Document:

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                                                                   Series Notice

                                             Perpetual Trustees Victoria Limited

                                 Interstar Securitisation Management Pty Limited

                                    Interstar Securities (Australia) Pty Limited

                                              Interstar Nominees (B) Pty Limited

                                              Interstar Nominees (R) Pty Limited

                                               Perpetual Trustee Company Limited

                                           The Bank of New York, New York branch

                                                     INTERSTAR MILLENNIUM TRUSTS
                                       INTERSTAR MILLENNIUM SERIES 2003-1G TRUST

                                                               The Chifley Tower
                                                                2 Chifley Square
                                                               Sydney  NSW  2000
                                                                       Australia
                                                             Tel  61 2 9230 4000
                                                             Fax  61 2 9230 5333
                                                                  www.aar.com.au

                                       (C) Copyright Allens Arthur Robinson 2003

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Series Notice                                                                          Allens Arthur Robinson
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TABLE OF CONTENTS

1.       INTRODUCTION                                                                                      1

2.       TRUST                                                                                             1

3.       DEFINITIONS AND INTERPRETATION                                                                    2

         3.1      Definitions                                                                              2
         3.2      Interpretation                                                                          22
         3.3      Liability                                                                               22
         3.4      Payment to be made on Business Day                                                      23

4.       NOTES                                                                                            23

         4.1      Conditions of Notes                                                                     23
         4.2      Summary of conditions of Notes                                                          23
         4.3      Issue of Notes                                                                          25
         4.4      Trustee's Covenant to Noteholders                                                       25
         4.5      Repayment of Notes on Principal Repayment Dates                                         25
         4.6      Final Redemption                                                                        26
         4.7      Period during which interest accrues                                                    26
         4.8      Calculation of Interest                                                                 26
         4.9      Aggregate receipts                                                                      27
         4.10     Ownership of Notes                                                                      27
         4.11     Taxation                                                                                27

5.       CLASS A1 NOTES                                                                                   27

         5.1      Note Issue Direction for Class A1 Notes                                                 27
         5.2      Conditions to Note Issue Direction                                                      28
         5.3      Terms of Note Issue Direction                                                           28

6.       CASHFLOW ALLOCATION METHODOLOGY                                                                  28

         6.1      General                                                                                 28
         6.2      Calculations                                                                            28
         6.3      Redraws                                                                                 30
         6.4      Liquid Authorised Investments                                                           30
         6.5      Interest and other payments                                                             30
         6.6      Repayments of Principal Amount and Redemption of Notes                                  34
         6.7      Charge-offs                                                                             39
         6.8      Payments into US$ Account                                                               39
         6.9      Payments out of US$ Account                                                             40
         6.10     Rounding of amounts                                                                     40
         6.11     Prescription                                                                            41
         6.12     Replacement of Currency Swaps                                                           41
         6.13     Payment Priorities Following enforcement of the Security Trust Deed                     41

7.       MASTER TRUST DEED, INVESTMENT MANAGEMENT AGREEMENT AND REPRESENTATIONS,
         WARRANTIES AND UNDERTAKINGS                                                                      42

         7.1      Completion of details in relation to Master Trust Deed                                  42
         7.2      Amendments to Master Trust Deed                                                         43

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         7.3      Amendments to Investment Management Agreement                                           55
         7.4      Additional Representations and Warranties - Approved Seller and Trustee                 57
         7.5      Additional Representations and Warranties - Trust Manager                               59
         7.6      Additional Undertakings - Trustee                                                       59
         7.7      Additional Undertakings - Trust Manager and Servicer                                    61
         7.8      Additional Representations and Warranties (Loans) - Servicer                            63
         7.9      Repetition of Representations, Warranties and Undertakings                              64

8.       TRANSFERS TO OTHER TRUST                                                                         64

9.       PREFUNDING                                                                                       65

10.      BENEFICIARY                                                                                      66

         10.1     Issue of Units                                                                          66
         10.2     Residual Capital Unit                                                                   66
         10.3     Residual Income Unit                                                                    66
         10.4     Register                                                                                67
         10.5     Transfer of Units                                                                       67
         10.6     Limit on rights                                                                         68

11.      NOTE TRUSTEE                                                                                     68

         11.1     Capacity                                                                                68
         11.2     Exercise of Rights                                                                      68
         11.3     Representation and warranty                                                             68
         11.4     Payments                                                                                68

12.      TAX REFORM                                                                                       69

         12.1     Taxation of trusts and consolidated groups                                              69
         12.2     Amending Bill - taxation of trusts                                                      69
         12.3     Group tax liabilities                                                                   70
         12.4     Evidence of tax sharing agreement                                                       70
         12.5     Objective                                                                               71
         12.6     Beneficiaries                                                                           71

13.      ATTORNEYS                                                                                        71

14.      GOVERNING LAW                                                                                    71

15.      ANCILLIARY FACILITIES                                                                            72

         15.1     Ancillary Facilities                                                                    72
         15.2     Record keeping obligations of Trust Manager                                             73

SCHEDULE 1                                                                                                75

SCHEDULE 2                                                                                                79
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Series Notice                                             Allens Arthur Robinson
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INTERSTAR MILLENNIUM SERIES 2003-1G TRUST

1.       INTRODUCTION
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         This Series Notice is issued on                      2003 pursuant to
         and subject to the Master Trust Deed dated 2 December 1999 (the MASTER
         TRUST DEED) between:

         PERPETUAL TRUSTEES VICTORIA LIMITED (ABN 42 004 027 258) of Level 4,
         333 Collins Street, Melbourne, Victoria in its capacity as trustee of
         Interstar Millennium Series 2003-1G Trust (the TRUSTEE);

         INTERSTAR SECURITISATION MANAGEMENT PTY LIMITED (ACN 100 346 898) of
         Level 28, 367 Collins Street, Melbourne, Victoria in its capacity as
         Trust Manager (the TRUST MANAGER);

         INTERSTAR SECURITIES (AUSTRALIA) PTY LIMITED (ABN 72 087 271 109) of
         Level 28, 367 Collins Street, Melbourne, Victoria in its capacity as
         Servicer (the SERVICER);

         INTERSTAR NOMINEES (B) PTY LIMITED (ABN 15 075 329 412), INTERSTAR
         SECURITIES (AUSTRALIA) PTY LIMITED (ABN 72 087 271 109) and INTERSTAR
         NOMINEES (R) PTY LIMITED (ABN 57 092 315 716) each of Level 28, 367
         Collins Street, Melbourne, Victoria (each an APPROVED SELLER);

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

         THE BANK OF NEW YORK, NEW YORK BRANCH of 101 Barclay Street, 21W, New
         York, New York 10286 (the CALCULATION AGENT, the PRINCIPAL PAYING AGENT
         and the NOTE REGISTRAR and, in its capacity as trustee for the US$
         Noteholders, the NOTE TRUSTEE).

         This Series Notice is issued by the Trust Manager and applies in
         respect of the Interstar Millennium Series 2003-1G Trust.

         Each party to this Series Notice agrees to be bound by the Transaction
         Documents as amended by this Series Notice in the capacity set out with
         respect to them in this Series Notice or the Master Trust Deed.

         The parties agree that each Approved Seller is to be an Approved Seller
         for the purposes of the Master Trust Deed, this Series Notice and the
         other Transaction Documents for the Trust.

         The parties agree that the Servicer is to be a Servicer for the
         purposes of the Master Trust Deed, this Series Notice and the other
         Transaction Documents for the Trust.

         The parties agree that the Security Trustee is to be a Security Trustee
         for the purposes of the Master Trust Deed, this Series Notice and other
         Transaction Documents for the Trust.

2.       TRUST
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         The parties agree that the Trust will be a TRUST for the purposes of
         the Transaction Documents.

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Series Notice                                             Allens Arthur Robinson
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3.       DEFINITIONS AND INTERPRETATION
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3.1      DEFINITIONS

         Unless otherwise defined in this Series Notice, words and phrases
         defined in the Master Trust Deed have the same meaning where used in
         this Series Notice.

         In this Series Notice, and for the purposes of the definitions in the
         Master Trust Deed, the following terms have the following meanings
         unless the contrary intention appears. These definitions apply only in
         relation to the Trust, and do not apply to any other Trust (as defined
         in the Master Trust Deed).

         A$ EXCHANGE RATE means, on any date:

         (a)      in relation to the Class A2 Notes, the rate of exchange (set
                  as at the commencement of the Class A2 Currency Swap)
                  applicable under the Class A2 Currency Swap for the exchange
                  of US dollars for Australian dollars; and

         (b)      in relation to the Class B1 Notes, the rate of exchange (set
                  as at the commencement of the Class B1 Currency Swap)
                  applicable under the Class B1 Currency Swap for the exchange
                  of US dollars for Australian dollars.

         ACCEPTABLE INSURANCE POLICY means a policy of insurance effected by the
         Servicer:

         (a)      with an insurance company whose claims paying ability has an
                  assigned rating of not less than BBB by S&P and Baa2 by
                  Moody's or is otherwise acceptable to Moody's; and

         (b)      which provides insurance cover (for an amount of not less than
                  A$500,000) to the Servicer in relation to the payment of any
                  Penalty Payment by the Servicer.

         ADDITIONAL REPAYMENT means any repayment of principal made by an
         Obligor under a Loan held by the Trustee which is in addition to the
         scheduled repayments or instalments which the Obligor is legally
         obliged to make in accordance with the terms of the Obligor's Loan
         Agreement.

         ADVERSE EFFECT means an event which will materially and adversely
         affect the amount of any payment to be made to any Noteholder, or will
         materially and adversely affect the timing of such payment, (including
         the withdrawal, qualification or downgrade of the rating of a Note by
         any Designated Rating Agency).

         AGENCY AGREEMENT means the Agency Agreement dated on or about the date
         of this Series Notice between the Principal Paying Agent, the Note
         Registrar, the Calculation Agent, the Trustee, the Note Trustee and the
         Trust Manager.

         AGGREGATE PRINCIPAL LOSS AMOUNT means, in relation to a Collection
         Period, an amount equal to the aggregate of all Principal Losses for
         that Collection Period.

         ANCILLARY FACILITY means any of the following facilities provided to
         the Obligors in relation to the Loans of the Trust:

         (a)      cheque book facility;

         (b)      paperless direct debit facility;

         (c)      paperless direct credit facility;

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         (d)      credit card facility;

         (e)      debit card facility;

         (f)      deposit facility;

         (g)      payment facility known as "BPAY"; or

         (h)      any other credit or financial facility or form of financial
                  accommodation to those Obligors, of a type approved by each
                  Designated Rating Agency with respect to the Trust.

         ANCILLARY FACILITY DOCUMENT means any document from time to time in
         relation to an Ancillary Facility and includes:

         (a)      the Cheque Deposit and Direct Paperless Entry Facilities
                  Agreement between NAB, the Servicer and Perpetual Trustees
                  Victoria Limited (the FACILITIES AGREEMENT);

         (b)      the Collateral Agreement between NAB, the Servicer and
                  Perpetual Trustees Victoria Limited; and

         (c)      the Consent Deed between NAB, Interstar Nominees (B) Pty
                  Limited, Interstar Nominees (N) Pty Limited; Interstar
                  Nominees (R) Pty Limited, the Servicer, Interstar Home Loan
                  Corporation Pty Ltd, Perpetual Trustees Victoria Limited,
                  Perpetual Trustee Company Limited and the Warehouse Financiers
                  listed in that document,

         in relation to the provision of Ancillary Facilities.

         APPROVED BANK means a Bank which has a short term rating of at least
         A-1+ from S&P and P-1 from Moody's and which is approved by the Trust
         Manager in writing.

         APPROVED SELLER means:

         (a)      any person which is a party to this Series Notice as an
                  Approved Seller; or

         (b)      any person which the Trust Manager notifies the Trustee is an
                  Approved Seller for the purposes of this Series Notice and who
                  executes a Seller Accession Certificate.

         APPROVED SELLER'S FEE has the meaning given in clause 7.1(c).

         ARREARS subsist in relation to a Loan held by the Trustee if the
         Obligor under that Loan fails to pay any amount due under that Loan on
         the day it was due.

         ASSET means any asset of the Trust from time to time including any
         Loan, Mortgage or Related Security specified in a Sale Notice which are
         to be acquired in favour of the Trust, or any Authorised Investment
         acquired by the Trust or the Trustee's rights under any Support
         Facility.

         AUTHORISED INVESTMENTS has the meaning given to it in the Master Trust
         Deed (as amended by this Series Notice) and includes deposits by the
         Trustee with an Approved Bank as contemplated under any Ancillary
         Facility Document and Liquid Authorised Investments.

         AUTHORISED SWAP PROVIDER means a counterparty rated at least A-1 (short
         term) by S&P and A2 (long term) or P-1 (short term) by Moody's.

         BANK means:

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         (a)      a corporation authorised under the Banking Act 1959 (Cth) to
                  carry on general banking business in Australia or a
                  corporation formed or incorporated under an Act of the
                  Parliament of an Australian jurisdiction to carry on the
                  general business of banking;

         (b)      a person authorised under the Financial Services and Markets
                  Act 2000 (UK) to carry on a business of accepting deposits;
                  or

         (c)      a banking institution or trust company organised or doing
                  business under the laws of the United States of America or any
                  state of it.

         BANK BILL RATE means as at any date the rate per cent per annum being
         the average of the buying and selling rates for a 30 day bill (or, in
         the case of the first Interest Period for a Class B Note, the linear
         interpolation of the Cash Rate and the average of the buying and
         selling rates for a 30 day bill) quoted on the page designated "BBSW"
         of the Reuters Monitor System at or about 10.30 am (Melbourne time) on
         that date by each person so quoting (but not less than five) and
         rounding the resultant figure upwards to four decimal places, provided
         that if in respect of any date the BANK BILL RATE cannot be determined
         because fewer than five persons have quoted rates or a rate is not
         displayed for a term equivalent to that period, then the BANK BILL RATE
         for that date shall mean such rate as determined by the Trust Manager
         or a Financial Advisor nominated by the Trust Manager having regard to
         comparable indices then available. In the event that any such date is
         not a Business Day, then the BANK BILL RATE applicable on that date
         shall be deemed to be the BANK BILL RATE which is applicable on the
         Business Day next succeeding that date. A certificate signed by the
         Trust Manager or a Financial Advisor nominated by the Trust Manager
         certifying as to the BANK BILL RATE on any date shall be final and
         conclusive evidence thereof in the absence of manifest error.

         BENEFICIARY means, in relation to the Trust, each holder of a Unit (as
         defined in clause 10).

         BENEFICIARY DISTRIBUTION means a distribution to a Residual Income
         Beneficiary under clause 6.5(a)(xii) or clause 6.6(a)(i)(E).

         BREAK COSTS means any break costs or payments in the nature of
         compensation which are payable by the Trustee to a Swap Provider
         consequent upon the early termination of a Hedge Agreement and where
         such break costs or compensation are not recoverable by the Trustee
         from any other person. Without limiting the foregoing, Break Costs do
         not include any costs or payments payable to a Swap Provider by the
         Trustee to the extent such costs or payments are recoverable by the
         Trustee from Break Payments.

         BREAK PAYMENT means any amount owed by an Obligor under a Loan which is
         subject to a fixed rate of interest and which amount is owed following
         payment by that Obligor of any principal before the due date for that
         principal, in accordance with the terms of the relevant Loan Agreement
         (and includes any amount owed by the relevant Mortgage Insurer with
         respect to the obligation of that Obligor to pay any such amount).

         BUSINESS DAY means any day, other than a Saturday, Sunday or public
         holiday, on which Banks are open for business in London, New York City,
         Melbourne and Sydney.

         CALCULATION AGENT means initially The Bank of New York, New York branch
         or such other person appointed as calculation agent under the Agency
         Agreement.
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         CARRYOVER CHARGE-OFF means, in relation to a Payment Date, the
         aggregate amount of all Charge-offs made prior to that Payment Date and
         which have not been reduced under clause 6.5(a)(ix) prior to that
         Payment Date.

         CASH RATE means, in relation to the first Interest Period for a Class B
         Note, the RBA Cash Rate Target appearing on the Reuters screen page
         "RBA27" at approximately 8.30am (Melbourne time) on the first day of
         that Interest Period, rounded upwards (if necessary) to four decimal
         places. If for any reason the Cash Rate cannot be determined on that
         day in accordance with the foregoing procedures the Cash Rate will be
         such rate as is conclusively determined by the Trust Manager or a
         Financial Advisor nominated by the Trust Manager having regard to
         comparable indices then available.

         CHARGE-OFF means, in relation to a Payment Date, the amount (if any) by
         which the Aggregate Principal Loss Amount for the corresponding
         Collection Period exceeds the amount allocated or available for
         allocation on that Payment Date under clause 6.5(a)(viii).

         CLASS A NOTE means a Note issued as a Class A1 Note or a Class A2 Note
         with the characteristics of a Class A1 Note or a Class A2 Note (as the
         case may be) under this Series Notice.

         CLASS A NOTEHOLDER means a Noteholder of a Class A Note.

         CLASS A1 NOTE means a Note issued as a Class A1 Note by the Trustee
         with the characteristics of a Class A1 Note under this Series Notice.

         CLASS A1 NOTEHOLDER means a Noteholder of a Class A1 Note.

         CLASS A2 A$ EQUIVALENT means, in relation to an amount denominated or
         to be denominated in US$:

         (a)      prior to the termination of the Class A2 Currency Swap, the
                  amount converted to (and denominated in) A$ at the A$ Exchange
                  Rate in relation to the Class A2 Notes; and

         (b)      after the termination of the Class A2 Currency Swap, the
                  amount that, when converted into US dollars at the
                  then-prevailing spot exchange rate in New York City for
                  Australian dollar purchases of US dollars, will equal the US
                  dollar amount owing in respect of principal or interest, as
                  applicable, on the Class A2 Notes to be paid from or by
                  reference to such amount.

         CLASS A2 A$ INTEREST AMOUNT means, in relation to a Payment Date, the
         amount in Australian dollars calculated as follows:

         (a)      on a daily basis at a rate equal to the aggregate of the Bank
                  Bill Rate and the Spread (as defined in the Class A2 Currency
                  Swap) for the relevant Class A2 Currency Swap Payment Period;

         (b)      on the Class A2 A$ Equivalent of the Class A2 Currency Swap
                  Notional Amount for that Payment Date; and

         (c)      on the basis of the actual number of days in the relevant
                  Class A2 Currency Swap Payment Period and a year of 365
                  days.

         CLASS A2 CURRENCY SWAP NOTIONAL AMOUNT means:

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         (a)      in relation to a Payment Date which is two Payment Dates
                  immediately preceding a Quarterly Payment Date, the aggregate
                  Principal Amount of the Class A2 Notes as at the first day of
                  the relevant Quarterly Period;

         (b)      in relation to a Payment Date immediately preceding a
                  Quarterly Payment Date, an amount equal to:

                  (i)     the aggregate Principal Amount of the Class A2 Notes
                          as at the first day of the relevant Quarterly Period;
                          minus

                  (ii)    the Class A2 US$ Equivalent of the amount available
                          for application under clause 6.6(h)(i)(A),
                          6.6(h)(i)(B), 6.6(i)(i)(A) or 6.6(i)(i)(B) on the
                          immediately preceding Payment Date; and

         (c)      in relation to a Payment Date which is also a Quarterly
                  Payment Date, an amount equal to:

                  (i)     the aggregate Principal Amount of the Class A2 Notes
                          as at the first day of the relevant Quarterly Period;
                          minus

                  (ii)    the Class A2 US$ Equivalent of the aggregate of the
                          amounts available for application under clause
                          6.6(h)(i)(A), 6.6(h)(i)(B), 6.6(i)(i)(A) or
                          6.6(i)(i)(B) on the two immediately preceding Payment
                          Dates.

         CLASS A2 CURRENCY SWAP means, in relation to the Class A2 Notes, the
         currency swap agreement entered into between the Class A2 Currency Swap
         Provider, the Trust Manager and the Trustee dated on or about the date
         of this Series Notice, together with the schedules and confirmations
         with respect thereto and any replacement Class A2 Currency Swap entered
         into in accordance with the Transaction Documents.

         CLASS A2 CURRENCY SWAP PAYMENT PERIOD means:

         (a)      in relation to the first Payment Date, the period commencing
                  on (and including) the Note Issue Date and ending on (but
                  excluding) the first Payment Date;

         (b)      in relation to the final Payment Date, the period commencing
                  on (and including) the Payment Date prior to the earlier of
                  the Maturity Date and the date on which the Class A2 Notes are
                  redeemed in accordance with their terms and ending on (but
                  excluding) the Maturity Date or the date on which the Class A2
                  Notes are so redeemed (as the case may be); and

         (c)      in relation to each other Payment Date, each period commencing
                  on (and including) the immediately preceding Payment Date and
                  ending on (but excluding) that Payment Date.

         CLASS A2 CURRENCY SWAP PROVIDER means initially Barclays Bank PLC and
         subsequently any replacement currency swap provider appointed in
         accordance with the Class A2 Currency Swap.

         CLASS A2 DOWNGRADE has the same meaning as Downgrade in the Class A2
         Currency Swap.

         CLASS A2 GLOBAL NOTE means any global note issued or to be issued by
         the Trustee under the Note Trust Deed representing Class A2 Notes.

         CLASS A2 NOTE means a Note issued as a Class A2 Note by the Trustee
         with the characteristics of a Class A2 Note under this Series Notice.
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         CLASS A2 NOTEHOLDER means a Noteholder of a Class A2 Note.

         CLASS A2 NOTE OWNER means, with respect to a Class A2 Global Note, the
         person who is the beneficial owner of such Class A2 Global Note, as
         reflected on the books of the Clearing Agency, or on the books of the
         person maintaining an account with such Clearing Agency (directly as
         Clearing Agency Participant or as an indirect participant) in each case
         in accordance with the rules of such Clearing Agency.

         CLASS A2 US$ EQUIVALENT means, in relation to an amount denominated or
         to be denominated in A$:

         (a)      prior to the termination of the Class A2 Currency Swap, the
                  amount converted to (and denominated in) US$ at the US$
                  Exchange Rate in relation to the Class A2 Notes; and

         (b)      after the termination of the Class A2 Currency Swap, the
                  amount that, when converted into Australian dollars at the
                  then-prevailing spot exchange rate in New York City for US
                  dollar purchases of Australian dollars, will equal the Class
                  A2 A$ Equivalent of the US dollar amount owing in respect of
                  principal or interest, as applicable, on the Class A2 Notes to
                  be paid from or by reference to such amount.

         CLASS B NOTE means a Class B1 Note or a Class B2 Note.

         CLASS B NOTEHOLDER means a Noteholder of a Class B Note.

         CLASS B1 A$ EQUIVALENT means, in relation to an amount denominated or
         to be denominated in US$:

         (a)      prior to the termination of the Class B1 Currency Swap, the
                  amount converted to (and denominated in) A$ at the A$ Exchange
                  Rate in relation to the Class B1 Notes; and

         (b)      after the termination of the Class B1 Currency Swap, the
                  amount that, when converted into US dollars at the
                  then-prevailing spot exchange rate in New York City for
                  Australian dollar purchases of US dollars, will equal the US
                  dollar amount owing in respect of principal or interest, as
                  applicable, on the Class B1 Notes to be paid from or by
                  reference to such amount.

         CLASS B1 A$ INTEREST AMOUNT means, in relation to a Payment Date, the
         amount in Australian dollars calculated as follows:

         (a)      on a daily basis at a rate equal to the aggregate of the Bank
                  Bill Rate and the Spread (as defined in the Class B1 Currency
                  Swap) for the relevant Class B1 Currency Swap Payment Period;

         (b)      on the Class B1 A$ Equivalent of the Class B1 Currency Swap
                  Notional Amount for that Payment Date; and

         (c)      on the basis of the actual number of days in the relevant
                  Class B1 Currency Swap Payment Period and a year of 365 days.

         CLASS B1 CURRENCY SWAP means, in relation to the Class B1 Notes, the
         currency swap agreement entered into between the Class B1 Currency Swap
         Provider, the Trust Manager and the Trustee dated on or about this
         Series Notice, together with the schedules and confirmations with
         respect
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         thereto and any replacement Class B1 Currency Swap entered into in
         accordance with the Transaction Documents.

         CLASS B1 CURRENCY SWAP NOTIONAL AMOUNT means:

         (a)      in relation to a Payment Date which is two Payments Dates
                  immediately preceding a Quarterly Payment Date, the aggregate
                  Principal Amount of the Class B1 Notes as at the first day of
                  the relevant Quarterly Period;

         (b)      in relation to a Payment Date immediately preceding a
                  Quarterly Payment Date, an amount equal to:

                  (i)     the aggregate Principal Amount of the Class B1 Notes
                          as at the first day of the relevant Quarterly Period;
                          minus

                  (ii)    the Class B1 US$ Equivalent of the amount available
                          for application under clause 6.6(h)(ii)(A),
                          6.6(h)(ii)(B), 6.6(i)(ii)(A)(1) or 6.6(i)(ii)(A)(2) on
                          the immediately preceding Payment Date; and

         (c)      in relation to a Payment Date which is also a Quarterly
                  Payment Date, an amount equal to:

                  (i)     the aggregate Principal Amount of the Class B1 Notes
                          as at the first day of the relevant Quarterly Period;
                          minus

                  (ii)    the Class B1 US$ Equivalent of the aggregate of the
                          amounts available for application under clause
                          6.6(h)(ii)(A), 6.6(h)(ii)(B), 6.6(i)(ii)(A)(1) or
                          6.6(i)(ii)(A)(2) on the two immediately preceding
                          Payment Dates.

         CLASS B1 CURRENCY SWAP PAYMENT PERIOD means:

         (a)      in relation to the first Payment Date, the period commencing
                  on (and including) the Note Issue Date and ending on (but
                  excluding) the first Payment Date;

         (b)      in relation to the final Payment Date, the period commencing
                  on (and including) the Payment Date prior to the earlier of
                  the Maturity Date and the date on which the Class B1 Notes are
                  redeemed in accordance with their terms and ending on (but
                  excluding) the Maturity Date or the date on which the Class B1
                  Notes are so redeemed (as the case may be); and

         (c)      in relation to each other Payment Date, each period commencing
                  on (and including) the immediately preceding Payment Date and
                  ending on (but excluding) that Payment Date.

         CLASS B1 CURRENCY SWAP PROVIDER means initially Barclays Bank PLC and
         subsequently any replacement currency swap provider appointed in
         accordance with the Class B1 Currency Swap.

         CLASS B1 DOWNGRADE has the same meaning as Downgrade in the Class B1
         Currency Swap.

         CLASS B1 GLOBAL NOTE means any global note issued or to be issued by
         the Trustee under the Note Trust Deed representing Class B1 Notes.

         CLASS B1 NOTE means a Note issued as a Class B1 Note by the Trustee
         with the characteristics of a Class B1 Note under this Series Notice.

         CLASS B1 NOTEHOLDER means a Noteholder of a Class B1 Note.

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         CLASS B1 NOTE OWNER means, with respect to a Class B1 Global Note, the
         person who is the beneficial owner of such Class B1 Global Note, as
         reflected on the books of the Clearing Agency, or on the books of the
         person maintaining an account with such Clearing Agency (directly as
         Clearing Agency Participant or as an indirect participant) in each case
         in accordance with the rules of such Clearing Agency.

         CLASS B1 US$ EQUIVALENT means, in relation to an amount denominated or
         to be denominated in A$:

         (a)      prior to the termination of the Class B1 Currency Swap, the
                  amount converted to (and denominated in) US$ at the US$
                  Exchange Rate in relation to the Class B1 Notes; and

         (b)      after the termination of the Class B1 Currency Swap, the
                  amount that, when converted into Australian dollars at the
                  then-prevailing spot exchange rate in New York City for US
                  dollar purchases of Australian dollars, will equal the Class
                  B1 A$ Equivalent of the US dollar amount owing in respect of
                  principal or interest, as applicable, on the Class B1 Notes to
                  be paid from or by reference to such amount.

         CLASS B2 NOTE means a Note issued as a Class B2 Note by the Trustee
         with the characteristics of a Class B2 Note under this Series Notice.

         CLASS B2 NOTEHOLDER means a Noteholder of a Class B2 Note.

         CLEARING AGENCY means an organisation registered as a CLEARING AGENCY
         pursuant to section 17A of the Exchange Act appointed by the Trust
         Manager and the Trustee to hold Notes (directly or through a Common
         Depository), and initially means DTC.

         CLEARING AGENCY PARTICIPANT means a broker, dealer, bank, other
         financial institution or other person for whom from time to time a
         Clearing Agency effects book-entry transfers and pledges of securities
         deposited with the Clearing Agency.

         CLOSING DATE means, in relation to the Trust and any Purchased Loan,
         the date specified in the Sale Notice for that Purchased Loan as the
         Closing Date or where a Sale Notice is not required by the Master Trust
         Deed to be delivered, as specified in the procedures for transfer
         agreed in accordance with the Master Trust Deed.

         COLLECTION ACCOUNT means, in relation to the Trust, an account with NAB
         for so long as it is an Approved Bank, or any other account, opened and
         maintained by the Trustee with an Approved Bank under clause 26 of the
         Master Trust Deed.

         COLLECTION PERIOD means, in relation to a Payment Date, the period from
         (and including) the date which is 6 Business Days before the date that
         is 1 calendar month preceding that Payment Date to (but excluding) the
         date which is 6 Business Days before that Payment Date. The first
         Collection Period is the period from (but excluding) the first Cut-Off
         Date to (and including) [*]. The Collection Period in relation to the
         final Payment Date is the period from (and including) the date which is
         6 Business Days before the Payment Date immediately prior to that final
         Payment Date to (but excluding) the date which is 6 Business Days
         before that final Payment Date.

         COLLECTIONS means, in relation to the Trust for a period, Income and
         Mortgage Principal Repayments for that period.

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         COMMON DEPOSITORY means Cede & Co, as nominee for DTC or any Clearing
         Agency appointed from time to time to be (or to have its nominee be)
         the registered owner of a Global Note.

         CONDITIONS means the terms and conditions of the US$ Notes, as annexed
         to the Note Trust Deed.

         CORPORATIONS ACT means the Corporations Act 2001 (Cth).

         CURRENCY SWAP means the Class A2 Currency Swap or the Class B1
         Currency Swap.

         CURRENCY SWAP PROVIDER means the Class A2 Currency Swap Provider or
         the Class B1 Currency Swap Provider.

         CUT-OFF DATE means:

         (a)      in relation to any Purchased Loan, the date specified as the
                  Cut-Off Date for that Purchased Loan in the relevant Sale
                  Notice;

         (b)      in relation to any Loan originated in accordance with clause
                  9(b)(ii), the date for that Loan so specified in the
                  relevant Trust Manager's direction; or

         (c)      in relation to any Purchased Loan where a Sale Notice is not
                  required by the Master Trust Deed to be delivered, as
                  specified in the procedures for transfer agreed in accordance
                  with the Master Trust Deed.

         DEALER means each of [Barclays Capital Inc. and Macquarie Bank
         Limited].

         DEALER AGREEMENT means the Dealer Agreement dated on or about the date
         of this Series Notice between the Trustee, the Trust Manager and the
         Dealers in relation to the issue of the Class B2 Notes.

         DEFAULTING PARTY has:

         (a)      in relation to the Interest Rate Swap, the meaning given in
                  the Interest Rate Swap; and

         (b)      in relation to a Currency Swap, the meaning given in that
                  Currency Swap.

         DEFINITIVE NOTE means a US$ Note in definitive form issued or to be
         issued in respect of any US$ Note under, and in the limited
         circumstances specified in, the Note Trust Deed and includes any
         replacement for a Definitive Note issued under the Conditions.

         DESIGNATED RATING AGENCY means:

         (a)      (i)      in relation to the Class A1 Notes, S&P and any other
                           rating agency so specified prior to the issue of the
                           Class A1 Notes;

                  (ii)     in relation to the Class A2 Notes, S&P and Moody's;

                  (iii)    in relation to the Class B Notes, S&P; and

         (b)      otherwise, S&P and Moody's.

         DTC means The Depository Trust Company.

         ELIGIBILITY CRITERIA means the criteria set out in schedule 1.

         ENFORCEMENT EXPENSES means the costs and expenses incurred by an
         Approved Seller or the Servicer in connection with the enforcement of
         any Purchased Loans or the related Loan Rights.

         EXCHANGE ACT means the United States Securities Exchange Act of 1934,
         as amended.

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         EXPENSES has the meaning in the Master Trust Deed and includes any
         Trustee's Fee, any Trust Manager's Fee, any Servicer's Fee and any
         amounts payable or incurred by the Trustee, the Trust Manager or the
         Servicer in relation to the Trust under any Ancillary Facility but
         excluding:

         (a)      any Redraw; and

         (b)      any amounts required to be applied under clause 6 of the
                  Facilities Agreement to maintain the minimum balance required
                  to be standing in credit in the Trust Drawings Account (as
                  defined in the Facilities Agreement).

         EXPENSES MARGIN means the percentage as determined by the Servicer
         representing a margin to assist with the payment of Expenses and
         sufficient to allow each Designated Rating Agency to affirm the ratings
         on the Notes.

         FINANCIAL ADVISOR means a financial institution which is, in the
         reasonable opinion of the Trust Manager, experienced and competent in
         the assessment of investment cash flows and the provision of financial
         advice in relation thereto.

         GLOBAL NOTE means a Class A2 Global Note or a Class B1 Global Note.

         GOLD COMMITMENT means as at any date the then amortised facility limit
         under an Interstar "Line of Credit" Access Account Loan (as referred to
         in schedule 2) (or under an Interstar "Split" Access Account Loan (as
         referred to in schedule 2) which has the general characteristics of the
         Interstar "Gold" Access Account Loan (as referred to in schedule 2))
         which forms part of the Assets of the Trust.

