<PAGE>

                                                                     CLAYTON UTZ

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COMMONWEALTH BANK OF AUSTRALIA
ABN 48 123 123 124
Standby Redraw Facility Provider

PERPETUAL TRUSTEE COMPANY LIMITED
ABN 42 000 001 007
Trustee

SECURITISATION ADVISORY SERVICES PTY LIMITED
ABN 88 064 133 946
Manager




MEDALLION TRUST SERIES 2003-1G
STANDBY REDRAW FACILITY AGREEMENT




                                   CLAYTON UTZ
                                     LAWYERS
          Levels 23-35 No 1 O'Connell Street Sydney NSW 2000 Australia
            PO Box H3 Australia Square Sydney NSW 1215 DX 370 Sydney
                    Tel + 61 2 9353 4000 Fax + 61 2 9251 7832
                OUR REF - 801/784/21723929 CONTACT - BEN SANDSTAD


            SYDNEY O MELBOURNE O BRISBANE O PERTH O CANBERRA O DARWIN

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


<PAGE>


TABLE OF CONTENTS

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

            1.1         Definitions...............................................................................1
            1.2         Series Supplement and Master Trust Deed Definitions.......................................4
            1.3         Interpretation............................................................................4
            1.4         Trustee Capacity..........................................................................6
            1.5         Master Trust Deed and Series Supplement...................................................6
            1.6         Incorporated Definitions and other Transaction Documents and provisions...................6

2...........THE FACILITY..........................................................................................6

            2.1         Amount....................................................................................6
            2.2         Purpose...................................................................................6
            2.3         Extension of Scheduled Termination Date...................................................7
            2.4         Termination of the Facility...............................................................7

3...........CONDITIONS PRECEDENT..................................................................................7

            3.1         Conditions Precedent to First Advance.....................................................7
            3.2         Conditions Precedent to all Advances......................................................7

4...........DRAWDOWN..............................................................................................8

            4.1         Preparation of Drawdown Notices...........................................................8
            4.2         Service of Drawdown Notices...............................................................8
            4.3         Requirements of Drawdown Notices..........................................................8
            4.4         Availability of Facility..................................................................9
            4.5         Making of Advances........................................................................9
            4.6         Book Entry Set-off of Advances against Seller Advances....................................9

5...........INTEREST..............................................................................................9

            5.1         Interest Period...........................................................................9
            5.2         Calculation of Interest...................................................................9
            5.3         Payment of Interest......................................................................10
            5.4         Interest on Unpaid Interest..............................................................10
            5.5         Interest on Overdue Sums.................................................................10

6...........REPAYMENT OF STANDBY REDRAW FACILITY PRINCIPAL.......................................................10

            6.1         Repayment of Standby Redraw Facility Principal during the Availability Period............10
            6.2         Re-Drawing...............................................................................10
            6.3         Repayment on Termination.................................................................10
            6.4         Payments Under Security Trust Deed.......................................................10
            6.5         Principal Chargeoffs.....................................................................11
            6.6         Principal Chargeoff Reimbursement........................................................11

7...........PAYMENTS.............................................................................................11

            7.1         Time on Due Date and Free of Set-off & Taxes.............................................11
            7.2         Certificate..............................................................................11

8...........ILLEGALITY AND INCREASED COST........................................................................11

            8.1         Illegality...............................................................................11
            8.2         Increased Cost...........................................................................12



                                                                                                                  i
</TABLE>


<PAGE>

<TABLE>
<CAPTION>
<S>         <C>                                                                                                 <C>
9...........FEES.................................................................................................12

10..........REPRESENTATIONS AND WARRANTIES.......................................................................13

            10.1        General Representations and Warranties...................................................13
            10.2        Corporate Representations and Warranties.................................................13
            10.3        Series Trust Representations and Warranties..............................................13
            10.4        Representations and Warranties Repeated..................................................14

11..........UNDERTAKINGS.........................................................................................14

            11.1        General..................................................................................14
            11.2        Manager's Undertakings after Manager Event...............................................14

12..........EVENTS OF DEFAULT....................................................................................15

            12.1        Events of Default........................................................................15
            12.2        Consequences of Event of Default.........................................................16

13..........TRUSTEE PROVISIONS...................................................................................16

            13.1        Limitation on Trustee's Liability........................................................16
            13.2        Claims against Trustee...................................................................16
            13.3        Breach of Trust..........................................................................16
            13.4        Acts or omissions........................................................................16
            13.5        No obligation............................................................................17

14..........ASSIGNMENT...........................................................................................17

            14.1        Assignment by Trustee....................................................................17
            14.2        Assignment by Standby Redraw Facility Provider...........................................17

15..........NOTICES..............................................................................................17

            15.1        Method of Delivery.......................................................................17
            15.2        Deemed Receipt...........................................................................17

16..........INDEMNITY............................................................................................18

            16.1        Indemnity on Demand......................................................................18
            16.2        Losses on Liquidation or Re-employment of Deposits.......................................18
            16.3        Payment on Distribution Date.............................................................18

17..........MISCELLANEOUS........................................................................................19

            17.1        Stamp Duties.............................................................................19
            17.2        Waiver...................................................................................19
            17.3        Written Waiver, Consent and Approval.....................................................19
            17.4        Severability.............................................................................19
            17.5        Survival of Indemnities..................................................................19
            17.6        Successors and Assigns...................................................................19
            17.7        Moratorium Legislation...................................................................20
            17.8        Amendments...............................................................................20
            17.9        Governing Law............................................................................20
            17.10       Jurisdiction.............................................................................20
            17.11       Counterparts.............................................................................20

