                          transmission report is produced by the machine from
                          which the facsimile was sent which indicates that the
                          facsimile was sent in its entirety to the facsimile
                          number of the recipient notified for the purpose of
                          this Section, unless the recipient notifies the sender
                          within one Local Business Day of the facsimile being
--------------------------------------------------------------------------------
                                                                         PAGE 28
<PAGE>


INTEREST RATE SWAP SCHEDULE
--------------------------------------------------------------------------------


                           sent that the facsimile was not received in its
                           entirety and in legible form."

         (iii)    Insert an additional Section 12(a)(vi):

                  "(vi)   if sent by ordinary mail, on the third (seventh, if
                          posted to or from a place outside Australia) day after
                          posting."

(s)      Any reference to a:

         (i)      "Swap Transaction" in the ISDA Definitions is deemed to be a
                  reference to a "Transaction" for the purpose of interpreting
                  this Agreement or any Confirmation; and

         (ii)     "Transaction" in this Agreement or any Confirmation is deemed
                  to be a reference to a "Swap Transaction" for the purpose of
                  interpreting the ISDA Definitions.

(t)      In Section 14:

         (i)      replace the definition of "AFFECTED TRANSACTIONS" with the
                  following:

                  "AFFECTED TRANSACTIONS" means, with respect to a Termination
                  Event, all Transactions; and

         (ii)     insert the following definitions in alphabetical order.

                  "DEFAULT EVENT" means an "Event of Default" (as defined in the
                  Security Trust Deed) occurs which has not been remedied or
                  waived by the Security Trustee in accordance with the Security
                  Trust Deed and the Security Trustee has exercised its rights
                  under clause 8.2 of the Security Trust Deed.

                  "MASTER TRUST DEED" means the Master Trust Deed dated 2
                  December 1999 between Interstar Securities (Australia) Pty
                  Limited as trust manager and Party B as trustee (as amended in
                  relation to the Trust).

                  "SERIES NOTICE" means the Series Notice issued pursuant to the
                  Master Trust Deed in relation to the Trust.

                  "TRUST" means the Interstar Millennium Series 2004-2G Trust.

         (iii)    insert the following additional paragraph at the end of
                  Section 14:

                  "Words and expressions which are defined or incorporated by
                  reference in the Series Notice have the same meanings when
                  used in this Agreement.".

(u)      TRUSTEE PROVISIONS. Insert the following new Section 15 after
         Section 14:

         "15(a)   TRUSTEE UNDERTAKINGS. Party B undertakes that it will:

                  (i)      exercise its right of indemnity out of the assets of
                           the Trust;

                  (ii)     observe its obligations under the Master Trust Deed
                           and otherwise as trustee of the Trust;

                  (iii)    not do anything which could impair its right of
                           indemnity out of the assets of the Trust; and
-------------------------------------------------------------------------------
                                                                         PAGE 29
<PAGE>


INTEREST RATE SWAP SCHEDULE
--------------------------------------------------------------------------------


                  (iv)     be in possession or control of sufficient assets of
                           the Trust to enable it to meet its obligations under
                           this Agreement.

         (b)      TRUSTEE REPRESENTATIONS. In addition to the representations in
                  Section 3, Party B represents to Party A (which
                  representations will be deemed to be repeated at all times
                  until termination of this Agreement) that:

                  (i)      its execution and delivery of this Agreement, and of
                           any document required or contemplated by this
                           Agreement, and the performance of its obligations
                           under this Agreement are authorised under the Master
                           Trust Deed;

                  (ii)     it is the present and only trustee of the Trust;

                  (iii)    there is no restriction on its right of recourse or
                           indemnity to or out of the assets for the time being
                           of the Trust and nothing has happened which could
                           impair its right of indemnity out of the assets of
                           the Trust;

                  (iv)     its entry into this Agreement is for the benefit of
                           and in the interests of the beneficiaries of the
                           Trust; and

                  (v)      it is not in breach of any provision of the Master
                           Trust Deed nor has it committed any breach of duty or
                           trust in respect of the Trust.

         (c)      ROLE OF THE TRUST MANAGER.  Subject to Section 16:

                  (i)     Party A is not required to inquire into the authority
                          of the Trust Manager or as to the validity of any
                          communication purporting to be made by the Trust
                          Manager and may act in reliance on it.

                  (ii)    The Trust Manager may, on behalf of Party B, arrange
                          and monitor Transactions. Party B shall, at the
                          direction of the Trust Manager, enter into such
                          Transactions and novations of Transactions and execute
                          Confirmations. Without limiting the generality of the
                          foregoing, the Trust Manager shall provide copies of
                          all communications to or by Party A under this
                          Agreement to Party B. In the absence of manifest
                          error, Party B shall be entitled to rely on a
                          direction as set out in this clause as conclusive
                          evidence of the matters set out in it.