         GST means any goods and services tax, broad based consumption tax or
         value added tax imposed by any Government Agency and includes any goods
         and services tax payable under the A New Tax System (Goods and Services
         Tax) Act 1999.

         HEDGE AGREEMENT in relation to the Trust, includes an Interest Rate
         Swap and a Currency Swap.

         INCOME means, in relation to a Collection Period, all moneys, rights
         and property which is received by the Trustee during that Collection
         Period by way of interest or otherwise in the nature of income in
         respect of the Authorised Investments and, without limiting the
         generality of the foregoing, includes:

         (a)      amounts attributable to interest received under Hedge
                  Agreements;

         (b)      interest on Income and any other moneys received;

         (c)      amounts in the nature of, or attributable to, interest derived
                  under a Support Facility (other than a Hedge Agreement);

         (d)      any Break Payments received from Obligors or Mortgage
                  Insurers; and

         (e)      interest and fees received from Obligors.

         INCOME PERCENTAGE means, in relation to a Residual Income Beneficiary
         at any time, the subscription price paid by that Residual Income
         Beneficiary for all Residual Income Units held by that Residual Income
         Beneficiary divided by the total subscription prices of all Residual
         Income Units recorded in the Register maintained under clause 10.4 at
         that time, expressed as a percentage.

         INFORMATION MEMORANDUM means:

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         (a)      in relation to the US$ Notes, the prospectus relating to those
                  US$ Notes dated on or about [*];

         (b)      in relation to the Class B2 Notes, the information memorandum
                  relating to those Class B2 Notes dated [*]; and

         (c)      in relation to Class A1 Notes, any information memorandum,
                  prospectus or other selling or distribution information
                  relating to those Class A1 Notes,

         and includes any supplement to or amendment of that prospectus or
         information memorandum (as the case may be).

         INITIAL PRINCIPAL AMOUNT means, in respect of a Note, the amount
         specified in clause 4.2 as the Initial Principal Amount for that Note.

         INTEREST means, in respect of a Note and an Interest Period for a Note,
         all interest accrued on the Note in respect of that Interest Period in
         accordance with clause 4.8.

         INTEREST ADJUSTMENT means, in relation to an Approved Seller, all
         interest and fees accrued on the Purchased Loans, purchased from that
         Approved Seller, up to (but excluding) the Closing Date for those
         Purchased Loans which are unpaid as at the close of business on that
         Closing Date.

         INTEREST PAYMENT DATE means, for the purposes of the Master Trust Deed
         and:

         (a)      each US$ Note, each Quarterly Payment Date;

         (b)      each Class B2 Note, each Payment Date; and

         (c)      each Class A1 Note, the date specified as such in respect of
                  that Note at its issue.

         INTEREST PERIOD means:

         (a)      in relation to a US$ Note and:

                  (i)     the first Interest Period for that Note, the period
                          commencing on (and including) the Note Issue Date and
                          ending on (but excluding) the first Quarterly Payment
                          Date;

                  (ii)    the final Interest Period for that Note, the period
                          commencing on (and including) the Quarterly Payment
                          Date prior to the earlier of the Maturity Date and the
                          date on which that Note is redeemed in accordance with
                          its terms and ending on (but excluding) the Maturity
                          Date or the date on which that Note is so redeemed (as
                          the case may be); and

                  (iii)   each other Interest Period for that Note, each period
                          commencing on (and including) a Quarterly Payment Date
                          and ending on (but excluding) the next Quarterly
                          Payment Date; and

         (b)      in relation to a Registered Note and:

                  (i)     the first Interest Period for that Note, the period
                          commencing on (and including) the issue date of that
                          Note and ending on (but excluding) the first Payment
                          Date;

                  (ii)    the final Interest Period for that Note, the period
                          commencing on (and including) the Payment Date prior
                          to the earlier of the Maturity Date and the date on
                          which
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                          that Note is redeemed in accordance with its terms and
                          ending on (but excluding) the Maturity Date and the
                          date on which that Note is so redeemed (as the case
                          may be); and

                  (iii)   each other Interest Period for that Note, each period
                          commencing on (and including) a Payment Date and
                          ending on (but excluding) the next Payment Date.

         INTEREST RATE means:

         (a)      in relation to a US$ Note and an Interest Period for that US$
                  Note:

                  (i)     LIBOR on the relevant Rate Reset Date for that
                          Interest Period; plus

                  (ii)    the MBS Margin for that US$ Note; plus

                  (iii)   from (and including) the Step-Up Margin Date, the
                          Step-Up Margin for that US$ Note;

         (b)      in relation to a Class B2 Note and an Interest Period for that
                  Class B2 Note:

                  (i)     the Bank Bill Rate on the relevant Rate Reset Date for
                          that Interest Period; plus

                  (ii)    the MBS Margin for that Class B2 Note; plus

                  (iii)   from (and including) the Step-Up Margin Date, the
                          Step-Up Margin for that Class B2 Note; and

         (c)      in relation to a Class A1 Note and an Interest Period for that
                  Class A1 Note, the interest rate specified in respect of that
                  Class A1 Note at its issue.

         INTEREST RATE SWAP means any interest rate swap agreement between a
         party which is an Authorised Swap Provider on the date the swap
         agreement is entered into, the Trust Manager and the Trustee, together
         with the schedules and confirmations with respect thereto, in relation
         to the interest rate risk arising from a Loan which at any time bears a
         fixed rate of interest as at that time.

         INTEREST RATE SWAP PROVIDER means a counterparty who enters into an
         Interest Rate Swap with the Trustee.

         INVESTMENT RATE means the rate determined as the Investment Rate from
         time to time under this Series Notice and the Servicing Agreement.

         LEAD MANAGER means Barclays Capital Inc.

         LIBOR means, in relation to any Interest Period for a US$ Note, the
         rate applicable for deposits in US dollars for a period of 3 months
         which appears on the Telerate Page 3750 as of 11.00 am, London time, on
         the relevant Rate Reset Date (or, in the case of the first Interest
         Period for a US$ Note, the linear interpolation of the rates applicable
         for deposits in US dollars for [two and three] months which appear on
         the Telerate Page 3750 as of 11:00am, London time, on the relevant Rate
         Reset Date). If such rate does not appear on the Telerate Page 3750,
         the rate for that Interest Period will be determined as if the Trustee
         and the Calculation Agent had specified USD-LIBOR-REFERENCE BANKS as
         the applicable Floating Rate Option under the Definitions of the
         International Swaps and Derivatives Association, Inc. (ISDA)
         incorporating the 2000 ISDA definitions, as amended and updated as at
         the Note Issue Date (the ISDA DEFINITIONS). USD-LIBOR-REFERENCE BANKS
         means that the rate for an Interest Period for a US$ Note will be
         determined on the basis of the rates at

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         which deposits in US dollars are offered by four major banks in the
         London interbank market agreed to by the Calculation Agent and the
         relevant Currency Swap Provider (the REFERENCE BANKS) at approximately
         11.00 am, London time, on the relevant Rate Reset Date to prime banks
         in the London interbank market for a period of 3 months commencing on
         the first day of the Interest Period and in a Representative Amount
         (as defined in the ISDA Definitions). The Calculation Agent will
         request the principal London office of each of the Reference Banks to
         provide a quotation of its rate. If at least two such quotations are
         provided by Reference Banks to the Calculation Agent, the rate for
         that Interest Period will be the arithmetic mean of the quotations. If
         fewer than two quotations are provided by Reference Banks to the
         Calculation Agent following the Calculation Agent's request, the rate
         for that Interest Period will be the arithmetic mean of the rates
         quoted by four major banks in New York City, selected by the
         Calculation Agent and the relevant Currency Swap Provider, at
         approximately 11.00 am, New York City time, on that Rate Reset Date
         for loans in US dollars to leading European banks for a period of 3
         months commencing on the first day of the Interest Period and in a
         Representative Amount. If no such rates are available in New York
         City, then the rate for such Interest Period will be the most recently
         determined rate in accordance with this definition.

         LIQUID AUTHORISED INVESTMENTS as at any date means any of the following
         Authorised Investments:

         (a)      Bills, promissory notes or other negotiable instruments
                  accepted drawn or endorsed by a Bank which has a short term
                  rating of at least A-1+ from S&P and P-1 from Moody's which is
                  approved by the Trust Manager in writing;

         (b)      cash and/or deposits with an Approved Bank, or the acquisition
                  of certificates of deposit or any other debt security issued
                  by a Bank which has a short term rating of at least A-1+ from
                  S&P and P-1 from Moody's which is approved by the Trust
                  Manager in writing;

         (c)      loan securities issued, secured or guaranteed by the
                  Government of Australia or any State or Territory within the
                  Commonwealth of Australia;

         (d)      any other Authorised Investments of a type approved by each
                  Designated Rating Agency for the purposes of clause 6.4(a).

         LIQUIDATED LOAN means a Purchased Loan with respect to which a default
         has occurred and the Trust Manager has determined that all Liquidation
         Proceeds likely to be recoverable have been recovered, having regard
         to:

         (a)      the enforcement of the Mortgage and any Loan Security in
                  relation to that Purchased Loan;

         (b)      any sale of the Land subject to the Mortgage in relation to
                  that Purchased Loan;

         (c)      any proceeds paid on the compulsory acquisition of that Land
                  by any Government Agency;

         (d)      any payments received from any relevant Obligor on account of
                  any amount outstanding under that Purchased Loan;

         (e)      such other matters as the Trust Manager reasonably determines
                  to be relevant.

         LIQUIDATION LOSS means, in relation to a Purchased Loan which becomes a
         Liquidated Loan during a Collection Period, the Unpaid Balance of that
         Purchased Loan after the application of all

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         Liquidation Proceeds relating to that Purchased Loan, including any
         Enforcement Expenses in respect of that Purchased Loan.

         LIQUIDATION PROCEEDS means, in relation to a Purchased Loan, the amount
         received by or on behalf of the Trustee in connection with the
         liquidation of such Purchased Loan including, without limitation:

         (a)      proceeds arising from the enforcement of the Mortgage in
                  relation to that Purchased Loan and sale of the Land subject
                  to that Mortgage;

         (b)      proceeds arising from the enforcement of any Loan Security in
                  relation to that Purchased Loan;

         (c)      the proceeds of any claim under the relevant Mortgage
                  Insurance Policy or Title Insurance Policy; and

         (d)      proceeds arising from any resumption or compulsory acquisition
                  of the relevant Land by any Government Agency.

         LIQUIDITY PURPOSES includes:

         (a)      funding Redraws under clause 6.3; and

         (b)      funding advances to Obligors under any Loan Agreement which
                  provides for a line of credit facility or revolving credit
                  facility.

         LOAN means, in relation to the Trust, the rights of an Approved Seller
         or the Trustee (as the case may require) under or in respect of Loans
         (as defined in the Master Trust Deed) which are acceptable to the
         Trustee (in all cases in the form certified by the relevant Approved
         Seller before the Sale Notice, where those rights are to be acquired
         from an Approved Seller, other than Perpetual Trustees Victoria Limited
         as trustee of any trust, is or was given, and as certified thereafter
         from time to time).

         LOAN AMOUNT means, in relation to a Loan held by the Trustee, the
         principal amount of that Loan from time to time.

         LOAN TO VALUE RATIO means, in relation to a Loan, the ratio (expressed
         as a percentage) which the outstanding amount of the Loan secured or to
         be secured by the related Mortgage bears to the value of the Land
         mortgaged or to be mortgaged both at the time the Obligor entered into
         the relevant Loan Agreement.

         MATURITY DATE means, for all Notes, the maturity date specified in
         clause 4.2.

         MBS MARGIN means, in relation to a Note, the margin specified in clause
         4.2 as the MBS Margin for that Note.

         MORTGAGE INSURANCE POLICY means, in relation to a Loan, an insurance
         contract issued by a Mortgage Insurer which:

         (a)      insures, during the whole of the proposed term of the Loan,
                  against the risk of default by an Obligor covering:

                  (i)     the whole of the Loan Amount due under the Loan;

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                  (ii)    any reasonable expenses incurred in enforcing the Loan
                          and relevant Loan Securities;

                  (iii)   any unpaid interest calculated at the interest rate
                          applicable if interest is paid on the due date; and

                  (iv)    the timely payment for a period of at least 12 months
                          after the date upon which a claim is made under that
                          contract of interest payments under the Loan which
                          remain outstanding for a period of 14 days;

         (b)      provides that if the Loan is subject to the Consumer Credit
                  Legislation then the obligation of the Mortgage Insurer to pay
                  the amounts above cannot be reduced or denied consequent upon
                  a court or tribunal making an order under the Consumer Credit
                  Legislation for a change to the terms of the Loan or the
                  relevant credit contract relating to that Loan; and

         (c)      provides for the Trustee as the insured party.

         MORTGAGE INSURER means PMI Indemnity Limited (ABN 49 000 781 171), GE
         Capital Mortgage Insurance Corporation (Australia) Pty Ltd (ABN 52 081
         488 440), the Commonwealth of Australia, PMI Mortgage Insurance Ltd
         (formerly MGICA Ltd) (ABN 70 000 511 071), Royal & Sun Alliance Lenders
         Mortgage Insurance Ltd (ABN 55 001 825 725) or such other corporation
         or corporations as approved from time to time by the Trust Manager and
         each Designated Rating Agency.

         MORTGAGE PRINCIPAL REPAYMENTS means, in relation to a Collection
         Period, all amounts received by the Trustee during that Collection
         Period in connection with a Loan or Loan Security being:

         (a)      in respect of the repayment of any part of the Loan Amount
                  under the Loan;

         (b)      any net receipts of a principal or capital nature received in
                  respect of any enforcement or recovery proceedings in
                  respect of the Loan or Loan Security;

         (c)      any net receipts of a principal or capital nature under a
                  Support Facility in respect of the Loan or Loan Security;

         (d)      any other amount which, under clause 6.5(a)(vii) or 9(c), is
                  to be treated as a Mortgage Principal Repayment received by
                  the Trustee during that Collection Period; and

         (e)      any other amount received on, under or in relation to the Loan
                  or Loan Security and which is not Income.

         NAB means National Australia Bank Limited.

         NON-LIQUID AUTHORISED INVESTMENTS means Authorised Investments other
         than Liquid Authorised Investments.

         NOTE means a note referred to in clause 4.

         NOTEHOLDER means the person who:

         (a)      in relation to a Definitive Note or a Global Note at any time,
                  is registered in the Note Register as the holder of that
                  Definitive Note or Global Note (as the case may be) at that
                  time; and

         (b)      in relation to a Registered Note at any time, is registered in
                  the Register as the holder of that Note at that time.

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         NOTE ISSUE DATE means [*].

         NOTE MANAGER means each Dealer and each Underwriter.

         NOTE OWNER means a Class A2 Note Owner or a Class B1 Note Owner.

         NOTE REGISTER means the register kept by the Note Registrar to provide
         for the registration and transfer of US$ Notes under the Note Trust
         Deed and the Agency Agreement.

         NOTE REGISTRAR means, initially The Bank of New York, New York branch,
         or any successor note registrar appointed under the Agency Agreement.

         NOTE TRUST DEED means the Note Trust Deed dated on or about the date of
         this Series Notice between the Note Trustee, the Trustee and the Trust
         Manager.

         NOTICE OF CREATION OF TRUST means the Notice of Creation of Trust dated
         [*] issued under the Master Trust Deed in relation to the Trust.

         OBLIGOR means an Obligor as defined in the Master Trust Deed and may be
         a resident of any country.

         OTHER TRUST means any Trust (as defined in the Master Trust Deed) other
         than the Trust.

         PAYING AGENT means any person for the time being appointed as a Paying
         Agent under the Agency Agreement and includes the Principal Paying
         Agent.

         PAYMENT DATE means, subject to clause 3.4(b), the 20th day of each
         month, the first such date being 20 [March] 2003.

         PORTFOLIO OF LOANS means all Loans specified in a Note Issue Direction
         or Sale Notice.

         PREFUNDING ACCOUNT means the account held by the Trustee in its
         capacity as trustee of the Trust with an Approved Bank into which will
         be or is deposited the Prefunding Amount.

         PREFUNDING AMOUNT has the meaning given in clause 9.

         PREFUNDING END DATE means the first Quarterly Payment Date.

         PRESCRIBED MINIMUM LEVEL means, at any time, 1% of the aggregate of:

         (a)      the Class A2 A$ Equivalent of the Principal Amount of all
                  Class A2 Notes then outstanding;

         (b)      the Class B1 A$ Equivalent of the Principal Amount of all
                  Class B1 Notes then outstanding; and

         (c)      the Principal Amount of all Registered Notes then outstanding,

         or such other percentage as determined by the Trust Manager and
         confirmed by each Designated Rating Agency that such percentage is not
         detrimental to the rating (including a qualification or a withdrawal of
         a rating) of any Notes outstanding at that time.

         PRINCIPAL AMOUNT means, on a date in relation to a Note, the Initial
         Principal Amount of that Note minus the aggregate of Principal Payments
         made in respect of that Note on or before that date.

         PRINCIPAL ENTITLEMENT means, in relation to a Note for the purposes of
         the Master Trust Deed, the Principal Amount of the Note at the Maturity
         Date.

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         PRINCIPAL LOSS means, in relation to a Collection Period, the amount of
         any Liquidation Loss for that Collection Period referred to in clause
         6.2(a)(xiv)(B).

         PRINCIPAL PAYING AGENT means initially The Bank of New York, New York
         branch or such other person appointed as principal paying agent under
         the Agency Agreement.

         PRINCIPAL PAYMENT means a payment in relation to a Note under clause
         6.6.

         PRINCIPAL REPAYMENT DATE means, for the purposes of the Master Trust
         Deed, and:

         (a)      each US$ Note, each Quarterly Payment Date;

         (b)      each Class B2 Note, each Payment Date; and

         (c)      each Class A1 Note, each date specified as such in respect of
                  that Note at its issue.

         PROPERTY RESTORATION EXPENSES means costs and expenses incurred by or
         on behalf of the Trustee in repairing, maintaining or restoring to an
         appropriate state of repair and condition any Mortgaged Property, in
         exercise of a power conferred on the relevant mortgagee under the
         relevant Purchased Loan and Relevant Documents.

         PURCHASED LOAN means each Loan and the related Loan Rights specified in
         a Sale Notice (or, where relevant, in accordance with the procedures
         agreed under the Master Trust Deed) which is accepted by the Trustee,
         unless the Trustee has ceased to have an interest in that Loan.

         QUARTERLY PAYMENT DATE means, subject to clause 3.4(b):

         (a)      the first Quarterly Payment Date is 20 [May 2003]; and

         (b)      each subsequent Quarterly Payment Date is the 20th day of each
                  [February, May, August and November].

         QUARTERLY PERIOD means:

         (a)      each Interest Period for the US$ Notes; and

         (b)      in relation to a Quarterly Payment Date, the period commencing
                  on (and including) the immediately preceding Quarterly Payment
                  Date or the Note Issue Date (as the case may be) and ending on
                  (but excluding) that Quarterly Payment Date or the date on
                  which all of the US$ Notes are redeemed.

         RATE RESET DATE means:

         (a)      in relation to an Interest Period and a US$ Note, the date
                  which is 2 Business Days before the beginning of the Interest
                  Period for that US$ Note. In this paragraph (a) of the
                  definition of Rate Reset Date, BUSINESS DAY means any day on
                  which banks are open for business (including dealings in
                  foreign exchange and foreign currency deposits) in London and
                  New York City; and

         (b)      in relation to an Interest Period and a Registered Note, the
                  first day of the Interest Period for that Note.

         RECORD DATE means for the purposes of the Master Trust Deed in relation
         to a date for payment of any amount in relation to a Note, 4.00 pm
         (Melbourne time) on the date which is 4 Business Days before that date
         for payment.

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         RECOVERY AMOUNT means, in relation to a Payment Date, the aggregate of
         all amounts applied on that Payment Date under clauses 6.5(a)(viii) and
         6.5(a)(ix).

         REDRAW means, in relation to any Collection Period, an amount
         re-advanced to an Obligor by the Trustee under a Loan held by the
         Trustee in respect of any previous Additional Repayments of the
         Obligor.

         REGISTERED NOTE means a Class A1 Note or a Class B2 Note.

         REGISTERED NOTEHOLDER means, in relation to a Registered Note at any
         time, the holder of that Registered Note at that time.

         RESIDUAL CAPITAL UNIT has the meaning given in clause 10.1.

         RESIDUAL INCOME UNIT has the meaning given in clause 10.1.

         REUTERS MONITOR SYSTEM means the monitor system used by AAP Reuters
         Economic Services (and its successors and assigns) or any similar
         monitor system as agreed upon from time to time by the Trust Manager
         and the Trustee.

         SALE NOTICE means any Sale Notice (as defined in the Master Trust Deed)
         which may be given by an Approved Seller to the Trustee as trustee of
         the Trust on or after the date of execution of this Series Notice and
         which is subsequently accepted by the Trustee.

         SECURITIES ACT means the United States Securities Act of 1933, as
         amended.

         SECURITY TRUST DEED means the security trust deed dated on or before
         the date of this Series Notice between the Trustee, the Trust Manager,
         the Security Trustee and the Note Trustee.

         SERVICER'S FEE has the meaning given in clause 7.1(d).

         SHORTFALL has the meaning given in clause 6.5(d).

         STEP-UP MARGIN means:

         (a)      in relation to a Class A2 Note, [*]% per annum;

         (b)      in relation to a Class B1 Note,  [*]% per annum; and

         (c)      in relation to a Class B2 Note, [*]% per annum.

         STEP-UP MARGIN DATE means:

         (a)      in relation to any Class A2 Notes, the Payment Date in
                  February 2010;

         (b)      in relation to any Class B1 Notes, the Payment Date in
                  February 2010; and

         (c)      in relation to any Class B2 Notes, the Payment Date in
                  February 2010.

         SUBJECT PROPERTY means the freehold land or leasehold land to be
         mortgaged pursuant to a proposed Loan.

         SUPPORT FACILITY has the meaning given to it in the Master Trust Deed
         (as amended by this Series Notice) and includes any Title Insurance
         Policy.

         SUPPORT FACILITY PROVIDER has the meaning given to it in the Master
         Trust Deed (as amended by this Series Notice) but does not include any
         person who has provided or agreed to provide any Mortgage Insurance
         Policy or Title Insurance Policy.

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         SWAP PROVIDER means, in relation to a Hedge Agreement, the
         counterparty which enters into that arrangement with the Trustee.

         THRESHOLD REQUIREMENTS means, at any time, the existence of each of
         the following conditions:

         (a)      there are no Carryover Charge-offs at that time;

         (b)      no more than 5% (by principal balance) of the Purchased Loans
                  are in Arrears by an amount equal to two or more monthly
                  payments at that time; and

         (c)      an amount equal to the aggregate of:

                  (i)     the Class B1 A$ Equivalent of the Principal Amount of
                          all Class B1 Notes outstanding at that time; plus

                  (ii)     the Principal Amount of all Class B2 Notes
                           outstanding at that time,

                  is not less than 0.25% of the amount equal to the aggregate
                  of:

                  (i)     the Initial Principal Amount of all Class B2 Notes on
                          the Note Issue Date; plus

                  (ii)    the Class A2 A$ Equivalent of the Initial Principal
                          Amount of all Class A2 Notes on the Note Issue Date;
                          plus

                  (iii)   the Class B1 A$ Equivalent of the Initial Principal
                          Amount of all Class B1 Notes on the Note Issue Date.

         TITLE INSURANCE POLICY means, in relation to a Mortgage, an insurance
         policy issued by a Title Insurer in a form reasonably acceptable to the
         Trustee which insures against losses arising from that Mortgage
         providing insufficient security for the relevant Loan, including, as a
         result of the Mortgage:

         (a)      being subject to any prior encumbrance;

         (b)      not being validly registered; or

         (c)      being invalid or unenforceable.

         TITLE INSURER means First American Title Insurance Company of Australia
         Pty Limited (ABN 64 075 279 908) or any other entity approved from time
         to time by the Trust Manager and which each Designated Rating Agency
         has confirmed will not cause the downgrade or withdrawal of the rating
         of any Note.

         TOTAL INITIAL PRINCIPAL AMOUNT means, at any time in respect of a
         Class, the sum of all Initial Principal Amounts for all Notes in that
         Class.

         TOTAL PRINCIPAL AMOUNT means, at any time in respect of a Class, the
         sum of all Principal Amounts at that time for all Notes in that Class.

         TRANSACTION DOCUMENT means each of the following documents:

         (a)      this Series Notice;

         (b)      the Master Trust Deed;

         (c)      the Notice of Creation of Trust;

         (d)      the Currency Swap;

         (e)      the Interest Rate Swap;

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         (f)      the Investment Management Agreement;

         (g)      the Agency Agreement;

         (h)      the Note Trust Deed;

         (i)      each Note;

         (j)      the Security Trust Deed;

         (k)      the Seller Accession Certificate dated 16 June 2000 between
                  Interstar Nominees (R) Pty Limited, Perpetual Trustees
                  Victoria Limited and the Servicer;

         (l)      the Seller Accession Certificate dated [*] 2003 between
                  Interstar Securities (Australia) Pty Limited, Perpetual
                  Trustees Victoria Limited and the Servicer;

         (m)      the Seller Accession Certificate dated 3 December 1999 between
                  Interstar Nominees (B) Pty Limited, Perpetual Trustees
                  Victoria Limited and the Servicer;

         (n)      any other document which is expressed to be, or which is
                  agreed by the Trust Manager and the Trustee to be, a
                  TRANSACTION DOCUMENT for the purposes of this Series Notice;
                  and

         (o)      any other document that is executed under or which is or is
                  expressed to be incidental or collateral to, any other
                  Transaction Document.

         TRUST means the Interstar Millennium Series 2003-1G Trust constituted
         under the Master Trust Deed and the Notice of Creation of Trust.

         TRUST MANAGER'S FEE has the meaning given in clause 7.1(a).

         TRUSTEE'S FEE has the meaning given in clause 7.1(b).

         UNDERWRITER means each of [Barclays Capital Inc., [*] and Macquarie
         Bank Limited].

         UNDERWRITING AGREEMENT means the Underwriting Agreement dated on or
         about the date of this Series Notice between the Trustee and the
         Underwriters.

         US$ ACCOUNT means the US$ account opened and maintained for the
         purposes of the Trust outside Australia with the Principal Paying Agent
         (so long as the Principal Paying Agent is an Approved Bank) or with
         such other person who is an Approved Bank.

         US$ EXCHANGE RATE means, on any date:

         (a)      in relation to the Class A2 Notes, the rate of exchange (set
                  as at the commencement of the Class A2 Currency Swap)
                  applicable under the Class A2 Currency Swap for the exchange
                  of Australian dollars for US dollars; and

         (b)      in relation to the Class B1 Notes, the rate of exchange (set
                  as at the commencement of the Class B1 Currency Swap)
                  applicable under the Class B1 Currency Swap for the exchange
                  of Australian dollars for US dollars.

         US$ NOTE means a Class A2 Note or a Class B1 Note.

         US$ NOTEHOLDER means a Noteholder of a US$ Note.

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3.2      INTERPRETATION

         (a)      Clause 1.2 of the Master Trust Deed is incorporated into this
                  Series Notice as if set out in full, except that any reference
                  to DEED is replaced by a reference to SERIES NOTICE and any
                  reference to A TRUST is replaced by a reference to THE
                  TRUST.

         (b)      (i)      A reference to US DOLLARS or US$ is to the currency
                           of the United States of America.

                  (ii)     A reference to AUSTRALIAN DOLLARS or A$ is to the
                           currency of Australia.

         (c)      a Downgrade will be deemed to SUBSIST until such time as
                  provided in the relevant Currency Swap.

3.3      LIABILITY

         (a)      (GENERAl) Clause 32 of the Master Trust Deed, as amended by
                  the Notice of Creation of Trust and this Series Notice,
                  applies to the obligations and liabilities of the Trustee and
                  the Trust Manager under this Series Notice.

         (b)      (LIABILITY OF TRUSTEE LIMITED TO ITS RIGHT OF INDEMNITY)

                  Without limiting the generality of paragraph (a), clause 32.16
                  of the Master Trust Deed as amended by this Series Notice is
                  incorporated into this Series Notice as if set out in full,
                  except that any reference to DEED is replaced by a reference
                  to Series Notice and any reference to TRUST refers to the
                  Trust.

          (c)     (UNRESTRICTED REMEDIES)  Nothing in this clause 3.3 limits a
                  person in:

                  (i)      obtaining an injunction or other order to restrain
                           any breach of this agreement by any party; or

                  (ii)     obtaining declaratory relief.

          (d)     (RESTRICTED REMEDIES)  Except as provided in paragraphs (a)
                  and (b) and subject to paragraph (c), no person shall:

                  (i)      (STATUTORY DEMAND)  issue any demand under s459E(1)
                           of the Corporations Act (or any analogous provision
                           under any other law) against the Trustee;

                  (ii)     (WINDING UP)  apply for the winding up or dissolution
                           of the Trustee;

                  (iii)    (EXECUTION) levy or enforce any distress or other
                           execution to, on, or against any assets of the
                           Trustee (other than the Assets of the Trust);

                  (iv)     (COURT APPOINTED RECEIVER)  apply for the appointment
                           by a court or a receiver to any of the assets of the
                           Trustee (other than the Assets of the Trust);

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

                  (vi)     (SET-OFF OR COUNTERCLAIM)  exercise or seek to
                           exercise any set-off or counterclaim against the
                           Trustee (other than in respect of the Assets of the
                           Trust); or

                  (vii)    (ADMINISTRATOR) appoint, or agree to the appointment
                           of, any administrator to the Trustee,

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               or take proceedings for any of the above and each party
               (including each Noteholder) waives its rights to make those
               applications and take those proceedings.

3.4      PAYMENT TO BE MADE ON BUSINESS DAY

          (a)  If any payment is due under a Transaction Document on a day which
               is not a Business Day, the due date will be the next Business Day
               unless that day falls in the next calendar month, in which case
               the due date will be the preceding Business Day.

          (b)  If any Payment Date or Quarterly Payment Date falls on a day
               which is not a Business Day, the Payment Date or Quarterly
               Payment Date (as the case may be) will be the next Business Day.

4.       NOTES
--------------------------------------------------------------------------------
4.1      CONDITIONS OF NOTES

          (a)  The conditions of the Registered Notes will be as set out in the
               Master Trust Deed, as supplemented and amended by the provisions
               set out in this Series Notice.

          (b)  The conditions of the US$ Notes will be as set out in the Master
               Trust Deed (as supplemented and amended by this Series Notice)
               and the Conditions.

4.2      SUMMARY OF CONDITIONS OF NOTES

         Under clause 9.3 of the Master Trust Deed, the Trust Manager provides
         the following information in respect of the Notes.

<TABLE>
<CAPTION>

<S>             <C>                            <C>      <C>
       (a)      Class of Note:                 there will be the following Classes of Notes:
                                               (i)      Class A1 Notes

                                               (ii)     Class A2 Notes

                                               (iii)    Class B1 Notes

                                               (iv)     Class B2 Notes

       (b)      Total Initial Principal        (i)      the Class A1 Notes - the aggregate of the Initial
                Amount of each Class of                 Principal Amounts of those Class A1 Notes on the
                Notes:                                  relevant Note Issue Date

                                               (ii)     Class A2 Notes - US$[750,000,000]

                                               (iii) Class B1 Notes - US$[25,000,000]

                                               (iv)     Class B2 Notes - A$[*]

       (c)      Manner and order in which      as set out in clause 6
                principal and interest is to
                be paid on Notes:

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       (d)      MBS Margin:                    (i)      any Class A1 Note, the percentage per annum as
                                                        determined by the Trust Manager and notified to the
                                                        Trustee on the relevant Note Issue Date

                                               (ii)     any Class A2 Note, [*]% per annum;

                                               (iii)    any Class B1 Note, [*]% per annum; and

                                               (iv)     any Class B2 Note, [*]% per annum.

       (e)      Initial Principal Amount:      (i)      any Class A1 Note - the amount as determined by the
                                                        Trust Manager and notified to the Trustee
                                                        on the date which is 4 Business Days before the
                                                        relevant Note Issue Date

                                               (ii)     any Class A2 Note - subject to clause
                                                        4.3(b), each denominated with an Initial
                                                        Principal Amount of US$100,000 per Note and,
                                                        thereafter, with minimum increments of US$1,000

                                               (iii)    any Class B1 Note - subject to clause
                                                        4.3(b), each denominated with an Initial
                                                        Principal Amount of US$100,000 per Note and,
                                                        thereafter, with minimum increments of US$1,000

                                               (iv)     any Class B2 Note - subject to clause 4.3(a), each
                                                        denominated with an Initial Principal Amount of
                                                        A$10,000 per Note

       (f)      Rating:                        (i)      Class A1 Notes - such rating (if any) notified by
                                                        the Trust Manager to the Trustee as approved by
                                                        each Designated Rating Agency for those Class
                                                        A1 Notes at the relevant Note Issue Date

                                               (ii)     Class A2 Notes - AAA long term rating from
                                                        S&P and Aaa long term rating from Moody's

                                               (iii)    Class B1 Notes - [AA-] (CreditWatch Developing) long
                                                        term rating from S&P

                                               (iv)     Class B2 Notes - AA- (CreditWatch Developing) long
                                                        term rating from S&P

       (g)      Issue Price:                   (i)      any Class A1 Note - issued at par value

                                               (ii)     any Class A2 Note - issued at par value

                                               (iii)    any Class B1 Note - issued at par value

                                               (iv)     any Class B2 Note - issued at par value

       (i)      Maturity Date:                 Quarterly Payment Date falling in July 2035
</TABLE>

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4.3      ISSUE OF NOTES

          (a)  The Registered Notes must be issued in minimum parcels or
               subscriptions which have an aggregate Initial Principal Amount of
               A$500,000, (disregarding any amount payable to the extent to
               which it is to be paid out of money lent by the person offering
               the Notes or an associate (as defined in Division 2 of Part 1.2
               of the Corporations Act)) or must otherwise constitute an issue
               that is not required to be disclosed under Part 6D.2 of the
               Corporations Act.