SCHEDULE DRAWDOWN NOTICE.........................................................................................21



                                                                                                                 ii
</TABLE>



<PAGE>



THIS STANDBY REDRAW FACILITY AGREEMENT MADE AT SYDNEY ON 5 MARCH 2003

PARTIES       COMMONWEALTH BANK OF AUSTRALIA ABN 48 123 123 124, a company
              incorporated in Australia and registered in the Australian
              Capital Territory and having an office at Level 1, 48 Martin
              Place, Sydney, Australia (the "STANDBY REDRAW FACILITY PROVIDER")

              PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 000 001 007, a company
              incorporated in Australia and registered in the State of New
              South Wales and having an office at Level 7, 9 Castlereagh Street,
              Sydney, Australia, in its capacity as trustee of the Series Trust
              (the "TRUSTEE")

              SECURITISATION ADVISORY SERVICES PTY LIMITED ABN 88 064 133 946, a
              company incorporated in Australia and registered in the Australian
              Capital Territory and having an office at Level 6, 48 Martin
              Place, Sydney, Australia ("SAS" and also hereinafter included
              within the expression the "MANAGER")

RECITALS

A.     The Trustee and the Manager are respectively the trustee and the manager
       of the Series Trust.

B.     The Manager has requested the Standby Redraw Facility Provider to provide
       the Trustee with the Facility in connection with the Approved Purpose.

C.     The Standby Redraw Facility Provider has agreed to provide the Facility
       to the Trustee on the terms and conditions contained in this Agreement.

THE PARTIES AGREE

--------------------------------------------------------------------------------
1.     DEFINITIONS AND INTERPRETATION

1.1    DEFINITIONS

       In this Agreement, unless the contrary intention appears:

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

       "APPROVED PURPOSE" means the use of an Advance to meet a Redraw Shortfall
       in accordance with the Series Supplement.

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

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

       "BBSW" in relation to an Interest Period means the rate appearing at
       approximately 10.00 am on the first day of that Interest Period on the
       Reuters Screen page "BBSW" as being the average of the mean buying and
       selling rates appearing on that page for a bill of exchange having a
       tenor of three months. If on the first day of a Interest Period fewer
       than four banks are quoted on the Reuters Screen page "BBSW" or for any
       other reason "BBSW" for an Interest Period cannot be determined in
       accordance with the foregoing provisions, then "BBSW" for that Interest
       Period means such rate as is specified by the Standby Redraw Facility
       Provider having regard to comparable indices then available.



                                                                               1

<PAGE>

       "DRAWDOWN DATE" means, in relation to an Advance or proposed Advance, the
       Distribution Date immediately following the delivery of the corresponding
       Drawdown Notice to the Standby Redraw Facility Provider in accordance
       with this Agreement.

       "DRAWDOWN MARGIN" means 0.15% per annum.

       "DRAWDOWN NOTICE" means a notice given under clause 4.

       "DRAWING" means, subject to clause 4.6, an Advance by way of deposit by
       the Standby Redraw Facility Provider in the Collections Account in
       accordance with clause 4.5.

       "EFFECTIVE CONTROL" means:

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

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

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

       "EVENT OF DEFAULT" means any of the events set out or referred to in
       clause 12.1 as an Event of Default.

       "FACILITY" means the standby redraw facility granted to the Trustee by
       the Standby Redraw Facility Provider on the terms and conditions of this
       Agreement.

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

       (a)    A$20 million; and

       (b)    the Performing Mortgage Loans Amount at that time;

       or such greater or lesser amount from time to time agreed in writing by
       the Standby Redraw Facility Provider, the Manager and the Rating Agencies
       and notified to the Trustee in writing.

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

       "MANAGER" means SAS or if SAS retires or is removed as manager of the
       Series Trusts (as defined in the Master Trust Deed), any then Substitute
       Manager, and includes the Trustee when acting as the manager of the
       Series Trust in accordance with the provisions of the Master Trust Deed.

       "MANAGER EVENT" means:

       (a)    SAS ceases to be a body over which the Standby Redraw Facility
              Provider has Effective Control; or

       (b)    SAS ceases to be the manager of the Series Trust.

       "MASTER TRUST DEED" means the Master Trust Deed dated 8 October 1997
       between the Trustee and SAS, as amended from time to time.

       "NET PRINCIPAL" in relation to a Determination Date means the aggregate
       of the Principal Collections, the Principal Draw Reimbursement, the
       Principal Charge-off Reimbursement and the Other Principal Amounts for
       the Collection Period just ended, less the Net Income Shortfall on that
       Determination Date, provided that if the above calculation produces an
       amount less than zero, then "NET PRINCIPAL" will be zero for that
       Determination Date.


                                                                               2
<PAGE>

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

       (a)    are liquidated;

       (b)    are present, prospective or contingent;

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

       (d)    sound in damages only; or

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

       "PERFORMING MORTGAGE LOANS AMOUNT" means at any time the aggregate of the
       following:

       (a)    the amount outstanding under Mortgage Loans forming part of the
              Assets of the Series Trust in relation to which no payment due
              from the relevant Borrower has been in arrears by more than 90
              days; and

       (b)    the amount outstanding under Mortgage Loans forming part of the
              Assets of the Series Trust in relation to which a payment due from
              the relevant Borrower has been in arrears by more than 90 days and
              which are insured under a Mortgage Insurance Policy.

       "PRESCRIBED RATE" in relation to an Interest Period means the sum of:

       (a)    BBSW for that Interest Period; and

       (b)    the Drawdown Margin,

       or such rate as is otherwise agreed by the Trustee, the Manager and the
       Standby Redraw Facility Provider provided that each Rating Agency is
       given not less than 3 Business Days prior notice by the Manager of any
       variation to the Prescribed Rate and the Prescribed Rate will not be
       varied if such variation would result in a reduction in any then current
       credit rating of a Security.

