Document:

[ALLEN ALLEN & HEMSLEY LOGO OMITTED]

INVESTMENT MANAGEMENT AGREEMENT
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INTERSTAR SECURITIES (AUSTRALIA) PTY LIMITED

PERPETUAL TRUSTEES VICTORIA LIMITED

INTERSTAR SECURITIES (AUSTRALIA) PTY LIMITED

Interstar Millennium Trusts

ALLEN ALLEN & HEMSLEY
The Chifley Tower
2 Chifley Square
Sydney  NSW  2000
Australia
Tel  61  2 9230 4000
Fax  61  2 9230 5333

(C) Copyright Allen Allen & Hemsley 2000

                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
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TABLE OF CONTENTS

1.       DEFINITIONS AND INTERPRETATION                                      1

         1.1      Definitions                                                1

         1.2      Interpretation                                             3

         1.3      Liability of Trustee limited to its right of indemnity     3

         1.4      Series Notice                                              3

2.       APPOINTMENT OF SERVICER                                             3

         2.1      Appointment                                                3

         2.2      General duties and standard of care                        3

         2.3      Powers                                                     4

         2.4      Records                                                    4

         2.5      Servicer's power to delegate                               4

         2.6      Servicer's power to appoint advisers                       5

3.       CUSTODY                                                             5

4.       UNDERTAKINGS                                                        6

         4.1      Servicing Undertakings                                     6

5.       REPORT BY SERVICER                                                  9

6.       SERVICER FEES                                                       9

         6.1      Fee                                                        9

         6.2      Expenses of Servicer                                       9

7.       TERMINATION                                                        10

         7.1      Expiry of Term                                            10

         7.2      Servicer Transfer Event                                   10

         7.3      Resignation                                               10

         7.4      Upon termination or resignation                           10

         7.5      Survival                                                  11

         7.6      Release of outgoing Servicer                              11

         7.7      New Servicer to execute deed                              11

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                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
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         7.8      Settlement and discharge                                  11

8.       INDEMNITY                                                          12

         8.1      Indemnity                                                 12

         8.2      Limitation of liability                                   12

         8.3      No liability for acts of certain persons                  12

         8.4      No liability for loss etc                                 12

         8.5      Method of claiming under indemnity                        13

         8.6      Time of Payment                                           13

9.       REPRESENTATIONS AND WARRANTIES                                     13

         9.1      Representations and Warranties                            13

         9.2      Reliance                                                  13

         9.3      Survival of Representations and Indemnities               13

10.      ADMINISTRATIVE PROVISIONS                                          14

         10.1     Notices                                                   14

         10.2     Governing Law and Jurisdiction                            15

         10.3     Assignment                                                15

         10.4     Amendment                                                 15

         10.5     Severability clause                                       16

         10.6     Costs and Expenses                                        16

         10.7     Waivers:  Remedies Cumulative                             16

         10.8     Give effect                                               16

ANNEXURE                                                                    19

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                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
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DATE
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PARTIES
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       1.     INTERSTAR SECURITIES (AUSTRALIA) PTY LIMITED (ACN 087 271 109) of
              367 Collins Street, Melbourne, Victoria (in this capacity, the
              SERVICER);

       2.     PERPETUAL TRUSTEES VICTORIA LIMITED (ACN 004 027 258) of Level 4,
              333 Collins Street, Melbourne, Victoria in its capacity as trustee
              of each Relevant Trust (in this capacity, the TRUSTEE); and

       3.     INTERSTAR SECURITIES (AUSTRALIA) PTY LIMITED (ACN 087 271 109) of
              367 Collins Street, Melbourne, Victoria (the TRUST MANAGER).

RECITALS
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              The Trustee wants to retain the services of the Servicer to manage
              the Loans in relation to certain Trusts.
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IT IS AGREED as follows.

1.       DEFINITIONS AND INTERPRETATION
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1.1      DEFINITIONS

         In this agreement, terms defined in the Master Trust Deed or a Series
         Notice in relation to a Relevant Trust have the same meaning and the
         following definitions apply unless a different meaning is given in a
         Series Note in relation to a Relevant Trust or the context otherwise
         requires.

         ELIGIBLE SERVICER means any suitably qualified person whose appointment
         by the Trustee as Servicer under this agreement will not materially
         affect the rating assigned to the Notes (as confirmed by the Designated
         Rating Agencies).

         GENERAL INSURANCE POLICY means, in relation to a Loan, an insurance
         contract for land and building insurance with respect to the property
         secured by the relevant Loan Security, including fire insurance, taken
         out with an insurer which:

         (a)      is registered by the Insurance & Superannuation Commission
                  under the Insurance Act 1974 (Commonwealth); and

         (b)      has been approved by the Trust Manager.

         LAW means any statute, rule, regulation, ordinance, order or decree of
         any Government Agency, and includes any Consumer Credit Legislation and
         any applicable code of banking practice.

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                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
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         MASTER TRUST DEED means the Master Trust Deed between the Trustee and
         the Trust Manager dated on or about the date of this agreement.

         LOAN, in relation to a Relevant Trust, has the meaning in the Master
         Trust Deed (as amended by the Series Notice for that Relevant Trust),
         but relates only to Loans held by the Trustee under that Relevant
         Trust.