          (b)  The US$ Notes must be issued in minimum parcels or subscriptions
               which have an aggregate Initial Principal Amount of US$100,000
               and in amounts, or on terms, such that their offer for
               subscription and their issue will comply with:

               (i)  the Financial Services and Markets Act 2000 (UK) and all
                    regulations made under or in relation to that Act and the
                    Public Offers of Securities Regulations 1995; and

               (ii) the Securities Act, the Exchange Act, all regulations made
                    under or in relation to them, and all other laws or
                    regulations of any jurisdiction of the United States of
                    America regulating the offer or issue of, or subscription
                    for, Notes.

          (c)  No Registered Note has been or will be registered under the
               Securities Act and the Registered Notes must not be offered or
               sold within the United States or to, or for the account or
               benefit of, US persons except in accordance with Regulation S
               under the Securities Act or pursuant to an exemption from the
               registration requirements of the Securities Act. Terms used in
               this paragraph have the meanings given to them by Regulation S
               under the Securities Act.

4.4      TRUSTEE'S COVENANT TO NOTEHOLDERS

         Subject to the terms of the Master Trust Deed and this Series Notice,
         the Trustee:

         (a)  acknowledges its indebtedness in respect of the Principal Amount
              of each Note; and

         (b)  covenants for the benefit of the Security Trustee, each
              Registered Noteholder and the Note Trustee on behalf of the US$
              Noteholders (subject to receiving any directions required under
              and given in accordance with the Transaction Documents):

               (i)   to make all payments on or in respect of the Notes held by
                     that Noteholder on the due date for payment;

               (ii)  to comply with the terms of this Series Notice and the
                     Transaction Documents to which it is a party; and

               (iii) to pay the Principal Amount in relation to the Notes held
                     by that Noteholder on the Maturity Date together with
                     accrued and unpaid interest thereon.

4.5      REPAYMENT OF NOTES ON PRINCIPAL REPAYMENT DATES

         (a)  On each Principal Repayment Date for a Note, the Principal Amount
              of that Note shall be reduced by, and the obligations of the
              Trustee with respect to that Note shall be discharged to the
              extent of, the amount of the Principal Payment made on that
              Principal Repayment Date in respect of that Note.

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         (b)  All Principal Payments on the US$ Notes will be made in US
              dollars.

         (c)  All Principal Payments on the Registered Notes will be made in
              Australian dollars.

4.6      FINAL REDEMPTION

         Each Note shall be finally redeemed, and the obligations of the Trustee
         with respect to the payment of the Principal Amount of that Note shall
         be finally discharged, on the first to occur of:

         (a)  the date on which the Principal Amount of that Note is reduced to
              zero;

         (b)  the date on which the relevant Noteholder renounces in writing
              all of its rights to all amounts payable under or in respect of
              that Note;

         (c)  in relation to:

               (i)  the US$ Notes, the date on which all amounts received by the
                    Note Trustee with respect to the enforcement of the Security
                    Trust Deed and payable to the US$ Noteholders are paid to
                    the US$ Noteholders; and

               (ii) the Registered Notes, the date on which all amounts received
                    with respect to the enforcement of the Security Trust Deed
                    and payable to the Registered Noteholders are paid to the
                    Registered Noteholders;

         (d)  the Payment Date immediately following the date on which the
              Trustee completes a sale and realisation of all Assets of the
              Trust in accordance with the Master Trust Deed and this Series
              Notice; and

         (e)  the date on which the Note is cancelled or redeemed under clause
              6.6.

4.7      PERIOD DURING WHICH INTEREST ACCRUES

         Each Note bears interest calculated and payable in arrears in
         accordance with this Series Notice from the relevant Note Issue Date to
         the date upon which that Note is finally redeemed in accordance with
         clause 4.6.

4.8      CALCULATION OF INTEREST

          (a)  Interest payable on each Note in respect of each Interest Period
               for that Note is calculated:

               (i)   on a daily basis at the applicable Interest Rate;

               (ii)  on the Principal Amount of that Note as at the first day of
                     that Interest Period; and

               (iii) on the basis of the actual number of days in that Interest
                     Period and:

                    (A)  in the case of the US$ Notes, a year of 360 days; and

                    (B)  in the case of the Registered Notes, a year of 365
                         days, and shall accrue due from day to day.

          (b)  The Step-Up Margin for each Class of Notes is the percentage per
               annum which:

               (i)  applies following the relevant Step-Up Margin Date for that
                    Class;

               (ii) is, in the case of any:

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                    (A)  Class A2 Notes, [*]% per annum;

                    (B)  Class B1 Notes, [*]% per annum; and

                    (C)  Class B2 Notes, [*]% per annum; and

               (iii) in addition to:

                    (A)  (1) LIBOR, in the case of the US$ Notes; or

                         (2)  Bank Bill Rate, in the case of the Registered
                              Notes; and

                    (B)  the relevant MBS Margin, forms the Interest Rate
                         following the relevant Step-Up Margin Date for that
                         Class.

4.9      AGGREGATE RECEIPTS

         Notwithstanding anything in clause 6, no Noteholder will be entitled to
         receive aggregate principal under any of the provisions in that clause
         on any Note at any time in excess of the Principal Amount for that Note
         at that time.

4.10     OWNERSHIP OF NOTES

         The Trustee, the Trust Manager and the Security Trustee may treat a
         Noteholder as the absolute owner of any Note which the Noteholder is
         registered as holding (whether or not that Note is overdue and despite
         any notation or notice to the contrary or writing on it or any notice
         of previous loss or theft of it or of trust or other interest in it)
         for the purpose of making payment and for all other purposes.

4.11     TAXATION

         All payments in respect of the Notes will be made without withholding
         or deduction for, or on account of, any present or future Taxes
         (including, without limitation, interest withholding tax) unless the
         Trustee or other payer is required by any applicable law to make any
         such payment in respect of the Notes subject to any withholding or
         deduction for, or on account of, any present or future Taxes. In that
         event, the Trustee or other payer must make such payment after such
         withholding or deduction has been made and must account to the relevant
         authorities for the amount so required to be withheld or deducted. The
         Trustee or other payer will not be obliged to make any additional
         payments to Noteholders in respect of that withholding or deduction.

5.       CLASS A1 NOTES
--------------------------------------------------------------------------------

5.1      NOTE ISSUE DIRECTION FOR CLASS A1 NOTES

         If, on a Payment Date, Mortgage Principal Repayments for the Collection
         Period preceding that Payment Date are insufficient to fund Redraws for
         that Collection Period in accordance with this Series Notice, then the
         Trust Manager may give the Trustee a Note Issue Direction to issue a
         series of Class A1 Notes in accordance with clause 12 of the Master
         Trust Deed and this clause 5.

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5.2      CONDITIONS TO NOTE ISSUE DIRECTION

         The Trust Manager must not give a Note Issue Direction under clause 5.1
         unless it has received written confirmation from each Designated Rating
         Agency that the issue of the Class A1 Notes would not result in a
         downgrading or withdrawal of a rating of any Note then outstanding.

5.3      TERMS OF NOTE ISSUE DIRECTION

         A Note Issue Direction given under clause 5.1:

         (a)   must be given no later than the date which is 3 Business Days
               before the proposed issue date of the relevant Class A1 Notes,
               or any other date agreed by the Trustee and the Trust Manager;
               and

         (b)   must specify the MBS Margin, the aggregate Initial Principal
               Amount, Initial Principal Amount, rating, issue price and
               Maturity Date of the relevant Class A1 Notes (in each case
               containing the relevant information specified in clause 4.2).

6.       CASHFLOW ALLOCATION METHODOLOGY
--------------------------------------------------------------------------------

6.1      GENERAL

         Collections and other amounts credited to the Collection Account will
         be allocated by the Trust Manager, and paid by the Trustee as directed
         by the Trust Manager, as set out in this clause 6.

6.2      CALCULATIONS

         (a)   On or before each date which is 4 Business Days before each
               Payment Date, the Trust Manager will, in respect of the
               Collection Period immediately before that Payment Date, calculate
               or otherwise ascertain:

               (i)    all Income for that Collection Period;

               (ii)   all Mortgage Principal Repayments for that Collection
                      Period;

               (iii)  the aggregate of all Redraws made during that Collection
                      Period;

               (iv)   the Bank Bill Rate for the relevant period (which shall be
                      calculated and notified on that Payment Date);

               (v)    the amount of Interest payable on each Note on that
                      Payment Date (if any);

               (vi)   the amount of the Principal Payment to be made on each
                      Note on that Payment Date;

               (vii)  Expenses for that Collection Period;

               (viii) the Principal Amount of each Note as at the first day of
                      the next Interest Period for that Note (after deducting
                      any Principal Payment due to be made in respect of each
                      Note on that Payment Date);

               (ix)   the amount of any Approved Seller's Fee for that
                      Collection Period;

               (x)    in the case of the first Payment Date, the Interest
                      Adjustment payable to an Approved Seller;

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               (xi)   the Class A2 Currency Swap Notional Amount and the
                      Class B1 Currency Swap Notional Amount for that Payment
                      Date;

               (xii)  the Class A2 A$ Interest Amount and the Class B1 A$
                      Interest Amount for that Payment Date;

               (xiii) each Class A2 A$ Equivalent amount and each Class B1 A$
                      Equivalent amount required to be calculated under this
                      Series Notice;

               (xiv)  in relation to the aggregate of all Liquidation Losses
                      arising during that Collection Period:

                     (A)  the amount of those Liquidation Losses which is
                          attributable to interest, fees and expenses in
                          relation to the relevant Purchased Loans; and

                     (B)  the amount of those Liquidation Losses which is
                          attributable to principal in relation to the relevant
                          Purchased Loans (PRINCIPAL LOSS),

                    on the basis that all Liquidation Proceeds actually received
                    by or on behalf of the Trustee in relation to a Purchased
                    Loan are applied first against interest, fees and other
                    Enforcement Expenses (other than Property Restoration
                    Expenses) relating to that Purchased Loan, and then against
                    the principal and Property Restoration Expenses relating to
                    that Purchased Loan;

               (xv)   the Charge-offs and Carryover Charge-offs (if any) on that
                      Payment Date;

               (xvi)  the Recovery Amount (if any) for that Payment Date; and

               (xvii) all other calculations necessary to make allocations and
                      distributions under this clause 6.

          (b)  The Trust Manager must:

               (i)    notify the Trustee of each of the amounts calculated by it
                      in paragraph (a); and

               (ii)   notify the Trustee, the Note Trustee, each Paying Agent,
                      the Calculation Agent and each Currency Swap Provider by
                      not later than (or as soon as practicable after) the date
                      which is 4 Business Days before the relevant Payment Date
                      of each determination with respect to the US$ Notes of the
                      Principal Payment and Principal Amount in respect of that
                      Payment Date and cause details of each of those
                      determinations to be published in accordance with
                      Condition 12. If no Principal Payment is due to be made on
                      the Class A2 Notes or the Class B1 Notes on any Payment
                      Date a notice to this effect will be given to the Class A2
                      Noteholders or Class B1 Noteholders (as the case may be)
                      in accordance with Condition 12.

          (c)  The Trust Manager must instruct the Trustee in writing on or
               before the date which is 4 Business Days before the relevant
               Payment Date as to the payments to be made by the Trustee on the
               Payment Date.

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6.3       REDRAWS

          If an Obligor makes Additional Repayments in relation to a Loan held
          by the Trustee then the Trustee must provide a Redraw to the Obligor
          upon being so directed by the Trust Manager in its absolute discretion
          and subject to the Trust Manager certifying to the Trustee that:

          (a)  the Redraw to be provided to the Obligor together with the
               current Unpaid Balance of the Loan will not exceed the scheduled
               balance of the Loan;

          (b)  after allowing for all payments which the Trustee is then
               required to make or which the Trust Manager reasonably expects
               that the Trustee will be required to make, there is or will be
               sufficient cash in the Assets of the Trust (whether as a result
               of the issue of Class A1 Notes or otherwise) for the Trustee to
               provide that Redraw; and

          (c)  the Loan is not in Arrears at the time of the request for the
               Redraw by the Obligor.

6.4       LIQUID AUTHORISED INVESTMENTS

          (a)  The Trust Manager shall make such directions to the Trustee, and
               the Trustee must comply with those directions, required to ensure
               that, subject to paragraph (b), the value of the Liquid
               Authorised Investments shall not at any time be less than the
               Prescribed Minimum Level at that time.

          (b)  The Trust Manager must direct the Trustee, and the Trustee must,
               at the direction of the Trust Manager, apply all or part of the
               Liquid Authorised Investments towards payment of the Shortfall in
               the amounts referred to in clauses 6.5(a)(i) to 6.5(a)(vi)
               (inclusive) as provided in clause 6.5(d).

6.5       INTEREST AND OTHER PAYMENTS

          (a)  On each Payment Date, the Trustee shall, prior to the enforcement
               of the Security Trust Deed (in accordance with the written
               direction provided to it by the Trust Manager on or before the
               date which is 4 Business Days before the Payment Date), out of
               the Income for the Collection Period immediately before that
               Payment Date (and out of the proceeds of disposal of any Liquid
               Authorised Investments and/or out of Mortgage Principal
               Repayments as provided for in paragraph (d)) make the following
               payments or retain moneys in the following order of priority.

               (i)   FIRST - an amount equal to any Interest Adjustment required
                     to be paid to an Approved Seller and then outstanding (the
                     Trustee acknowledges and agrees that it has no entitlement
                     to the moneys comprising the Interest Adjustment).

               (ii)  SECOND - payment of any Taxes payable in relation to the
                     Trust (not including any GST covered in paragraph (f) or
                     paragraph (g)).

               (iii) THIRD - subject to sub-paragraph (a)(ii) and paragraph (c),
                     payment (in the following order of priority) of:

                     (A)    pari passu and rateably, as between themselves,
                            payments of:

                            (1)    the Trustee's Fee for the Collection Period
                                   (as adjusted in accordance with paragraph
                                   (g)); and

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                            (2)    any fees payable to the Note Trustee under
                                   the Transaction Documents for the Collection
                                   Period;

                     (B)    pari passu and rateably, as between themselves,
                            payments of:

                            (1)    any fees payable, pari passu and rateably, to
                                   the Paying Agents under the Transaction
                                   Documents for the Collection Period; and

                            (2)    any fees payable to the Calculation Agent
                                   under the Transaction Documents for the
                                   Collection Period;

                     (C)    the Expenses (other than the Trustee's Fee, any fees
                            payable to the Note Trustee, the Paying Agents or
                            the Calculation Agent, the Trust Manager's Fee and
                            the Servicer's Fee) in relation to the Collection
                            Period;

                     (D)    the Expenses (other than the Trustee's Fee, any fees
                            payable to the Note Trustee, the Paying Agents or
                            the Calculation Agent, the Trust Manager's Fee and
                            the Servicer's Fee) which the Trust Manager or the
                            Trustee reasonably anticipates will be incurred
                            prior to the next Payment Date; and

                     (E)    the Expenses (other than the Trustee's Fee, any fees
                            payable to the Note Trustee, the Paying Agents or
                            the Calculation Agent, the Trust Manager's Fee and
                            the Servicer's Fee) not covered by sub-paragraphs
                            (C) or (D) which have already been incurred prior to
                            the Payment Date but which have not previously been
                            paid or reimbursed.

               (iv) FOURTH - payment, pari passu and rateably, to:

                     (A)    the Trust Manager of the Trust Manager's Fee for the
                            Collection Period; and

                     (B)    the Servicer of the Servicer's Fee for the
                            Collection Period.

              (v)    FIFTH - pari passu and rateably as between themselves:

                     (A)    payment to the Interest Rate Swap Provider of any
                            amounts payable under the Interest Rate Swap other
                            than any Break Costs in respect of the termination
                            of the Interest Rate Swap;

                     (B)    payment of any Interest for the Interest Period for
                            the Class A1 Notes ending on that Payment Date to
                            the Class A1 Noteholders;

                     (C)    (1)    prior to the termination of the Class A2
                                   Currency Swap, payment to the Class A2
                                   Currency Swap Provider of the Class A2 A$
                                   Interest Amount for that Payment Date (and,
                                   if that Payment Date is a Quarterly Payment
                                   Date, any reciprocal payment by the Class A2
                                   Currency Swap Provider is thereafter to be
                                   applied in accordance with clause 6.9(a)(i)
                                   towards payment of Interest on the Class A2
                                   Notes); and

                            (2)    after the termination of the Class A2
                                   Currency Swap, to the Note Trustee for
                                   application in accordance with clause 6.8(a)
                                   of

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                                   the A$ amount that the Trust Manager
                                   determines in good faith needs to be applied
                                   on that Payment Date in order to enable the
                                   Trustee to meet its obligations to pay
                                   Interest on the Class A2 Notes on the next
                                   or, if that Payment Date is a Quarterly
                                   Payment Date that, Quarterly Payment Date;
                                   and

                     (D)    payment to the Class A2 Currency Swap Provider of
                            any Break Costs payable under the Class A2 Currency
                            Swap other than in respect of the termination of the
                            Class A2 Currency Swap where the Class A2 Currency
                            Swap Provider is the Defaulting Party.

              (vi)   SIXTH - pari passu and rateably based on the amount owing
                     as between themselves:

                     (A)    payment of any Interest for the Interest Period for
                            the Class B2 Notes ending on that Payment Date to
                            the Class B2 Noteholders;

                     (B)    (1)    prior to the termination of the Class B1
                                   Currency Swap, payment to the Class B1
                                   Currency Swap Provider of the Class B1 A$
                                   Interest Amount for that Payment Date (and,
                                   if that Payment Date is a Quarterly Payment
                                   Date, any reciprocal payment by the Class B1
                                   Currency Swap Provider is thereafter to be
                                   applied in accordance with clause 6.9(a)(iii)
                                   towards payment of Interest on the Class B1
                                   Notes); and

                            (2)    after the termination of the Class B1
                                   Currency Swap, to the Note Trustee for
                                   application in accordance with clause 6.8(a)
                                   of the A$ amount that the Trust Manager
                                   determines in good faith needs to be applied
                                   on that Payment Date in order to enable the
                                   Trustee to meet its obligations to pay
                                   Interest on the Class B1 Notes on the next
                                   or, if that Payment Date is a Quarterly
                                   Payment Date that, Quarterly Payment Date;
                                   and

                     (C)    payment to the Class B1 Currency Swap Provider of
                            any Break Costs payable under the Class B1 Currency
                            Swap other than in respect of the termination of the
                            Class B1 Currency Swap where the Class B1 Currency
                            Swap Provider is the Defaulting Party.

              (vii)  SEVENTH - to be applied by the Trustee as Mortgage
                     Principal Repayments received by the Trustee during the
                     corresponding Collection Period, of an amount equal to the
                     aggregate of all amounts previously applied under clause
                     6.6(a)(i)(A), to the extent not previously so replenished
                     under this clause 6.5(a)(vii).

              (viii) EIGHTH - in reducing the Aggregate Principal Loss Amount
                     for the corresponding Collection Period.

              (ix)   NINTH - in reducing any Carryover Charge-offs that have not
                     been reduced prior to that Payment Date.

              (x)    TENTH - in payment, pari passu and rateably, of any Break
                     Costs payable to:

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                     (A)    the Interest Rate Swap Provider in respect of the
                            termination of the Interest Rate Swap; and

                     (B)    a Currency Swap Provider in respect of the
                            termination of a Currency Swap where the Currency
                            Swap Provider is the Defaulting Party.

              (xi)   ELEVENTH - in payment of any Approved Seller's Fee.

              (xii)  TWELFTH - in payment of the balance, by way of a
                     distribution of the income of the Trust, to the Residual
                     Income Beneficiaries in proportion to their respective
                     Income Percentages.

              The obligation of the Trustee to make any payment under each of
              the above paragraphs of this clause 6.5(a) is limited in each case
              to the Income, Liquid Authorised Investments and Mortgage
              Principal Repayments or (as the case may be) to the balance of the
              Income, Liquid Authorised Investments and Mortgage Principal
              Repayments available after payment in accordance with the
              preceding paragraph or paragraphs (if any).

       (b)    In the event that for any reason whatsoever the Trustee does not
              have sufficient cash to make all of the payments as provided in
              paragraphs (a) and (d) then the amount available to be paid shall
              be distributed in the order of priority of distribution as
              referred to in paragraph (a), and:

              (i)    in the case of the payment of Interest to Class A1
                     Noteholders or Class A2 Noteholders under paragraph (a)(v),
                     the proportion of any amount available to be paid to each
                     such Class of Noteholder shall be the proportion which the
                     Principal Amount of the Notes of that Class held by that
                     Noteholder bears to the Total Principal Amount of all Notes
                     of that Class; and

              (ii)   in the case of the payment of Interest to Class B1
                     Noteholders or Class B2 Noteholders under paragraph
                     (a)(vi), the proportion of any amount available to be paid
                     to each such Class of Noteholder shall be the proportion
                     which the Principal Amount of that Class held by that
                     Noteholder bears to the Total Principal Amount of all Notes
                     of that Class.

       (c)    In the event that:

              (i)    the Trustee receives a payment under clause 6.5(a)(iii) or
                     6.5(d) for Expenses which the Trustee reasonably
                     anticipates will be incurred prior to the next Payment
                     Date; and

              (ii)   all or any part of such Expenses are not actually incurred
                     prior to that next Payment Date,

              then the following provisions shall apply:

              (iii)  the Trustee shall repay into the Assets of the Trust on
                     that next Payment Date such excess amount which was not
                     actually incurred; or

              (iv)   if the Trustee fails to repay the amount in accordance with
                     sub-paragraph (c)(iii), then such amount shall be set-off
                     against the amount which would otherwise be

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                     payable under clause 6.5(a)(iii) to the Trustee with
                     respect to Expenses on that next Payment Date.

       (d)    If, during any Financial Year, the Income accrued for a Collection
              Period to be applied on the corresponding Payment Date is less
              than the aggregate of the amounts payable by the Trustee under
              clauses 6.5(a)(i) to 6.5(a)(vi) (inclusive) on that Payment Date
              (the SHORTFALL), then the Trustee shall (at the direction of the
              Trust Manager) apply:

              (i)    first, Liquid Authorised Investments; and

              (ii)   second, to the extent the Liquid Authorised Investments are
                     insufficient to cover the Shortfall in full, Mortgage
                     Principal Repayments,

              in payment of those amounts in the order of priority set out in
              clause 6.5(a), to the extent available to do so.

       (e)    If any Approved Seller's Fee is not paid in full on a relevant
              Payment Date, then the unpaid balance shall bear interest at a
              rate determined by the Trust Manager and advised to the Trustee
              from time to time, such interest to be calculated on a daily
              balance from the due date up to and including the date of actual
              payment.

       (f)    Any GST which applies or may apply in respect of any services
              provided pursuant to this Series Notice or the other Transaction
              Documents by the Trust Manager in relation to the Trust will be
              paid by the Trust Manager from the Trust Manager's Fee or from the
              Trust Manager's own resources.

       (g)    In relation to any supply by the Trustee under the Transaction
              Documents of goods or services in relation to the Trust, the fee
              payable will be adjusted to take into account any change after 1
              July 2000 in the rate of GST payable pursuant to the A New Tax
              System (Goods and Services Tax Imposition - General) Act 1999.

       (h)    Interest to which any Noteholder may be entitled in respect of a
              Note for an Interest Period shall only fall due for payment by the
              Trustee to the Noteholder upon the applicable Payment Date.

6.6    REPAYMENTS OF PRINCIPAL AMOUNT AND REDEMPTION OF NOTES

       (a)    (i)    All Mortgage Principal Repayments which are received by the
                     Trustee in each Collection Period, except to the extent the
                     Trust Manager directs the Trustee in writing that such
                     moneys be applied or retained for Liquidity Purposes in
                     accordance with the provisions of this Series Notice and
                     (subject to clause 6.6(a)(ii)) any Liquid Authorised
                     Investments and the Recovery Amount for the corresponding
                     Payment Date must, prior to the enforcement of the Security
                     Trust Deed, be deposited or paid by the Trustee (at the
                     direction of the Trust Manager, such direction to be given
                     on or before the date which is 4 Business Days before the
                     relevant Payment Date) on the corresponding Payment Date in
                     the following order of priority.

                     (A)    FIRST - in accordance with clause 6.5(d).

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                     (B)    SECOND - to replenish Liquid Authorised Investments
                            until the value of the Liquid Authorised Investments
                            equals the Prescribed Minimum Level.

                     (C)    THIRD - to Class A1 Noteholders (in the proportion
                            as specified in sub-paragraph (iii)) in payment of
                            the Principal Amount of the Class A1 Notes until
                            such time as all Class A1 Notes have been redeemed
                            in full.

                     (D)    FOURTH -

                            (1)    if the Threshold Requirements are satisfied
                                   on that Payment Date, in accordance with
                                   clause 6.6(h); or

                            (2)    if the Threshold Requirements are not
                                   satisfied on that Payment Date, in accordance
                                   with clause 6.6(i).

                     (E)    FIFTH - subject to clause 10.2(c), in payment of the
                            balance, by way of a distribution of the capital of
                            the Trust, to the Residual Income Beneficiaries in
                            proportion to their respective Income Percentages.

                     The obligation of the Trustee to make any deposit or
                     payment under each of the above paragraphs of clause
                     6.6(a)(i) is limited in each case to the Mortgage Principal
                     Repayments, (subject to clause 6.6(a)(ii)) Liquid
                     Authorised Investments and the Recovery Amount or (as the
                     case may be) to the balance of the Mortgage Principal
                     Repayments, (subject to clause 6.6(a)(ii)) Liquid
                     Authorised Investments and the Recovery Amount available
                     after deposit or payment in accordance with the preceding
                     paragraph or paragraphs (if any).

              (ii)   The Trust Manager must not direct the Trustee to, and the
                     Trustee must not, deposit or pay any Liquid Authorised
                     Investments under clause 6.6(a)(i)(C), 6.6(a)(i)(D) or
                     6.6(a)(i)(E) where such deposit or payment would result in
                     the value of the Liquid Authorised Investments being less
                     than the Prescribed Minimum Level.

              (iii)  The proportion of any amount available to be paid to any
                     Noteholder in respect of any Class of Notes will be the
                     proportion which the Principal Amount of the Note in
                     respect of that Class of Notes held by that Noteholder
                     bears to the Total Principal Amount of all Notes in respect
                     of that Class of Notes.

       (b)    On any Quarterly Payment Date when the Total Principal Amount of
              all Notes does not exceed 10% of the Initial Principal Amount of
              all Notes the Trustee must, if so directed in writing by the Trust
              Manager on or before the date which is 4 Business Days before that
              Quarterly Payment Date, repay the whole of the Principal Amount of
              all Notes together with any outstanding Interest in relation to
              those Notes subject to the following conditions:

              (i)    the Trust Manager having provided to:

                     (A)    each relevant Noteholder, the Note Trustee and the
                            Trustee, 30 days prior notice; and

                     (B)    each Designated Rating Agency, 30 days prior written
                            notice,

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                            of the Trust Manager's intention to direct the
                            Trustee to redeem the relevant Notes under this
                            paragraph;

              (ii)   the Trustee having sufficient cash to make such repayment
                     (upon which the Trustee may rely conclusively on a
                     certification from the Trust Manager);

              (iii)  the Trustee retaining such amount as the Trust Manager or
                     the Trustee reasonably determines will be necessary to
                     satisfy any outstanding or anticipated Expenses or payment
                     to any Swap Provider under a Hedge Agreement; and

              (iv)   the repayment being made in the order of priority set out
                     in clause 6.6(a).

       (c)    On any Quarterly Payment Date on or after a Step-Up Margin Date
              the Trustee must, if so directed by the Trust Manager on or before
              the date which is 4 Business Days before that Quarterly Payment
              Date, repay the whole of the Principal Amount of any Class of
              Notes together with any outstanding Interest in relation to those
              Notes subject to the following conditions:

              (i)    the Trust Manager having provided to:

                     (A)    each relevant Noteholder, the Note Trustee and the
                            Trustee, 30 days prior notice; and

                     (B)    each Designated Rating Agency, 30 days prior written
                            notice,

                     of the Trust Manager's intention to direct the Trustee to
                     redeem the relevant Notes under this paragraph;

              (ii)   the Trust Manager receiving from each Designated Rating
                     Agency written confirmation that the repayment will not
                     result in a downgrade or withdrawal of the rating of any
                     other Notes;

              (iii)  the Trustee having sufficient cash to make such repayment
                     (upon which the Trustee may rely conclusively on a
                     certification from the Trust Manager);

              (iv)   the Trustee retaining such amount as the Trust Manager or
                     the Trustee reasonably determines will be necessary to
                     satisfy any outstanding or anticipated Expenses, payment to
                     any Noteholder in respect of a Note (other than a Note in
                     respect of which the Principal Amount and Interest are to
                     be so repaid) or payment to any Swap Provider under a Hedge
                     Agreement; and

              (v)    the repayment being made in the order of priority set out
                     in clause 6.6(a).

              The Trust Manager may give a direction described in paragraph (c)
              in respect of any one Class of Notes, with a particular Step-Up
              Margin Date notwithstanding that it has not given a similar
              direction in relation to any other Class with the same Step-Up
              Margin Date, provided that in no circumstance may the Trust
              Manager give a direction described in paragraph (c) in relation to
              Class B Noteholders unless:

              (1)    there are at that time no Class A Notes outstanding; or

              (2)    the Trust Manager at the same time gives or has given a
                     direction described in paragraph (c) in relation to all
                     Class A Notes then outstanding.

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       (d)    If the Trust Manager satisfies the Trustee and the Note Trustee
              immediately prior to giving the notice referred to below that:

              (i)    on the next Payment Date the Trustee or a Paying Agent
                     would be required to deduct or withhold from any payment:

                     (A)    of principal or interest in respect of the Notes; or

                     (B)    to a Currency Swap Provider under a Currency Swap,

                     any amount for or on account of any present or future
                     taxes, duties, assessments or governmental charges of
                     whatever nature imposed, levied, collected, withheld or
                     assessed by any Government Agency; or

              (ii)   a Government Agency requires the deduction or withholding
                     from any payment by an Obligor in respect of a Purchased
                     Loan of any amount for or on account of any taxes, duties,
                     assessments or governmental charges of whatever nature
                     imposed, levied, collected, withheld or assessed by that
                     Government Agency,

              the Trustee must, when so directed by Noteholders representing at
              least 75% of the outstanding Principal Amount of the Notes
              (provided that the Trustee will be in a position on the next
              Quarterly Payment Date to discharge (and the Trust Manager will so
              certify to the Trustee and the Note Trustee) all its liabilities
              in respect of the Notes (at their relevant Principal Amount) and
              any amounts which would be required under the Security Trust Deed
              to be paid in priority or pari passu with the Notes if the
              security for the Notes were being enforced), having given not more
              than 60 nor less than 45 days notice to the Noteholders, redeem
              all, but not some only, of the Notes at their relevant Principal
              Amount together with accrued interest to (but excluding) the date
              of redemption on the next Quarterly Payment Date, provided that
              the redemption is made in the order of priority set out in
              paragraph (a).

       (e)    If the Trust Manager satisfies the Trustee and the Note Trustee
              immediately prior to giving the notice referred to below that on
              the next Quarterly Payment Date a Currency Swap Provider would be
              required to deduct or withhold from any payment under a Currency
              Swap any amount for or on account of any present or future taxes,
              duties, assessments or governmental charges of whatever nature
              imposed, levied, collected, withheld or assessed by any Government
              Agency, the Trustee must, when so directed by the Trust Manager
              (in its sole discretion) (provided that the Trustee will be in a
              position on such Quarterly Payment Date to discharge (and the
              Trust Manager will so certify to the Trustee and the Note Trustee)
              all its liabilities in respect of the Notes (at their relevant
              Principal Amount) and any amounts which would be required under
              the Security Trust Deed to be paid in priority or pari passu with
              the Notes if the security for the Notes were being enforced),
              having given not more than 60 nor less than 45 days notice to the
              Noteholders, redeem all, but not some only, of the Notes at their
              relevant Principal Amount together with accrued interest to (but
              excluding) the date of redemption on the next Quarterly Payment
              Date, provided that the redemption is made in the order of
              priority set out in paragraph (a).

       (f)    A Noteholder shall not be entitled to receive any amounts other
              than:

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              (i)    the Interest payable on, and

              (ii)   the Principal Amount of,

              Notes held by that Noteholder.

       (g)    The Trustee may not recover any Beneficiary Distribution from a
              Beneficiary once it is paid to that Beneficiary except where there
              has been an error in the relevant calculation of the Beneficiary
              Distribution.