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

       "REDRAW AMOUNT" in relation to a Determination Date means the lesser of:

       (a)    the then un-utilised portion of the Facility Limit; and

       (b)    the Redraw Shortfall on that Determination Date.

       "REDRAW SHORTFALL" in relation to a Determination Date means the amount
       (if any) by which the Net Principal for that Determination Date is
       insufficient to meet in full the repayment of Seller Advances made during
       or prior to the Collection Period just ended which have not previously
       been repaid.

       "SCHEDULED TERMINATION DATE" means the date which is 364 days after the
       date of this Agreement or such later date specified by the Standby Redraw
       Facility Provider pursuant to clause 2.3.

       "SERIES SUPPLEMENT" means the Series Supplement dated on or about the
       date of this Agreement between the Standby Redraw Facility Provider (as a
       Seller and the Servicer), Homepath Pty Limited ABN 35 081 986 530, SAS
       and the Trustee.


                                                                               3
<PAGE>

       "SERIES TRUST" means the trust known as the Medallion Trust Series
       2003-1G established pursuant to the Master Trust Deed and the Series
       Supplement.

       "SPECIFIED RATE" means, on any day, the sum of:

       (a)    BBSW for the Interest Period that includes that day (or if the day
              is not within an Interest Period, BBSW for the first Business Day
              of the month that includes that day as if that month were an
              Interest Period);

       (b)    the Drawdown Margin; and

       (c)    0.10% per annum.

       "STANDBY REDRAW FACILITY PRINCIPAL" means at any given time, the
       aggregate of all Advances made to the Trustee less:

       (a)    the aggregate of all repayments of Standby Redraw Facility
              Principal pursuant to this Agreement; and

       (b)    the aggregate of all Principal Chargeoffs previously allocated
              pursuant to clause 9.1 of the Series Supplement to reduce the then
              Standby Redraw Facility Principal which have not been reimbursed
              pursuant to clause 9.2 of the Series Supplement.

       "TERMINATION DATE" means the earlier of:

       (a)    the Scheduled Termination Date; and

       (b)    the date on which the Standby Redraw Facility Provider declares or
              appoints the Facility terminated in accordance with this
              Agreement.

1.2    SERIES SUPPLEMENT AND MASTER TRUST DEED DEFINITIONS

       Subject to clause 1.6, unless defined in this Agreement, words and
       phrases defined in either or both of the Master Trust Deed and the Series
       Supplement have the same meaning in this Agreement. Where there is any
       inconsistency in a definition between this Agreement (on the one hand)
       and the Master Trust Deed or the Series Supplement (on the other hand),
       this Agreement prevails. Where there is any inconsistency in a definition
       between the Master Trust Deed and the Series Supplement, the Series
       Supplement prevails over the Master Trust Deed in respect of this
       Agreement. Subject to clause 1.6, where words or phrases used but not
       defined in this Agreement are defined in the Master Trust Deed in
       relation to a Series Trust (as defined in the Master Trust Deed) and/or
       an Other Trust such words or phrases are to be construed in this
       Agreement, where necessary, as being used only in relation to the Series
       Trust (as defined in this Agreement) and/or the CBA Trust, as the context
       requires.

1.3    INTERPRETATION

       In this Agreement, unless the contrary intention appears:

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

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

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

       (d)    a reference to a person includes that person's executors,
              administrators, successors,


                                                                               4
<PAGE>

              substitutes and assigns, including any person taking by way of
              novation;

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

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

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

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

       (i)    the expression "CERTIFIED" means, in respect of a person,
              certified in writing by two Authorised Officers of that person or
              by legal counsel acting for that person and "CERTIFY" and like
              expressions will be construed accordingly;

       (j)    a reference to "WILFUL DEFAULT" in relation to the Trustee or the
              Manager, means, subject to clause 1.3(k), any wilful failure by
              the Trustee to comply with, or wilful breach by the Trustee or the
              Manager (as the case may be) of, any of its obligations under any
              Transaction Document, other than a failure or breach which:

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

                            1)     the Trustee or the Manager (as the case may
                                   be); or

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

                     B.     the performance of the action (the non-performance
                            of which gave rise to such breach) is a pre-
                            condition to the Trustee or the Manager (as the case
                            may be) performing the said obligation;

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

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

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

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

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

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



                                                                               5
<PAGE>

       (o)    a reference to time is to local time in Sydney; and

       (p)    subject to clause 15.2, each party will only be considered to have
              knowledge or awareness of, or notice of, a thing or grounds to
              believe anything by virtue of the officers of that party (or any
              Related Body Corporate of that party) having day to day
              responsibility for the administration or management of that
              party's (or a Related Body Corporate of that party's) obligations
              in relation to the Series Trust having actual knowledge, actual
              awareness or actual notice of that thing, or grounds or reason to
              believe that thing (and similar references will be interpreted in
              this way). In addition, notice, knowledge or awareness of an Event
              of Default, Manager Default, Trustee Default, Servicer Default or
              Perfection of Title Event means notice, knowledge or awareness of
              the occurrence of the events or circumstances constituting an
              Event of Default, Manager Default, Trustee Default, Servicer
              Default or Perfection of Title Event (as the case may be).

1.4    TRUSTEE CAPACITY

       In this Agreement, except where provided to the contrary:

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

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

1.5    MASTER TRUST DEED AND SERIES SUPPLEMENT

       For the purposes of the Master Trust Deed and the Series Supplement:

       (a)    (TRANSACTION DOCUMENT): this Agreement is a Transaction Document;
              and

       (b)    (SUPPORT FACILITY): the Facility made available pursuant to the
              terms of this Agreement is a Support Facility.

1.6    INCORPORATED DEFINITIONS AND OTHER TRANSACTION DOCUMENTS AND PROVISIONS

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

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

2.1    AMOUNT

       Subject to this Agreement, the Standby Redraw Facility Provider agrees to
       make Advances to the Trustee up to an aggregate principal amount equal to
       the Facility Limit.