         LOAN SECURITIES, in relation to a Relevant Trust, has the meaning in
         the Master Trust Deed (as amended by the Series Notice for that
         Relevant Trust), but relates only to Loan Securities held by the
         Trustee under that Relevant Trust.

         RELEVANT TRUST means a Trust in relation to which the Servicer has been
         appointed, and has agreed to act, as Servicer under clause 2.1 and a
         Series Notice.

         SERVICES means the services provided or to be provided by the Servicer
         under this agreement.

         SERVICER TRANSFER EVENT means the occurrence of any of the following:

         (a)      an Insolvency Event occurs with respect to the Servicer;

         (b)      the Servicer fails to pay any amount in accordance with any
                  Transaction Document within 5 Business Days of receipt of a
                  notice to do so from either the Trustee or Trust Manager;

         (c)      the Servicer fails to comply with any of its other obligations
                  under any Transaction Document and such action has had, or, if
                  continued will have, an Adverse Effect (as determined by the
                  Trustee) and the Servicer does not remedy that failure within
                  30 days after the Servicer becomes aware of that failure by
                  receipt of a notice from either the Trustee or the Trust
                  Manager;

         (d)      any representation, warranty or certification made by the
                  Servicer is incorrect when made and is not waived by the
                  Trustee or remedied to the Trustee's reasonable satisfaction
                  within 90 days after notice from the Trustee, and the Trustee
                  determines that breach would have an Adverse Effect; or

         (e)      if it is unlawful for the Servicer to perform the Services.

         SERVICER'S REPORT means any report of the Servicer referred to in
         clause 5.

         TERM means the period from the date of this agreement until the earlier
         of:

         (a)      the date on which this agreement is terminated pursuant to
                  clause 7.2;

         (b)      the date which is one month after the Notes in relation to
                  each Relevant Trust have been redeemed in full in accordance
                  with the Transaction Documents and the Trustee ceases to have
                  any obligations to any Creditor in relation to any Relevant
                  Trust, and the Trustee and the Trust Manager notify the
                  Servicer that the Term has expired;

         (c)      the date on which the Trustee replaces the Servicer with an
                  Eligible Servicer; and

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                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
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         (d)      the date on which the Servicer is replaced after resigning
                  under clause 7.3.

1.2      INTERPRETATION

         The provisions of clause 1.2 of the Master Trust Deed apply to this
         agreement, as if set out in full, and on the basis that a reference to
         THIS DEED is a reference to THIS AGREEMENT.

1.3      LIABILITY OF TRUSTEE LIMITED TO ITS RIGHT OF INDEMNITY

         Clause 32.16 of the Master Trust Deed is incorporated into this
         agreement as if set out in full, except that any reference to DEED is
         replaced by a reference to AGREEMENT and any reference to TRUST refers
         to each Relevant Trust.

1.4      SERIES NOTICE

         This agreement is subject to the Series Notice for each Relevant Trust.
         In case of any inconsistency, the relevant Series Notice will prevail
         in relation to that Relevant Trust only.

2.       APPOINTMENT OF SERVICER
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2.1      APPOINTMENT

         The Trustee appoints the Servicer to perform the Services for each
         Relevant Trust during the Term. By executing a Series Notice, the
         Servicer will be taken to have accepted that appointment, and agreed to
         perform the Services in relation to that Relevant Trust in accordance
         with this agreement.

2.2      GENERAL DUTIES AND STANDARD OF CARE

         (a)      The Servicer will act as the servicer, administrator and
                  manager of the Loans.

         (b)      In servicing and managing the Loans, the Servicer will:

                  (i)      service and manage the Loans (or ensure that the
                           Loans are serviced and managed by third parties as
                           appointed by the Servicer from time to time):

                           (A)      to the highest standard of accepted
                                    servicing practice of prudent mortgage
                                    lending and investment management
                                    institutions;

                           (B)      exercising a high degree of skill and care
                                    in respect thereof; and

                           (C)      in compliance with all relevant legislation;
                                    and

                  (ii)     not do any act, matter or thing that may adversely
                           affect the rating of any Notes then issued by the
                           Trustee of the Relevant Trust.

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                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
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2.3      POWERS

         Subject to this agreement, the Servicer has the express power, among
         other things, to the extent such action will not cause an Adverse
         Effect or cause breach of any Transaction Document in respect of a
         Relevant Trust:

         (a)      to waive any fees which may be collected in the ordinary
                  course of servicing the Loans or arrange the rescheduling of
                  interest due and unpaid following a default under any Loans;

         (b)      in its discretion, to waive any right in respect of any Loans
                  and Loan Securities in the ordinary course of servicing the
                  Loans and Loan Securities (including in accordance with its
                  normal collection procedures);

         (c)      to grant an extension of maturity beyond 30 years from the
                  date any Loan that relates to a Mortgage was made, when
                  required to do so by Law or a Government Agency. The
                  restriction on granting extensions that will have an Adverse
                  Effect will not apply where the extension is required by Law
                  or a Government Agency.; and

         (d)      to require any law firm preparing documents in relation to a
                  Loan or a Loan Security to use the pro forma documents in the
                  annexure or such other documents which will not have an
                  Adverse Effect in respect of the Relevant Trust.