                  (iii)   Party B agrees that, so long as any party has or may
                          have an obligation under this Agreement, it will be
                          bound by any undertakings and representations made to
                          Party A by the Trust Manager or in respect of Party B
                          or this Agreement.

                  (iv)    Party A need not seek any confirmation from Party B
                          personally (as opposed to the Trust Manager on behalf
                          of Party B) that Party B is agreeable to entering into
                          a Transaction before Party B enters into a
                          Transaction.

                  (v)     Party A may send Confirmations to the Trust Manager.
                          Party B is taken to have received a Confirmation when
                          the
--------------------------------------------------------------------------------
                                                                         PAGE 30
<PAGE>


INTEREST RATE SWAP SCHEDULE
--------------------------------------------------------------------------------


                          Confirmation is received by the Trust Manager and
                          Party B is bound by any Confirmation given by the
                          Trust Manager.

                  (vi)    Party B waives any rights it might have to claim that:

                           (1)      The Trust Manager does not have authority to
                                    enter into Transactions, unless Party A is
                                    aware that the Trust Manager does not have
                                    authority; or

                           (2)      Party A is liable for loss or liability
                                    Party B sustains from Transactions as a
                                    result of the Trust Manager entering those
                                    Transactions in circumstances (whether or
                                    not on behalf of Party B) in which it should
                                    not have done so, unless Party A is aware
                                    that the Trust Manager should not have done
                                    so.

(v)      LIMITED LIABILITY. Insert the following new Section 16 after
         Section 15:

         "16.     LIMITATION OF PARTY B'S LIABILITY

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

         (b)      The parties other than Party B may not sue Party B in any
                  capacity other than as trustee of the Trust or seek the
                  appointment of a receiver (except in relation to the assets of
                  the Trust), liquidator, administrator or similar person to
                  Party B or prove in any liquidation, administration or
                  arrangement of or affecting Party B (except in relation to the
                  assets of the Trust).

         (c)      The provisions of this Section 16 shall not apply to any
                  obligation or liability of Party B to the extent that it is
                  not satisfied because under this Agreement or any other
                  Transaction Document in relation to the Trust or by operation
                  of law there is a reduction in the extent of Party B's
                  indemnification out of the assets of the Trust, as a result of
                  Party B's fraud, negligence or wilful default.

         (d)      It is acknowledged that the Trust Manager and the Servicer are
                  responsible under the Transaction Documents for performing a
                  variety of obligations relating to the Trust. No act or
                  omission of Party B (including any related failure to satisfy
                  its obligations or breach of representation or warranty under
                  this Agreement) will be considered fraud, negligence or wilful
                  default of Party B for the purpose of paragraph (c) of this
                  Section 16 to the extent to which the act or omission was
                  caused or contributed to by any failure by the Trust Manager,
                  the Servicer or any other person who provides
--------------------------------------------------------------------------------
                                                                         PAGE 31
<PAGE>


INTEREST RATE SWAP SCHEDULE
--------------------------------------------------------------------------------


                  services in respect of the Trust (other than a person whose
                  acts or omissions Party B is liable for in accordance with the
                  Transaction Documents) to fulfil its obligations relating to
                  the Trust or by any other act or omission of the Trust Manager
                  or any other person who provides services in respect of the
                  Trust (other than a person whose acts or omissions Party B is
                  liable for in accordance with the Transaction Documents)
                  regardless of whether or not that act or omission is purported
                  to be done on behalf of Party B.

         (e)      No attorney, agent, receiver or receiver and manager appointed
                  in accordance with this Agreement has authority to act on
                  behalf of Party B in a way which exposes Party B to any
                  personal liability and no act or omission of any such person
                  will be considered fraud, negligence or wilful default of
                  Party B for the purpose of paragraph (c) of this Section 16,
                  provided (in the case of any person selected and appointed by
                  Party B) that Party B has exercised reasonable care in the
                  selection of such persons."

(w)      CREDIT SUPPORT.  Insert the following new Section 17:

         "17.     CREDIT SUPPORT

         (a)      If Party A is downgraded to less than a short term credit
                  rating of A-1 by S&P or a long term credit rating of A2 or a
                  short term credit rating of P-1 by Moody's, Party A must:

                  (i)      immediately, and at the cost of Party A, novate its
                           obligations to a counterparty with a short term
                           credit rating of at least A-1 by S&P and a short term
                           credit rating of P-1 and a long term credit rating of
                           at least A2 by Moody's; and

                  (ii)     if Party A's obligations have not been novated to
                           another counterparty under subparagraph (i) within:

                           (A)      where Party A is downgraded to less than a
                                    short term credit rating of A-1 by S&P, less
                                    than a short term credit rating of P-1 by
                                    Moody's or not less than a long term credit
                                    rating of A3 by Moody's, 30 days; or

                           (B)      where Party A is downgraded to less than a
                                    long term credit rating of A3 by Moody's, 5
                                    Business Days,

                           then it must cash collateralise (while the relevant
                           downgrade subsists) its obligations under this
                           Agreement as set out in Section 17(b).