2.2    PURPOSE

       The Manager will direct the Trustee to use, and the Trustee will use, the
       proceeds of each Advance under the Facility exclusively for the Approved
       Purpose.




                                                                               6
<PAGE>

2.3    EXTENSION OF SCHEDULED TERMINATION DATE

       (a)    (MANAGER TO REQUEST EXTENSION): Not less than 60 days before the
              then Scheduled Termination Date, the Manager may deliver a notice
              in writing to the Standby Redraw Facility Provider (with a copy to
              the Trustee) requesting the Standby Redraw Facility Provider to
              extend the Scheduled Termination Date.

       (b)    (STANDBY REDRAW FACILITY PROVIDER MAY EXTEND): Following receipt
              by the Standby Redraw Facility Provider of the notice referred to
              in paragraph (a), the Standby Redraw Facility Provider may, in its
              absolute discretion, send the Trustee a notice in writing (copied
              to the Manager) extending the then Scheduled Termination Date to
              the new Scheduled Termination Date specified in the notice (which
              must not be more than 364 days after the date of the notice).

2.4    TERMINATION OF THE FACILITY

       The Facility will terminate on the Termination Date.

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

3.1    CONDITIONS PRECEDENT TO FIRST ADVANCE

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

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

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

       (c)    (AUTHORISED OFFICERS): a certificate setting out in full the name
              and specimen signature of each Authorised Officer of the Manager;

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

       (e)    (PMI MORTGAGE INSURANCE POLICY): an executed original counterpart
              of the PMI Mortgage Insurance Policy together with a letter from
              PMI confirming that it has accepted for insurance under the PMI
              Mortgage Insurance Policy the Mortgage Loans referred to in the
              certificate attached to the letter; and

       (f)    (LEGAL OPINION): a legal opinion addressed to the Standby Redraw
              Facility Provider from the Trustee's solicitors in form and
              substance satisfactory to the Standby Redraw Facility Provider.

3.2    CONDITIONS PRECEDENT TO ALL ADVANCES

       The obligation of the Standby Redraw Facility Provider to make each
       Advance is subject to the further conditions precedent that:

       (a)    (REPRESENTATIONS AND WARRANTIES TRUE): the representations and
              warranties made or deemed to be made by the Trustee in any
              Transaction Document are true and correct as of the date of the
              corresponding Drawdown Notice and the relevant Drawdown Date as
              though made at that date;



                                                                               7
<PAGE>

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

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

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

4.1    PREPARATION OF DRAWDOWN NOTICES

       If on a Determination Date the Manager determines in accordance with the
       Series Supplement that a Redraw Shortfall has occurred in respect of the
       Collection Period just ended the Manager must:

       (a)    (PREPARE DRAWDOWN NOTICE): prepare a Drawdown Notice in accordance
              with clause 4.3 requesting an Advance on the next Distribution
              Date; and

       (b)    (DELIVER DRAWDOWN NOTICE): deliver the Drawdown Notice to the
              Trustee no later than the close of business on the Business Day
              which is not less than 3 Business Days before the proposed
              Drawdown Date.

4.2    SERVICE OF DRAWDOWN NOTICES

       If the Trustee receives a Drawdown Notice from the Manager pursuant to
       clause 4.1, it must:

       (a)    (SIGN DRAWDOWN NOTICE): sign the Drawdown Notice in accordance
              with clause 4.3(b); and

       (b)    (DELIVER DRAWDOWN NOTICE): deliver the signed Drawdown Notice to
              the Standby Redraw Facility Provider by the time specified in
              clause 4.4(a).

4.3    REQUIREMENTS OF DRAWDOWN NOTICES

       A Drawdown Notice must:

       (a)    (FORM): be in the form of the Schedule (or in such other form as
              from time to time agreed amongst the Standby Redraw Facility
              Provider, the Manager and the Trustee);

       (b)    (AUTHORISED OFFICER): be signed by an Authorised Officer of the
              Trustee;

       (c)    (SPECIFY DRAWDOWN DATE): specify the proposed Drawdown Date for
              the requested Advance which must be the next Distribution Date;

       (d)    (IRREVOCABLE): be irrevocable;

       (e)    (REDRAW AMOUNT): specify the Redraw Amount; and

       (f)    (CALCULATION): provide details of the calculation of the Redraw
              Amount.



                                                                               8
<PAGE>

4.4    AVAILABILITY OF FACILITY

       The Trustee may make a Drawing on any Distribution Date during the
       Availability Period provided that:

       (a)    (RECEIPT OF DRAWDOWN NOTICE): the Standby Redraw Facility Provider
              has received not later than 11.00 am on the Business Day which is
              not less than 2 Business Days before the proposed Drawdown Date
              (or such later time as the Standby Redraw Facility Provider may
              agree), a duly completed Drawdown Notice; and

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

4.5    MAKING OF ADVANCES

       After receipt of a Drawdown Notice the amount of the Advance requested in
       a Drawdown Notice will, subject to clause 4.6 but otherwise without
       set-off or deduction on any other account, be deposited by the Standby
       Redraw Facility Provider in the Collections Account in immediately
       available funds no later than 10.00 am on the Drawdown Date.

4.6    BOOK ENTRY SET-OFF OF ADVANCES AGAINST SELLER ADVANCES

       The Standby Redraw Facility Provider may make an Advance on a Drawdown
       Date by way of a book entry in its records to the extent that it also
       makes a book entry in its records reducing the amount of the outstanding
       Seller Advances made by it to be repaid by such Advance on that Drawdown
       Date by the relevant amount of such Advance.