2.4      RECORDS

         The Servicer will keep or cause to be kept proper separate accounting
         records and files of the Loans and Loan Securities in relation to each
         Relevant Trust and provide, collect and maintain such information as
         the Servicer may from time to time in writing be reasonably required to
         provide, collect or maintain in respect of those Loans and Loan
         Securities in order to provide the Services and perform its obligations
         under this Agreement. Such accounting records and files will be kept at
         the office of the Servicer or such other place as approved by the
         Trustee in writing and will be open to the inspection of the Trustee
         and/or the authorised agents of the Trustee. The Servicer will allow
         such persons to take copies of any such accounting records and files.

2.5      SERVICER'S POWER TO DELEGATE

         Without in any way affecting the generality of the above, the Servicer
         may in carrying out and performing its duties and obligations contained
         in this agreement:

         (a)      (DELEGATE TO EMPLOYEES) delegate to any of its officers and
                  employees all Services (whether or not requiring or involving
                  the Servicer's judgment or discretion);

         (b)      (APPOINT ATTORNEYS OR SUBCONTRACT) appoint any person to be
                  its attorney or agent or delegate to or subcontract with any
                  person for such purposes and with such powers, authorities and
                  discretions (not exceeding those vested in the Servicer) as
                  the Servicer thinks fit with:

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                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
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                  (i)      power for the attorney or agent to sub-delegate any
                           such powers, authorities or discretions;

                  (ii)     power to authorise the issue in the name of the
                           Servicer of documents bearing facsimile signatures of
                           the Servicer or of the attorney, agent or delegate
                           (either with or without proper manuscript signatures
                           of their officers);

                  (iii)    provisions for the protection and convenience of
                           those dealing with any such attorney, agent or
                           delegate as they may think fit; and

         (c)      (SUSPEND AGENTS AND SUB-AGENTS) supersede or suspend any such
                  attorney, agent or delegate for such cause or reason as the
                  Servicer may in its sole discretion think sufficient with or
                  without assigning any cause or reason and either absolutely or
                  for such time as it may think proper,

         but despite any delegation or appointment under the above paragraphs of
         this clause, the Servicer will remain liable for the performance of the
         Services in accordance with this agreement and for the acts or
         omissions of any officer, employee, attorney, agent, delegate,
         sub-delegate or sub-agent and will be solely responsible for the fees
         and expenses of such officer, employee, attorney, agent, delegate,
         sub-delegate or sub-agent.

2.6      SERVICER'S POWER TO APPOINT ADVISERS

         In accordance with its ordinary course of business, the Servicer may
         appoint and engage and act upon the opinion, advice or information
         obtained from any valuers, solicitors, barristers, accountants,
         surveyors, property managers, real estate agents, contractors,
         qualified advisers and such other persons as may be necessary, usual or
         desirable for the purpose of enabling the Servicer properly to exercise
         and perform its duties and obligations under this agreement.

3.       CUSTODY
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         (a)      The Servicer shall not have the right to possession of any
                  Relevant Documents relating to a Relevant Trust except with
                  the consent of the Trustee of that Relevant Trust.

         (b)      The Servicer shall in no way deal with any Relevant Documents
                  relating to a Relevant Trust unless directed by the Trustee of
                  that Relevant Trust or with that Trustee's prior consent.

         (c)      All Relevant Documents relating to the Authorised Investments
                  in relation to a Relevant Trust shall be promptly deposited
                  with the Trustee which shall retain them in safe custody. The
                  Trustee will have no liability as custodian of those documents
                  (except as otherwise provided in the Transaction Documents in
                  relation to the Relevant Trust).

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                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
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         (d)      Notwithstanding paragraphs (a) to (c), the Servicer shall have
                  access to any documents in order to provide the Services and
                  perform its obligations under this Agreement.

4.       UNDERTAKINGS
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4.1      SERVICING UNDERTAKINGS

         The Servicer undertakes that at all times during the Term it will:

         (a)      (NOTICE OF DEFAULT) give notice in writing to the Trustee and
                  the Designated Rating Agency of it becoming aware of the
                  occurrence of any Servicer Transfer Event;

         (b)      (COMPLIANCE WITH LAW)

                  (i)      maintain in effect all qualifications, consents,
                           licenses, permits, approvals, exemptions, filings and
                           registrations as may be required under any applicable
                           law in order properly to service the Loans and Loan
                           Securities and to perform or comply with its
                           obligations under this agreement; and

                  (ii)     comply with all Laws in connection with servicing the
                           Loans and Loan Securities;

         (c)      (DEFAULT) upon becoming aware that any default has occurred in
                  respect of any Loan:

                  (i)      promptly notify the Mortgage Insurer of that default
                           in accordance with the provisions of the relevant
                           Mortgage Insurance Policy;

                  (ii)     subject to obtaining the prior consent of the
                           Mortgage Insurer, promptly take such action as the
                           Servicer considers necessary in relation to such
                           default, including:

                           (A)      serving any notice of default upon the
                                    Obligor or any other party;

                           (B)      instituting and conducting legal proceedings
                                    against the Obligor or any other party; and