       (h)    If, on a Payment Date, the Threshold Requirements are satisfied,
              amounts applied under clause 6.6(a)(i)(D)(1) must be deposited or
              paid, pari passu and rateably:

              (i)   (A)    prior to the termination of the Class A2 Currency
                            Swap, to the Class A2 Currency Swap Provider of the
                            Class A2 A$ Equivalent of the Class A2 Currency Swap
                            Notional Amount for that Payment Date (and, if that
                            Payment Date is a Quarterly Payment Date, any
                            reciprocal payment by the Class A2 Currency Swap
                            Provider is thereafter to be applied in accordance
                            with clause 6.9(a)(ii) towards payment of the
                            Principal Amount of the Class A2 Notes (in the
                            proportion as specified in clause 6.6(a)(iii)); and

                     (B)    after the termination of the Class A2 Currency Swap,
                            to the Note Trustee for application in accordance
                            with clause 6.8(a) of the Class A2 A$ Equivalent of
                            the Class A2 Currency Swap Notional Amount for that
                            Payment Date;

              (ii)   (A)    prior to the termination of the Class B1 Currency
                            Swap, to the Class B1 Currency Swap Provider of the
                            Class B1 A$ Equivalent of the Class B1 Currency Swap
                            Notional Amount for that Payment Date (and, if that
                            Payment Date is a Quarterly Payment Date, any
                            reciprocal payment by the Class B1 Currency Swap
                            Provider is thereafter to be applied in accordance
                            with clause 6.9(a)(iv) towards payment of the
                            Principal Amount of the Class B1 Notes (in the
                            proportion as specified in clause 6.6(a)(iii)); and

                     (B)    after the termination of the Class B1 Currency Swap,
                            to the Note Trustee for application in accordance
                            with clause 6.8(a) of the Class B1 A$ Equivalent of
                            the Class B1 Currency Swap Notional Amount for that
                            Payment Date; and

              (iii)  to Class B2 Noteholders (in the proportion as specified in
                     clause 6.6(a)(iii)) in payment of the Principal Amount of
                     the Class B2 Notes.

       (i)    If, on a Payment Date, the Threshold Requirements are not
              satisfied, amounts applied under clause 6.6(a)(i)(D)(2) must be
              deposited or paid in the following order of priority:

              (i)    (A)    prior to the termination of the Class A2 Currency
                            Swap, to the Class A2 Currency Swap Provider of the
                            Class A2 A$ Equivalent of the Class A2 Currency Swap
                            Notional Amount for that Payment Date (and, if that
                            Payment Date is a Quarterly Payment Date, any
                            reciprocal payment by

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                            the Class A2 Currency Swap Provider is thereafter to
                            be applied in accordance with clause 6.9(a)(ii)
                            towards payment of the Principal Amount of the Class
                            A2 Notes (in the proportion as specified in clause
                            6.6(a)(iii)); and

                     (B)    after the termination of the Class A2 Currency Swap,
                            to the Note Trustee for application in accordance
                            with clause 6.8(a) of the Class A2 A$ Equivalent of
                            the Class A2 Currency Swap Notional Amount for that
                            Payment Date,

                     and, in each case, until such time as the Class A2 Notes
                     have been redeemed in full;

              (ii)   pari passu and rateably:

                     (A)    (1)    prior to the termination of the Class B1
                                   Currency Swap, to the Class B1 Currency Swap
                                   Provider of the Class B1 A$ Equivalent of the
                                   Class B1 Currency Swap Notional Amount for
                                   that Payment Date (and, if that Payment Date
                                   is a Quarterly Payment Date, any reciprocal
                                   payment by the Class B1 Currency Swap
                                   Provider is thereafter to be applied in
                                   accordance with clause 6.9(a)(iv) towards
                                   payment of the Principal Amount of the Class
                                   B1 Notes (in the proportion as specified in
                                   clause 6.6(a)(iii)); and

                            (2)    after the termination of the Class B1
                                   Currency Swap, to the Note Trustee for
                                   application in accordance with clause 6.8(a)
                                   of the Class B1 A$ Equivalent of the Class B1
                                   Currency Swap Notional Amount for that
                                   Payment Date; and

                     (B)    to Class B2 Noteholders (in the proportion as
                            specified in clause 6.6(a)(iii)) in payment of the
                            Principal Amount of the Class B2 Notes,

                     and, in each case, until such time as the Class B Notes
                     have been redeemed in full.

6.7    CHARGE-OFFS

       If, on any Payment Date, the Aggregate Principal Loss Amount for the
       corresponding Collection Period exceeds the amount allocated or available
       for allocation on that Payment Date under clause 6.5(a)(viii), the amount
       of such excess will be the CHARGE-OFF for that Payment Date.

6.8    PAYMENTS INTO US$ ACCOUNT

       (a)    The Note Trustee must, on each Payment Date on which the Trustee
              pays an amount under clause 6.5(a)(v)(C)(2), 6.5(a)(vi)(B)(2),
              6.6(h)(i)(B), 6.6(h)(ii)(B), 6.6(i)(i)(B) or 6.6(i)(ii)(A)(2) (the
              AUD AMOUNT), pay into the US$ Account or to the Principal Paying
              Agent under the Agency Agreement, an amount in US$ equal to the
              AUD Amount at the spot exchange rate in New York City for US$
              purchases of Australian dollars on that Payment Date.

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       (b)    The Trustee must direct each Currency Swap Provider to pay all
              amounts denominated in US$ payable to the Trustee by that Currency
              Swap Provider under the relevant Currency Swap into the US$
              Account or to the Principal Paying Agent under the Agency
              Agreement.

       (c)    If the Trustee, the Trust Manager or the Servicer receives any
              amount denominated in US$ from a Currency Swap Provider under a
              Currency Swap or from the Note Trustee under clause 6.8(a) it will
              promptly pay that amount to the credit of the US$ Account.

6.9    PAYMENTS OUT OF US$ ACCOUNT

       (a)    The Trustee must, or must require that the Paying Agents on its
              behalf, at the direction of the Trust Manager, pay all amounts
              credited to the US$ Account by each Currency Swap Provider, by the
              Note Trustee under clause 6.8(a) or under clause 6.8(c) as follows
              (and in accordance with the Note Trust Deed and the Agency
              Agreement) (in no order of priority):

              (i)    as contemplated in clauses 6.5(a)(v)(C)(1) and
                     6.5(a)(v)(C)(2), pari passu in relation to Class A2 Notes
                     as payments of Interest on those Class A2 Notes;

              (ii)   as contemplated in clauses 6.6(h)(i)(A), 6.6(h)(i)(B),
                     6.6(i)(i)(A) and 6.6(i)(i)(B), pari passu to Class A2
                     Noteholders in payment of the Principal Amount of the Class
                     A2 Notes until such time as all Class A2 Notes have been
                     redeemed in full;

              (iii)  as contemplated in clauses 6.5(a)(vi)(B)(1) and
                     6.5(a)(vi)(B)(2), pari passu in relation to Class B1 Notes
                     as payments of Interest on those Class B1 Notes;

              (iv)   as contemplated in clauses 6.6(h)(ii)(A), 6.6(h)(ii)(B),
                     6.6(i)(ii)(A)(1) and 6.6(i)(ii)(A)(2), pari passu to Class
                     B1 Noteholders in payment of the Principal Amount of the
                     Class B1 Notes until such time as all Class B1 Notes have
                     been redeemed in full;

              (v)    as contemplated in clauses 6.6(b), (c), (d) or (e):

                     (A)    pari passu to Class A2 Noteholders in relation to
                            Class A2 Notes; and

                     (B)    pari passu to Class B1 Noteholders in relation to
                            Class B1 Notes,

                     as payment of redemption amounts; and

              (vi)   as contemplated in clause 4.4(b)(iii):

                     (A)    pari passu to Class A2 Noteholders in relation to
                            Class A2 Notes; and

                     (B)    pari passu to Class B1 Noteholders in relation to
                            Class B1 Notes,

                     as     payment of redemption amounts.

6.10   ROUNDING OF AMOUNTS

       In making the calculations required or contemplated by this clause 6, the
       Servicer or the Trust Manager (as the case may be) shall round
       calculations to four decimal places, except that all monetary amounts
       shall be rounded down to the nearest cent or as otherwise required in
       this Series Notice.

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6.11   PRESCRIPTION

       Despite any other provision of this Series Notice and the Master Trust
       Deed, Condition 8 of the US$ Notes applies to all amounts payable in
       relation to any US$ Note.

6.12   REPLACEMENT OF CURRENCY SWAPS

       (a)    If a Currency Swap is terminated, the Trustee must, at the
              direction of the Trust Manager, enter into one or more currency
              swaps which replace that Currency Swap (in a form reasonably
              satisfactory to the Trustee) (collectively a REPLACEMENT CURRENCY
              SWAP) but only on the following conditions:

              (i)    the Settlement Amount (as defined in the relevant Currency
                     Swap) payable (if any) by the Trustee to the relevant
                     Currency Swap Provider will be paid in full when due in
                     accordance with this Series Notice and the relevant
                     Currency Swap;

              (ii)   the Designated Ratings Agencies confirm that the
                     Replacement Currency Swap will not cause a reduction or
                     withdrawal of the rating of the Class A2 Notes (in the case
                     of a replacement of the Class A2 Currency Swap) or the
                     Class B1 Notes (in the case of a replacement of the Class
                     B1 Currency Swap); and

              (iii)  the liability of the Trustee under the Replacement Currency
                     Swap is limited to at least the same extent that its
                     liability is limited under the replaced Currency Swap.

       (b)    If the conditions in (a) are satisfied, the Trustee must, at the
              direction of the Trust Manager, enter into the Replacement
              Currency Swap and if it does so it must direct the Replacement
              Currency Swap Provider to pay any upfront premium to enter into
              the Replacement Currency Swap due to the Trustee directly to the
              relevant Currency Swap Provider in satisfaction of and to the
              extent of the Trustee's obligation to pay the Settlement Amount
              (as defined in the relevant Currency Swap) as referred to in (a)
              and to the extent that such premium is not greater than or equal
              to the Settlement Amount (as defined in the relevant Currency
              Swap), the balance must be satisfied by the Trustee as an Expense
              of the Trust.

       (c)    If the conditions in (a) are satisfied and the Trustee has entered
              into the Replacement Currency Swap, the Trustee must direct the
              relevant Currency Swap Provider to pay any Settlement Amount (as
              defined in the relevant Currency Swap) payable by the relevant
              Currency Swap Provider to the Trustee on termination of the
              relevant Currency Swap directly to the Replacement Currency Swap
              Provider as payment and to the extent of any premium payable by
              the Trustee to enter into the Replacement Currency Swap, in
              satisfaction of and to the extent of the relevant Currency Swap
              Provider's obligation to pay that part of the Settlement Amount
              (as defined in the relevant Currency Swap) to the Trustee.

6.13   PAYMENT PRIORITIES FOLLOWING ENFORCEMENT OF THE SECURITY TRUST DEED

       Following the enforcement of the Security Trust Deed pursuant to clause
       9.1 of the Security Trust Deed, the priority of payments with respect to
       the Trust will be governed by that deed.

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7.     MASTER TRUST DEED, INVESTMENT MANAGEMENT AGREEMENT AND
       REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS
--------------------------------------------------------------------------------

7.1    COMPLETION OF DETAILS IN RELATION TO MASTER TRUST DEED

       (a)    (TRUST MANAGER'S FEE) For the purpose of clause 18 of the Master
              Trust Deed, the fee payable to the Trust Manager in respect of the
              Trust for each Collection Period will be an amount calculated:

              (i)    on the aggregate of

                     (A)    the Principal Amount of all Registered Notes;

                     (B)    the Class A2 A$ Equivalent of the Principal Amount
                            of all Class A2 Notes; and

                     (C)    the Class B1 A$ Equivalent of the Principal Amount
                            of all Class B1 Notes,

                     on the first day of that Collection Period;

              (ii)   at the rate of [*]% per annum or as otherwise agreed by the
                     Trust Manager and the Trustee from time to time; and

              (iii)  on the actual number of days in the Collection Period
                     divided by 365 days,

              and shall accrue from day to day.

       (b)    (TRUSTEE'S FEE) For the purpose of clause 22.1 of the Master Trust
              Deed, the fee payable to the Trustee in respect of the Trust for
              each Collection Period will be an amount as agreed between the
              Trustee and the Trust Manager from time to time, subject to clause
              6.5(g), which fee shall not include the Trust Manager's Fee or any
              Approved Seller's Fee.

       (c)    (APPROVED SELLER'S FEE)

              For the purpose of clause 8.12 of the Master Trust Deed, the fee
              payable to each relevant Approved Seller in respect of the Trust
              for each Collection Period will be an amount as agreed between the
              Approved Seller and the Trust Manager from time to time, which fee
              may include an entitlement to interest in the event of late
              payment but which fee shall not include any amount attributable
              to:

              (i)    any Taxes;

              (ii)   any Trustee's Fee;

              (iii)  any other Expenses (other than the Trust Manager's Fee);

              (iv)   any payment to the Trust Manager of the Trust Manager's
                     Fee;

              (v)    any net amounts payable to any Swap Provider as required
                     under any Hedge Agreement;

              (vi)   any payment of Interest to Noteholders; and

              (vii)  any amount by way of replenishment of the Assets of the
                     Trust.

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       (d)    (SERVICER'S FEE) For the purpose of clause 6.1 of the Investment
              Management Agreement, the fee payable to the Servicer in respect
              of the Trust for each Collection Period will be an amount
              calculated:

              (i)    on the aggregate of:

                     (A)    the Principal Amount of all Registered Notes;

                     (B)    the Class A2 A$ Equivalent of the Principal Amount
                            of all Class A2 Notes; and

                     (C)    the Class B1 A$ Equivalent of the Principal Amount
                            of all Class B1 Notes,

                     on the first day of that Collection Period;

              (ii)   at the rate of [*]% per annum or as otherwise agreed by the
                     Servicer and the Trustee from time to time; and

              (iii)  on the actual number of days in the Collection Period
                     divided by 365 days,

              and shall accrue from day to day.

       (e)    (FEE CHANGES TO TAKE ACCOUNT OF GST) Subject to clause 6.5(f),
              none of the above fees in this clause 7.1 are to be increased by
              reference to any applicable GST unless:

              (i)    the Trustee, the Trust Manager and the recipient of the
                     relevant fee agree (that agreement not to be unreasonably
                     withheld); and

              (ii)   the increase will not result in the downgrading or
                     withdrawal of the rating assigned to any Notes by any
                     Designated Rating Agency.

7.2    AMENDMENTS TO MASTER TRUST DEED

       The Master Trust Deed is amended for the purpose of the Trust as follows:

       (a)    CLAUSE 1 - DEFINITIONS AND INTERPRETATION

              (i)    For the purposes of the definition of AUTHORISED
                     INVESTMENTS in clause 1.1 of the Master Trust Deed:

                     (A)    delete the words "an Approved Bank" in paragraph (b)
                            and replace it with the words "a bank rated A-1+ by
                            S&P and P-1 by Moody's (an AUTHORISED BANK)";

                     (B)    delete the words "Approved Bank" in paragraph (c)
                            and replace them with the words "Authorised Bank";

                     (C)    replace the wording in sub-paragraph (i) before
                            sub-paragraph (i)(A) with "unless otherwise advised
                            in writing by each Designated Rating Agency";

                     (D)    replace sub-paragraph (i)(A) and (i)(B) with a
                            sub-paragraph (i)(A) as follows:

                            "(A)   each proposed investment falling within
                                   categories (b), (c) and (d) must have a
                                   credit rating issued by S&P of A-1+ and by
                                   Moody's of P-1 or by S&P of AAA and by
                                   Moody's of Aaa;

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                     (E)    re-label sub-paragraph (i)(C) to be (i)(B) and
                            insert at the end of the sub-paragraph the words "
                            and by Moody's of Aaa"; and

                     (F)    delete the words in sub-paragraph (ii)(A) after "it
                            was acquired".

              (ii)   For the purposes of the definition of EXPENSES in clause
                     1.1 of the Master Trust Deed:

                     (A)    insert ", DTC" in paragraph (t) after "Stock
                            Exchange" ;

                     (B)    in paragraph (t), delete the word "and' after the
                            semi-colon;

                     (C)    replace the comma at the end of paragraph (u) with
                            "; and"; and

                     (D)    add a new paragraph (v) at the end as follows:

                            "(u) any fees or expenses payable to a Paying Agent
                            or Calculation Agent,".

              (iii)  For the purposes of the definition of INSOLVENCY EVENT in
                     clause 1.1 of the Master Trust Deed, replace "or a Mortgage
                     Insurer" with ", a Mortgage Insurer, a Title Insurer or any
                     other corporation" before "(each a RELEVANT CORPORATION)".

              (iv)   For the purposes of the definition of RELATED SECURITY in
                     clause 1.1 of the Master Trust Deed:

                     (A)    re-letter the existing subparagraph (d) as
                            subparagraph (e); and

                     (B)    insert as a new subparagraph (d) "any Title
                            Insurance Policy in relation to a Mortgage securing
                            the loan and any amounts received by the Trustee (or
                            a Servicer on its behalf) under any Title Insurance
                            Policy.".

              (v)    Insert the following new definitions in clause 1.1 of the
                     Master Trust Deed:

                     RESIDUAL INCOME BENEFICIARY means, in relation to a Trust
                     at any time, any person who holds a Residual Income Unit in
                     that Trust at that time.

                     RESIDUAL INCOME UNIT in relation to a Trust, has the
                     meaning given in the Series Notice for that Trust.

              (vi)   Insert the following definition in clause 1.1 of the Master
                     Trust Deed:

                     TITLE INSURANCE POLICY means any title insurance policy
                     specified as a TITLE INSURANCE POLICY in the Series Notice
                     for that Trust.

              (vii)  Insert the following definition in clause 1.1 of the Master
                     Trust Deed:

                     TITLE INSURER means any title insurer specified as a TITLE
                     INSURER in the Series Notice for that Trust.

       (b)    CLAUSE 6 - ORIGINATION

              For the purposes of clause 6(a) of the Master Trust Deed, insert
              the words "or the Trust Manager" after "Note Issue Direction".

       (c)    CLAUSE 8 - ACQUISITION FROM APPROVED SELLER

              (i)    The following provisions replace clause 8.1 of the Master
                     Trust Deed.

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                     "Where:

                     (a)    a Note Issue Direction directs that the Trustee
                            issues Notes to fund; or

                     (b)    there is an investment proposal or direction by the
                            Trust Manager (in accordance with the Transaction
                            Documents) for,

                     the acquisition of Authorised Investments from an Approved
                     Seller under a Sale Notice under clause 8.3 of the Master
                     Trust Deed and the Trustee implements the direction or
                     proposal, the Trustee shall use the proceeds of the
                     relevant issue of Notes for the purpose of the acquisition
                     in accordance with clause 8 of the Master Trust Deed."

              (ii)   For the purposes of clause 8.4(a) of the Master Trust Deed:

                     (A)    delete clause 8.4(a)(i);

                     (B)    insert in clause 8.4(a)(ii) before "the Trust
                            Manager", the words "(where clause 8.1(a) applies)";
                            and

                     (C)    each of the following is a condition precedent to
                            the giving of the Sale Notice:

                            (CERTIFIED COPIES) The Trustee has received
                            certified copies of the forms of each Mortgage
                            Insurance Policy and Title Insurance Policy, and the
                            forms of the Loan Agreements, relating to the
                            Purchased Loans.

                            (RELEASE) The Trustee has received evidence that the
                            Purchased Loans and related Loan Rights will be
                            released from any Security Interest as of the
                            Closing Date.

              (iii)  For the purposes of clause 8.7(b) of the Master Trust Deed
                     and clauses 6.6(b) to (d) (inclusive), the following
                     provisions apply:

                     (A)    On the date on which a redemption of Notes under
                            clause 6.6(b), (c) or (d) is to occur, the Trust
                            Manager may direct the Trustee to offer to sell the
                            Loans held by the Trustee to an Other Trust or any
                            other person in accordance with the Master Trust
                            Deed and any relevant Series Notice.

                     (B)    The Trustee as trustee of the Trust will do all
                            things reasonably necessary to give effect to the
                            disposal of the Loans held by the Trustee to that
                            Other Trust or other person (as the case may be) in
                            accordance with the Master Trust Deed and any
                            relevant Series Notice.

                     (C)    In the case of a disposal to an Other Trust, the
                            Trust Manager may only give the direction referred
                            to in sub-paragraph (iv)(A) to the extent that funds
                            are available to the Other Trust to acquire those
                            assets.

              (iv)   For the purposes of clause 8.8 of the Master Trust Deed:

                     (A)    in relation to sub-paragraph (a)(i):

                            (1)    delete the words "after a Note Issue Date";
                                   and

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                            (2)    replace the words "corresponding Note Issue
                                   Direction" with "relevant Sale Notice";

                     (B)    in relation to sub-paragraph (a)(ii):

                            (1)    delete the words "after the Note Issue Date"
                                   and the words "as soon as possible";

                            (2)    insert the words "or Sale Notice" after "in
                                   that Series Notice";

                            (3)    insert the words "Series Notice or" before
                                   "Sale Notice in respect of"; and

                            (4)    replace the words "corresponding Note Issue
                                   Direction" with "relevant Sale Notice"; and

                     (C)    in relation to paragraph (b):

                            (1)    delete the words "on or" and "after a Note
                                   Issue Date";

                            (2)    replace the words "corresponding Note Issue
                                   Direction" with "relevant Sale Notice"; and

                            (3)    replace the words "the Note Issue Date" with
                                   "the relevant Closing Date" (where it appears
                                   twice).

       (d)    CLAUSE 11 - LIMITS ON RIGHTS OF NOTEHOLDERS AND BENEFICIARY

              For the purposes of clause 11.1 of the Master Trust Deed:

              (i)    in relation to paragraph (h), insert ", Security Trustee"
                     after "Trustee";

              (ii)   in relation to paragraph (k), insert "or an Approved
                     Seller" after "Trust Manager";

              (iii)  replace paragraph (l) with the following:

                     "(l)   (take proceedings) take any proceedings of any
                            nature whatsoever in any court or otherwise or to
                            obtain any remedy of any nature (including against
                            the Trustee, the Trust Manager, the Security Trustee
                            or the Servicer or any former Trustee, Trust
                            Manager, Security Trustee or Servicer or in respect
                            of any Trust or any Asset of any Trust) provided
                            that it shall be entitled to compel the Trustee, the
                            Trust Manager, the Security Trustee and the Servicer
                            to comply with their respective duties and
                            obligations under the Transaction Documents"; and

              (iv)   replace paragraph (m) with the following:

                     "(m)   (recourse to personal assets) any recourse
                            whatsoever to the Trustee, the Security Trustee or
                            the Trust Manager in their personal capacity, except
                            to the extent of any fraud, negligence or wilful
                            default on the part of the Trustee or the Trust
                            Manager or as provided in the relevant Transaction
                            Documents in relation to the Security Trustee."

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       (e)    CLAUSE 12 - PROCEDURE FOR ISSUE OF NOTES

              (i)    For the purposes of clause 12.1 of the Master Trust Deed,
                     the Note Issue Direction for the Notes may be issued by the
                     Trust Manager on or at any time prior to the Note Issue
                     Date for the Notes.

              (ii)   For the purposes of clause 12.6(a) of the Master Trust
                     Deed, the certification by the Trust Manager may occur on
                     or at any time prior to the Note Issue Date for the Notes.

       (f)    CLAUSE 13 - TRANSFERS OF NOTES

              The following provisions replace clause 13.3 of the Master Trust
              Deed:

              "(a)   Notes can only be transferred if:

                     (i)    the amount payable on acceptance of the offer by the
                            transferee is a minimum amount of $500,000
                            (disregarding any amount payable to the extent to
                            which it is to be paid out of money lent by the
                            person offering the Notes or an associate (as
                            defined in Division 2 of Part 1.2 of the
                            Corporations Act)); or

                     (ii)   the offer or invitation to the transferee by the
                            Noteholder in relation to such Notes does not
                            otherwise require disclosure under Part 6D.2 of the
                            Corporations Act and the Corporations Regulations
                            made under the Corporations Act.

              (b)    Prior to purchasing any Notes, purchasers should consult
                     counsel with respect to the availability and conditions of
                     exemption from the restriction on resale or transfer.".

       (g)    CLAUSE 15 - THE REGISTER

              (i)    For the purposes of clause 15.3(a) of the Master Trust
                     Deed, the Trustee and the Trust Manager agree that the
                     Register with respect to the Trust may be kept at the
                     Trustee's principal office in Sydney.

              (ii)   For the purposes of clause 15.5 of the Master Trust Deed,
                     the Trustee may:

                     (A)    without prior notice to the Noteholders close the
                            Register:

                            (1)    in relation to any Note, each period from the
                                   close of business (Sydney time) on the date
                                   which is 5 Business Days before each Payment
                                   Date for that Note to close of business on
                                   that Payment Date; or

                            (2)    when required for the Auditor to conduct any
                                   audit in relation to the Trust; or

                     (B)    with prior notice to the Registered Noteholders,
                            close the Register for other periods not exceeding
                            30 days (or such other period of time as agreed
                            between the Trustee and the Trust Manager, with the
                            approval of

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                            an Extraordinary Resolution of Registered
                            Noteholders) in aggregate in any calendar year.

       (h)    CLAUSE 17 - THE TRUST MANAGER

              Reference in clause 17.20(e) to "the Designated Rating Agency' is
              amended to be reference to "each Designated Rating Agency".

       (i)    CLAUSE 19 - RETIREMENT, REMOVAL AND REPLACEMENT OF TRUST MANAGER

              (i)    Each reference in clause 19 to "the Designated Rating
                     Agency", "the Trusts" and "Series Notices" is amended to be
                     a reference to "each Designated Rating Agency", "the Trust"
                     and "Series Notice" respectively.

              (ii)   Clause 19.3 is amended by adding as a final sentence: "In
                     this clause `materially prejudice' includes withdrawal,
                     qualification or downgrade of the rating assigned to a Note
                     by any Designated Rating Agency".

       (j)    CLAUSE 20 - TRUSTEE'S POWERS

              For the purposes of clause 20.4 of the Master Trust Deed:

              (i)    insert "in relation to the Registered Notes," at the
                     beginning of sub-paragraph (b)(iii);

              (ii)   insert a new sub-paragraph (b)(iv) as follows:

                     "(iv)  in relation to US$ Notes, to a Paying Agent (in
                            respect of which the Trustee is not liable for its
                            acts or omissions)"; and

              (iii)  replace "or Austraclear" in sub-paragraph (d)(i) with ",
                     Austraclear or a Paying Agent".

       (k)    CLAUSE 23 - REMOVAL, RETIREMENT AND REPLACEMENT OF TRUSTEE

              Each reference in clause 23 of the Master Trust Deed to "the
              Designated Rating Agency" is amended to be reference to "each
              Designated Rating Agency".

       (l)    CLAUSE 26 - BANK ACCOUNTS

              Clause 26.1(d)(i) of the Master Trust Deed is amended by adding
              "or P-2 or below by Moody's" after the words "A-1 (S&P) or below".

       (m)    CLAUSE 27 - AUDITOR

              Each reference in clause 27 to "the Designated Rating Agency" is
              amended to be reference to "each Designated Rating Agency".

       (n)    CLAUSE 29 - INCOME ENTITLEMENTS AND PAYMENTS

              For the purposes of the Trust, clause 29 of the Master Trust Deed
              is deleted and a new clause 29 inserted as follows:

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              "29.   INCOME ENTITLEMENTS AND PAYMENTS

              29.1   CASHFLOW ALLOCATION METHODOLOGY

                     Collections in relation to a Trust and other amounts
                     credited to the Collection Account for that Trust will be
                     allocated by the Trust Manager on behalf of the Trustee,
                     and paid by the Trustee, as directed by the Trust Manager,
                     in accordance with the Series Notice for that Trust.

              29.2   INCOME OF THE TRUST

                     For each Financial Year in respect of a Trust the Trust
                     Manager will ascertain the following on behalf of the
                     Trustee:

                     (a)    the net income of that Trust in accordance with
                            section 95(1) of the Tax Act (the TAX INCOME); and

                     (b)    the net income of that Trust in accordance with
                            conventional accounting principles applicable to the
                            administration of trusts (the ACCOUNTING INCOME).

              29.3   INCOME ENTITLEMENT

                     Notwithstanding anything to the contrary contained in this
                     deed:

                     (a)    (PRESENT ENTITLEMENT) the Residual Income
                            Beneficiaries shall, as at the end of each Financial
                            Year for that Trust, have an absolute vested
                            interest in, and be presently entitled to, the
                            income of that Trust; and

                     (b)    (APPLICATION OF INCOME) unless the Trustee otherwise
                            determines, having regard to any relevant taxation
                            or other implications for the Trustee (disregarding
                            for these purposes any possible operation of clause
                            29.4) or both for any Financial Year for that Trust,
                            for the purposes of paying, applying, distributing,
                            setting aside or allocating any income for the
                            benefit of those Residual Income Beneficiaries in
                            accordance with the terms of this deed in respect of
                            that Financial Year, the income that is to be so
                            paid, applied, distributed, set aside or allocated
                            shall be whichever is the greater of the Tax Income
                            or the Accounting Income for that Financial Year.

              29.4   DISTRIBUTION OF EXCESS TAX INCOME

                     For the avoidance of doubt, in the event that the Tax
                     Income exceeds the Accounting Income for a Trust in any
                     Financial Year for that Trust then, notwithstanding
                     anything to the contrary in this deed, the Trust Manager
                     must direct the Trustee to, and the Trustee must, so far as
                     possible, ensure that such excess is allocated to the
                     Residual Income Beneficiaries of that Trust in proportion
                     to their respective Income Percentages for that Financial
                     Year and shall take such action as is necessary to give
                     effect to this clause.

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              29.5   PAYMENTS TO BENEFICIARIES

                     (a)    (DISTRIBUTABLE INCOME DUE AS AT CLOSE OF FINANCIAL
                            YEAR) The income of a Trust for a Financial Year (to
                            the extent not previously distributed) shall,
                            subject to clause 29.7, constitute a debt due as at
                            the end of that Financial Year by the Trustee as
                            trustee of the Trust to each Residual Income
                            Beneficiary of that Trust who is entitled to the
                            income under clause 29.3(a) and shall, subject to
                            clause 29.7, be payable under clause 29.5(b).

                     (b)    (PAYMENT) Subject to clause 29.7, the Trustee may
                            make interim distributions of the income of a Trust
                            to the relevant Residual Income Beneficiaries in
                            accordance with the terms of the Series Notice for
                            that Trust and shall as soon as practicable after
                            the end of a Financial Year transfer an amount
                            representing the income of that Trust (to the extent
                            not previously distributed) from the central bank
                            account of that Trust to the bank accounts of each
                            Residual Income Beneficiary of that Trust as
                            directed by the relevant Beneficiary.

                     (c)    (RESIDUAL CAPITAL) On the termination of a Trust,
                            the surplus capital of that Trust remaining after
                            satisfaction by the Trustee of all its obligations
                            in respect of that Trust shall be paid to the
                            Residual Income Beneficiaries of that Trust in
                            accordance with the terms of the Series Notice for
                            that Trust.

              29.6   APPLICATION OF TRUST INCOME

                     (a)    If by the last day of any Financial Year for a Trust
                            (the LAST DAY) the Trustee has not effectively dealt
                            with the whole of the income of that Trust for that
                            Financial Year by paying, applying or distributing
                            it, or by setting it aside, then the income not so
                            paid, applied, distributed or set aside shall be
                            deemed to have been irrevocably applied and set
                            aside on the Last Day by the Trustee on behalf of,
                            and shall be held by the Trustee on and from the
                            Last Day upon trust absolutely for, the Residual
                            Income Beneficiaries of that Trust in accordance
                            with their entitlement to income under this deed
                            (including, for these purposes, the allocation of
                            excess Tax Income (if any) pursuant to clause 29.4).

                     (b)    If the Trustee fails to effectively allocate any
                            excess to a Residual Income Beneficiary in
                            accordance with clause 29.4, then such excess shall
                            vest or be deemed to be vested in that Residual
                            Income Beneficiary.

                     (c)    For the purposes of this clause 29.6 references to
                            income of that Trust for any Financial Year shall be
                            to the greater of the Tax Income or the Accounting
                            Income for that Financial Year.

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              29.7   SUBORDINATION OF RESIDUAL INCOME BENEFICIARIES'
                     ENTITLEMENTS

                     (a)    No moneys may be paid out of a Trust during a
                            Financial Year to a Residual Income Beneficiary
                            under clause 29.5, whilst there is any amount due,
                            but unpaid, which is in accordance with clause 29.1
                            to be paid in priority to those amounts and before
                            the Trustee is satisfied, after consulting with the
                            Trust Manager, that sufficient allowance has been
                            made for those priority amounts in relation to that
                            Trust, accruing during that Financial Year. To the
                            extent that there is an amount payable under clause
                            29.1 which is to be paid in priority to the amounts
                            payable to a Residual Income Beneficiary, that
                            Residual Income Beneficiary directs the Trustee to
                            meet the amount payable under clause 29.1 as an
                            application of that Residual Income Beneficiary's
                            entitlement to the income of that Trust.

                     (b)    Notwithstanding paragraph (a) of this clause, once
                            an amount is paid out of a Trust to a Residual
                            Income Beneficiary during a Financial Year, that
                            amount may not be recovered from that Residual
                            Income Beneficiary for any reason or by any person
                            except to the extent that the amount was paid in
                            error.

              29.8   INSUFFICIENT MONEYS

                     If after the application of the provisions of clauses 29.1
                     and 29.3 there is insufficient money available to the
                     Trustee in respect of a Trust to pay the full amount due to
                     Noteholders for that Trust, the deficiency shall, subject
                     to the Series Notice for the Notes or any Class of the
                     Notes issued in relation to that Trust, be borne by the
                     Noteholders in the manner set out in the relevant Series
                     Notice.

              29.9   TRUST MANAGER TO ENSURE COMPLIANCE BY TRUSTEE

                     Without limiting its other obligations under this deed, the
                     Trust Manager, in exercising its powers and carrying out
                     its duties in accordance with this deed, must, to the
                     extent possible, ensure that the Trustee complies with its
                     obligations under clauses 29.3(b) and 29.4."

       (o)    CLAUSE 32 - TRUSTEE'S AND TRUST MANAGER'S POWERS, LIABILITY AND
              INDEMNITY GENERALLY

              (i)    The following provisions replace clause 32.16 of the Master
                     Trust Deed.