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5.     INTEREST

5.1    INTEREST PERIOD

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

       (b)    (FIRST INTEREST PERIOD): The first Interest Period commences on
              (and includes) the first Drawdown Date and ends on (but excludes)
              the next Distribution Date.

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

       (d)    (LAST INTEREST PERIOD): The last Interest Period ends on (but
              excludes) the first Distribution Date that:

              (i)    follows the Termination Date; and

              (ii)   upon which all moneys the payment or repayment of which
                     form part of the Obligations are paid or repaid in full to
                     the Standby Redraw Facility Provider.

5.2    CALCULATION OF INTEREST

       Interest on the Standby Redraw Facility Principal accrues from day to day
       in respect of each Interest Period at the Prescribed Rate for that
       Interest Period on the amount of the Standby Redraw Facility Principal on
       that day and based on a 365 day year.



                                                                               9
<PAGE>

5.3    PAYMENT OF INTEREST

       The Trustee at the direction of the Manager will on each Distribution
       Date pay to the Standby Redraw Facility Provider so much of the then
       accrued interest on the Standby Redraw Facility Principal as is available
       for this purpose in accordance with the Series Supplement.

5.4    INTEREST ON UNPAID INTEREST

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

5.5    INTEREST ON OVERDUE SUMS

       If the Trustee fails to pay any amount due and payable by it under or in
       respect of this Agreement at the time and in the manner required under
       this Agreement and the Series Supplement, other than as described in
       clause 5.4, that amount will bear interest in accordance with this
       clause. Such interest is payable on demand and will accrue on such amount
       from day to day at the Specified Rate for that day from the date such
       amount is due for payment up to the date of actual payment, before and
       (as a separate and independent obligation) after judgment and if not paid
       at the end of a 30 day period will itself bear interest in accordance
       with this clause.

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6.     REPAYMENT OF STANDBY REDRAW FACILITY PRINCIPAL

6.1    REPAYMENT OF STANDBY REDRAW FACILITY PRINCIPAL DURING THE AVAILABILITY
       PERIOD

       The Trustee will on each Distribution Date repay so much of the Standby
       Redraw Facility Principal on the previous Determination Date as is
       available for this purpose in accordance with the Series Supplement.

6.2    RE-DRAWING

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

6.3    REPAYMENT ON TERMINATION

       Notwithstanding clause 6.1, on the Distribution Date immediately
       following the Termination Date, the Trustee will pay or repay so much of
       the aggregate of all Standby Redraw Facility Principal together with
       interest accrued thereon and all other money, the payment or repayment of
       which forms part of the Obligations, as is available for this purpose in
       accordance with the Series Supplement. If all amounts due in accordance
       with this clause 6.3 are not paid or repaid in full on the Distribution
       Date immediately following the Termination Date, on each succeeding
       Distribution Date the Trustee will pay or repay so much of such amounts
       as is available for this purpose in accordance with the Series Supplement
       until such amounts are paid or repaid in full.

6.4    PAYMENTS UNDER SECURITY TRUST DEED

       Without prejudice to clause 13, the limitation of the Trustee's liability
       to make payments under this Agreement will not apply for the purposes of
       calculating any amounts payable out of the



                                                                              10
<PAGE>

       Assets of the Series Trust to the Standby Redraw Facility Provider
       pursuant to the Security Trust Deed.

6.5    PRINCIPAL CHARGEOFFS

       A Principal Chargeoff in relation to the Standby Redraw Facility
       Principal pursuant to clause 9.1 of the Series Supplement reduces the
       amount of the Standby Redraw Facility Principal immediately prior to such
       Principal Chargeoff by the amount of the Principal Chargeoff with effect
       from the Distribution Date following the Determination Date upon which
       the Principal Chargeoff was determined.

6.6    PRINCIPAL CHARGEOFF REIMBURSEMENT

       A Principal Chargeoff Reimbursement in relation to the Standby Redraw
       Facility Principal pursuant to clause 9.2 of the Series Supplement
       increases the amount of the Standby Redraw Facility Principal immediately
       prior to such Principal Chargeoff Reimbursement with effect from the
       Distribution Date following the Determination Date upon which the
       Principal Chargeoff Reimbursement was determined.

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7.     PAYMENTS

7.1    TIME ON DUE DATE AND FREE OF SET-OFF & TAXES

       All payments to be made by the Trustee under this Agreement will:

       (a)    (DUE DATE): be made not later than close of business on the due
              date for payment and all such payments will be made in the manner
              and to such account as the Standby Redraw Facility Provider
              directs in writing; and

       (b)    (SET-OFF): subject to clause 4.6, be made without set-off or
              counterclaim and free and clear of and without deduction for or on
              account of present or future Taxes, levies, imposts, duties,
              charges, fees, deductions, withholdings, restrictions or
              conditions of any nature.

7.2    CERTIFICATE

       A certificate signed by an Authorised Officer of the Standby Redraw
       Facility Provider stating any amount or rate for the purposes of
       this Agreement will, in the absence of manifest error on its face,
       constitute prima facie evidence of the amount or rate stated
       therein.

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8.     ILLEGALITY AND INCREASED COST

8.1    ILLEGALITY

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


                                                                              11
<PAGE>

8.2    INCREASED COST

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

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

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

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

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

              then from time to time on notification by the Standby Redraw
              Facility Provider (copied to the Manager) the Trustee will on the
              Distribution Date following such notification and on each
              succeeding Distribution Date until the Standby Redraw Facility
              Provider is paid in full pay to the Standby Redraw Facility
              Provider so much of the amounts sufficient to indemnify the
              Standby Redraw Facility Provider against such cost, increased
              cost, reduction or liability that is available for this purpose in
              accordance with the Series Supplement.