                           (C)      taking all necessary steps and engaging all
                                    necessary persons to sell the Subject
                                    Property pursuant to the exercise of the
                                    power of sale authorised by the relevant
                                    Loan Security; and

                  (iii)    otherwise enforce the Loan and Loan Security in
                           accordance with the directions and requirements of
                           the Mortgage Insurer;

         (d)      (INSURANCE POLICIES)

                  (i)      enter into:

                           (A)      Mortgage Insurance Policies; and

                           (B)      General Insurance Policies,

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                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
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                           for and on behalf of and in the name of the Trustee
                           and/or the mortgagee of a Loan Security whenever
                           required to do so, and ensure that the Trustee's
                           and/or mortgagee's interest is duly noted and/or
                           endorsed upon all such contracts;

                  (ii)     ensure by its conduct that no Mortgage Insurance
                           Policy or General Insurance Policy in relation to the
                           Loans and Loan Securities become invalid,
                           unenforceable or lapse; and

                  (iii)    not commit, or allow or cause to be committed, any
                           act or omission whereby any Mortgage Insurance Policy
                           or General Insurance Policy may be rendered void or
                           voidable at the option of the insurer.

         (e)      (NO SECURITY INTERESTS) not consent to the creation or
                  existence of any Security Interest in favour of a third party
                  in relation to any Mortgaged Property in connection with a
                  Loan and the Loan Security (other than as contemplated by the
                  relevant Transaction Documents):

                  (i)      without limiting sub-paragraph (e)(ii), unless
                           priority arrangements are entered into with that
                           third party under which the third party acknowledges
                           that the Loan and Loan Security rank ahead in
                           priority to the third party Security Interest on
                           enforcement for an amount not less than the Unpaid
                           Balance of the Loan plus such other amount as the
                           Servicer determines in accordance with its ordinary
                           course of business; or

                  (ii)     which would rank before or pari passu with the
                           relevant Loan and Loan Security;

         (f)      (VARY TERMS) not agree to any variation, amendment or
                  modification of any of the terms and conditions of any Loan or
                  Loan Security or do any act, matter or thing which could
                  constitute a diminution, restriction, waiver or modification
                  of the Trustee's rights under that Loan or Loan Security
                  without the Trustee's prior written consent.

         (g)      (OTHER MISCELLANEOUS THINGS) procure the stamping and
                  registration of all Relevant Documents for each Relevant Trust
                  (including documents which became Relevant Documents)
                  following any amendment, consolidation or other action, and in
                  the case of any registration of any Mortgage that registration
                  will result in the Mortgage having the ranking referred to in
                  the relevant eligibility criteria in the Series Notice. In
                  relation to any Mortgage that is not registered at the
                  relevant Closing Date, the Servicer will procure that it is
                  lodged for registration not later than 30 days after that
                  Closing Date;

         (h)      (SETTING THE INVESTMENT RATE) set the Investment Rate in
                  respect of any Relevant Trust as 0.25% higher than the
                  percentage rate of return on the Purchased Loans, and taking
                  into account the percentage rate of return being earned on
                  other Authorised Investments, which it determines will be
                  necessary to ensure that the Trustee has sufficient cash
                  available at all times to enable the Trustee to pay all
                  payments of

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                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
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                  Interest in respect of the Relevant Trust and otherwise comply
                  with all of the Trustee's duties and obligations under the
                  relevant Transactions Documents as and when they fall due,
                  including payment of any Approved Seller's Fee as and when it
                  falls due.

         (i)      (NOTIFICATION) notify:

                  (i)      the Trustee and the Trust Manager of any event which
                           it reasonably believes is likely to have an Adverse
                           Effect promptly after becoming aware of such event;
                           and

                  (ii)     the Trust Manager of anything else which the Trust
                           Manager reasonably requires regarding any proposed
                           modification to the terms of any Loan or Loan
                           Security;

         (j)      (PROVIDE INFORMATION AND ACCESS ON REQUEST) provide
                  information reasonably requested by the Trustee or the Trust
                  Manager, with respect to all matters relating to each Relevant
                  Trust and the assets of the relevant Trust, and the Trustee or
                  the Trust Manager believes reasonably necessary for it to
                  perform its obligations under the relevant Transaction
                  Documents, and upon reasonable notice and at reasonable times
                  permit the Trustee to inspect the Data Base in relation to
                  each Relevant Trust and the Relevant Documents;

         (k)      (COMPLY WITH OTHER OBLIGATIONS) comply with all its
                  obligations under any Transaction Document to which it is a
                  party;

         (l)      (PAY TAXES) subject to receiving payment from, or being
                  reimbursed by, the relevant Obligor or being indemnified by
                  the Trustee, pay all Taxes that relate to the Services (other
                  than any Tax on the income of a Trust) or ensure those Taxes
                  are paid or where such Taxes are incurred due to the default
                  or breach of duty by the Servicer;

         (m)      (NOT CLAIM) not claim any Security Interest over any Asset
                  (other than in accordance with the relevant Transaction
                  Documents);

         (n)      (COMPLY WITH SERIES NOTICE) comply with any undertaking
                  specified as an additional Servicer undertaking in a relevant
                  Series Notice, including providing the Trust Manager with any
                  information referred to in that Series Notice;