                     "(a)   The Trustee enters into the Transaction Documents
                            and issues the Notes only in its capacity as trustee
                            of the Trust and in no other capacity. A liability
                            incurred by the Trustee acting in its capacity as
                            trustee of the Trust arising under or in connection
                            with the Transaction Documents or the Trust or in
                            respect of the Notes is limited to and can be
                            enforced against the Trustee only to the extent to
                            which it can be satisfied out of the Assets of the
                            Trust out of which the Trustee is actually
                            indemnified for the liability. This limitation of
                            the Trustee 's liability applies despite

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                            any other provision of the Transaction Documents and
                            extends to all liabilities and obligations of the
                            Trustee in any way connected with any
                            representation, warranty, conduct, omission,
                            agreement or transaction related to the Transaction
                            Documents or the Trust.

                     (b)    The parties other than the Trustee may not sue the
                            Trustee 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 the Trustee or
                            prove in any liquidation, administration or
                            arrangements of or affecting the Trustee (except in
                            relation to the Assets of the Trust).

                     (c)    The provisions of this clause 32.16 do not apply to
                            any obligation or liability of the Trustee to the
                            extent that it is not satisfied because under a
                            Transaction Document or by operation of law there is
                            a reduction in the extent of the Trustee's
                            indemnification out of the Assets of the Trust as a
                            result of the Trustee 's fraud, negligence, or
                            wilful default.

                     (d)    It is acknowledged that the Relevant Parties are
                            responsible under the Transaction Documents for
                            performing a variety of obligations relating to the
                            Trust. No act or omission of the Trustee (including
                            any related failure to satisfy its obligations or
                            breach of representation or warranty under the
                            Transaction Documents) will be considered fraud,
                            negligence or wilful default of the Trustee for the
                            purpose of paragraph (c) of this clause 32.16 to the
                            extent to which the act or omission was caused or
                            contributed to by any failure by the Relevant
                            Parties (other than a person whose acts or omissions
                            the Trustee 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 Relevant Parties (other than a
                            person whose acts or omissions the Trustee 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 the Trustee.

                     (e)    No attorney, agent, receiver or receiver and manager
                            appointed in accordance with a Transaction Document
                            has authority to act on behalf of the Trustee in a
                            way which exposes the Trustee to any personal
                            liability and no act or omission of any such person
                            will be considered fraud, negligence or wilful
                            default of the Trustee for the purpose of paragraph
                            (c) of this clause 32.16, provided (in the case of
                            any person selected and appointed by the Trustee)
                            that the Trustee has exercised reasonable care in
                            the selection of such persons.

                     (f)    The Trustee will not be regarded as negligent or in
                            breach of trust to the extent to which it accepts
                            and relies on an opinion, advice or letter from a
                            professional adviser (legal, financial, audit or
                            otherwise) which contains a dollar amount limitation
                            on that professional adviser's liability.

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                     (g)    In this clause 32.16, RELEVANT PARTY means each of
                            the Trust Manager, the Servicer, the Calculation
                            Agent, each Paying Agent, the Note Trustee and any
                            Support Facility Provider."

              (ii)   (A)    Subject to sub-paragraph (B), the following
                            provisions replace clause 32.18 of the Master Trust
                            Deed.

                            "(a)   (INDEMNITY FROM THE TRUST) Without prejudice
                                   to the right of indemnity given by law to
                                   trustees, and without limiting any other
                                   provision of a Transaction Document, the
                                   Trustee will be indemnified out of the Assets
                                   of the Trust, free of any set off or
                                   counterclaim, against all Penalty Payments
                                   which the Trustee is required to pay
                                   personally or in its capacity as trustee of
                                   the Trust and arising in connection with the
                                   performance of its duties or exercise of its
                                   powers under this deed or a Transaction
                                   Document in relation to the Trust.

                            (b)    (PRESERVATION OF RIGHT AND INDEMNITY) The
                                   Trustee's right to be indemnified in
                                   accordance with paragraph (a), applies
                                   notwithstanding any allegation that the
                                   Trustee has incurred such Penalty Payment as
                                   a result of its negligence, fraud or wilful
                                   default or any other act or omission which
                                   may otherwise disentitle the Trustee to be so
                                   indemnified. However, the Trustee is not
                                   entitled to that right of indemnity to the
                                   extent that there is a determination by a
                                   relevant court of negligence, fraud or wilful
                                   default by the Trustee (provided that, until
                                   such determination, the Trustee is entitled
                                   to that right of indemnity or reimbursement
                                   but must, upon such determination, repay to
                                   the Trust any amount paid to it under this
                                   clause). The Trustee may in accordance with
                                   the Transaction Documents rely on others in
                                   relation to compliance with the Consumer
                                   Credit Legislation.

                            (c)    (OVERRIDING) This clause 32.18 overrides any
                                   other provision of the Master Trust Deed or
                                   any Series Notice.

                            (d)    (NOMINATED CREDIT PROVIDER) Subject to the
                                   limitation of indemnity in paragraph (e), in
                                   jurisdictions where a provision identical to
                                   s169A of the Consumer Credit (Victoria) Code
                                   1996 is not in operation, for so long as such
                                   a provision is not in operation, the Trustee,
                                   the Trust Manager and the Servicer agree
                                   that:

                                   (A)    the Servicer shall be the "nominated
                                          credit provider" for the purposes of
                                          regulation 75 of any Consumer Credit
                                          Legislation in relation to the Trust;
                                          and

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                                   (B)    the Servicer shall not cease to be the
                                          "nominated credit provider" until such
                                          time as:

                                          (1)    the Servicer is removed from
                                                 the office of Servicer; and

                                          (2)    another person (other than the
                                                 Trustee) becomes the "nominated
                                                 credit provider" in relation to
                                                 the Trust.

                            (e)    (INDEMNITY FROM SERVICER) The Servicer
                                   indemnifies the Trustee in relation to the
                                   Trust, free of any set off or counterclaim,
                                   against all Penalty Payments which the
                                   Trustee is required to pay personally or in
                                   its capacity as trustee of the Trust and
                                   arising in connection with the performance of
                                   its duties or exercise of its powers under
                                   this deed in relation to the Trust, except to
                                   the extent that such Penalty Payments arose
                                   as a result of the fraud, negligence or
                                   wilful default of the Trustee.

                            (f)    (ACCEPTABLE INSURANCE POLICY)

                                   (i)    To further and better secure the
                                          obligations of the Servicer under this
                                          clause 32.18, the Servicer shall
                                          effect an Acceptable Insurance Policy.

                                   (ii)    If the Servicer is obliged to
                                           indemnify the Trustee under this
                                           clause 32.18, the Servicer will
                                           promptly make a claim under the
                                           Acceptable Insurance Policy and do
                                           all things reasonably required to
                                           obtain payment of that claim.

                                   (iii)   The Servicer shall provide
                                           the Trustee with evidence of
                                           the renewal of the
                                           Acceptable Insurance Policy
                                           within seven days of the
                                           date of renewal of the
                                           Acceptable Insurance Policy.

                                    (iv)    Upon the Acceptable
                                            Insurance Policy lapsing or
                                            becoming void for any reason
                                            whatsoever, the Servicer
                                            shall immediately:

                                            (A)      notify the Trustee that the
                                                     Acceptable Insurance Policy
                                                     has lapsed or become void;
                                                     and

                                            (B)      effect alternative
                                                     arrangements acceptable to
                                                     the Trustee and obtain
                                                     confirmation from each
                                                     Designated Rating Agency
                                                     that the rating of the
                                                     Notes rated by it will not
                                                     be adversely affected.

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                                (g)    (CALLING UPON INDEMNITY) The Trustee will
                                       call upon the indemnity under paragraph
                                       (e) before it calls on the indemnity in
                                       paragraph (a). If any such claim is not
                                       satisfied within 3 Business Days of the
                                       claim being made, the Trustee may
                                       (without prejudice to its rights under
                                       any indemnity under paragraph (e))
                                       exercise its right of indemnity referred
                                       to in paragraph (a).

                                (h)    (GRANTING INDEMNITY) The Trustee agrees
                                       that it will not grant an indemnity to
                                       any other person within the terms of
                                       paragraph (iv) of the definition of
                                       Penalty Payment without the prior
                                       written consent of the Servicer."

                     (B)    The definition of Penalty Payment in clause 32.18 of
                            the Master Trust Deed shall apply.

7.3       AMENDMENTS TO INVESTMENT MANAGEMENT AGREEMENT

          The Investment Management Agreement is amended for the purposes of the
          Trust as follows.

          (a)       Interstar Securitisation Management Pty Limited accedes to
                    the Investment Management Agreement and each of the
                    Servicer, the Trustee and Interstar Securitisation
                    Management Pty Limited agree, acknowledge and confirm that:

                    (i)       as trust manager of the Interstar Millennium
                              Series 2003-1G Trust, Interstar Securitisation
                              Management Pty Limited will be bound by the duties
                              and obligations imposed on the "Trust Manager" (as
                              that term is defined in the Investment Management
                              Agreement) by the Investment Management Agreement
                              in all respects as if it had originally been named
                              as a party to the Investment Management Agreement
                              as the trust manager; and

                    (ii)      as trust manager of the Interstar Millennium
                              Series 2003-1G Trust, Interstar Securitisation
                              Management Pty Limited shall be entitled to the
                              benefit of any rights or powers conferred on the
                              "Trust Manager" (as that term is defined in the
                              Investment Management Agreement) under the
                              Investment Management Agreement as if it had
                              originally been named a party to the Investment
                              Management Agreement as the trust manager.

          (b)       CLAUSE 1.3 - LIABILITY OF CHARGOR LIMITED TO ITS RIGHT OF
                    INDEMNITY

                    Clause 1.3 of the Investment Management Agreement is deleted
                    and replaced with the following.

                    "(a)      Clause 32 of the Master Trust Deed (as amended by
                              the Notice of Creation of Trust and the Series
                              Notice) applies to the obligations and liabilities
                              of the Trustee and the Trust Manager under this
                              agreement.

                    (b)       Without limiting the generality of clause 1.3(a),
                              clause 32.16 of the Master Trust Deed (as amended
                              by the Notice of Creation of Trust and the Series
                              Notice) is

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                              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.

                    (c)       Nothing in this clause 1.3 limits a party in:

                              (i)       obtaining an injunction or other order
                                        to restrain any breach of this agreement
                                        by any party;

                              (ii)      obtaining declaratory relief; or

                              (iii)     in relation to its rights under the
                                        Security Trust Deed.

                    (d)       Except as provided in paragraphs (a) and (b) and
                              subject to paragraph (c), no party shall:

                              (i)       (STATUTORY DEMAND) issue any demand
                                        under s459E(1) of the Corporations Act
                                        (or any analogous provision under any
                                        other law) against the Trustee;

                              (ii)      (WINDING UP) apply for the winding up or
                                        dissolution of the Chargor;

                              (iii)     (EXECUTION) levy or enforce any distress
                                        or other execution to, on, or against
                                        any assets of the Trustee (other than
                                        the Trust Assets);

                              (iv)      (COURT APPOINTED RECEIVER) apply for the
                                        appointment by a court or a receiver to
                                        any of the assets of the Trustee (other
                                        than the Trust Assets);

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

                              (v)       (SET-OFF OR COUNTERCLAIM) exercise or
                                        seek to exercise any set-off or
                                        counterclaim against the Trustee (other
                                        than in respect of the Trust Assets); or

                              (vi)      (ADMINISTRATOR) appoint, or agree to the
                                        appointment of, any administrator to the
                                        Trustee,

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

          (c)       CLAUSE 2 - APPOINTMENT OF SERVICER

                    In clause 2.3(d) of the Investment Management Agreement, add
                    "or Title Insurer in relation to a Title Insurance Policy"
                    after "any law firm".

          (d)       CLAUSE 4 - UNDERTAKINGS

                    (i)       In clause 4.1(c)(ii) of the Investment Management
                              Agreement, add "or Title Insurer (as the case may
                              be)" after "the Mortgage Insurer".

                    (ii)      In clause 4.1(c)(iii) of the Investment Management
                              Agreement, add "or Title Insurer (as the case may
                              be)" after "the Mortgage Insurer".

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                    (iii)     Add the following clause 4.1(c)(iv) in the
                              Investment Management Agreement: "promptly notify
                              the Title Insurer (if any) of that default in
                              accordance with the provisions of the relevant
                              Title Insurance Policy, if required".

                    (iv)      Relabel clause 4.1(d)(i)(B) of the Investment
                              Management Agreement as clause 4.1(d)(i)(C).

                    (v)       Add the following clause 4.1(d)(i)(B) in the
                              Investment Management Agreement: "Title Insurance
                              Policies; and".

                    (vi)      In clause 4.1(d)(ii) of the Investment Management
                              Agreement, add ", Title Insurance Policy" after
                              "Mortgage Insurance Policy".

                    (vii)     In clause 4.1(d)(iii) of the Investment Management
                              Agreement, add ", Title Insurance Policy" after
                              "Mortgage Insurance Policy".

                    (viii)    Clause 4.1(f) of the Investment Management
                              Agreement is amended by inserting the words " and
                              provided that the variation, amendment or
                              modification does not result in the downgrade or
                              withdrawal of rating of the Notes".

                    (ix)      Replace 4.1(h) of the Investment Management
                              Agreement to read as follows:

                              "set the Investment Rate as 0.25% higher than the
                              percentage rate of return which it determines in
                              its absolute discretion would be required to be
                              set on the Authorised Investments held by the
                              Trustee, in order to ensure that the Trustee has
                              sufficient cash available at all times to enable
                              the Trustee to pay all payments of Interest in
                              respect of the Trust and otherwise comply with all
                              of the Trustee's duties and obligations under the
                              Transaction Documents as and when they fall due,
                              including payment of any Approved Seller's Fee as
                              and when it falls due".

          (e)       CLAUSE 6 - SERVICER FEES

                    In clause 6.2(a) of the Investment Management Agreement, add
                    "or Title Insurance Policy" after "Mortgage Insurance
                    Policy".

7.4      ADDITIONAL REPRESENTATIONS AND WARRANTIES - APPROVED SELLER AND TRUSTEE

         Each of the Approved Sellers and the Trustee makes the following
         additional representations and warranties in respect of itself only to
         the Trust Manager, to each Noteholder and to the Security Trustee (who
         holds the benefit of the representations and warranties for the
         Mortgagees (as defined in the Security Trust Deed):

          (a)       it is not in default under this deed or the Investment
                    Management Agreement (to which it is a party) in a manner
                    which has or may have an Adverse Effect;

          (b)       it has no immunity from the jurisdiction of a court or from
                    legal process;

          (c)       (in relation to the Approved Sellers only, other than any
                    Approved Seller who is the trustee of any trust) the
                    Approved Seller holds sole beneficial ownership as at the
                    relevant Closing Date of the Loans referred to in the Sale
                    Notice given by it;

          (d)       (in relation to the Approved Sellers only, other than any
                    Approved Seller who is the trustee of any trust) the
                    Approved Seller holds such beneficial interest in the
                    Authorised

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                    Investments (other than the Loans referred to in paragraph
                    (c)) which form part of the Assets of the Trust as is
                    validly transferred to it unless it has disposed of that
                    interest in accordance with the provisions of the
                    Transaction Documents;

          (e)       (in relation to the Trustee only) the Trustee has not
                    resettled, set aside or transferred any property of the
                    Trust other than in accordance with the Transaction
                    Documents;

          (f)       (in relation to the Trustee only) the Trustee has not
                    terminated the Trust nor has any event of which it is aware
                    for the vesting of the assets of the Trust occurred;

          (g)       (in relation to the Trustee only) the Trustee is not aware
                    that an Event of Default as defined in the Security Trust
                    Deed is subsisting;

          (h)       (in relation only to any Approved Seller who is the trustee
                    of a trust) as at the relevant Closing Date, beneficial
                    title in the Authorised Investments referred to in the Sale
                    Notice given by it, or otherwise to be transferred by it,
                    will be transferred to the Trustee.

          (i)       (in relation to the Approved Sellers only, other than any
                    Approved Seller who is the trustee of any trust) the sale,
                    transfer and assignment of the Approved Seller's interest in
                    the Purchased Loans, will not constitute a breach of any
                    Relevant Document or the Approved Seller's obligations or a
                    default by the Approved Seller under any Security Interest;

          (j)       (in relation to the Approved Sellers only, other than any
                    Approved Seller who is the trustee of any trust) the
                    Approved Seller holds in its possession or control all
                    Relevant Documents that relate to the Purchased Loans and
                    the related Loan Securities necessary to register and
                    enforce the provisions of and the security created by the
                    relevant Loan Securities;

          (k)       (in relation to the Approved Sellers only, other than any
                    Approved Seller who is the trustee of any trust) the
                    Approved Seller is solvent, is able to pay its debts as and
                    when they become due and payable and has no notice of, nor
                    taken any steps in relation to, any application or order for
                    its winding up or the appointment of a receiver or
                    liquidator to it or any of its assets;

          (l)       (in relation to the Approved Sellers only, other than any
                    Approved Seller who is the trustee of any trust) at the time
                    each Purchased Loan and each Related Security was entered
                    into it complied in all material respects with the Approved
                    Seller's underwriting and operations procedures, as agreed
                    with the Servicer;

          (m)       (in relation to the Approved Sellers only, other than any
                    Approved Seller who is the trustee of any trust) each
                    Purchased Loan and Loan Security and each Related Security
                    was entered into by the Approved Seller in good faith;

          (n)       (in relation to the Approved Sellers only, other than any
                    Approved Seller who is the trustee of any trust) at the time
                    each Purchased Loan and each Loan Security and each Related
                    Security was entered into at any time prior to the Closing
                    Date, the Approved Seller had not received any notice of any
                    insolvency, bankruptcy or liquidation of the Obligor(s) or
                    any guarantors or security providers (except that if a Loan
                    is in Arrears but complies with the Eligibility Criteria,
                    the fact that it is in Arrears is not in and of itself
                    notice of insolvency) or any notice that any such person did
                    not have the legal capacity to enter into the relevant
                    Mortgage;

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          (o)       (in relation to the Approved Sellers only, other than any
                    Approved Seller who is the trustee of any trust) as at the
                    Cut-Off Date, none of the Purchased Loans and none of the
                    Loan Securities and no Related Security had been waived or
                    altered, except in writing and as part of the Relevant
                    Documents;

          (p)       (in relation to the Approved Sellers only, other than any
                    Approved Seller who is the trustee of any trust) all
                    information provided by the Approved Seller to the Trustee
                    in connection with the Loans, the Loan Securities and the
                    Related Securities was, when given, true and accurate in all
                    material respects and not misleading or deceptive and did
                    not omit to state a material fact necessary in order to make
                    the statements therein in light of the circumstances in
                    which they were made not misleading or deceptive; and

          (q)       (in relation to the Approved Sellers only, other than any
                    Approved Seller who is the trustee of any trust) as at the
                    Cut-Off Date, the Approved Seller was not aware of any
                    circumstance or event that may materially and adversely
                    affect:

                    (i)       the value or enforceability of any Loan, Loan
                              Security or Related Security; or

                    (ii)      the ability of the Approved Seller to perform its
                              obligations under the Transaction Documents.

7.5      ADDITIONAL REPRESENTATIONS AND WARRANTIES - TRUST MANAGER

         Each of the Servicer and the Trust Manager makes the following
         representations and warranties to the Trustee, to each Noteholder and
         to the Security Trustee (who holds the benefit of the representations
         and warranties for the Mortgagees (as defined in the Security Trust
         Deed):

          (a)       to its knowledge, no litigation, arbitration or
                    administrative proceedings are taking place, pending or
                    threatened against it which, if adversely determined, has or
                    may have an Adverse Effect;

          (b)       it is not in default under any Transaction Document to which
                    it is a party in a manner which has or may have an Adverse
                    Effect;

          (c)       to the best of its knowledge and belief the Loans which are
                    subject to the provisions of the Consumer Credit Legislation
                    comply with the Consumer Credit Legislation; and

          (d)       it is not aware of any act or circumstance that would permit
                    a Mortgage Insurer or a Title Insurer to reduce or avoid any
                    claim under its Mortgage Insurance Policy or Title Insurance
                    Policy (as the case may be).

7.6      ADDITIONAL UNDERTAKINGS - TRUSTEE

         The Trustee undertakes to the Servicer, the Trust Manager, to each
         Noteholder and to the Security Trustee (who holds the benefit of the
         undertakings for the Mortgagees (as defined in the Security Trust Deed)
         that:

          (a)       it will treat the Noteholders of the same Class equally and
                    will treat Noteholders of different Classes fairly;

          (b)       it will not deal in any way with any person except at arm's
                    length in the ordinary course of business for valuable
                    commercial consideration;

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          (c)       it will not advance money or make available financial
                    accommodation to or for the benefit of any person or give a
                    guarantee or security interest in connection with an
                    obligation or liability of any person except as permitted
                    under the Transaction Documents;

          (d)       it will not take any action in respect of a Mortgage which
                    action is contrary to the terms of the Mortgage Insurance
                    Policy covering that Mortgage unless it is approved by the
                    relevant Mortgage Insurer (the Trustee is entitled to rely
                    without enquiry on a certificate from the Servicer to the
                    effect that the relevant Mortgage Insurer has given its
                    consent);

          (e)       provided that the Trustee has been provided with a copy of
                    the form of the relevant Title Insurance Policy and has
                    agreed in writing with the Servicer that this paragraph (e)
                    will apply to all Title Insurance Policies issued in that
                    agreed form, it will not take any action in respect of a
                    Mortgage which action is contrary to the terms of any Title
                    Insurance Policy covering that Mortgage unless it is
                    approved by the relevant Title Insurer (the Trustee is
                    entitled to rely without enquiry on a certificate from the
                    Servicer to the effect that the relevant Title Insurer has
                    given its consent);

          (f)       it shall not:

                    (i)       amend or vary, or consent to any amendment or
                              variation of,

                    (ii)      avoid, release, surrender, terminate, rescind,
                              discharge (other than by performance) or accept
                              the repudiation of, or

                    (iii)     expressly or impliedly waive, or extend or grant
                              time or indulgence of, any provision of or
                              obligation under,

                    any Transaction Document where to do so would have an
                    Adverse Effect (the Trustee is entitled to rely without
                    enquiry on a certificate from the Trust Manager to the
                    effect that any such action will not have an Adverse
                    Effect);

          (g)       it shall not amend or vary the form which will be used for
                    any Mortgage which it acquires or settles in any manner
                    which would have an Adverse Effect (the Trustee is entitled
                    to rely without enquiry on a certificate from the Servicer
                    to the effect that any amendment or variation of the form
                    used for any Mortgage will not have an Adverse Effect);

          (h)       it will not resettle, set aside or transfer any asset held
                    under the Trust other than a transfer which complies with
                    the Transaction Documents (the Trustee is entitled to rely
                    without enquiry on a certificate from the Trust Manager to
                    the effect that any such transfer complies with this deed);

          (i)       except as contemplated by clause 23 of the Master Trust
                    Deed, the Trustee will not do anything which would cause or
                    enable its removal, nor will it retire, as trustee of the
                    Trust; and

          (j)       the Trustee will not permit any person to act or be
                    appointed as trustee of the Trust jointly with the Trustee.

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7.7       ADDITIONAL UNDERTAKINGS - TRUST MANAGER AND SERVICER

          Each of the Trust Manager and the Servicer undertakes to the Trustee,
          to each Noteholder and to the Security Trustee (who holds the benefit
          of the undertakings for the Mortgagees (as defined in the Security
          Trust Deed) to:

          (a)       upon being so directed by the Trustee, rectify any books of
                    account which the Trustee reasonably believes to be
                    incorrect or inadequate in any respect;

          (b)       ensure that the Authorised Investments yield an amount
                    (expressed as a percentage per annum) equal to or greater
                    than the then current Investment Rate;

          (c)       deliver to the Trustee all documents necessary to enable the
                    Trustee to have each and every Authorised Investment
                    registered in the name of the Trustee or in the name of such
                    other person or persons as approved by the Trustee;

          (d)       not deal in any way with any person except at arm's length
                    in the ordinary course of business for valuable commercial
                    consideration;

          (e)       not advance money or make available financial accommodation
                    to or for the benefit of any person or give a guarantee or
                    Security Interest in connection with an obligation or
                    liability of any person except as permitted under the
                    Transaction Documents;

          (f)       not cease or materially change its business,

          (g)       not take any action in respect of a Loan which action is
                    contrary to the terms of the Mortgage Insurance Policy
                    covering that Loan unless it is approved by the relevant
                    Mortgage Insurer;

          (h)       not take any action in respect of a Loan which action is
                    contrary to the terms of any Title Insurance Policy covering
                    that Loan unless it is approved by the relevant Title
                    Insurer;

          (i)       not:

                    (i)       amend or vary, or consent to any amendment or
                              variation of,

                    (ii)      avoid, release, surrender, terminate, rescind,
                              discharge (other than by performance) or accept
                              the repudiation of, or

                    (iii)     expressly or impliedly waive, or extend or grant
                              time or indulgence of, any provision of or
                              obligation under,

                    any Transaction Document, where to do so would have an
                    Adverse Effect;

          (j)       take such steps as are reasonably available to it to ensure
                    that a Mortgage Insurer is not relieved from its liability
                    under its Mortgage Insurance Policy;

          (k)       take such steps as are reasonably available to it to ensure
                    that a Title Insurer is not relieved from its liability
                    under any of its Title Insurance Policies;

          (l)       where it is required to make any calculation, give any
                    notice or do any thing in order to enable the Trustee to
                    perform its obligations under any Transaction Document -
                    make that calculation, give that notice or do that thing;

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          (m)       co-operate with the Trustee in respect of the establishment
                    and maintenance by the Trustee of a compliance system
                    relating to the Assets of the Trust and any Mortgage made by
                    it which is reasonable in scope having regard to industry
                    standards and criteria for the purposes of establishing a
                    system for ensuring that the Trustee's obligations and
                    liabilities under or in connection with the Assets of the
                    Trust and those Mortgages are fully discharged and that the
                    Trustee is informed of significant issues relating to any of
                    them;

          (n)       take such actions as are necessary to enforce or enable the
                    Trustee to enforce the rights of the Trustee under any
                    Transaction Document;

          (o)       ensure that:

                    (i)       the aggregate amount of all Gold Commitments at
                              any time does not comprise more than 20% of the
                              value of the Assets of the Trust; and

                    (ii)      the aggregate of the amounts outstanding under the
                              following Loans (as referred to in schedule 2):

                                        (1)       Interstar "Fix'n Float" Access
                                                  Account Loans; and

                                        (2)       Interstar "IO Fixed" Access
                                                  Account Loans,

                    which form part of the Assets of the Trust does not comprise
                    more than 25% of the value of the Assets of the Trust;

                    (iii)     subject to any other provisions, there will be no
                              restriction on the percentage of the Assets of the
                              Trust which may comprise:

                              (A)       Interstar "Premium" Access Account
                                        Loans; and

                              (B)       Interstar "IO Float" Access Account
                                        Loans,

                    as referred to in schedule 2;

                    (iv)      during any period when a fixed lower or acceptable
                              rate of interest (as opposed to the higher or
                              default rate of interest) is applicable under any
                              Interstar "Fix'n Float" Access Account Loan or any
                              Interstar "IO Fixed" Access Account Loan (as
                              referred to in schedule 2) such rate of interest
                              will not be less than the aggregate of:

                              (A)       the weighted average of the Interest
                                        Rate of the Class B2 Notes and the rate
                                        equal to the Bank Bill Rate and the
                                        Spread (as defined in the Class B1
                                        Currency Swap);

                              (B)       the Expenses Margin; and

                              (C)       0.25%;

          (p)       procure payment of any stamp duty payable in respect of
                    transfers to the Trustee of Authorised Investments by
                    Perpetual Trustees Victoria Limited as trustee of any trust
                    (other than a Trust as defined in the Master Trust Deed);
                    and

          (q)       in the event that it becomes aware of the Trustee failing to
                    pay any Interest in relation to Class B Notes within 10
                    Business Days of the Payment Date on which the Interest was
                    due to be paid, promptly notify each Designated Rating
                    Agency.

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7.8       ADDITIONAL REPRESENTATIONS AND WARRANTIES (LOANS) - SERVICER

          The Servicer makes the following representations and warranties to the
          Trust Manager, the Trustee, to each Noteholder and to the Security
          Trustee (who holds the benefit of the representations and warranties
          for the Mortgagees (as defined in the Security Trust Deed) in relation
          to a Sale Notice containing an offer in relation to which the Trust
          Manager has directed the Trustee to accept and the Loans, Loan Rights
          and Related Securities referred to in that Sale Notice (or the Loans
          originated in accordance with clause 9(b)(ii) or otherwise transferred
          to the Trustee by Perpetual Trustees Victoria Limited as trustee of a
          trust in accordance with the Master Trust Deed).

          (a)       (ELIGIBLE LOAN) As at the Cut-Off Date, each Loan which is
                    specified in that Sale Notice (or so originated or
                    transferred) is an Eligible Loan. In relation to any related
                    Loan Security that is required to be registered with any
                    Government Agency and which is not registered at the Cut-Off
                    Date, it will be registered.

          (b)       (LOAN SECURITIES) It has not done, or omitted to do,
                    anything which would prevent each Loan, Loan Security and
                    Related Security which is specified in that Sale Notice (or
                    so originated or transferred) from being valid, binding and
                    enforceable against the relevant Obligor(s) in all material
                    respects except to the extent that it is affected by laws
                    relating to creditors rights generally, or doctrines of
                    equity.

          (c)       (OWNERSHIP) In relation to each Loan Security which is
                    specified in that Sale Notice (or the relevant Trust
                    Manager's direction or transfer procedure), it has not done,
                    or omitted to do anything which would prevent the relevant
                    Obligor from being the sole legal owner of the relevant
                    Mortgaged Property and registered as the sole proprietor of
                    the relevant Mortgaged Property.

          (d)       (INSURANCE) As at the relevant Closing Date (or the date
                    specified in the relevant Trust Manager's direction), each
                    Loan which is specified in the Sale Notice (or the relevant
                    Trust Manager's direction or transfer procedure) is the
                    subject of a valid, binding and enforceable Mortgage
                    Insurance Policy from a Mortgage Insurer for the scheduled
                    term of that Loan. In the case of the assignment of Loans,
                    the assignment of each such Loan to the Trustee is not
                    contrary to the relevant Mortgage Insurance Policy. The
                    Servicer has not done or omitted to do anything which might
                    prejudicially affect or limit the rights of the Trustee
                    under or in respect of a Mortgage Insurance Policy to the
                    extent that those rights relate to that Loan or the related
                    Loan Security. On transfer to the Trustee of beneficial
                    title to a Purchased Loan (or on origination of a Loan), the
                    Trustee will have the benefit of the relevant Mortgage
                    Insurance Policy for that Loan.

          (e)       (SOLVENCY OF MORTGAGE INSURERS AND TITLE INSURERS) The
                    officers of the Servicer who have responsibility for the
                    transactions contemplated by the Transaction Documents do
                    not have actual notice that any Mortgage Insurer under any
                    Mortgage Insurance Policy or any Title Insurer under any
                    Title Insurance Policy in relation to a Loan is insolvent or
                    will be unable to pay a valid claim.

          (f)       (SELECTION PROCESS) There is no fraud, dishonesty, material
                    misrepresentation or negligence on the part of the Servicer
                    in connection with the selection and offer to the Trustee of
                    any

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                    Loans or related Loan Securities which are specified in that
                    Sale Notice (or the relevant Trust Manager's direction or
                    the transfer procedure).

          (g)       (NO RESCISSION, ETC) As at the Cut-Off Date, none of the
                    Loans or Loan Securities which are specified in that Sale
                    Notice (or the relevant Trust Manager's direction or the
                    transfer procedure) were satisfied, cancelled, discharged or
                    rescinded and the Mortgaged Property relating to each
                    relevant Loan and Loan Security had not been released from
                    the security of the relevant Loan Securities.

          (h)       (INTEREST RATE) Except as may be provided in a Loan
                    Agreement or Loan Security which is specified in the Sale
                    Notice (or the relevant Trust Manager's direction or the
                    transfer procedure), and subject to applicable laws, the
                    Servicer has not done, or omitted to do anything which would
                    render the interest rate for each such Loan subject to any
                    limitation, or to any consent, additional memoranda or other
                    writing required from the relevant Obligor to give effect to
                    a change in that rate and any change in that rate will be
                    effective on notice being given to that Obligor in
                    accordance with the terms of the relevant Loan or Loan
                    Security.

          (i)       (ASSIGNABILITY) In the case of the assignment of Loans, all
                    consents required in relation to the assignment of the Loans
                    and the related Loan Rights specified in that Sale Notice
                    (or the relevant Trust Manager's direction or the transfer
                    procedure) have been obtained. Those Loans and Loan Rights
                    are assignable.

          (j)       (ORDINARY COURSE OF BUSINESS) Between the relevant Cut-Off
                    Date and the relevant Closing Date (or the date specified in
                    the relevant Trust Manager's direction), the Servicer dealt
                    with the Loans and the Loan Securities specified in the Sale
                    Notice (or the relevant Trust Manager's direction or the
                    transfer procedure) in the ordinary course of its business.

7.9       REPETITION OF REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS

          The representations, warranties and undertakings set out in clauses
          7.4, 7.5, 7.6, 7.7 and 7.8 will be deemed to be repeated on each date
          upon which Notes are issued.