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

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

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9.     FEES

       The Trustee will pay to the Standby Redraw Facility Provider a commitment
       fee of 0.075% per annum of the then un-utilised portion of the Facility
       Limit. The commitment fee will be calculated daily from the date the
       Facility becomes available on the basis of a 365 day year and will be
       paid in arrears on each Distribution Date in accordance with the Series
       Supplement. The amount of the commitment fee may be varied by agreement
       between the Trustee, the Manager and the Standby Redraw Facility Provider
       provided that each Rating Agency is given not less than 3 Business Days
       prior notice by the Manager of any variation to the amount of the
       commitment fee and the amount of the commitment fee will not be varied if
       such variation would result in a reduction, qualification or withdrawal
       in any then current credit rating of a Security.


                                                                              12
<PAGE>

--------------------------------------------------------------------------------
10.    REPRESENTATIONS AND WARRANTIES

10.1   GENERAL REPRESENTATIONS AND WARRANTIES

       The Trustee in its capacity as trustee of the Series Trust represents and
       warrants to the Standby Redraw Facility Provider that:

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

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

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

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

10.2   CORPORATE REPRESENTATIONS AND WARRANTIES

       The Trustee in its capacity as trustee of the Series Trust represents and
       warrants in respect of itself to the Standby Redraw Facility Provider
       that:

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

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

10.3   SERIES TRUST REPRESENTATIONS AND WARRANTIES

       The Trustee in its capacity as trustee of the Series Trust represents and
       warrants to the Standby Redraw Facility Provider in relation to the
       Series Trust as follows:

       (a)    (SERIES TRUST VALIDLY CREATED): the Series Trust has been validly
              created and is in existence at the date of this Agreement;

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

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


                                                                              13
<PAGE>

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

       (e)    (GOOD TITLE): the Trustee is the lawful owner of the Assets of the
              Series Trust and has power under the Master Trust Deed to mortgage
              or charge them in the manner provided in the Security Trust Deed.

10.4   REPRESENTATIONS AND WARRANTIES REPEATED

       Each representation and warranty contained in clauses 10.1, 10.2 and 10.3
       will be deemed to be repeated on each Drawdown Date with reference to the
       facts and circumstances then subsisting, as if made on each such day.

--------------------------------------------------------------------------------
11.    UNDERTAKINGS

11.1   GENERAL

       The Trustee undertakes to the Standby Redraw Facility Provider that it
       will:

       (a)    (ACT CONTINUOUSLY): act continuously as trustee of the Series
              Trust in accordance with the Master Trust Deed and the Series
              Supplement until the Series Trust is terminated or until it has
              retired or been removed in accordance with the Master Trust Deed;

       (b)    (DO ALL THINGS NECESSARY): do everything and take all such actions
              which are necessary (including, without limitation, obtaining all
              such authorisations and approvals as are appropriate) to ensure
              that it is able to exercise all its powers and remedies and
              perform all its obligations under this Agreement, other
              arrangements entered into by the Trustee pursuant to this
              Agreement and each Transaction Document to which it is a party;

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

       (d)    (NOT AMEND OR REVOKE): not consent to amend or revoke provisions
              of the Master Trust Deed, the Series Supplement or the Security
              Trust Deed in respect of payments or the order of priorities of
              payments to be made thereunder without the prior written consent
              of the Standby Redraw Facility Provider.

11.2   MANAGER'S UNDERTAKINGS AFTER MANAGER EVENT

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

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

              (i)    any Event of Default, Servicer Default, Trustee Default,
                     Potential Termination Event, Perfection of Title Event or
                     Manager Default; or

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



                                                                              14
<PAGE>

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

       (b)    (DELIVER MATERIALS): deliver to the Standby Redraw Facility
              Provider:

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

              (ii)   as soon as practicable and in any event not later than 90
                     days after the first half of each of the Series Trust's
                     financial years, a copy of a statement setting out the
                     Assets and Liabilities of the Series Trust for that
                     half-year;

              (iii)  as soon as practical and in any event not later than 90
                     days after each half of each financial year of the Series
                     Trust, a copy of the written report prepared by the Auditor
                     in accordance with clause 21.9 of the Master Trust Deed;

              (iv)   as and when required by the Standby Redraw Facility
                     Provider, a certificate executed by two Authorised Officers
                     on behalf of the Manager stating to the best of the
                     knowledge of the Manager whether or not an Event of
                     Default, Servicer Default, Trustee Default, Potential
                     Termination Event, Perfection of Title Event or Manager
                     Default has occurred and if the same has occurred, setting
                     out the details of such event and the steps (if any) taken
                     by the Manager to remedy or cure the same; and

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

--------------------------------------------------------------------------------
12.    EVENTS OF DEFAULT

12.1   EVENTS OF DEFAULT

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

       (a)    (FAILURE TO REPAY OR PAY): the Trustee fails to pay any amount in
              accordance with this Agreement within 10 Business Days of the due
              date for payment of such amount;

       (b)    (OTHER BREACH): the Trustee breaches its undertaking in clause
              11.1(d); and

       (c)    (EVENT OF DEFAULT UNDER SECURITY TRUST DEED): an Event of Default
              (as defined in the Security Trust Deed in relation to the Series
              Trust) occurs and any action is taken by the Security Trustee,
              pursuant to clause 10 of the Security Trust Deed, to appoint a
              Receiver in respect of the Assets of the Series Trust or to sell
              and realise the Assets of the Series Trust or the Security Trustee
              takes any action pursuant to clause 11 of the Security Trust Deed.