         (o)      (ACCOUNT TO TRUSTEE) regularly account to the Trustee in such
                  manner as prescribed by the Trustee from time to time;

         (p)      (ENFORCE LOANS) enforce the Trustee's rights pursuant to or in
                  connection with the Loans in accordance with the directions of
                  the Trustee in that regard and ensure prompt compliance by the
                  Obligor under each Loan;

         (q)      (ACT AS DIRECTED BY TRUSTEE) take all or any necessary steps
                  which the Trustee may direct the Servicer to take to ensure
                  that the Trustee's rights pursuant to or in connection with
                  the Loans are in no way diminished, restricted or modified;

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                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
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         (r)      (PERFORMING OR NON-PERFORMING LOANS) determine whether Loans
                  are performing or non-performing as required by the Master
                  Trust Deed and the Series Notice for the Relevant Trust; and

         (s)      (COLLECT MONEYS) arrange to collect all moneys paid or payable
                  under the Loans and Loan Securities and pay them into the
                  relevant Collection Account.

5.       REPORT BY SERVICER
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         On or before each date which is 3 Business Days before each Payment
         Date for each Relevant Trust, if so requested by the Trust Manager, the
         Servicer will prepare and submit to the Trust Manager a report and
         provide such other information as the Trust Manager reasonably requires
         to prepare its report (if any) under clause 17.16 of the Master Trust
         Deed.

6.       SERVICER FEES
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6.1      FEE

         The Trustee will in accordance with, and subject to, the relevant
         Series Notice (where the Series Notice so specifies) pay to the
         Servicer a fee for providing its services under this agreement in
         relation to each Trust.

6.2      EXPENSES OF SERVICER

         (a)      The Trustee will reimburse the Servicer for all legal and
                  selling expenses relating to the enforcement and recovery of
                  the Loans, including legal expenses, valuations, premiums on
                  force - placed insurance policies where the relevant Obligor
                  has cancelled or let lapse an insurance policy, rates and
                  taxes, any amount repaid to a liquidator or trustee in
                  bankruptcy under any applicable law, binding code, order or
                  decision of a court, tribunal or the like or based on the
                  advice of the Servicer's legal advisers, and other reasonable
                  amounts which the Servicer reasonably spends or incurs in
                  relation to the enforcement or sale, provided that where the
                  consent of an insurer under a Mortgage Insurance Policy is
                  required in order for an expense to be reimbursable by that
                  insurer, the Servicer will only be reimbursed where it has
                  obtained that consent.

         (b)      The Servicer will invoice the Trustee 3 Business Days before
                  each Payment Date in relation to each Relevant Trust for the
                  costs and expenses under paragraph (a), and will provide
                  reasonable details and supporting documentation in relation to
                  amounts to be reimbursed.

         (c)      This reimbursement will be in accordance with the relevant
                  Series Notice.

         (d)      Except as provided in this clause, the Servicer will be
                  responsible for all other costs and expenses of servicing the
                  Loans.

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                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
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7.       TERMINATION
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7.1      EXPIRY OF TERM

         This agreement will continue until the expiry of the Term.

7.2      SERVICER TRANSFER EVENT

         If the Trustee has actual knowledge of the occurrence of a Servicer
         Transfer Event, the Trustee will terminate this agreement with
         immediate effect. The Trustee will promptly give notice of that
         termination to the Trust Manager, the Servicer and the Designated
         Rating Agency.

7.3      RESIGNATION

         (a)      The Servicer shall not resign without first giving 3 months'
                  notice to the Designated Rating Agency, the Trust Manager
                  (where the Servicer is not the Trust Manager) and the Trustee.
                  The Trust Manager (where the Servicer is not the Trust
                  Manager) and the Trustee shall use reasonable endeavours to
                  procure the appointment of a replacement Servicer which is an
                  Eligible Servicer. The Servicer shall assist the Trust Manager
                  (where the Servicer is not the Trust Manager) and the Trustee
                  in procuring such appointment if requested.

         (b)      When a notice under paragraph (a) is given, the Trustee and
                  the Trust Manager (where the Servicer is not the Trust
                  Manager) shall be entitled to appoint some other person to be
                  the Servicer of the relevant Trust provided that person is an
                  Eligible Servicer.

         (c)      Subject to paragraph (d) below, until a replacement Servicer
                  is appointed under paragraph (b) above, the Servicer must
                  continue to act as Servicer and shall be entitled to the fee
                  payable under clause 6 while so acting.

         (d)      If an Eligible Servicer is not appointed by the expiry of the
                  3 month notice period given under paragraph (a) above, the
                  Trust Manager (or if the retiring Servicer is the Trust
                  Manager, the Trustee) must itself act as Servicer and shall be
                  entitled to the fee payable under clause 6 (if any) while so
                  acting.

7.4      UPON TERMINATION OR RESIGNATION

         Where:

         (a)      the Trustee has terminated this agreement in accordance with
                  the provisions of clause 7.2; or

         (b)      the Servicer has resigned in accordance with clause 7.3,

         each of the following applies.