8.        TRANSFERS TO OTHER TRUST
--------------------------------------------------------------------------------

          The Trust Manager may, from time to time, direct the Trustee to
          transfer a Loan held by the Trustee to any Other Trust. That transfer:

          (a)       must be in accordance with clause 7 of the Master Trust Deed
                    and the Series Notice for that Other Trust (as the case may
                    be);

          (b)       must be for a consideration equal to the Unpaid Balance of
                    that Loan;

          (c)       must not involve the transfer of a Loan which is in Arrears;
                    and

          (d)       may only be made if there are funds available to that Other
                    Trust to enable that Other Trust to pay the necessary
                    consideration for the transfer.

         The Trustee must comply with that direction.

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9.        PREFUNDING
--------------------------------------------------------------------------------

          (a)       If on a Note Issue Date, the Purchase Price for the
                    Purchased Loans is less than the amount received in
                    Australian dollars by the Trustee from the proceeds of the
                    issue of the Notes, the Trustee shall (at the direction of
                    the Trust Manager) retain the difference between the two
                    amounts to the extent it is not invested in Liquid
                    Authorised Investments in accordance with this Series Notice
                    (the PREFUNDING AMOUNT) in the Prefunding Account. The
                    Prefunding Amount must not, at any time, exceed the sum of
                    the Class A2 A$ Equivalent of US$[187,500,000] and the Class
                    B1 A$ Equivalent of US$[6,250,000].

          (b)       The Trustee must, at the direction of the Trust Manager (at
                    the Trust Manager's option), apply any or all of the
                    Prefunding Amount to:

                    (i)       acquire Loans:

                              (A)       from an Approved Seller by the Approved
                                        Seller delivering to the Trustee (on or
                                        before the Prefunding End Date) a Sale
                                        Notice in relation to those Loans in
                                        accordance with clause 8 of the Master
                                        Trust Deed (as amended by this Series
                                        Notice); or

                              (B)       from Perpetual Trustees Victoria Limited
                                        as trustee of a trust (on or before the
                                        Prefunding End Date) in accordance with
                                        the Master Trust Deed; or

                    (ii)      originate Loans in accordance with the procedures
                              in the ordinary course of the Servicer's business
                              (before the Prefunding End Date),

                    provided that each Loan so acquired or originated:

                    (iii)     complies with the Eligibility Criteria; and

                    (iv)      would not result in the downgrade or withdrawal of
                              rating of any Note by a Designated Rating Agency.

          (c)       On the Prefunding End Date, the balance of the Prefunding
                    Amount that has not been applied under paragraph (b) shall
                    be treated as Mortgage Principal Repayments received by the
                    Trustee during the immediately preceding Collection Period
                    and applied in accordance with clause 6.6 of this Series
                    Notice.

          (d)       The Trustee shall maintain the Prefunding Account as an
                    interest bearing account in accordance with the Transaction
                    Documents (including clause 26 of the Master Trust Deed).
                    The Trust Manager shall not direct the Trustee to, and the
                    Trustee shall not make any withdrawal from, the Prefunding
                    Account except for the following purposes:

                    (i)       to apply the Prefunding Account in accordance with
                              paragraphs (b) and (c) above;

                    (ii)      to transfer the credit balance of the Prefunding
                              Account in accordance with clause 26.1(d) of the
                              Master Trust Deed; and

                    (iii)     to pay Taxes payable in respect of the Prefunding
                              Account.

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10.      BENEFICIARY
--------------------------------------------------------------------------------
10.1     ISSUE OF UNITS

          (a)       The beneficial interest in the Trust will be constituted by
                    the issue of:

                    (i)       a single residual capital unit (the RESIDUAL
                              CAPITAL UNIT); and

                    (ii)      such numbers of residual income units (each, a
                              RESIDUAL INCOME UNIT) as the Trustee may issue
                              from time to time in accordance with this clause
                              10.1 and clause 10.3.

                    The holders of the Residual Capital Unit and the Residual
                    Income Units (each, a UNIT) hold the beneficial interest in
                    the Trust in accordance with the Master Trust Deed and this
                    Series Notice.

          (b)       The Trustee must, on payment by the relevant Beneficiary of
                    the issue price of the Unit specified below, issue a Unit by
                    registering that Beneficiary's name in the register kept
                    under this clause 10. A failure by the Trust Manager to
                    issue a Unit does not affect the Beneficiary's rights as
                    beneficiary of the Trust under the Master Trust Deed and
                    this Series Notice.

10.2      RESIDUAL CAPITAL UNIT

          (a)       The holder of the Residual Capital Unit is Allens Arthur
                    Robinson Corporate Advisory Pty Ltd.

          (b)       The issue price of the Residual Capital Unit is the amount
                    of $10, paid on establishment of the Trust.

          (c)       The holder of the Residual Capital Unit has no right to
                    receive distributions in respect of the Trust other than the
                    right to receive the amount of $10 on the termination of the
                    Trust. The Residual Capital Unit may not be redeemed at any
                    other time or in any other way.

          (d)       The Residual Capital Unit is not transferable.

          (e)       No other Residual Capital Units may be issued.

10.3      RESIDUAL INCOME UNIT

          (a)       A person may, with the consent of the Trust Manager and
                    (where there is at that time any existing holder of a
                    Residual Income Unit) that holder (each of whose consent may
                    be given or withheld in their absolute discretion), become
                    the holder of a Residual Income Unit by paying the
                    subscription price for the Residual Income Unit.

          (b)       The issue price of a Residual Income Unit will be the amount
                    agreed between the Trust Manager and the person applying for
                    the Residual Income Unit.

          (c)       The beneficial interest held by the Residual Income
                    Beneficiaries is limited to the Trust and each Asset of the
                    Trust (other than any Asset of the Trust held on trust for
                    the holder of the Residual Capital Unit under clause 10)
                    subject to and in accordance with the Master Trust Deed and
                    this Series Notice.

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          (d)       Subject to clause 29 of the Master Trust Deed, no Residual
                    Income Beneficiary has a right to receive distributions in
                    respect of the Trust other than:

                    (i)       the right to receive, pari passu, distributions in
                              respect of the Trust under the Master Trust Deed
                              and this Series Notice to the extent that
                              Beneficiary Distributions are available for
                              distribution under the Master Trust Deed and this
                              Series Notice; and

                    (ii)      the right to receive, pari passu, on the
                              termination of the Trust the entire beneficial
                              interest of the Trust, subject to the rights of
                              the holder of the Residual Capital Unit.

          (e)       Residual Income Units may not be redeemed at any other time
                    or in any other way.

          (f)       Each Residual Income Unit is transferable in accordance with
                    clause 10.5.

10.4      REGISTER

          (a)       The entitlement of any person to a Unit will be evidenced by
                    registration in the register maintained under this clause
                    10.4 (the REGISTER).

          (b)       The Trustee will keep the Register at its registered office
                    in a form that it considers appropriate and will enter the
                    following particulars.

                    (i)       The name and address of the holder of each Unit.

                    (ii)      The date on which the name of the holder of each
                              Unit is entered in the Register.

                    (iii)     The date on which the holder of a Unit ceases to
                              be registered as the holder of that Unit.

                    (iv)      The subscription moneys initially paid for each
                              Unit, and the aggregate subscription moneys of all
                              Units from time to time.

                    (v)       Any other details which the Trustee may consider
                              necessary or desirable.

          (c)       The holder of a Unit shall promptly notify the Trustee of
                    any change of name or address and the Trustee will alter the
                    Register accordingly.

          (d)       Without limiting clause 10.1, the interest of any holder in
                    a Unit will be constituted by registration in the register.

10.5      TRANSFER OF UNITS

          (a)       (i)       Subject to clause 10.2(d), the holder of a Unit
                              may transfer the Unit by instrument in writing in
                              any form approved by the Trustee. No fee will be
                              charged on the transfer of a Unit.

                    (ii)      An instrument of transfer shall be executed by or
                              on behalf both of the transferor and the
                              transferee.

                    (iii)     A transferor of a Unit remains the holder of the
                              Unit transferred until the transfer is registered
                              and the name of the transferee is entered in the
                              register in respect of the Unit.

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          (b)       The instrument of transfer of a Unit must be left for
                    registration at the address where the Register is kept on
                    which the Unit to which the transfer relates are registered.
                    It must be left together with any information that the
                    Trustee properly requires to show the right of the
                    transferor to make the transfer.

          (c)       The Trustee must notify each Designated Rating Agency and
                    the Trust Manager of any transfer of Units under this clause
                    10.5.

10.6      LIMIT ON RIGHTS

          Each Beneficiary is subject to, and bound by, the provisions of the
          Master Trust Deed (including clause 9.1 and 11.1).

11.       NOTE TRUSTEE
--------------------------------------------------------------------------------
11.1      CAPACITY

          The Note Trustee is a party to this Series Notice in its capacity as
          trustee for the US$ Noteholders from time to time under the Note Trust
          Deed.

11.2      EXERCISE OF RIGHTS

          (a)       The rights, remedies and discretions of the US$ Noteholders
                    under the Transaction Documents including all rights to vote
                    or give instructions to the Security Trustee and to enforce
                    undertakings or warranties under the Transaction Documents,
                    except as otherwise provided in the Note Trust Deed or the
                    Security Trust Deed, may only be exercised by the Note
                    Trustee on behalf of the US$ Noteholders in accordance with
                    the Note Trust Deed and the Security Trust Deed.

          (b)       The US$ Noteholders, except as otherwise provided in the
                    Note Trust Deed or the Security Trust Deed, may only
                    exercise enforcement rights in respect of the Mortgaged
                    Property in accordance with the Transaction Documents.

11.3      REPRESENTATION AND WARRANTY

          The Note Trustee represents and warrants to each other party to this
          Series Notice that it has the power under the Note Trust Deed to enter
          into the Transaction Documents to which it is a party and to exercise
          the rights, remedies and discretions of, and to vote on behalf of, the
          US$ Noteholders.

11.4      PAYMENTS

          Any payment to be made to the US$ Noteholders under the Transaction
          Documents may be made to the Principal Paying Agent or the Note
          Trustee (as the case may be) in accordance with the Agency Agreement
          and the Note Trust Deed.

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12.       TAX REFORM

--------------------------------------------------------------------------------
12.1      TAXATION OF TRUSTS AND CONSOLIDATED GROUPS

          The parties acknowledge that:

          (a)       the Commonwealth Government has withdrawn draft legislation
                    under which non-fixed trusts would have been taxed as
                    companies from 1 July 2001 but has indicated its intention
                    to take steps to avoid tax abusive use of trusts which may
                    include taxing some trusts as companies;

          (b)       on 22 August 2002, the New Business Tax System
                    (Consolidation) Act (No. 1) 2002 was enacted (the ACT).
                    Commencement of the Act is pending the enactment of further
                    legislation dealing with the consolidation measures. Whilst
                    it is not, as at the date of this Series Notice, the
                    intention of the Trustee or the Trust Manager that the Trust
                    form part of a consolidated group of companies and trusts
                    for tax purposes (a CONSOLIDATED TAX GROUP), if the Trust
                    becomes a member of a consolidated tax group, under the Act,
                    the Trustee could be liable for all, or a share, of a
                    tax-related liability of the head company of that
                    consolidated tax group (a GROUP TAX LIABILITY) if:

                    (i)       the head company of the consolidated tax group
                              does not pay that group tax liability by the time
                              it becomes due and payable; and

                    (ii)      that group tax liability is not covered by a tax
                              sharing agreement which is consistent with
                              regulations made, or guidelines published by the
                              Commissioner of Taxation, concerning the
                              allocation of group tax liabilities of a
                              consolidated tax group amongst certain members of
                              that group or which is otherwise accepted by the
                              Commissioner of Taxation as allocating the group
                              tax liabilities of the consolidated tax group
                              amongst those members on a reasonable basis (A
                              VALID TAX SHARING AGREEMENT); and

          (c)       it is in the interest of all parties, including the Trustee,
                    the Noteholders and the Beneficiaries, that:

                    (i)       the Trustee always be in a position to pay any tax
                              liability when due;

                    (ii)      the payment of tax by the Trustee must not affect
                              the amount of principal or interest payable on the
                              Notes or the timing of such payments; and

                    (iii)     the rating of the Notes be maintained.

12.2      AMENDING BILL - TAXATION OF TRUSTS

          If and when an amending Bill is introduced into the Federal Parliament
          (the AMENDING BILL), and the result of that amending Bill if it
          becomes law will be that the Trustee will become liable to pay tax on
          the net income of the Trust (as described in clause 12.1(a)), then:

          (a)       the Trust Manager shall promptly consult with the Trustee
                    and each Designated Rating Agency to determine what changes,
                    if any, are necessary to the cashflow methodology in clause
                    6 to achieve the objective referred to in clause 12.1(c)
                    (the OBJECTIVE); and

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          (b)       within one month of the amending Bill being introduced into
                    the Federal Parliament (or such longer time as the Trustee
                    and each Designated Rating Agency permit) the Trust Manager
                    shall provide a written recommendation to the Trustee and
                    use its best endeavours to provide a draft deed amending
                    this Series Notice that, if executed, will achieve the
                    Objective.

          If and when the amending Bill becomes law and upon the Trustee being
          notified that the draft deed amending this Series Notice will achieve
          the Objective (and in this regard the Trustee may rely (amongst
          others) upon advice of tax lawyers) and each of the other parties to
          this Series Notice being reasonably satisfied that it will not be
          adversely affected by the proposed amendments to this Series Notice,
          each party to this Series Notice shall execute that amendment deed.

          If the Trust Manager and the Trustee cannot agree to amend the Series
          Notice, they will proceed with unwinding the transaction.

12.3      GROUP TAX LIABILITIES

          If the Trust becomes a member of a consolidated tax group and the head
          company of that consolidated tax group does not at that time, or at
          any subsequent time, provide evidence to the satisfaction of the
          Trustee (which may rely upon the advice of tax lawyers, amongst
          others) that the tax liabilities of the consolidated group are covered
          by a valid tax sharing agreement that apportions those tax liabilities
          to the Trustee on a basis acceptable to the Trustee (and the Trustee
          acknowledges that a nil allocation of the group tax liabilities will
          be acceptable to it) then:

          (a)       the Trustee shall, as soon as is practicable, take steps to
                    ensure that the Trust ceases to be a member of that
                    consolidated group;

          (b)       the Trust Manager shall promptly consult with the Trustee
                    and each Designated Rating Agency to determine what changes,
                    if any, are necessary to the cashflow methodology in clause
                    6 to achieve the Objective; and

          (c)       within one month of such consultations commencing (or such
                    longer time as the Trustee and each Designated Rating Agency
                    may permit) the Trust Manager shall provide a written
                    recommendation to the Trustee and use its best endeavours to
                    provide a draft deed amending this Series Notice that, if
                    executed, will achieve the Objective.

          Upon the Trustee being notified that the draft deed amending this
          Series Notice will achieve the Objective (and in this regard the
          Trustee may rely upon advice of tax lawyers, amongst others) and each
          of the other parties to this Series Notice being reasonably satisfied
          that it will not be adversely affected by the proposed amendments to
          this Series Notice, each party to this Series Notice shall execute
          that amendment deed.

          If the Trust Manager and the Trustee cannot agree to amend this Series
          Notice, or that amendments to this Series Notice are not necessary,
          they will proceed with unwinding the transaction.

12.4     EVIDENCE OF TAX SHARING AGREEMENT

          The Trust Manager shall procure that the head company of a
          consolidated tax group of which the Trust becomes a member will:

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          (a)       ensure that the group tax liabilities of that consolidated
                    tax group are covered by a valid tax sharing agreement; and

          (b)       provide evidence of such a tax sharing agreement being in
                    place for the purposes of clause 12.3:

                    (i)       at the time the Trust becomes a member of the
                              consolidated tax group; and

                    (ii)      on each occasion that there is any alteration,
                              amendment or replacement of a tax sharing
                              agreement covering the tax liabilities of the
                              consolidated tax group.

12.5      OBJECTIVE

          Provided that the Trustee and the Designated Rating Agencies receive
          written advice from an experienced and reputable tax lawyer or tax
          accountant to the effect that if the cashflow methodology, as amended
          under clause 12.2 or 12.3, is followed the Objective will be met, and
          each Designated Rating Agency confirms in writing that the change in
          Tax law or the amendment under clause 12.2 or 12.3 (as the case may
          be) will not give rise to the downgrade or withdrawal of the rating of
          any Note rated by it:

          (a)       the Trustee shall not be obliged to obtain the consent of
                    any Noteholder, Creditor or Beneficiary to the amendment;
                    and

          (b)       subject to its terms, the amendment shall be effective when
                    executed, and may:

                    (i)       permit the Trustee to accumulate a reserve out of
                              moneys that would otherwise be payable to any
                              Beneficiary; and/or

                    (ii)      provide for Tax to be paid out of moneys that
                              would otherwise have been payable to any
                              Beneficiary.

12.6      BENEFICIARIES

          Without limiting clause 12.5, in formulating a proposal to meet the
          Objective, the Trust Manager shall have regard to the impact of any
          change to the cashflow methodology to the Beneficiaries, and shall
          consider proposals made by the Beneficiaries that will enable the
          Trustee to meet the Objective.

13.       ATTORNEYS
--------------------------------------------------------------------------------

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

14.       GOVERNING LAW
--------------------------------------------------------------------------------

          This Series Notice is governed by the laws of New South Wales. Each
          party submits to the non-exclusive jurisdiction of courts exercising
          jurisdiction there.

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15.       ANCILLIARY FACILITIES
--------------------------------------------------------------------------------

15.1      ANCILLARY FACILITIES

          (a)       Notwithstanding any other provision of the Transaction
                    Documents in relation to the Trust (including the Master
                    Trust Deed, the Security Trust Deed and the Servicing
                    Agreement), the Trust Manager, the Servicer and the Trustee
                    may:

                    (i)       enter into and perform;

                    (ii)      carry out any transaction contemplated by; and

                    (iii)     pay any amount payable or incurred under,

                    any Ancillary Facility Document.

          (b)       Without limiting the generality of paragraph (a):

                    (i)       the Trustee may mix, join or co-mingle all or any
                              part of the Assets of the Trust with any other
                              assets, investments or other property held or
                              owned by the Trustee (in its capacity as trustee
                              or custodian of any other trust or custodial
                              program) in:

                              (A)       entering into and performing;

                              (B)       carrying out any transaction
                                        contemplated by; and

                              (C)       paying any amount payable or incurred
                                        under,

                              any Ancillary Facility Document provided that,
                              except in the case of the powers in paragraphs
                              (vii) and (viii), Moody's has first confirmed in
                              writing that nothing in this paragraph (i) will
                              adversely affect Moody's rating of any Notes;

                    (ii)      the Trustee has the power to pay or to contribute
                              towards payment of any amount payable or liability
                              incurred by the Trustee arising out of, or in
                              connection with, any Ancillary Facility even
                              though the amount payable or liability incurred:

                              (A)       does not relate specifically to the
                                        Trust; and/or

                              (B)       relates to a number of trusts or
                                        custodial arrangements which includes
                                        the Trust,

                              provided that, except in the case of the powers in
                              paragraphs (vii) and (viii), Moody's has first
                              confirmed in writing that nothing in this
                              paragraph (ii) will adversely affect Moody's
                              rating of any Notes;

                    (iii)     the Trustee has the power to pay any fees,
                              charges, commissions, disbursements or any other
                              outgoings to any person arising out of, or in
                              connection with, the Authorised Investments or any
                              Ancillary Facility;

                    (iv)      an Obligor under a Purchased Loan shall be
                              entitled to make any repayment under the relevant
                              Loan Agreement or Mortgage (including any
                              Additional Repayment) utilising any payment method
                              as approved by the Trust Manager from time to time
                              including any payment by way of cheque, paperless
                              direct credit entry or the payment method known as
                              "BPAY";

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                    (v)       the Trust Manager, the Servicer and the Trustee
                              may give any indemnity in respect of any debt or
                              other obligation owing to any person arising out
                              of, or in connection with, the Authorised
                              Investments or any Ancillary Facility, including
                              the power to make any payment pursuant to any such
                              obligation, in accordance with the Ancillary
                              Facility Documents; and

                    (vi)      the Security Trustee confirms that the entry into
                              and performance of any Ancillary Facility
                              Document, the carrying out of any transaction
                              contemplated by any Ancillary Facility Document,
                              and the payment of any amount payable or incurred
                              under any Ancillary Facility Document, by the
                              Trust Manager, the Servicer or the Trustee does
                              not constitute any Event of Default under the
                              Security Trust Deed,

                    and the Trustee has power:

                    (vii)     to deposit moneys into a joint account in which
                              the money of Other Trusts are or may be deposited;
                              and

                    (viii)    permit the drawing by a Borrower of any moneys
                              from that joint account, notwithstanding that the
                              Borrower is a Borrower in respect of one trust
                              only, and the moneys are commingled with moneys of
                              Other Trusts.

          (c)       The Trustee and the Trust Manager agree that the Ancillary
                    Facility Documents will apply in respect of the Trust.

15.2      RECORD KEEPING OBLIGATIONS OF TRUST MANAGER

          In addition to and without limiting any obligations under any Finance
          Document, the Trust Manager:

          (a)       must keep proper records and accounts in relation to funds
                    in any Drawings Account, drawings by the relevant Borrower
                    or Mortgagor (as defined in the Ancillary Facility
                    Documents) made using any of the facilities or functionality
                    provided by NAB under the Ancillary Facility Documents and
                    fees charged to any Drawings Account, and shall make those
                    records and accounts available to any party on request; and

          (b)       undertakes for the benefit of the Trustee to:

                    (i)       comply with all its obligations under the
                              Ancillary Facility Documents and undertakes to use
                              its best endeavours to ensure that each of the
                              matters referred to in clauses 4.20 and 5.8 of the
                              Ancillary Facility Document which is the Cheque
                              Deposit and Direct Paperless Entry Facilities
                              Agreement is complied with irrespective of whether
                              it has an obligation to NAB to do so; and

                    (ii)      ensure that no Facilities Cheque or Direct
                              Paperless Entry (as defined in the Ancillary
                              Facility Documents) which it instructs or allows
                              NAB to accept, honour or pay will:

                              (A)       result in a Borrower or Mortgagor (as
                                        defined in the Ancillary Facility
                                        Documents) redrawing more than can
                                        properly be redrawn in accordance with
                                        the terms of that Borrowers' or
                                        Mortgagor's Loan Agreement; or

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                              (B)       result in a debit to the Drawings
                                        Account in an amount which, taking into
                                        account all other transactions on the
                                        Drawings Account, exceeds the amount in
                                        the Drawings Account which is referrable
                                        to the Trust which holds the Loan under
                                        which the Facilities Cheque or Direct
                                        Paperless Entry was drawn or authorised.

          (c)       In this clause 15.2, DRAWINGS ACCOUNT means:

                    (i)       any account referred to in the Ancillary Facility
                              Documents as a Trust Drawings Account or a
                              Nominated Account; or

                    (ii)      any other account which the parties agree is to be
                              a Drawings Account.

--------------------------------------------------------------------------------
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SCHEDULE 1

          An Eligible Loan means a Loan which, as at the Cut-Off Date for that
          Loan has the following characteristics:

          (a)       is denominated and payable only in Australian dollars in
                    Australia;

          (b)       the interest rate applicable to the Loan must be either:

                    (i)       a variable rate based upon any determinant as may
                              be considered appropriate by the Servicer in its
                              absolute discretion;

                    (ii)      a fixed rate provided that a Loan shall only
                              incorporate a fixed rate of interest where:

                              (A)       the fixed rate does not apply for a
                                        continuous period exceeding five years
                                        from:

                                        (1)       the settlement date of the
                                                  Loan where the Loan bears a
                                                  fixed rate of interest from
                                                  the date it is settled; or

                                        (2)       the date on which the Loan
                                                  starts to bear a fixed rate of
                                                  interest, where that Loan
                                                  either:

                                                 (a)  bears a floating rate of
                                                      interest and is converting
                                                      to a fixed rate of
                                                      interest; or

                                                 (b)  bears a fixed rate of
                                                      interest which is
                                                      scheduled to convert to a
                                                      floating rate of interest
                                                      but (with the approval of
                                                      the relevant Mortgage
                                                      Insurer) the relevant
                                                      Obligor has elected to pay
                                                      a new fixed rate of
                                                      interest; and

                              (B)       the fixed rate cash flows are swapped to
                                        a floating rate pursuant to an Interest
                                        Rate Swap and the floating rate payable
                                        by the Swap Provider is set on the same
                                        dates as the Interest Rate is set on
                                        Notes; or

                    (iii)     a combination of a variable rate (as described in
                              sub-paragraph (b)(i)) as to part of the Loan
                              Amount and a fixed rate (as described in
                              sub-paragraph (b)(ii)) as to the balance of the
                              Loan Amount;

          (c)       is secured by a Mortgage that constitutes a first ranking
                    mortgage over freehold land or Crown leasehold land in
                    Australia which is or will be registered under Real Property
                    Legislation and satisfies the following criteria:

                    (i)       the amount secured or to be secured by the
                              Mortgage must not exceed $1,500,000;

                    (ii)      in respect of a Mortgage:

                              (A)       to secure a Loan for a principal amount:

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                                        (1)       not exceeding $300,000 - the
                                                  Loan to Value Ratio in respect
                                                  of that Loan must not exceed
                                                  95%; and

                                        (2)       exceeding $300,000 but not
                                                  exceeding $500,000 - the Loan
                                                  to Value Ratio in respect of
                                                  that Loan must not exceed 90%;

                              (B)       to secure a Loan exceeding $500,000 but
                                        not exceeding $1,000,000 - the Subject
                                        Property must constitute a single
                                        property within the metropolitan areas
                                        of Sydney, Melbourne, Brisbane, Adelaide
                                        or Perth and the Loan to Value Ratio in
                                        respect of that Loan must not exceed
                                        80%;

                              (C)       to secure a Loan exceeding $1,000,000
                                        but not exceeding $1,250,000 - the
                                        Subject Property must constitute a
                                        single property within the metropolitan
                                        areas of Melbourne or Sydney and the
                                        Loan to Value Ratio in respect of that
                                        Loan must not exceed 75%; and

                              (D)       to secure a Loan exceeding $1,250,000 -
                                        the Subject Property must constitute a
                                        single property within the metropolitan
                                        areas of Melbourne or Sydney and the
                                        Loan to Value Ratio in respect of that
                                        Loan must not exceed 65%.

                    (iii)     the Subject Property has a completed residential
                              dwelling erected thereon;

                    (iv)      the improvements on the Subject Property are
                              insured against such risks (including fire and
                              general insurance) as the Servicer deems in its
                              absolute discretion should be the subject of
                              insurance cover and the insurance policy in
                              respect of such cover must be endorsed with the
                              name of the Trustee as mortgagee;

                    (v)       the Subject Property is valued by a valuer
                              approved of by the Servicer unless:

                              (A)       the Loan to Value Ratio does not exceed
                                        80%;

                              (B)       the Loan Amount does not exceed:

                                        (1)       $250,000 when secured over a
                                                  single property within the
                                                  metropolitan area of Sydney;

                                        (2)       $200,000 when secured over a
                                                  single property within any
                                                  other city and metropolitan
                                                  areas of Australia; or

                                        (3)       $150,000 when secured over a
                                                  single property within any
                                                  other areas of Australia; and

                              (C)       the predominant purpose of the Loan is
                                        the purchase of the Subject Property;
                                        and

                    (vi)      all security documents have been:

                              (A)       prepared by law firms or Title Insurers
                                        appointed by and acting for the relevant
                                        Approved Seller and the Servicer or,
                                        where Loans are originated by the
                                        Trustee, acting for the Trustee and the
                                        Servicer; and

                              (B)       prepared in accordance with applicable
                                        Consumer Credit Legislation;

          (d)       which, together with all other Loans held by the Trustee,
                    has the following characteristics:

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                    (i)       at least 90% of the aggregate Subject Property of
                              all Loans must be located in metropolitan areas of
                              the capital cities and major regional centres of
                              Australia; and

                    (ii)      not more than 15% of the aggregate Loan Amount of
                              the Loans shall comprise individual Loans each
                              with a Loan Amount exceeding $500,000 and secured
                              by a Mortgage over a single property;

          (e)       (i)       the relevant Approved Seller is the beneficial
                              owner of each Loan and Mortgage at the time of the
                              equitable assignment;

                    (ii)      the Trustee will be the beneficial owner of each
                              Loan and Mortgage after that assignment (free of
                              any encumbrances);

                    (iii)     the Loan and Mortgage are valid and enforceable;

                    (iv)      all applicable stamp duties have been paid on the
                              Mortgage;

                    (v)       the Loan and Mortgage will form part of the Assets
                              of the Trust;

                    (vi)      the whole of the right, title and interest of the
                              mortgagee under the Mortgage will be acquired by
                              the Trustee;

                    (vii)     the Loan has been serviced and managed in
                              accordance with the requirements of the Servicer's
                              policy and procedures manual;

                    (viii)    the Mortgage Insurance Policy and any Title
                              Insurance Policy in relation to the Loan and the
                              related Mortgage does not restrict the assignment
                              to the Trustee;

                    (ix)      the Loan is not in Arrears over 30 days at the
                              Cut-Off Date;

                    (x)       the Loan is subject to monthly, fortnightly or
                              weekly payments which fully amortise the Loan over
                              its term;

                    (xi)      the Loan Agreement and the Mortgage comply in all
                              material respects with all applicable laws
                              (including any Consumer Credit Legislation);

                    (xii)     the Loan Agreement and the Mortgage are assignable
                              by the relevant Approved Seller in equity without
                              prior consent being required from, or notice of
                              the assignment needing to be given to, the
                              mortgagor, the Obligor or any other person; and

                    (xiii)    the Loan Agreement and the Mortgage have been duly
                              authorised and are in full force and effect and
                              constitute legal, valid and binding obligations of
                              the relevant Obligor and mortgagor enforceable
                              against that Obligor and mortgagor in accordance
                              with its terms and is not subject to any dispute,
                              offset or counterclaim;

          (f)       is covered by a valid, binding and enforceable Mortgage
                    Insurance Policy;

          (g)       has an Obligor (and where the Servicer so requires, a
                    guarantor) that is a natural person or a corporation;

          (h)       was approved and (if relevant) originated by the Servicer in
                    the ordinary course of its business;

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          (i)       the relevant Obligor in respect of which is required to
                    repay the Loan by no later than October 2032; and

          (j)       does not require (nor does the relevant Loan Agreement
                    require) the Trustee to provide any Redraws or other
                    advances once the initial funding has been provided under
                    the relevant Loan Agreement.

--------------------------------------------------------------------------------
                                                                         Page 78
<PAGE>

<TABLE>
<CAPTION>

Series Notice                                                                          Allens Arthur Robinson
--------------------------------------------------------------------------------------------------------------

SCHEDULE 2

------------------------------------------------ --------------------------------------------------------------
NAME OF LOAN                                     GENERAL CHARACTERISTICS OF LOAN
------------------------------------------------ --------------------------------------------------------------
<S>                                              <C>
Interstar "Premium" Access Account               Amortising principal and interest repayment ("P&I") loans with
                                                 an interest rate variable at the discretion of the Servicer and
                                                 incorporating limited "redraw" facilities that will be available
                                                 to borrowers only at the sole discretion of the Servicer.
------------------------------------------------ --------------------------------------------------------------
Interstar "Fix'n Float" Access Account           Amortising "P&I" loans with an interest rate fixed for a
                                                 specific initial period of up to five years after which the
                                                 interest rate converts to a variable rate at the discretion of
                                                 the Servicer.
------------------------------------------------ --------------------------------------------------------------
Interstar "IO Float" Access Account              Non-amortising loans requiring interest only repayments by
                                                 the borrowers for a specific initial period of up to ten
                                                 years with an interest rate variable at the discretion of
                                                 the Servicer.  At the expiration of the initial period the
                                                 loans convert to the standard amortising "P&I" loans with an
                                                 interest rate variable at the discretion of the Servicer.
------------------------------------------------ --------------------------------------------------------------
Interstar "IO Fixed" Access Account              Non-amortising loans requiring interest only repayments by
                                                 the borrowers for a specific initial period of up to five
                                                 years with an interest rate fixed for this initial period.
                                                 At the expiration of the initial period the loans convert to
                                                 the standard amortising "P&I" loans with an interest rate
                                                 variable at the discretion of the Servicer.
------------------------------------------------ --------------------------------------------------------------
Interstar "Line of Credit" Access Account        Amortising line of credit "P&I" loans with an interest rate
                                                 variable at the discretion of the Servicer, and incorporating
                                                 facilities that allow borrowers to:

                                                 (a)      draw funds up to a predetermined amortising limit;

                                                 (b)      repay some or all of those funds; and

                                                 (c)      redraw those funds again up to the then-current
                                                          amortised limit subject always to such right to
                                                          redraw funds being at the absolute discretion of
                                                          the Servicer,

                                                 during the life of the loan facility.
------------------------------------------------ --------------------------------------------------------------

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

<CAPTION>
------------------------------------------------ --------------------------------------------------------------
NAME OF LOAN                                     GENERAL CHARACTERISTICS OF LOAN
------------------------------------------------ --------------------------------------------------------------
<S>                                              <C>

Interstar "Split" Access Account                 A combined facility which:

                                                 (a)   as to a specified dollar proportion of the facility
                                                       has the general characteristics of one type of Loan
                                                       as referred to above; and

                                                 (b)   as to the remaining dollar proportion of the
                                                       facility has the general characteristics of another
                                                       type of Loan as referred to above.
------------------------------------------------ --------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------
                                                                                                        Page 80
</TABLE>

<PAGE>

Series Notice                                             Allens Arthur Robinson
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EXECUTED as a deed.