                                                                              15
<PAGE>

12.2   CONSEQUENCES OF EVENT OF DEFAULT

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

       (a)    (DECLARE ADVANCES DUE): declare the Advances, accrued interest and
              all other sums which have accrued due under this Agreement
              (whether or not presently payable) to be due, whereupon they will
              become immediately due and payable; and/or

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

--------------------------------------------------------------------------------
13.    TRUSTEE PROVISIONS

13.1   LIMITATION ON TRUSTEE'S LIABILITY

       The Trustee enters into this Agreement only in its capacity as trustee of
       the Series Trust and in no other capacity. A liability incurred by the
       Trustee acting in its capacity as trustee of the Series Trust arising
       under or in connection with this Agreement is limited to and can be
       enforced against the Trustee only to the extent to which it can be
       satisfied out of the Assets of the Series Trust out of which the Trustee
       is actually indemnified for the liability. This limitation of the
       Trustee's liability applies despite any other provision of this Agreement
       (other than clause 13.3) and extends to all liabilities and obligations
       of the Trustee in any way connected with any representation, warranty,
       conduct, omission, agreement or transaction related to this Agreement.

13.2   CLAIMS AGAINST TRUSTEE

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

13.3   BREACH OF TRUST

       The provisions of this clause 13 will not apply to any obligation or
       liability of the Trustee to the extent that it is not satisfied
       because under the Master Trust Deed, the Series Supplement, any
       other Transaction Document in relation to the Series Trust or by
       operation of law there is a reduction in the extent of the Trustee's
       indemnification out of the Assets of the Series Trust as a result of
       the Trustee's fraud, negligence or wilful default.

13.4   ACTS OR OMISSIONS

       It is acknowledged that the Relevant Parties are responsible under the
       Transaction Documents for performing a variety of obligations relating to
       the Series Trust. No act or omission of the Trustee (including any
       related failure to satisfy its obligations or any breach of
       representations or warranties under this Agreement) will be considered
       fraud, negligence or wilful default of the Trustee for the purpose of
       clause 13.3 to the extent to which the act or omission was caused or
       contributed to by any failure by any Relevant Party or any other person
       appointed by the Trustee under any Transaction Document (other than a
       person whose acts or omissions the



                                                                              16
<PAGE>

       Trustee is liable for in accordance with any Transaction Document) to
       fulfil its obligations in relation to the Series Trust or by any other
       act or omission of a Relevant Party or any other such person.

13.5   NO OBLIGATION

       The Trustee is not obliged to enter into any commitment or obligation
       under this Agreement or any Transaction Document (including incur any
       further liability) unless the Trustee's liability is limited in a manner
       which is consistent with this clause 13 or otherwise in a manner
       satisfactory to the Trustee in its absolute discretion.

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14.    ASSIGNMENT

14.1   ASSIGNMENT BY TRUSTEE

       The Trustee will not assign or otherwise transfer the benefit of this
       Agreement or any of its rights, duties or obligations under this
       Agreement except to a Substitute Trustee acceptable to the Standby Redraw
       Facility Provider (whose consent is not to be unreasonably withheld).

14.2   ASSIGNMENT BY STANDBY REDRAW FACILITY PROVIDER

       The Standby Redraw Facility Provider may at any time assign or otherwise
       transfer all or any part of the benefit of this Agreement or any of its
       rights, duties and obligations under this Agreement to another Bank or
       financial institution. The Standby Redraw Facility Provider may disclose
       to a proposed assignee or transferee information in the possession of the
       Standby Redraw Facility Provider relating to the Trustee and the Manager.
       An assignment or transfer by the Standby Redraw Facility Provider
       pursuant to this clause 14.2 shall not be of any effect until the Standby
       Redraw Facility Provider has notified the Trustee in writing of the
       assignment or transfer, as the case may be.

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15.    NOTICES

15.1   METHOD OF DELIVERY

       Any notice, request, certificate, approval, demand, consent or other
       communication to be given under this Agreement:

       (a)    (EXECUTION): must be signed by 2 Authorised Officers of the party
              giving the same;

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

       (c)    (DELIVERY): must be:

              (i)    left at the address of the addressee;

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

              (iii)  sent by facsimile to the facsimile number of the addressee,

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

15.2   DEEMED RECEIPT

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



                                                                              17
<PAGE>

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

       (b)    (POST): where sent by post within Australia, on the 3rd day after
              posting, and where sent by post to, from or outside Australia, on
              the 7th day after posting; and

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

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

--------------------------------------------------------------------------------
16.    INDEMNITY

16.1   INDEMNITY ON DEMAND

       Subject to clause 13, the Trustee will on demand indemnify the Standby
       Redraw Facility Provider against any loss, cost or expenses which the
       Standby Redraw Facility Provider may sustain or incur as a consequence
       of:

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

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

       (c)    (FAILURE TO PROVIDE ADVANCE): an Advance requested in a Drawdown
              Notice not being provided for any reason including failure to
              fulfil any condition precedent but excluding any matter within the
              control of the Standby Redraw Facility Provider; or

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

16.2   LOSSES ON LIQUIDATION OR RE-EMPLOYMENT OF DEPOSITS

       The losses, costs or expenses referred to in clause 16.1 will include the
       amount determined in good faith by the Standby Redraw Facility Provider
       as being any loss (other than an amount for loss of profit other than
       loss of margin) including:

       (a)    (LIQUIDATION AND RE-EMPLOYMENT): loss of margin, cost or expense
              incurred by reason of the liquidation or re-employment of deposits
              or other funds acquired or contracted for by the Standby Redraw
              Facility Provider to fund or maintain any such Advance or amount;
              and

       (b)    (OTHER ARRANGEMENTS): losses, costs, damages, charges or expenses
              incurred by the Standby Redraw Facility Provider in relation to
              the variation, termination or making of any other arrangements in
              relation to any arrangement ancillary or related to this Agreement
              including, without limitation, any swap or derivative agreement
              entered into by the Standby Redraw Facility Provider in connection
              with or in order to fund any Advances.