         (c)      The Servicer will, as soon as practicable, deliver any
                  Relevant Documents in its possession to the Trustee, or as it
                  directs. If the Servicer has not done so within 10 Business
                  Days (or such longer

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                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
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                  period as the Trustee permits) the Trustee will enter any
                  premises where the Relevant Documents are kept, take
                  possession of and remove the Relevant Documents. The Servicer
                  will assist in doing so. If the Trustee does not have
                  possession of the Relevant Documents within the specified
                  period of 10 Business Days it will, to the extent that it has
                  information available to it to do so, lodge caveats in
                  relation to the Loans and Loan Securities for which it does
                  not hold the Relevant Documents.

         (d)      The Servicer will promptly transfer at its own cost to the
                  Trustee or as the Trustee directs the relevant information
                  held or maintained by the Servicer in relation to this
                  agreement, the Loans or Loan Securities.

         (e)      The Trustee may appoint any other person to perform all or
                  part of the obligations the Servicer has undertaken to perform
                  under this agreement or to service any of the Loans.

7.5      SURVIVAL

         The obligations of the Servicer under clause 7 survive the termination
         of this agreement.

7.6      RELEASE OF OUTGOING SERVICER

         Except as provided in clause 7.5, upon retirement or removal and
         provided there has been payment to the Trustee of all sums due to it by
         the outgoing Servicer under this deed at that date, the outgoing
         Servicer will be released from all further obligations under this deed
         but no release under this clause will extend to any existing or
         antecedent fraud, negligence or wilful default on the part of the
         outgoing Servicer or its officers, employees, agents or delegates.

7.7      NEW SERVICER TO EXECUTE DEED

         (a)      A new Servicer will execute a deed in such form as the Trustee
                  may reasonably require under which the new Servicer will
                  undertake to the Trustee and other relevant parties to be
                  bound by all the covenants on the part of the Servicer under
                  the Transaction Documents from the date of execution of the
                  new deed on the same terms contained in the Transaction
                  Documents.

         (b)      On and from the date of execution of the new deed, the new
                  Servicer will and may afterwards exercise all the powers,
                  enjoy all the rights and will be subject to all the duties and
                  obligations of the Servicer under the Transaction Documents as
                  fully as though the new Servicer had been originally named as
                  a party to it.

7.8      SETTLEMENT AND DISCHARGE

         The Trustee will settle with the outgoing Servicer the amount of any
         sums payable by the outgoing Servicer to the Trustee or by the Trustee
         to the outgoing Servicer and will give to or accept from the outgoing
         Servicer a discharge in respect of those sums which will be conclusive
         and binding as

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                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
--------------------------------------------------------------------------------

         between the Trustee, the outgoing Servicer, the new Servicer, the Trust
         Manager, the Beneficiaries and the Noteholders.

8.       INDEMNITY
--------------------------------------------------------------------------------

8.1      INDEMNITY

         Subject to the succeeding provisions of this clause, the Servicer fully
         indemnifies the Trustee from and against any expense, loss, damage or
         liability which the Trustee may incur as a consequence of a Servicer
         Transfer Event, or a failure by the Servicer to perform its duties
         under this agreement, including a failure to deliver the Relevant
         Documents to the Trustee when it is required to do so in accordance
         with this agreement.

8.2      LIMITATION OF LIABILITY

         The Servicer is not liable:

         (a)      in connection with anything done by it in good faith in
                  reliance upon any document, form or list provided by or on
                  behalf of the Trustee except when it has actual knowledge, or
                  ought reasonably know, that the document, form or list is not
                  genuine;

         (b)      if it fails to do anything because it is prevented or hindered
                  from doing it by any Law; or

         (c)      subject to the Corporations Law, if a person (other than a
                  delegate or agent of the Servicer) fails to carry out an
                  agreement with the Trustee or the Servicer in connection with
                  the Services (except when the failure is due to the Servicer's
                  own fraud, negligence or wilful default).

8.3      NO LIABILITY FOR ACTS OF CERTAIN PERSONS

         If the Servicer relies in good faith on an opinion, advice, information
         or statement given to it, by a person the Servicer is not liable for
         any misconduct, mistake, oversight, error of judgment, forgetfulness or
         want of prudence on the part of that person, except:

         (a)      when the person is not independent from the Servicer;

         (b)      it would not be reasonable to rely upon the opinion, advice,
                  information or statement from the person who gives it; or

         (c)      where that person is a delegate or agent of the Servicer.

         A person will be regarded as independent notwithstanding that the
         person acts or has acted as adviser to the Servicer so long as separate
         instructions are given by the Servicer to that person.

8.4      NO LIABILITY FOR LOSS ETC

         The Servicer is not liable:

         (a)      for any loss, cost, liability or expense arising out of the
                  exercise or non-exercise of a discretion by the Trustee or the
                  Trust Manager or

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                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
--------------------------------------------------------------------------------

                  the act or omission of the Trustee or the Trust Manager except
                  to the extent that it is caused by the Servicer's own fraud,
                  negligence or wilful default; or

         (b)      for any loss, cost, liability or expense caused by its failure
                  to check any information, document, form or list supplied or
                  purported to be supplied to it by the Trustee or the Trust
                  Manager except to the extent that the loss is caused by the
                  Servicer's own fraud, negligence or wilful default.

         This exclusion does not apply in relation to the acts or omissions of
         the Trust Manager for so long as the Servicer is the Trust Manager.