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

TRUSTEE

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

--------------------------------        ----------------------------------------
Witness Signature                       Attorney Signature

--------------------------------        ----------------------------------------
Print Name                              Print Name

TRUST MANAGER

SIGNED SEALED AND DELIVERED for INTERSTAR
SECURITISATION MANAGEMENT PTY LIMITED by its
attorney in the presence of:

--------------------------------        ----------------------------------------
Witness Signature                       Attorney Signature

--------------------------------        ----------------------------------------
Print Name                              Print Name

--------------------------------------------------------------------------------
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SERVICER

SIGNED SEALED AND DELIVERED for INTERSTAR
SECURITIES (AUSTRALIA) PTY LIMITED by its
attorney in the presence of:

------------------------------------        ------------------------------------
Witness Signature                           Attorney Signature

------------------------------------        ------------------------------------
Print Name                                  Print Name

SECURITY TRUSTEE

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

------------------------------------        ------------------------------------
Witness Signature                           Attorney Signature

------------------------------------        ------------------------------------
Print Name                                  Print Name

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APPROVED SELLERS

SIGNED SEALED AND DELIVERED for INTERSTAR
NOMINEES (B) PTY LIMITED by its attorney in the
presence of:

---------------------------------        ---------------------------------------
Witness Signature                        Attorney Signature

---------------------------------        ---------------------------------------
Print Name                               Print Name

SIGNED SEALED AND DELIVERED for INTERSTAR
NOMINEES (R) PTY LIMITED by its attorney in the
presence of:

---------------------------------        ---------------------------------------
Witness Signature                        Attorney Signature

---------------------------------        ---------------------------------------
Print Name                               Print Name

SIGNED SEALED AND DELIVERED for INTERSTAR
SECURITIES (AUSTRALIA) PTY LIMITED by its attorney
in the presence of:

---------------------------------        ---------------------------------------
Witness Signature                        Attorney Signature

--------------------------------------------------------------------------------
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---------------------------------        ---------------------------------------
Print Name                               Print Name

NOTE TRUSTEE, CALCULATION AGENT, PRINCIPAL PAYING AGENT AND NOTE REGISTRAR

SIGNED SEALED AND DELIVERED for THE BANK OF
NEW YORK, NEW YORK BRANCH by its attorney in
the presence of:

---------------------------------        ---------------------------------------
Witness Signature                        Attorney Signature

---------------------------------        ---------------------------------------
Print Name                               Print Name

--------------------------------------------------------------------------------
                                                                         Page 84<PAGE>

                                                             Security Trust Deed

                                             PERPETUAL TRUSTEES VICTORIA LIMITED

                                               PERPETUAL TRUSTEE COMPANY LIMITED

                                 INTERSTAR SECURITISATION MANAGEMENT PTY LIMITED

                                           THE BANK OF NEW YORK, NEW YORK BRANCH

                                                     Interstar Millennium Trusts

                                       Interstar Millennium Series 2003-1G Trust

ALLENS ARTHUR ROBINSON
                                                               The Chifley Tower
                                                                2 Chifley Square
                                                                 Sydney NSW 2000
                                                                       Australia
                                                              Tel 61 2 9230 4000
                                                              Fax 61 2 9230 5333

                                       (C) Copyright Allens Arthur Robinson 2003

<PAGE>

Security Trust Deed                                       Allens Arthur Robinson
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
TABLE OF CONTENTS
<S>      <C>                                                                <C>
1.       DEFINITIONS AND INTERPRETATION                                       1
         1.1      Definitions                                                 1
         1.2      Master Trust Deed definitions and Transaction
                  Document amendments                                         5
         1.3      Interpretation                                              5
         1.4      Determination, statement and certificate sufficient
                  evidence                                                    6
         1.5      Document or agreement                                       6
         1.6      Rights and obligations of Mortgagees                        6
         1.7      Transaction Document                                        6
         1.8      Chargor as trustee                                          6
         1.9      Knowledge of the Chargor                                    7
         1.10     Knowledge of Security Trustee                               7

2.       APPOINTMENT OF SECURITY TRUSTEE                                      7
         2.1      The Security Trustee                                        7
         2.2      Resolution of Conflicts                                     7
         2.3      Duration of Trust                                           8

3.       CHARGE                                                               8
         3.1      Charge                                                      8
         3.2      Security                                                    8
         3.3      Prospective liability                                       8

4.       NATURE OF CHARGE                                                     9
         4.1      Priority                                                    9
         Nature of Charge                                                     9
         4.2      Dealing with Mortgaged Property                             9
         4.3      Crystallisation                                             9
         4.4      De-crystallisation                                         10

5.       COVENANTS AND WARRANTIES                                            10
         5.1      Covenant                                                   10
         5.2      Negative Covenants                                         11
         5.3      Warranty                                                   11
         5.4      Trust Manager's Undertakings                               12

6.       FURTHER ASSURANCES                                                  12
         6.1      Further assurances                                         12

7.       NOTE TRUSTEE                                                        13
         7.1      Capacity                                                   13
         7.2      Exercise of rights                                         13
         7.3      Instructions or directions                                 13
         7.4      Payments                                                   13
         7.5      Notices                                                    13

8.       EVENTS OF DEFAULT                                                   13
         8.1      Events of Default                                          13
         8.2      Rights of the Security Trustee upon Event of Default       15
</TABLE>

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<PAGE>

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<TABLE>
<CAPTION>
<S>      <C>                                                                <C>
         8.3      Notify Events of Default                                   15

9.       ENFORCEMENT                                                         16
         9.1      Power to enforce                                           16
         9.2      No obligation to enforce                                   16
         9.3      Obligation to convene meeting                              16
         9.4      Security Trustee to act in Accordance with Directions      16
         9.5      Security Trustee must receive Indemnity                    17
         9.6      Limitation on rights of Mortgagees                         17
         9.7      Immaterial waivers                                         17
         9.8      Acts pursuant to Resolutions                               18
         9.9      Overriding Provision                                       18

10.      APPOINTMENT OF RECEIVER                                             18
         10.1     Appointment                                                18
         10.2     Agent of Chargor                                           19
         10.3     Receiver's powers                                          19
         10.4     Receiver appointed after commencement of winding up        21
         10.5     Powers exercisable by the Security Trustee                 22
         10.6     Withdrawal                                                 22

11.      REMUNERATION OF SECURITY TRUSTEE                                    22
         11.1     Costs                                                      22
         11.2     Fee                                                        22
         11.3     Cessation of Fee                                           22

12.      POWER OF ATTORNEY                                                   22

13.      COMPLETION OF BLANK SECURITIES                                      23

14.      PERFORMANCE OF CHARGOR'S OBLIGATIONS                                23

15.      STATUTORY POWERS                                                    23
         15.1     Powers in augmentation                                     23
         15.2     Notice not required                                        24

16.      APPLICATION OF MONEYS RECEIVED                                      24
         Priorities                                                          24
         16.2     Moneys actually received                                   25
         16.3     Amounts contingently due                                   25
         16.4     Notice of subsequent Security Interests                    25
         16.5     Satisfaction of debts                                      26
         16.6     Proportionate Sharing                                      26

17.      OTHER SECURITY INTERESTS OVER MORTGAGED PROPERTY                    27

18.      PROTECTION OF MORTGAGEES, RECEIVER AND ATTORNEY                     27

19.      PROTECTION OF THIRD PARTIES                                         27
         19.1     No enquiry                                                 27
         19.2     Receipt                                                    27

20.      EXPENSES, INDEMNITY                                                 28
         20.1     Expenses                                                   28
</TABLE>

--------------------------------------------------------------------------------
                                                                       Page (ii)
<PAGE>

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

<TABLE>
<CAPTION>
<S>      <C>                                                                <C>
         20.2     Indemnity                                                  29

21.      CURRENCY INDEMNITY                                                  29

22.      STAMP DUTIES                                                        29

23.      INTEREST ON OVERDUE AMOUNTS                                         29
         23.1     Accrual                                                    29
         23.2     Payment                                                    30
         23.3     Rate                                                       30

24.      CERTIFICATE AS TO AMOUNT OF SECURED MONEYS, ETC.                    30

25.      SURVIVAL OF REPRESENTATIONS                                         30

26.      INDEMNITY AND REIMBURSEMENT OBLIGATIONS                             30

27.      CONTINUING SECURITY                                                 31

28.      OTHER SECURITIES                                                    31

29.      DISCHARGE OF THE CHARGE                                             31
         29.1     Release                                                    31
         29.2     Contingent Liabilities                                     31
         29.3     Charge reinstated                                          32

30.      AMENDMENT                                                           32
         30.1     Approval of Trust Manager                                  32
         30.2     Extraordinary Resolution of Voting Mortgagees              32
         30.3     Distribution of Amendments                                 33

31.      LIABILITY                                                           33
         31.1     Liability of Chargor limited to its right of indemnity     33
         31.2     Unrestricted remedies                                      33
         31.3     Restricted remedies                                        33
         31.4     Liability of Security Trustee limited to its right
                   of indemnity                                              33
         31.5     Advice from Professional Advisers                          34

32.      WAIVERS, REMEDIES CUMULATIVE                                        34

33.      CONSENTS AND OPINION                                                34

34.      SEVERABILITY OF PROVISIONS                                          34

35.      MORATORIUM LEGISLATION                                              35

36.      ASSIGNMENTS                                                         35

37.      NOTICES                                                             35

38.      RELATIONSHIP OF MORTGAGEES TO SECURITY TRUSTEE                      36
         38.1     Instructions; extent of discretion                         36
         38.2     No obligation to investigate authority                     36
         38.3     Delegation                                                 36
         38.4     Reliance on documents and experts                          37
         38.5     Notice of transfer                                         37
         38.6     Notice of default                                          37
         38.7     Security Trustee as Mortgagee                              38
</TABLE>

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                                                                      Page (iii)
<PAGE>

Security Trust Deed                                       Allens Arthur Robinson
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
<S>      <C>                                                                <C>
         38.8     Indemnity to Security Trustee                              38
         38.9     Independent investigation                                  38
         38.10    No monitoring                                              38
         38.11    Information                                                38
         38.12    Conflicts                                                  39
         38.13    No Liability                                               39

39.      RETIREMENT AND REMOVAL OF SECURITY TRUSTEE                          39
         39.1     Retirement                                                 39
         39.2     Removal                                                    40
         39.3     Replacement                                                40

40.      MEETINGS OF MORTGAGEES                                              41
         40.1     Limitation on Security Trustee's Powers                    41
         40.2     Convening of Meetings                                      41
         40.3     Notice of Meetings                                         42
         40.4     Chairman                                                   42
         40.5     Quorum                                                     42
         40.6     Adjournment                                                43
         40.7     Voting Procedure                                           43
         40.8     Right to attend and speak                                  44
         40.9     Appointment of Proxies                                     44
         40.10    Corporate Representatives                                  45
         40.11    Rights of Representatives                                  45
         40.12    Extraordinary Resolutions                                  45
         40.13    Extraordinary Resolution binding on Mortgagees             46
         40.14    Minutes and Records                                        47
         40.15    Written Resolutions                                        47
         40.16    Further Procedures for Meetings                            47
         40.17    Noteholder Mortgagees'rights                               47

41.      AUTHORISED SIGNATORIES                                              48

42.      GOVERNING LAW AND JURISDICTION                                      48

43.      COUNTERPARTS                                                        48

44.      SET-OFF                                                             49

45.      ACKNOWLEDGEMENT BY CHARGOR                                          49

46.      INFORMATION MEMORANDUM                                              49

47.      SECURITY TRUSTEE'S LIMITED LIABILITY                                49
         47.1     Reliance on certificates                                   49
         47.2     Security Trustee may assume signed documents to be
                  genuine                                                    50
         47.3     Security Trustee's reliance on Trust Manager,
                  Approved Seller, Note Trustee or Servicer                  50
         47.4     Compliance with laws                                       51
         47.5     Taxes                                                      51
         47.6     Reliance on experts                                        51
         47.7     Oversights of others                                       51
</TABLE>

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                                                                       Page (iv)
<PAGE>

Security Trust Deed                                       Allens Arthur Robinson
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
<S>      <C>                                                                <C>
         47.8     Powers, authorities and discretions                        51
         47.9     Impossibility or impracticability                          51
         47.10    No liability except for negligence etc.                    52
         47.11    Legal and other proceedings                                52
         47.12    No liability except for negligence etc.                    52
         47.13    Further limitations on Security Trustee's liability        53
         47.14    Conflicts                                                  54
         47.15    Information                                                54
         47.16    Investigation by Security Trustee                          55
</TABLE>

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                                                                        Page (v)
<PAGE>

Security Trust Deed                                       Allens Arthur Robinson
--------------------------------------------------------------------------------

DATE                                          2003
----------

PARTIES
----------

     1.       PERPETUAL TRUSTEES VICTORIA LIMITED (ABN 47 004 027 258) of Level
              4, 333 Collins Street, Melbourne, Victoria in its capacity as
              trustee of the Interstar Millennium Series 2003-1G Trust (the
              CHARGOR);

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

     3.       INTERSTAR SECURITISATION MANAGEMENT PTY LIMITED (ACN 100 346 898)
              of Level 28, 367 Collins Street, Melbourne, Victoria (the TRUST
              MANAGER); and

     4.       THE BANK OF NEW YORK, NEW YORK BRANCH of 101 Barclay Street, 21W,
              New York, New York 10286 in its capacity as trustee for the US$
              Noteholders (the NOTE TRUSTEE).

RECITALS
----------

     A        The Chargor is the trustee, and the Trust Manager is the manager,
              of the Trust.

     B        Under the terms of the Master Trust Deed, the Chargor is
              authorised to enter into this deed to charge the Trust Assets to
              secure the due and punctual performance of the obligations of the
              Chargor under the Transaction Documents and the payment in full of
              the Secured Moneys to the Mortgagees.

     C        The Security Trustee enters into this deed as Mortgagee and as
              trustee for each other Mortgagee.

     D        The Note Trustee enters into this deed for itself and as trustee
              for each US$ Noteholder.

--------------------------------------------------------------------------------
IT IS AGREED as follows.

1.       DEFINITIONS AND INTERPRETATION

--------------------------------------------------------------------------------
1.1      DEFINITIONS

         The following definitions apply unless the context requires otherwise.

         ATTORNEY means any attorney appointed under this deed or any Collateral
         Security.

         CHARGE means the charge created by this deed.

         CHARGE RELEASE DATE means, subject to clause 29.3, the date the
         Security Trustee discharges the Charge and this deed under clause 29.1.

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         CHARGOR'S INDEMNITY means:

         (a)   the Chargor's right of indemnity under the Master Trust Deed from
               the Trust Assets in respect of liabilities incurred by the
               Chargor acting in its capacity as trustee of the Trust; and

         (b)   all equitable liens and other Security Interests which the
               Chargor has over the Trust Assets.

         CLASS A MORTGAGEES means together:

         (a)   the Note Trustee on behalf of the Class A2 Noteholders, and, if
               the Note Trustee has become bound to take steps and/or to proceed
               under this deed and fails to do so within a reasonable time and
               such failure is continuing, the Class A2 Noteholders, and then
               only if and to the extent the Class A2 Noteholders are able to do
               so under Australian law; and

         (b)   the Class A1 Noteholders.

         CLASS B MORTGAGEES means together:

         (a)   the Note Trustee on behalf of the Class B1 Noteholders, and, if
               the Note Trustee has become bound to take steps and/or to proceed
               under this deed and fails to do so within a reasonable time and
               such failure is continuing, the Class B1 Noteholders, and then
               only if and to the extent the Class B1 Noteholders are able to do
               so under Australian law; and

         (b)   the Class B2 Noteholders.

         COLLATERAL SECURITY means any Security Interest, Guarantee or other
         document or agreement at any time created or entered into in favour of
         the Security Trustee as security for any Secured Moneys.

         EVENT OF DEFAULT means any of the events specified in clause 8.

         EXTRAORDINARY RESOLUTION in relation to the Voting Mortgagees means:

         (a)   a resolution passed at a meeting of the Voting Mortgagees duly
               convened and held in accordance with the provisions contained in
               this deed by a majority consisting of not less than 75% of the
               votes capable of being cast at that meeting by Voting Mortgagees
               present in person or by proxy; or

         (b)   a resolution in writing pursuant to clause 40.15 signed by all
               the Voting Mortgagees or all of the relevant Class of Voting
               Mortgagees (as the case may be).

         GUARANTEE means any guarantee, indemnity, letter of credit, legally
         binding letter of comfort or suretyship, or any other obligation or
         irrevocable offer (whatever called and of whatever nature):

         (a)   to pay or to purchase;

         (b)   to provide funds (whether by the advance of money, the purchase
               of or subscription for shares or other securities, the purchase
               of assets, rights or services, or otherwise) for the payment or
               discharge of;

         (c)   to indemnify against the consequences of default in the payment
               of; or

         (d)   to be responsible otherwise for,

         an obligation or indebtedness of another person, a dividend,
         distribution, capital or premium on shares, stock or other interests,
         or the insolvency or financial condition of another person.

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                                                                          Page 2
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Security Trust Deed                                       Allens Arthur Robinson
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         LIQUIDATION includes receivership, compromise, arrangement,
         amalgamation, administration, reconstruction, winding up, dissolution,
         assignment for the benefit of creditors, bankruptcy or death.

         MASTER TRUST DEED means the Master Trust Deed for the Interstar
         Millennium Trusts dated 2 December 1999 between the Chargor as Trustee
         and Interstar Securities (Australia) Pty Limited (ABN 72 087 271 109).

         MORTGAGED PROPERTY means the property and rights mortgaged or charged
         by this deed or any Collateral Security.

         MORTGAGEE means:

         (a)   the Security Trustee in relation to its rights (held in its own
               right or for the benefit of other Mortgagees) under this deed;

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

         (c)   any Approved Seller in relation to any relevant Interest
               Adjustment and any Approved Seller's Fees under the Transaction
               Documents for the Trust;

         (d)   the Trust Manager in relation to its rights as Trust Manager
               under the Transaction Documents for the Trust;

         (e)   the Servicer in relation to its rights as Servicer under the
               Transaction Documents for the Trust;

         (f)   any Support Facility Provider (other than any Mortgage Insurer)
               in relation to its rights under each Support Facility for the
               Trust to which it is a party;

         (g)   the Note Trustee in relation to its rights (held in its own
               right) under the Transaction Documents for the Trust;

         (h)   the Mortgage Insurers in relation to payments by way of
               reimbursement of Timely Payment Cover (as defined in the Mortgage
               Insurance Policies);

         (i)   each Paying Agent in relation to its rights under the Transaction
               Documents for the Trust;

         (j)   the Calculation Agent in relation to its rights under the
               Transaction Documents for the Trust; and

         (k)   each Note Manager in relation to its rights under the Transaction
               Documents for the Trust.

         NOTEHOLDER MORTGAGEES means, together:

         (a)   the Class A Mortgagees; and

         (b)   the Class B Mortgagees.

         NOTICE OF CREATION OF TRUST means the Notice of Creation of Trust dated
         on or about the date of this deed issued under the Master Trust Deed in
         relation to the Trust.

         POWER means a power, right, authority, discretion or remedy which is
         conferred on the Security Trustee, a Mortgagee or a Receiver or
         Attorney:

         (a)   by this deed or any Collateral Security; or

         (b)   by law in relation to this deed or any Collateral Security.

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                                                                          Page 3
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Security Trust Deed                                       Allens Arthur Robinson
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         RECEIVER means a receiver or receiver and manager appointed under this
         deed or any Collateral Security.

         RELEVANT TRUST means a trust other than the Trust, constituted under
         the Master Trust Deed and the Series Notice for that trust, of which
         the Chargor is a trustee.

         REPRESENTATIVE means:

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

         (b)   in the case of any other Mortgagee, a person who is appointed as
               a proxy for that Mortgagee pursuant to clause 40.9; and

         (c)   without limiting the generality of paragraph (a), in the case of
               a Voting Mortgagee which is a body corporate, a person who is
               appointed pursuant to clause 40.10 by the Mortgagee.

         SECURED MONEYS means all money which the Chargor (whether alone or with
         another person) is or at any time may become actually or contingently
         liable to pay to or for the account of any Mortgagee (whether alone or
         with another person) for any reason whatever under or in connection
         with a Transaction Document.

         It includes money by way of principal, interest, fees, costs,
         indemnities, Guarantee, charges, duties or expenses, or payment of
         liquidated or unliquidated damages under or in connection with a
         Transaction Document, or as a result of any breach of or default under
         or in connection with, a Transaction Document.

         Where the Chargor would have been liable but for its Liquidation, it
         will be taken still to be liable.

         SERIES NOTICE means the Series Notice dated on or after the date of
         this deed relating to the Trust.

         SETTLOR means Nicolette Andrews.

         TRUST means the trust known as the Interstar Millennium Series 2003-1G
         Trust established under the Notice of Creation of Trust, the Master
         Trust Deed and the Series Notice.

         TRUST ASSETS means the Assets of the Trust from time to time as defined
         in the Master Trust Deed, and includes the rights of the Chargor under
         the Transaction Documents in respect of the Trust and under the
         Collection Account and the US$ Account.

         TRUST FUND means each amount held by the Security Trustee under clause
         2.1 of this deed together with any other property and benefits which
         the Security Trustee receives, has vested in it or otherwise acquires
         to hold on the trust established under this deed including, without
         limitation, all the right, title and interest of the Security Trustee
         in connection with the Charge and any property which represents the
         proceeds of sale of any such property or proceeds of enforcement of the
         Charge.

         VESTING DATE means the day preceding the earliest of:

         (a)   the 80th anniversary of the date of this deed;

         (b)   the 21st anniversary of the date of the death of the last
               survivor of the lineal descendants of King George V living on the
               date of this deed; and

         (c)   the day after the Charge Release Date.

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                                                                          Page 4
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Security Trust Deed                                       Allens Arthur Robinson
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         VOTING MORTGAGEE means:

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

         (a)   at any other time (subject to clause 40.17):

               (i)       the Class A Mortgagees; and

               (ii)      each other Mortgagee (other than a Class A Mortgagee).

1.2      MASTER TRUST DEED DEFINITIONS AND TRANSACTION DOCUMENT AMENDMENTS

         (a)   Words and expressions which are defined in the Master Trust Deed
               (as amended by the Series Notice) and the Series Notice
               (including in each case by reference to another agreement) have
               the same meanings when used in this deed unless the context
               otherwise requires or unless otherwise defined in this deed.

         (b)   Subject to clause 30, no change to the Master Trust Deed or any
               other document (including the order of payment set out in the
               Series Notice) after the date of this deed will change the
               meaning of terms used in this deed or adversely affect the rights
               of the Security Trustee under this deed unless the Security
               Trustee (subject to clause 40.17(b), with the prior written
               consent of the Noteholder Mortgagees) has agreed in writing to
               the changes.

1.3      INTERPRETATION

         Clause 1.2 of the Master Trust Deed applies to this deed as if set out
         in full, except that any reference to A TRUST is replaced by a
         reference to THE TRUST,:

         (a)   a reference to an ASSET includes any real or personal, present or
               future, tangible or intangible property or asset and any right,
               interest, revenue or benefit in, under or derived from the
               property or asset;

         (b)   an Event of Default SUBSISTS until it has been waived in writing
               by the Security Trustee provided that no such waiver will be
               capable of taking effect unless the Security Trustee has first
               consulted with the Note Trustee;

         (c)   a reference to an amount for which a person is CONTINGENTLY
               LIABLE includes an amount which that person may become actually
               or contingently liable to pay if a contingency occurs, whether or
               not that liability will actually arise; and

         (d)   WILFUL DEFAULT means, in respect of the Security Trustee, any
               wilful failure to comply with or wilful breach of any of its
               obligations under this deed, other than a wilful failure or
               wilful breach which:

               (i)       is caused by the failure by another person to act where
                         that act is a precondition to the act of the Security
                         Trustee;

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

               (iii)     is in accordance with an instruction or direction from
                         the Note Trustee or the Voting Mortgagees.

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                                                                          Page 5
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Security Trust Deed                                       Allens Arthur Robinson
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1.4      DETERMINATION, STATEMENT AND CERTIFICATE SUFFICIENT EVIDENCE

         Except where otherwise provided in this deed any determination,
         statement or certificate by the Security Trustee or an Authorised
         Signatory of the Security Trustee provided for in this deed is
         sufficient evidence of each thing determined, stated or certified in
         the absence of manifest error or proof to the contrary.

1.5      DOCUMENT OR AGREEMENT

         A reference to:

         (a)   an AGREEMENT includes a Security Interest, Guarantee,
               undertaking, deed, agreement or legally enforceable arrangement
               whether or not in writing; and

         (b)   a DOCUMENT includes an agreement (as so defined) in writing or a
               certificate, notice, instrument or document.

         A reference to a specific agreement or document includes it as amended,
         novated, supplemented or replaced from time to time, except to the
         extent prohibited by this deed.

1.6      RIGHTS AND OBLIGATIONS OF MORTGAGEES

         (a)   Each Mortgagee is entitled to the benefit of the obligations
               (including warranties) of each of the Security Trustee, the
               Chargor and any other person under this deed and any Collateral
               Security.

         (b)   No Mortgagee is entitled to enforce this deed or any Collateral
               Security other than through the Security Trustee.

         (c)   Each Mortgagee is bound by this deed and each Collateral
               Security.

         (d)   No Mortgagee is responsible for the obligations of the Security
               Trustee or any other Mortgagee.

         The provisions of this deed are binding on the Security Trustee, the
         Chargor and the Mortgagees and all persons claiming through them,
         respectively.

1.7      TRANSACTION DOCUMENT

         This deed is a TRANSACTION DOCUMENT for the purposes of the Master
         Trust Deed.

1.8      CHARGOR AS TRUSTEE

         In this deed, except where provided to the contrary:

         (a)   a reference to the Chargor is a reference to the Chargor in its
               capacity as trustee of the Trust only, and in no other capacity;
               and

         (b)   a reference to the assets, business, property or undertaking of
               the Chargor is a reference to the assets, business, property or
               undertaking of the Chargor only in the capacity described in
               paragraph (a) above.

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                                                                          Page 6
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Security Trust Deed                                       Allens Arthur Robinson
--------------------------------------------------------------------------------

1.9      KNOWLEDGE OF THE CHARGOR

         In relation to the Trust, the Chargor will be considered to have
         knowledge or notice of or be aware of any matter or thing if the
         Chargor has knowledge, notice or awareness of that matter or thing by
         virtue of the actual notice or awareness of the officers or employees
         of the Chargor who have day to day responsibility for the
         administration of the Trust.

1.10     KNOWLEDGE OF SECURITY TRUSTEE

         For the purposes of this deed, the Security Trustee will only be
         considered to have knowledge, notice of or to be aware of any thing if
         the Security Trustee has knowledge, notice or awareness of that thing
         by virtue of the actual knowledge, notice or awareness of the officers
         or employees of the Security Trustee who have day to day responsibility
         for the administration of the security trust established by this deed.

2.       APPOINTMENT OF SECURITY TRUSTEE
--------------------------------------------------------------------------------

2.1      THE SECURITY TRUSTEE

         The Security Trustee:

         (a)   is appointed to act as trustee on behalf of the Mortgagees on the
               terms and conditions of this deed; and

         (b)   acknowledges and declares that it:

               (i)       holds the sum of A$10.00 received on the date of this
                         deed from the Settlor; and

               (ii)      will hold the benefit of the Charge, the Mortgaged
                         Property and the benefit of each of the Transaction
                         Documents to which the Security Trustee is a party,

         in each case, on trust for each Mortgagee, in accordance with the terms
         and conditions of this deed.

2.2      RESOLUTION OF CONFLICTS

         (a)   The Security Trustee shall, as regards the exercise of all
               discretion vested in it by this deed and all other Transaction
               Documents, except where expressly provided otherwise, have regard
               to the interest of the Mortgagees.

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

         (b)   Subject to this deed (other than paragraph (b)), the Security
               Trustee must give priority to the interests only of the Class A
               Noteholders if, in the Security Trustee's opinion, (in relation
               to which, in determining the interests of a Class of US$
               Noteholders, the Security Trustee may rely on a determination of
               the Note Trustee), there is a conflict between the

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                                                                          Page 7
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Security Trust Deed                                       Allens Arthur Robinson
--------------------------------------------------------------------------------

               interests of the Class A Noteholders and the interests of the
               Class B Noteholders or the interests of the other Mortgagees.

         (c)   Subject to this deed, if, in the Security Trustee's opinion,
               there is a conflict between the interests of the Class A1
               Noteholders and the Class A2 Noteholders, the Security Trustee
               must convene a meeting of the Class A Noteholders (in relation to
               which in determining the interests of the Class A Noteholders,
               the Security Trustee must rely on the instructions given by an
               Extraordinary Resolution of Class A Noteholders in a meeting held
               in accordance with clause 40).

         (d)   Provided that the Security Trustee acts in accordance with a
               determination of the Note Trustee (where it receives a
               determination from the Note Trustee) or in good faith (in each
               other case), it shall not incur any liability to any Mortgagee
               for giving effect to clauses 2.2(b), 2.2(c) or 2.2(d).

2.3      DURATION OF TRUST

         The trust established under this deed commences on the date of this
         deed and ends on the Vesting Date unless determined earlier.

3.       CHARGE
--------------------------------------------------------------------------------

3.1      CHARGE

         (a)   Subject to paragraph (b), the Chargor charges to the Security
               Trustee, for the Security Trustee and as trustee for the
               Mortgagees all of the present and future Trust Assets and
               undertaking of the Trust.

         (b)   The Charge does not charge any Trust Assets as at the date of
               this deed which on the date of this deed are, or are taken, under
               the applicable stamp duties legislation of the relevant
               jurisdiction, to be situated in any State or Territory of
               Australia other than the Australian Capital Territory or the
               Northern Territory.

3.2      SECURITY

         (a)   The security created by this deed secures the due and punctual
               payment of the Secured Moneys.

         (b)   This deed is given in consideration of the Security Trustee and
               the Mortgagees entering the Transaction Documents and for other
               valuable consideration received.

3.3      PROSPECTIVE LIABILITY

         For the purpose of the Corporations Act the maximum prospective
         liability (as defined in the Corporations Act) secured by this deed at
         any time is A$5,000,000,000 or its equivalent and the total amount
         recoverable under this deed is limited to A$5,000,000,000.

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                                                                          Page 8
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Security Trust Deed                                       Allens Arthur Robinson
--------------------------------------------------------------------------------

4.       NATURE OF CHARGE
--------------------------------------------------------------------------------

4.1      PRIORITY

         The Charge is a first charge and takes priority over all Security
         Interests that have been granted over the Mortgaged Property.

NATURE OF CHARGE

         The Charge operates, subject to clause 4.4, as a floating charge only,
         over all Mortgaged Property.

4.2      DEALING WITH MORTGAGED PROPERTY

         (a)   Except with the prior written consent of the Security Trustee and
               (subject to clause 40.17(b)) the Noteholder Mortgagees, or as
               expressly permitted in any Transaction Document, the Chargor
               shall not, and the Trust Manager shall not direct the Chargor to:

               (i)       create or allow to exist any Security Interest over any
                         Mortgaged Property; or

               (ii)      in any other way:

                         (A)  dispose of;

                         (B)  create or allow any interest in; or

                         (C)  part with possession of,

                         any Mortgaged Property, except, subject to the
                         Transaction Documents, any disposal of or dealing with
                         any asset for the time being subject to the floating
                         charge in the ordinary course of its ordinary business.

         (b)   Where by law a Mortgagee may not restrict the creation of any
               Security Interest over an asset ranking after the Charge,
               paragraph (a) will not restrict that creation. However, the
               Chargor shall ensure that before that Security Interest is
               created the holder of that Security Interest enters into a deed
               of priority in form and substance specified by the Security
               Trustee.

4.3      CRYSTALLISATION

         The floating charge referred to in clause 4.2 will automatically and
         immediately crystallise and operate as a fixed charge:

         (a)   in respect of any asset:

               (i)       upon notice to the Chargor from the Security Trustee
                         (which it may only give following an Event of Default);

               (ii)      if without the prior written consent of the Security
                         Trustee (and, subject to clause 40.17(b), the
                         Noteholder Mortgagees), the Chargor:

                         (A) creates or allows any Security Interest over;

                         (B) sells, leases or otherwise disposes of;

                         (C) creates or allows any interest in; or

                         (D) parts with possession of,

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                                                                          Page 9
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Security Trust Deed                                       Allens Arthur Robinson
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                         that asset in breach of a Transaction Document, or
                         agrees or attempts to do so or takes any step towards
                         doing so;

               (iii)     on the Commissioner of Taxation or his delegate or
                         successor signing a notice under:

                         (A)  s218 or s255 of the Income Tax Assessment Act 1936
                              (Cth) and the Income Tax Assessment Act 1997
                              (Cth);

                         (B)  s260-5 of the Taxation Administration Act 1953
                              (Cth); or

                         (C)  any similar legislation,

                         which will affect that asset; or

               (iv)      on a Government Agency taking any step which may result
                         in an amount of Tax or an amount owing to a Government
                         Agency ranking ahead of the floating charge with
                         respect to that asset; or

         (b)   in respect of all the Mortgaged Property:

               (i)       if an Insolvency Event occurs with respect to the
                         Chargor; or

               (ii)      on the security constituted by this deed being enforced
                         in any way.

         Except where expressly stated, no notice or action by any Mortgagee is
         necessary for the charge to crystallise.

4.4      DE-CRYSTALLISATION

         The Security Trustee may, at the direction of the Trust Manager at any
         time release any asset which has become subject to a fixed charge under
         clause 4.4 from the fixed charge by notice to the Chargor. That asset
         will then again be subject to the floating charge and to the further
         operation of that clause. The Security Trustee must notify each
         Designated Rating Agency of any such release.