16.3   PAYMENT ON DISTRIBUTION DATE

       Any payments to be made by the Trustee pursuant to this clause 16 will
       only be made on the Distribution Date following demand by the Standby
       Redraw Facility Provider and on each succeeding Distribution Date until
       the Standby Redraw Facility Provider is paid in full by



                                                                              18
<PAGE>

       payment of so much of the amount sufficient to indemnify the Standby
       Redraw Facility Provider as is available for this purpose in accordance
       with the Series Supplement.

--------------------------------------------------------------------------------
17.    MISCELLANEOUS

17.1   STAMP DUTIES

       (a)    (TRUSTEE MUST PAY): The Trustee will pay all stamp, loan
              transaction, registration and similar Taxes including fines and
              penalties (except such fines and penalties incurred through the
              act, neglect or omission of the Standby Redraw Facility Provider
              after the Standby Redraw Facility Provider has requested and been
              put in funds to pay such Taxes), financial institutions duty and
              debits tax which may be payable or required to be paid by any
              appropriate authority or determined to be payable in connection
              with the execution, delivery, performance or enforcement of this
              Agreement.

       (b)    (TRUSTEE MUST INDEMNIFY): Subject to clause 13, the Trustee will
              indemnify and keep indemnified the Standby Redraw Facility
              Provider against any loss or liability incurred or suffered by it
              as a result of the delay or failure by the Trustee to pay such
              Taxes.

17.2   WAIVER

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

17.3   WRITTEN WAIVER, CONSENT AND APPROVAL

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

17.4   SEVERABILITY

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

17.5   SURVIVAL OF INDEMNITIES

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

17.6   SUCCESSORS AND ASSIGNS

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





                                                                              19
<PAGE>

17.7   MORATORIUM LEGISLATION

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

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

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

       are hereby expressly waived, negatived and excluded.

17.8   AMENDMENTS

       The parties to this Agreement may only amend this Agreement in accordance
       with clause 33.1(b) of the Series Supplement.

17.9   GOVERNING LAW

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

17.10  JURISDICTION

       Each of the parties irrevocably and unconditionally:

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

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

       (c)    (SERVICE OF NOTICE): agrees, without preventing any other mode of
              service permitted by law, that any document required to be served
              in any proceedings may be served in the manner in which notices
              and other written communications may be given under clause 15.

17.11  COUNTERPARTS

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





                                                                              20
<PAGE>

SCHEDULE
DRAWDOWN NOTICE

To:             Commonwealth Bank of Australia ABN 48 123 123 124
                [Address]

Attention:      Head of Securitisation

From:           Perpetual Trustee Company Limited ABN 42 000 001 007

[Date]

In our capacity as trustee of the Series Trust, we hereby irrevocably request
you to make us an Advance on the Drawdown Date specified below for an amount
equal to the Redraw Amount specified below in accordance with clause 4 of the
Standby Redraw Facility Agreement dated [               ] between ourselves,
Commonwealth Bank of Australia and Securitisation Advisory Services Pty. Limited
ABN 88 064 133 946, as amended, novated or supplemented from time to time (the
"STANDBY REDRAW FACILITY AGREEMENT"):

        (a)     Drawdown Date                                           [     ]

        (b)     Redraw Amount                                           A$[   ]

        (c)     Details of the calculation of the Redraw Amount         [     ]


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


SIGNED for and on behalf of PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 000 001
007, as trustee of the Medallion Trust Series 2003-1G by:




------------------------------------------------------------
(Authorised Officer)


------------------------------------------------------------
(Name)


------------------------------------------------------------
(Title)



                                                                              21
<PAGE>



EXECUTED as an agreement.

SIGNED for and on behalf of COMMONWEALTH
BANK OF AUSTRALIA ABN 48 123 123 124,
by Timothy See
its Attorney under a Power of Attorney dated 27/11/1997
and who declares that he or she has not received
any notice of the revocation of such Power of
Attorney, in the presence of:

<TABLE>
<CAPTION>
<S>                                                      <C>


                                                         /s/ Timothy See
                                                         ------------------------------------------------
                                                         Signature of Attorney


/s/ Gwenneth O'Shea                                          Timothy See
-------------------------------------------------        ------------------------------------------------
Signature of Witness                                     Name of Attorney in full


    Gwenneth O'Shea
-------------------------------------------------
Name of Witness in full






SIGNED for and on behalf of PERPETUAL TRUSTEE
COMPANY LIMITED ABN 42 000 001 007,
by Elizabeth Kench
its Attorney under a Power of Attorney dated 05/03/2003
and who declares that he or she has not received
any notice of the revocation of such Power of
Attorney, in the presence of:


                                                           /s/ Elizabeth Kench
                                                           ------------------------------------------------
                                                           Signature of Attorney


/s/ Richard Lovell                                             Elizabeth Kench
-------------------------------------------------          ------------------------------------------------
Signature of Witness                                       Name of Attorney in full


    Richard Lovell
-------------------------------------------------
Name of Witness in full
</TABLE>



<PAGE>

SIGNED SEALED AND DELIVERED for and on
behalf of SECURITISATION ADVISORY SERVICES
PTY LIMITED ABN 88 064 133 946,
by Timothy See
its Attorney under a Power of Attorney dated 03/03/2003
and who declares that he or she has not received
any notice of the revocation of such Power of
Attorney, in the presence of:


<TABLE>
<CAPTION>
<S>                                                        <C>
                                                           /s/ Timothy See
                                                           ------------------------------------------------
                                                           Signature of Attorney


/s/ Gwenneth O'Shea                                            Timothy See
-------------------------------------------------          ------------------------------------------------
Signature of Witness                                       Name of Attorney in full


    Gwenneth O'Shea
-------------------------------------------------
Name of Witness in full
</TABLE>



                                                                              23