8.5      METHOD OF CLAIMING UNDER INDEMNITY

         The Servicer will not be obliged to pay any indemnity under this
         agreement, unless:

         (a)      the Trustee first establishes that there has been a breach;

         (b)      the indemnity claimed represents no more than the loss
                  incurred; and

         (c)      the Trustee first gives the Servicer a written notice
                  specifying:

                  (i)      the quantum of the claim; and

                  (ii)     the basis of the claim.

8.6      TIME OF PAYMENT

         The Servicer will pay any amount it is required to pay under this
         clause within 7 Business Days of receipt of notice under clause 8.5.

9.       REPRESENTATIONS AND WARRANTIES
--------------------------------------------------------------------------------

9.1      REPRESENTATIONS AND WARRANTIES

         The Servicer makes the representations and warranties in clause 31 of
         the Master Trust Deed in relation to itself for the benefit of the
         Trustee.

9.2      RELIANCE

         The Servicer acknowledges that the Trustee has entered into this
         agreement in reliance on the representations and warranties in clause
         9.1.

9.3      SURVIVAL OF REPRESENTATIONS AND INDEMNITIES

                  (a)      All representations and warranties in a Transaction
                           Document survive the execution and delivery of the
                           Transaction Documents.

                  (b)      Each indemnity in this agreement:

                           (i)      is a continuing obligation;

                           (ii)     is a separate and independent obligation;
                                    and

                           (iii)    survives termination or discharge of this
                                    agreement.

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                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
--------------------------------------------------------------------------------

10.      ADMINISTRATIVE PROVISIONS
--------------------------------------------------------------------------------

10.1     NOTICES

         (a)      (METHOD OF DELIVERY) Subject to paragraph (d) any notice,
                  request, certificate, approval, demand, consent or other
                  communication to be given under this deed must:

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

                  (ii)     be:

                           (A)      left at the address of the addressee;

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

                           (C)      by facsimile to the facsimile number of the
                                    addressee; or

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

         (b)      (ADDRESS FOR NOTICES) The address and facsimile number of a
                  party is the address and facsimile number notified by that
                  party to the other parties from time to time.

         (c)      (DEEMED RECEIPT) A notice, request, certificate, demand,
                  consent or other communication under this deed is deemed to
                  have been received:

                  (i)      where delivered in person, upon receipt;

                  (ii)     where sent by post, on the third (seventh if outside
                           Australia) day after posting;

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

                  (iv)     where sent by email, on the date that the email is
                           received.

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

         (d)      (EMAIL) A notice, request, certificate, approval, demand,
                  consent or other communication to be given under this deed may
                  only be given by email where the recipient has agreed that
                  that communication, or communications of that type, may be
                  given by email.

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                                                                         Page 14

                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
--------------------------------------------------------------------------------

10.2     GOVERNING LAW AND JURISDICTION

         This agreement is governed by the laws of New South Wales. Each of the
         Servicer, the Trust Manager and the Trustee submits to the
         non-exclusive jurisdiction of courts exercising jurisdiction there.

10.3     ASSIGNMENT

         No party may assign, novate, transfer or otherwise deal with its
         obligations under this agreement other than in accordance with the
         provisions of the Master Trust Deed or the Series Notice of the
         Relevant Trust.

10.4     AMENDMENT

         (a)      Subject to paragraphs (b) and (c), the parties may by an
                  agreement in writing make any variation, amendment or addition
                  to this agreement which they think proper having regard to all
                  the circumstances of the case subject to:

                  (i)      the Designated Rating Agency confirming that the
                           variation, amendment or addition will not affect the
                           credit rating of any Notes in relation to the
                           Relevant Trust, and

                  (ii)     the Trust Manager certifying to the Trustee that, in
                           the Trust Manager's opinion, the variation, amendment
                           or addition will not materially and adversely affect
                           the rights of any relevant Noteholder,

                  and after the execution of any such agreement this Agreement
                  shall be construed and take effect as varied, amended or added
                  to.

         (b)      Where a Designated Rating Agency indicates that such
                  variation, amendment or addition will adversely affect the
                  credit rating of all Notes or, if in the Trust Manager's
                  opinion, the rights of all Noteholders would be materially and
                  adversely affected by such variation amendment or addition
                  then the variation, amendment or addition may only be effected
                  by Extraordinary Resolution of all Noteholders.

         (c)      Where a Designated Rating Agency indicates that such
                  variation, amendment or addition will adversely affect the
                  credit rating of Notes in only one or some (but not all) of
                  the Classes of Notes or, if in the Trust Manager's opinion,
                  the rights of Noteholders in only one or some (but not all) of
                  the Classes of Notes would be materially and adversely
                  affected by such variation, amendment or addition then the
                  variation, amendment or addition may only be effected by
                  Extraordinary Resolution of Noteholders of that Class or those
                  Classes of Notes.

         (d)      The Trust Manager shall give the Designated Rating Agency at
                  least five Business Days' notice prior to:

                  (i)      the parties effecting any variation, amendment or
                           addition to this agreement pursuant to paragraph (a);
                           or

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                                                                         Page 15

                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
--------------------------------------------------------------------------------

                  (ii)     the date upon which a meeting of Noteholders is to be
                           held which will consider a resolution involving any
                           such variation, amendment or addition,

                  and upon any such variation, amendment or addition being
                  effected then the Trust Manager shall notify the Designated
                  Rating Agency.