         (b)      Where Party A must or elects to comply with Section 17(a)(ii),
                  it shall, at its cost, deposit into the Standby Collateral
                  Account (defined in (d) below) and maintain in the Standby
                  Collateral Account (whilst the relevant downgrade subsists)
                  sufficient funds to ensure that the amount standing to the
                  credit of the Standby Collateral Account is equal to the
                  greater of the following (the "CASH COLLATERAL AMOUNT"):

                  (i)      zero;
--------------------------------------------------------------------------------
                                                                         PAGE 32
<PAGE>


INTEREST RATE SWAP SCHEDULE
--------------------------------------------------------------------------------


                  (ii)     an amount sufficient to maintain the credit rating of
                           the Notes at the rating that was applicable to those
                           Notes immediately prior to the review of Party A's
                           credit rating;

                  (iii)    the amount of the next swap payment; and

                  (iv)     1% of the aggregate Principal Amount of all Notes
                           then outstanding.

         (c)      All interest on the Standby Collateral Account will accrue and
                  be payable monthly to the party which provides the relevant
                  amount standing to the credit of the Standby Collateral
                  Account.

         (d)      Where Party B has not established a collateral account and
                  Party A is required to deposit monies into a collateral
                  account, the Trust Manager must direct Party B to establish,
                  as soon as is practicable, and maintain, in the name of Party
                  B an account with an Approved Bank which account shall be, for
                  the purposes of Section 17(b) the "STANDBY COLLATERAL
                  ACCOUNT".

         (e)      Party B may only make withdrawals from the Standby Collateral
                  Account if directed to do so by the Trust Manager and then
                  only for the purpose of:

                  (i)      refunding to either Party A or Party B (whichever
                           provided the relevant amount standing to the credit
                           of the Standby Collateral Account) the amount of any
                           reduction in the Cash Collateral Amount from time to
                           time provided that each Designated Rating Agency has
                           confirmed in writing that such refund will not result
                           in the downgrading of any Note by it;

                  (ii)     withdrawing any amount which has been incorrectly
                           deposited into the Standby Collateral Account;

                  (iii)    bank accounts debit tax or other equivalent Taxes
                           payable in respect of the Standby Collateral Account;
                           or

                  (iv)     funding the amount of any payment due to be made by
                           Party A under this Agreement following the failure by
                           Party A to make that payment.

         (f)      The Trust Manager must direct Party B to, and Party B must,
                  refund or pay to Party A the amount of any payment which may
                  be made to Party A under (e)(i) or (e)(ii) above as soon as
                  such refund or payment is possible.

(x)      PAYMENTS UNDER THIS AGREEMENT.  Insert the following new Section 18:

         "18.     PAYMENTS UNDER THIS AGREEMENT

         Any payment under this Agreement by Party B to Party A is subject to
         clause 29 of the Master Trust Deed, clause 6 of the Series Notice and
         clause 16 of the Security Trust Deed."

(y)      CODE OF BANKING PRACTICE.  Insert the following new Section 19:

         "19.     CODE OF BANKING PRACTICE (2003)
--------------------------------------------------------------------------------
                                                                         PAGE 33
<PAGE>


INTEREST RATE SWAP SCHEDULE
--------------------------------------------------------------------------------


         The parties to this Agreement agree that the Code of Banking Practice
         2003 does not apply to this Agreement or any transaction or service
         under this Agreement."


Signed as an AGREEMENT.

PARTY A

<TABLE>
<CAPTION>

<S>                                                  <C>
SIGNED on behalf of                                   )
NATIONAL AUSTRALIA BANK LIMITED                       )   -------------------------------------------
by its attorney under power of attorney               )   Signature
in the presence of:                                   )

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

-------------------------------------------------------
Witness


-------------------------------------------------------
Print name
</TABLE>


<TABLE>
<CAPTION>

<S>                                                  <C>
PARTY B

SIGNED on behalf of                                   )
PERPETUAL TRUSTEES VICTORIA LIMITED                   )
by its attorney under power of attorney               )   Signature
in the presence of:                                   )

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

-------------------------------------------------------
Witness


-------------------------------------------------------
Print name
</TABLE>


--------------------------------------------------------------------------------
                                                                         PAGE 34
<PAGE>



INTEREST RATE SWAP SCHEDULE
--------------------------------------------------------------------------------




<TABLE>
<CAPTION>

<S>                                                  <C>
TRUST MANAGER

SIGNED on behalf of                                   )
INTERSTAR SECURITISATION MANAGEMENT PTY LIMITED       )
by its attorney under power of attorney               )   Signature
in the presence of:                                   )

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

-------------------------------------------------------
Witness


-------------------------------------------------------
Print name
</TABLE>




--------------------------------------------------------------------------------
                                                                         PAGE 35