10.5     SEVERABILITY CLAUSE

         Any provisions of any Transaction Document which are prohibited or
         unenforceable in any jurisdiction are ineffective to the extent of the
         prohibition or unenforceability. That does not invalidate the remaining
         provisions of that Transaction Document nor affect the validity or
         enforceability of that provision in any other jurisdiction.

10.6     COSTS AND EXPENSES

         (a)      (TRUSTEE'S COSTS AND EXPENSES) On demand the Servicer will
                  reimburse the Trustee for the reasonable expenses of the
                  Trustee (as applicable) in relation to any enforcement of this
                  agreement against the Servicer or the Trust Manager including
                  in each case legal costs and expenses at the usual commercial
                  rates of the legal services provider and each party will bear
                  their own costs (other than legal costs) relating to the
                  preparation execution and completion of this agreement.

         (b)      (STAMP DUTY) The Servicer will pay all stamp and registration
                  Taxes (including fines and penalties) which may be payable or
                  determined to be payable in relation to the execution,
                  delivery, performance or enforcement of this agreement.

         (c)      (SERVICES COSTS AND EXPENSES) In accordance with the Series
                  Notice, the Trustee will reimburse the Servicer for the
                  reasonable expenses of the Servicer in relation to any
                  enforcement of this agreement including in each case legal
                  costs and expenses charged at the usual commercial rates of
                  the legal services provider.

10.7     WAIVERS: REMEDIES CUMULATIVE

         (a)      No failure on the part of a party to exercise and no delay in
                  exercising any right, power or remedy under any Transaction
                  Document operates as a waiver. Nor does any single or partial
                  exercise of any right, power or remedy preclude any other or
                  further exercise of that or any other right, power or remedy.

         (b)      The rights, powers and remedies provided to the Trustee in the
                  Transaction Documents are in addition to any right, power or
                  remedy provided by law.

10.8     GIVE EFFECT

         Each party will sign, execute, do and perform all such other documents,
         instruments, writings, acts, matters and things as may be necessary or
         desirable to give effect to this agreement.

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                                                                         Page 16

                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
--------------------------------------------------------------------------------

EXECUTED in Sydney.

Each attorney executing this agreement states that he has no notice of
revocation or suspension of his power of attorney.

SERVICER

SIGNED on behalf of             )
INTERSTAR SECURITIES            )
(AUSTRALIA) PTY LIMITED         )
by its attorney                 )
in the presence of:             )

                                    --------------------------------------------
                                    Signature

---------------------------------   --------------------------------------------
Witness                             Print name

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

TRUSTEE

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

                                    --------------------------------------------
                                    Signature

---------------------------------   --------------------------------------------
Witness                             Print name

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

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                                                                         Page 17

                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
--------------------------------------------------------------------------------

TRUST MANAGER

SIGNED on behalf of             )
INTERSTAR SECURITIES            )
(AUSTRALIA) PTY LIMITED         )
by its attorney                 )
in the presence of:             )

                                    --------------------------------------------
                                    Signature

---------------------------------   --------------------------------------------
Witness                             Print name

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

--------------------------------------------------------------------------------
                                                                         Page 18

                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
--------------------------------------------------------------------------------

ANNEXURE

PRO FORMA DOCUMENTS FOR LOANS AND LOAN SECURITIES

--------------------------------------------------------------------------------
                                                                         Page 19(MULTICURRENCY--CROSS BORDER)

                                    ISDA(R)

                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT

                     dated as of _____________________ 2005

                                        PERPETUAL TRUSTEES VICTORIA
NATIONAL AUSTRALIA BANK                 LIMITED (ABN 47 004 027 258) IN ITS
LIMITED (ABN 12 004 044 937)            CAPACITY AS TRUSTEE OF THE INTERSTAR
("PARTY A")                             MILLENNIUM SERIES 2005-1G TRUST (IN THAT
                                        CAPACITY, "PARTY B")

                                      AND

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

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.

     (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

          (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

     (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

(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

     (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

          (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

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

     (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

          (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

(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
into the 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,
powers, 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

     (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

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

"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

"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

"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

"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

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

18 ISDA(R) 1992

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

                                    SCHEDULE

                                     TO THE

                              ISDA MASTER AGREEMENT

                       DATED AS OF                    2005
                                   ------------------

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 2005-1G 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

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INTEREST RATE SWAP SCHEDULE
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     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

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

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                                                                         Page 21

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

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          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 16
                500 Bourke Street
                Melbourne  VIC  3000

     Attention: Manager, Documentation

     Fax No:    (03) 1300 731 776

     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) 8256 1422

     Address for notices or communications to the Trust Manager:

     Address:   Level 10
                101 Collins Street
                Melbourne  VIC  3000

     Attention: Chief Financial Officer

     Fax No:    (03) 9614 6226

(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.

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(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

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          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

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     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:

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     "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

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                    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

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               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 Wholesale Finance Pty Limited (formerly 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 2005-1G 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

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          (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

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               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

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          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, or 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 short term credit
                    rating of P-1 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;

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          (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)

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     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

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

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

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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

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