5.       COVENANTS AND WARRANTIES
--------------------------------------------------------------------------------

5.1      COVENANT

         (a)   The Chargor acknowledges its indebtedness to each Mortgagee in
               respect of the relevant Secured Moneys. The Chargor shall duly
               and punctually pay the Secured Moneys. After an Event of Default
               (whether or not it subsists) it will pay the Secured Moneys when
               due in accordance with the Transaction Documents, including in
               accordance with clause 8.2.

         (b)   Subject to the limitations on the obligations and liability of
               the Chargor under the Master Trust Deed and the other Transaction
               Documents, the Chargor shall use its reasonable endeavours to
               ensure that no Event of Default occurs.

         (c)   The Chargor will ensure that it complies with its material
               obligations under the Transaction Documents.

         (d)   The Chargor will give to the Security Trustee any information
               relating to the Trust in the power or possession of the Chargor
               that the Security Trustee reasonably requests in

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

               (i)       the identity, and notice details of, each Mortgagee and
                         Beneficiary; and

               (ii)      the amount and details of any Secured Moneys owing to
                         each Mortgagee.

         (e)   The Trust Manager shall cause this deed to be lodged for
               registration with the Australian Securities and Investments
               Commission before the Chargor issues a Note.

5.2      NEGATIVE COVENANTS

         The Chargor shall not do, nor shall the Trust Manager direct the
         Chargor to do, any of the following without the prior written consent
         of the Security Trustee (and, subject to clause 40.17(b), the
         Noteholder Mortgagees) and without prior written confirmation from each
         Designated Rating Agency of the rating (if any) assigned by it to any
         Class of Notes in relation to the Trust except as permitted by this
         deed or the Master Trust Deed or the Series Notice for the Trust:

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

               (i)       the Notes;

               (ii)      Financial Indebtedness arising under the Transaction
                         Documents in relation to the Trust (including under a
                         Support Facility); or

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

               (iv)      Financial Indebtedness when the Chargor has received
                         written confirmation from each Designated Rating Agency
                         that it will not result in any reduction or withdrawal
                         of the rating assigned to any Class of Notes rated by
                         that Designated Rating Agency;

         (b)   (NO RELEASE UNDER TRANSACTION DOCUMENTS) give any release or
               discharge (whether full, partial or conditional) to any person in
               respect of their obligations under any of the Transaction
               Documents relating to the Trust, except as permitted by the
               Transaction Documents;

         (c)   (OTHER ACTIVITIES) not engage in any business or activity in
               relation to the Trust other than as contemplated in the
               Transaction Documents;

         (d)   (BANK ACCOUNTS) not open any bank account not specified in the
               Transaction Documents; and

         (e)   (SECURITY INTEREST) not create or permit or suffer to exist any
               other Security Interest over the Mortgaged Property other than
               the Chargor's Indemnity.

5.3      WARRANTY

         The Chargor makes the following representations and warranties:

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         (a)   (TRANSACTION DOCUMENTS REPRESENTATIONS AND WARRANTIES) All
               representations and warranties of the Chargor in the Transaction
               Documents are true or, if not yet made, will be true when made.

         (b)   (GOOD TITLE) The Chargor is the legal owner of the Mortgaged
               Property and has the power under the Master Trust Deed and the
               Series Notice to enter into this deed and to charge in the manner
               provided in this deed the Mortgaged Property. Subject only to the
               Master Trust Deed (including, without limitation, the Chargor's
               Indemnity) and this deed, the Mortgaged Property is free of all
               other Security Interests.

         (c)   (TRUST VALIDLY CREATED) The Trust has been validly created and is
               in existence at the date of this deed.

         (d)   (SOLE TRUSTEE) The Chargor has been validly appointed as trustee
               of the Trust and is presently the sole trustee of the Trust.

         (e)   (MASTER TRUST DEED) The Trust is constituted pursuant to the
               Master Trust Deed, the Notice of Creation of Trust and the Series
               Notice.

         (f)   (RIGHT OF INDEMNITY) Except as expressly provided in the Master
               Trust Deed or the Series Notice or statute it has not limited in
               any way, and it has no liability which may be set off against,
               the Chargor's Indemnity.

         (g)   (NO PROCEEDINGS TO REMOVE) No notice has been given to the
               Chargor and, to the Chargor's knowledge, no resolution has been
               passed or direction has been given, removing the Chargor as
               trustee of the Trust.

5.4      TRUST MANAGER'S UNDERTAKINGS

         The Trust Manager undertakes to the Security Trustee promptly to give
         to the Security Trustee, each Designated Rating Agency and the Note
         Trustee:

         (a)   a copy of each Trust Manager's Report given in relation to the
               Trust (if any);

         (b)   each audit report issued by the Auditor in relation to the Trust;
               and

         (c)   upon request from the Security Trustee or the Note Trustee (as
               the case may be), a copy of each Transaction Document and details
               and information relating to:

               (i)       the identity, and notice details of, each Support
                         Facility Provider; and

               (ii)      the Secured Moneys owing to each Support Facility
                         Provider.

6.       FURTHER ASSURANCES
--------------------------------------------------------------------------------

6.1      FURTHER ASSURANCES

         Whenever the Security Trustee reasonably requests the Chargor to do
         anything in order:

         (a)   more satisfactorily to mortgage, assure or secure the Mortgaged
               Property to the Mortgagees or the Security Trustee's nominee in a
               manner not inconsistent with this deed or any Transaction
               Document; or

         (b)   to aid in the execution or exercise of any Power,

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         the Chargor shall do it immediately, subject to any liability it incurs
         (other than from its own negligence, fraud or wilful default) being
         covered by the Chargor's Indemnity. It may include registering this
         deed, executing or registering any other document or agreement,
         delivering Transaction Documents or evidence of title and executing and
         delivering blank transfers.

7.       NOTE TRUSTEE
--------------------------------------------------------------------------------

7.1      CAPACITY

         The Note Trustee is a party to this deed in its capacity as trustee for
         the US$ Noteholders from time to time under the Note Trust Deed.

7.2      EXERCISE OF RIGHTS

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

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

         (b)   the US$ Noteholders may only exercise enforcement rights in
               respect of the Mortgaged Property through the Note Trustee and
               only in accordance with this deed and the Note Trust Deed.

7.3      INSTRUCTIONS OR DIRECTIONS

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

7.4      PAYMENTS

         Any payment to be made to a US$ Noteholder under this deed may be made
         to the Note Trustee or a Paying Agent on behalf of that US$ Noteholder
         and any such payment is a good discharge to the Chargor or the Security
         Trustee.

7.5      NOTICES

         Any notice to be given to a US$ Noteholder under this deed may be given
         to the Note Trustee on behalf of that US$ Noteholder. Any costs to the
         Note Trustee of publishing such notice to the US$ Noteholders will be
         reimbursed by the Chargor to the Note Trustee.

8.       EVENTS OF DEFAULT
--------------------------------------------------------------------------------

8.1      EVENTS OF DEFAULT

         Each of the following is an Event of Default (whether or not it is
         within the control of the Chargor).

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         (FAILURE TO PAY) The Chargor fails to pay:

               (i)       any Interest within 10 Business Days of the Payment
                         Date on which the Interest was due to be paid, together
                         with all Interest accrued and payable on that Interest;
                         and

               (ii)      any other Secured Moneys, within 10 Business Days of
                         the due date for payment (or within any applicable
                         grace period agreed with the Mortgagee to whom the
                         Secured Moneys relate or, where the Mortgagee is a US$
                         Noteholder, the Note Trustee on behalf of that US$
                         Noteholder),

               (iii)     sub-clauses (i) and (ii) above will not constitute
                         Events of Default:

                         (A)  if the Secured Moneys which the Chargor failed to
                              pay are subordinated to payment of amounts due to
                              Class A Noteholders while any Secured Moneys
                              remain owing:

                              (1)  to Class A Noteholders; or

                              (2)  to any other person, which rank in priority
                                   to amounts due to Class A Noteholders; or

                         (B)  where the Chargor had sufficient available funds
                              with its bankers with which the bank accounts of
                              the Trust are held and had given instructions to
                              those bankers to make that payment, and that the
                              payment would have been made but for temporary
                              technical or administrative difficulties outside
                              the control of the Chargor.

         (b)   (BREACH OF OBLIGATION) The Chargor fails to perform or observe
               any other provisions (other than an obligation referred to in
               paragraph (a) of a Transaction Document (including any
               representation, warranty or undertaking) and that default (if in
               the opinion of the Security Trustee is capable of remedy, that
               opinion, subject to clause 40.17(b), having been approved in
               writing by the Noteholder Mortgagees) is not remedied for 30 days
               after written notice (or such longer period as may be specified
               in the notice, that longer period subject to clause 40.17(b),
               having been approved in writing by the Noteholder Mortgagees)
               from the Security Trustee requiring the failure to be remedied.

         (c)   (INSOLVENCY) An Insolvency Event occurs in relation to the
               Chargor (in its capacity as trustee of the Trust).

         (d)   (PRIORITY OF CHARGE) The Charge is not or ceases to be a first
               ranking charge over the Trust Assets, or any other obligation of
               the Chargor (other than as mandatorily preferred by law) ranks
               ahead of or pari passu with any of the Secured Moneys.

         (e)   (ENFORCEMENT OF SECURITY) Any Security Interest over the Assets
               of the Trust is enforced.

         (f)   (INTEREST RATE SWAP OR CURRENCY SWAPS) An Interest Rate Swap or
               Currency Swap is terminated and a replacement Interest Rate Swap
               or Currency Swap (as the case may be) on terms that will not lead
               to a withdrawal or downgrade of the rating assigned to any Notes,
               is not put in place.

         (g)   (VITIATION OF TRANSACTION DOCUMENTS)

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               (i)       All or any part of any Transaction Document (other than
                         an Interest Rate Swap or a Currency Swap) is terminated
                         or is or becomes void, illegal, invalid, unenforceable
                         or of limited force and effect; or

               (ii)      a party becomes entitled to terminate, rescind or avoid
                         all or part of any Transaction Document (other than an
                         Interest Rate Swap or a Currency Swap).

         (h)   (TRUST) Without the prior consent of the Security Trustee (that
               consent, subject to clause 40.17(b), having been approved in
               writing by the Noteholder Mortgagees):

               (i)       the Trust is wound up, or the Chargor is required to
                         wind up the Trust under the Master Trust Deed or
                         applicable law, or the winding up of the Trust
                         commences;

               (ii)      the Trust is held or is conceded by the Chargor not to
                         have been constituted or to have been imperfectly
                         constituted;

               (iii)     unless another trustee is appointed to the Trust under
                         the Transaction Documents, the Chargor ceases to be
                         authorised under the Trust to hold the property of the
                         Trust in its name and to perform its obligations under
                         the Transaction Documents.

8.2      RIGHTS OF THE SECURITY TRUSTEE UPON EVENT OF DEFAULT

         At any time after an Event of Default occurs, the Security Trustee may,
         and shall (subject to clauses 9.2, 9.3, 9.4 and 9.5) if so directed by
         an Extraordinary Resolution of the Voting Mortgagees:

         (a)   declare the Charge immediately enforceable; and/or

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

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

         (d)   appoint a Receiver over the Trust Assets, or exercise the powers
               that a Receiver would otherwise have if appointed under this
               deed.

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

8.3      NOTIFY EVENTS OF DEFAULT

         Each of the Chargor and the Trust Manager must promptly notify the
         Security Trustee, the Note Trustee and each Designated Rating Agency
         if, to the knowledge of its officers who are responsible for the
         administration of the Trust, it becomes aware of the occurrence of an
         Event of Default, Trustee's Default, Servicer Transfer Event or Trust
         Manager's Default including full details of that Event of Default,
         Trustee's Default, Servicer Transfer Event or Trust Manager's Default
         (as the case may be).

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9.       ENFORCEMENT
--------------------------------------------------------------------------------

9.1      POWER TO ENFORCE

         At any time after the Charge becomes enforceable, the Security Trustee
         may, at its discretion and without further notice (subject to the terms
         of this deed including, without limitation, clause 8.2) take such
         proceedings as it may think fit to enforce any of the provisions of
         this deed.

9.2      NO OBLIGATION TO ENFORCE

         Subject to clause 9.3, pending the receipt of directions from the
         Voting Mortgagees as contemplated by clauses 9.3 and 9.4, the Security
         Trustee shall not be bound to take any action or give any consent or
         waiver or make any determination under this deed (including, to appoint
         any Receiver, to declare the Charge enforceable or the Secured Moneys
         immediately due and payable pursuant to clause 8.2 or to take any other
         proceedings referred to in clause 9.1). Nothing in this clause shall
         affect the operation of clause 4.4 or the Charge becoming enforceable
         prior to the Security Trustee receiving directions from the Mortgagees.

9.3      OBLIGATION TO CONVENE MEETING

         Following the Security Trustee becoming actually aware of the
         occurrence of an Event of Default in accordance with clause 38, it
         shall, subject to clause 9.7, promptly convene a meeting of the Voting
         Mortgagees in accordance with this deed, at which it shall seek
         directions from the Voting Mortgagees by way of an Extraordinary
         Resolution of the Voting Mortgagees (or a written resolution signed by
         all Voting Mortgagees) regarding the action it should take as a result
         of that Event of Default including whether to do any of the things
         referred to in clauses 8.2(a) to 8.2(d) inclusive.

9.4      SECURITY TRUSTEE TO ACT IN ACCORDANCE WITH DIRECTIONS

         (a)   Subject to sub-clause (b), the Security Trustee shall take all
               action necessary to give effect to any Extraordinary Resolution
               of the Voting Mortgagees or to any direction of the Note Trustee
               (where it is the only Voting Mortgagee) and shall comply with all
               directions contained in or given pursuant to any Extraordinary
               Resolution of the Voting Mortgagees or to any direction given by
               the Note Trustee (where it is the only Voting Mortgagee).

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

               (i)       this deed; and

               (ii)      the Security Trustee being adequately indemnified from
                         the Trust Funds or the Security Trustee receiving from
                         the Voting Mortgagees (other than the Note Trustee) an
                         indemnity in a form reasonably satisfactory to the
                         Security Trustee (which may be by way of an
                         Extraordinary Resolution of the Voting Mortgagees)
                         against all actions, proceedings, claims and demands to
                         which it may render itself liable, and all costs,
                         charges, damages and expenses which it may incur, in
                         giving effect to an Extraordinary Resolution of the
                         Voting Mortgagees.

               The Security Trustee shall first claim on its indemnity from the
               Trust Assets before it claims on any indemnity from the
               Mortgagees (other than the Note Trustee), including any

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               indemnity provided under clause 9.5. The Note Trustee is in no
               circumstance required to give an indemnity to the Security
               Trustee.

         (c)   If an Event of Default is a payment default in respect of a
               subordinated Class of Notes, as long as there are Notes
               outstanding that rank prior to those subordinated Notes, the
               Security Trustee shall not take any action without the consent of
               each Class of Noteholders in respect of each Class of prior
               ranking Notes (or, in the case of a Class of US$ Noteholders, the
               Note Trustee) by Extraordinary Resolution.

         (d)   If the Security Trustee becomes bound to take steps and/or
               proceed under this deed and it fails to do so within a reasonable
               time and such failure is continuing the Voting Mortgagees may
               exercise such powers as they determine in accordance with the
               Series Notice and (where relevant) the Note Trust Deed and then
               only if and to the extent they are able to do so under Australian
               law.

9.5      SECURITY TRUSTEE MUST RECEIVE INDEMNITY

         If:

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

         (a)   the Voting Mortgagees refuse to grant the requested indemnity,
               and put it in funds,

         then the Security Trustee will not be obliged to act in relation to
         that enforcement. In those circumstances, the Voting Mortgagees may
         exercise such Powers as they determine by Extraordinary Resolution and
         the Security Trustee is not liable in any manner whatsoever in relation
         to, or in connection with, such an exercise of those powers. The Note
         Trustee is in no circumstance required to give any indemnity to the
         Security Trustee.

9.6      LIMITATION ON RIGHTS OF MORTGAGEES

         Subject to this deed, the powers, rights and remedies conferred on the
         Security Trustee by this deed are exercisable by the Security Trustee
         only, and no Mortgagee is entitled without the written consent of the
         Security Trustee to exercise some or any of them. Without limiting the
         generality of the foregoing, but subject to clause 9.5, no Mortgagee is
         entitled to enforce the Charge or the provisions of this deed or to
         appoint or cause to be appointed a Receiver to any of the Mortgaged
         Property or otherwise to exercise any power conferred by the terms of
         any applicable law on charges except as provided in this deed.

9.7      IMMATERIAL WAIVERS

         (a)   The Security Trustee may agree, on any terms and conditions as it
               may deem expedient, having first consulted with the Class A
               Mortgagees and given notice to each Designated

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               Rating Agency, but without the consent of the Mortgagees and
               without prejudice to its rights in respect of any subsequent
               breach, to any waiver or authorisation of any breach or proposed
               breach of any of the terms and conditions of the Transaction
               Documents or any of the provisions of this deed which is not, in
               the reasonable opinion of the Security Trustee, materially
               prejudicial to the interests of the Mortgagees and may determine
               that any event that would otherwise be an Event of Default shall
               not be treated as an Event of Default for the purpose of this
               deed.

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

         (c)   No waiver, authorisation or determination may, once given, be
               overridden or withdrawn by an Extraordinary Resolution of Voting
               Mortgagees but the Security Trustee may (subject to clause
               40.17(b), with the prior written consent of the Noteholder
               Mortgagees) give a waiver, authorisation or determination on
               terms that allow it to be overridden or withdrawn.

         (d)   Any waiver, authorisation or determination shall, if the Security
               Trustee so requires, be notified to the Voting Mortgagees by the
               Trust Manager as soon as practicable thereafter in accordance
               with this deed.

9.8      ACTS PURSUANT TO RESOLUTIONS

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

9.9      OVERRIDING PROVISION

         Notwithstanding any other provision of this deed:

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

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

10.      APPOINTMENT OF RECEIVER
--------------------------------------------------------------------------------

10.1     APPOINTMENT

         To the extent permitted by law and subject to clause 9, at any time
         after the Charge becomes enforceable under this deed the Security
         Trustee or any Authorised Signatory of the Security Trustee may:

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

         (b)   remove any Receiver;

         (c)   appoint another Receiver in addition to or in place of a
               Receiver; and

         (d)   fix or vary the remuneration of a Receiver.

10.2     AGENT OF CHARGOR

         (a)   Subject to clauses 10.2(b) and 10.4, every Receiver is the agent
               of the Chargor. The Chargor alone is responsible for the
               Receiver's acts and defaults.

         (b)   (i)       Any Receiver will be the agent of the Chargor in its
                         capacity as trustee of the Trust only; and

               (ii)      notwithstanding anything else in this deed or at law,
                         the Chargor in its personal capacity is not responsible
                         for any negligent act or negligent omission of the
                         Receiver.

10.3     RECEIVER'S POWERS

         In addition to any powers granted by law, and except to the extent
         specifically excluded by the terms of his appointment and in accordance
         with the interests of the Mortgagees in accordance with this deed,
         every Receiver has power to do anything in respect of the Mortgaged
         Property that the Chargor could do (including, without limitation,
         having regard to its powers and the extent of its liability under the
         Master Trust Deed). However, every Receiver acknowledges that the
         Chargor's liability in relation to the Receiver's exercise of those
         powers is limited to the assets of the Trust. His powers include the
         following.

         (a)   (TAKE POSSESSION AND MANAGE) He may take possession of, get in
               and manage the Mortgaged Property.

         (b)   (LEASE) He may lease any of the Mortgaged Property for any term
               (whether or not the Receiver has taken possession).

         (c)   (CARRY ON BUSINESS) He may carry on or concur in carrying on any
               business.

         (d)   (ACQUIRE ANY ASSET) He may acquire in any manner any asset
               (including to take it on lease). After that acquisition it will
               be included in the Mortgaged Property.

         (e)   (MAINTAIN AND IMPROVE THE MORTGAGED PROPERTY) He may do anything
               to maintain, protect or improve any of the Mortgaged Property or
               to obtain income or returns from any of the Mortgaged Property
               (including by development, sub-division, construction,
               alteration, or repair, of any property or by pulling down,
               dismantling or scrapping, any property).

         (f)   (RAISE MONEY) He may:

               (i)       borrow or raise any money from any Mortgagee or any
                         other person approved by the Security Trustee;

               (ii)      give Guarantees; and

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               (iii)     grant any Security Interest over any of the Mortgaged
                         Property to secure that money or Guarantee. That
                         Security Interest may rank in priority to or equally
                         with or after, the security created by this deed. It
                         may be given in the name of the Chargor or otherwise.

         (g)   (LEND) He may lend money or provide financial accommodation.

         (h)   (SELL)

               (i)       He may sell any of the Mortgaged Property (whether or
                         not the Receiver has taken possession).

               (ii)      Without limitation, any sale may be made:

                         (A)  by public auction, private treaty or tender;

                         (B)  for cash or on credit;

                         (C)  in one lot or in parcels;

                         (D)  either with or without special conditions or
                              stipulations as to title or time or mode of
                              payment of purchase money or otherwise;

                         (E)  with power to allow the whole or any part of the
                              purchase money to be deferred (whether with or
                              without any security); and

                         (F)  whether or not in conjunction with the sale of any
                              property by any person.

         (i)   (OPTIONS) He may grant or take put or call options.

         (j)   (SEVER FIXTURES) He may sever fixtures.

         (k)   (EMPLOY) He may employ or discharge any person as employee,
               contractor, agent, professional adviser, consultant or auctioneer
               for any purpose.

         (l)   (COMPROMISE) He may make or accept any arrangement or compromise.

         (m)   (GIVE RECEIPTS) He may give receipts for money and other assets.

         (n)   (PERFORM AND ENFORCE AGREEMENTS) He may:

               (i)       perform or enforce;

               (ii)      exercise or refrain from exercising the Chargor's
                         rights and powers under; or

               (iii)     obtain the benefit in other ways of,

               any documents or agreements or rights which form part of the
               Mortgaged Property and any documents or agreements entered into
               in exercise of any Power.

         (o)   (VARY AND TERMINATE AGREEMENTS) He may vary, rescind or terminate
               any document or agreement (including surrender or accept the
               surrender of leases).

         (p)   (AUTHORISATIONS) He may apply for, take up, transfer or surrender
               any Authorisation or any variation of any Authorisation.

         (q)   (TAKE INSOLVENCY PROCEEDINGS) He may make, commence and pursue
               insolvency proceedings against any person and do any thing in
               relation to any actual or contemplated Liquidation (including
               attend and vote at meetings of creditors and appoint proxies).

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         (r)   (TAKE PROCEEDINGS) He may commence, defend, conduct, settle,
               discontinue or compromise proceedings in the name of the Chargor
               or otherwise.

         (s)   (EXECUTE DOCUMENTS) He may enter into and execute documents or
               agreements on behalf of himself or the Chargor.

         (t)   (OPERATE BANK ACCOUNTS) He may operate any bank account
               comprising part of the Mortgaged Property and open and operate
               any further bank account.

         (u)   (SURRENDER MORTGAGED PROPERTY) He may surrender, release or
               transfer any of the Mortgaged Property.

         (v)   (EXCHANGE MORTGAGED PROPERTY) He may exchange with any person any
               of the Mortgaged Property for other property.

         (w)   (PROMOTE COMPANIES) He may promote the formation of companies
               with a view to purchasing any of the Mortgaged Property or
               assuming the obligations of the Chargor or otherwise.

         (x)   (DELEGATE) He may delegate to any person approved by the Security
               Trustee any of his Powers (including delegation).

         (y)   (HAVE ACCESS) He may exercise all the rights of the Chargor under
               the Transaction Documents with respect to the Trust Assets.

         (z)   (VOTE) He may exercise any voting or other rights or powers in
               respect of any of the Mortgaged Property and do anything in
               relation to shares or marketable securities.

         (aa)  (OTHER OUTGOINGS) He may pay any outgoing or indebtedness of the
               Chargor or any other person.

         (bb)  (SECURITY INTERESTS) He may redeem any Security Interest or
               acquire it and any debt secured by it.

         (cc)  (INSURE) He may take out insurance.

         (dd)  (INSURANCE CLAIMS) He may make, enforce, compromise and settle
               all claims in respect of insurance.

         (ee)  (INCIDENTAL POWER) He may do anything incidental to the exercise
               of any other Power.

         All of the above paragraphs are to be construed independently.  None
         limits the generality of any other.

10.4     RECEIVER APPOINTED AFTER COMMENCEMENT OF WINDING UP

         The power to appoint a Receiver may be exercised even though:

         (a)   an order may have been made or a resolution may have been passed
               for the Liquidation of the Chargor; and

         (b)   a receiver appointed in those circumstances may not, or may not
               in some respects specified by the Receiver, act as the agent of
               the Chargor.

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10.5     POWERS EXERCISABLE BY THE SECURITY TRUSTEE

         Whether or not a Receiver has been appointed, the Security Trustee may
         exercise any Power of a Receiver at any time after the Charge becomes
         enforceable under this deed in addition to any Power of the Mortgagees
         and without giving notice. It may exercise those Powers and its Powers
         without taking possession or being liable as mortgagee in possession.
         Without limitation, it may exercise those Powers and its Powers
         directly or through one or more agents. In the latter event, anything
         done or incurred by such an agent will be taken to be done or incurred
         by the Security Trustee provided that the Security Trustee will have no
         liability in respect of the negligence or default of any agent
         appointed by the Security Trustee with reasonable care for the purpose
         of performing functions of a type which are not reasonably capable of
         supervision by the Security Trustee.

10.6     WITHDRAWAL

         The Security Trustee may at any time (provided it does not have an
         Adverse Effect) give up possession of any Mortgaged Property and may at
         any time withdraw any receivership.

11.      REMUNERATION OF SECURITY TRUSTEE
--------------------------------------------------------------------------------

11.1     COSTS

         In accordance with the Series Notice, the Chargor shall reimburse the
         Security Trustee for all costs and expenses of the Security Trustee
         properly incurred in acting as Security Trustee.

11.2     FEE

         (a)   The Security Trustee shall be entitled to a fee from the proceeds
               of the Mortgaged Property at the rate agreed from time to time by
               the Chargor, the Security Trustee and the Trust Manager. This fee
               shall accrue from day to day.

         (b)   The Security Trustee's fee under sub-clause (a) shall be payable
               quarterly in arrears for the relevant period on the same dates as
               the Chargor's fee under the Master Trust Deed for the Trust or as
               agreed from time to time by the Chargor, the Security Trustee and
               the Trust Manager.

11.3     CESSATION OF FEE

         The Security Trustee shall not be entitled to remuneration under clause
         11.2 in respect of any period after the Charge Release Date or after it
         has resigned or been removed as Security Trustee.

12.      POWER OF ATTORNEY
--------------------------------------------------------------------------------

         (a)   For valuable consideration and by way of security the Chargor
               irrevocably appoints each Authorised Signatory of the Security
               Trustee severally its attorney to do anything, following the
               occurrence of an Event of Default, which:

               (i)       the Chargor is obliged to do under or in relation to
                         any Transaction Document; or

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               (ii)      any Mortgagee or any Receiver is authorised or
                         empowered to do under any Transaction Document or any
                         law but only at the times that the Mortgagee or
                         Receiver (if a Receiver had been appointed) would have
                         been able to do it.

         (b)   Without limitation, the Attorney may, following the occurrence of
               an Event of Default, at any time:

               (i)       do anything which in the opinion of the Security
                         Trustee or Attorney is necessary or expedient to
                         secure, preserve, perfect, or give effect to the
                         security contained in this deed (including anything
                         under clauses 13 or 14). For this purpose, without
                         limitation, he may execute any legal mortgage,
                         transfer, assignment and other assurance of any of the
                         Mortgaged Property in favour of any Mortgagee, any
                         purchaser or any nominee; and

               (ii)      delegate his powers (including delegation).

         (c)   No Attorney appointed under this deed may act inconsistently with
               this deed or any other Transaction Document.

13.      COMPLETION OF BLANK SECURITIES
--------------------------------------------------------------------------------

         The Security Trustee, any Authorised Signatory of the Security Trustee,
         any Receiver or any Attorney may complete any document which at any
         time is executed by or on behalf of the Chargor and deposited with the
         Security Trustee. It may complete it in favour of any Mortgagee, any
         purchaser or any nominee. It may not do so inconsistently with this
         deed or any other Transaction Document.

14.      PERFORMANCE OF CHARGOR'S OBLIGATIONS
--------------------------------------------------------------------------------

         If at any time the Chargor fails duly to perform any obligation in any
         Transaction Document the Security Trustee or any person it authorises
         may do anything which in its opinion is necessary or expedient to make
         good or to attempt to make good that failure to its satisfaction.

15.      STATUTORY POWERS
--------------------------------------------------------------------------------

15.1     POWERS IN AUGMENTATION

         The powers conferred on a mortgagee by law:

         (a)   are in addition to the Powers conferred by this deed;

         (b)   (to the extent permitted by law and after prior consultation with
               the Class A Mortgagees) may be exercised by the Security Trustee
               immediately after the Charge becomes enforceable under this deed
               and at any time subsequently; and

         (c)   are excluded or varied only so far as they are inconsistent with
               the express terms of this deed or any Collateral Security.

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15.2     NOTICE NOT REQUIRED

         To the extent permitted by law:

         (a)   the Chargor dispenses with any notice or lapse of time required
               by any law before enforcing this deed or any Collateral Security
               or exercising any Power; and

         (b)   subject to this deed, no Mortgagee is required to give notice to
               any person before enforcement or exercise; and

         (c)   any law requiring the giving of notice or the compliance with a
               procedure or the lapse of time before enforcement or exercise is
               excluded.

16.      APPLICATION OF MONEYS RECEIVED
--------------------------------------------------------------------------------

PRIORITIES

         (a)   The proceeds from the enforcement of the Charge are to be applied
               (notwithstanding any order of payment in the Series Notice) in
               the following order of priority, subject to any other priority
               which may be required by statute or law:

               (i)       FIRST, to the extent required by law, to pay the holder
                         of any prior ranking security interest of which the
                         Security Trustee has notice;

               (ii)      SECOND, to pay all costs, charges, expenses and
                         disbursements properly incurred in the exercise of any
                         power by the Security Trustee, the Note Trustee, a
                         receiver or an attorney or other amounts (other than
                         those referred to in paragraph (iv)) payable to the
                         Security Trustee or the Note Trustee under the Security
                         Trust Deed or the Note Trust Deed (as the case may be);

               (iii)     THIRD, to the extent that the moneys received by the
                         Security Trustee represent the proceeds of any cash
                         collateral lodged by a Support Facility Provider under
                         a Support Facility, to pay that Support Facility
                         Provider (this paragraph (iii) will not apply to the
                         extent that the relevant moneys received are applied in
                         accordance with the relevant document to satisfy any
                         obligation owed to the Chargor by the Support Facility
                         Provider);

               (iv)      FOURTH, to pay (pari passu and rateably):

                         (A)  any fees due to the Security Trustee, the Note
                              Trustee, each Paying Agent and the Calculation
                              Agent;

                         (B)  any fees and unpaid Expenses due to the Chargor;
                              and

                         (C)  the Receiver's remuneration;

               (v)       FIFTH, to pay (pari passu and rateably) any unpaid
                         Interest Adjustment due to the Approved Sellers;

               (vi)      SIXTH, to pay (pari passu and rateably):

                         (A)  all Secured Moneys owing to the Support Facility
                              Providers other than a Class B1 Currency Swap
                              Provider;

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                         (B)  all Secured Moneys owing to the Class A
                              Noteholders; and

                         (C)  all Secured Moneys owing in relation to any
                              Redraws made by the Chargor for which it has not
                              been reimbursed under the Transaction Documents;

               (vii)     SEVENTH, to pay (pari passu and rateably):

                         (A)  all Secured Moneys owing to the Class B
                              Noteholders; and

                         (B)  all Secured Moneys owing to the Class B1 Currency
                              Swap Provider;

               (viii)    EIGHTH, to pay (pari passu and rateably) any amounts
                         not covered above owing to a Mortgagee under a
                         Transaction Document;

               (ix)      NINTH, to pay any subsequent security interest of which
                         the Security Trustee has notice; and

               (x)       TENTH, to pay any surplus to the Chargor to be
                         distributed in accordance with the Master Trust Deed.

         (b)   The surplus will not carry interest. If the Security Trustee, or
               a Receiver, Mortgagee or Attorney pays the surplus to the credit
               of an account in the name of the Chargor with any bank carrying
               on business in Australia, the Security Trustee, Receiver,
               Mortgagee or Attorney (as the case may be) will be under no
               further liability in respect of it.

16.2     MONEYS ACTUALLY RECEIVED

         In applying any moneys towards satisfaction of the Secured Moneys, the
         Chargor will be credited only with the money available for that purpose
         which is actually received by the relevant Mortgagee or, where the
         Mortgagee is a US$ Noteholder, the Note Trustee. The credit will date
         from the time of receipt.

16.3     AMOUNTS CONTINGENTLY DUE

         If any of the Secured Moneys is contingently owing to any Mortgagee at
         the time of a distribution of an amount under clause 16.1, the Security
         Trustee may retain any of that amount. If it does, it shall place the
         amount retained on short term interest bearing deposit until the
         relevant Secured Moneys become actually due or cease to be contingently
         owing, or it becomes reasonably apparent that the relevant contingency
         will not occur and the Security Trustee shall then:

         (a)   pay to that Mortgagee, or (where the Mortgagee is a US$
               Noteholder) to the Note Trustee, the amount which becomes
               actually due to it; and

         (b)   apply the balance of the amount retained (together with interest
               earned on the deposit) in accordance with clause 16.1.

16.4     NOTICE OF SUBSEQUENT SECURITY INTERESTS

         (a)   If any Mortgagee receives actual or constructive notice of a
               subsequent Security Interest affecting any of the Mortgaged
               Property it may open a separate account in the name of the
               Chargor in the books of that Mortgagee.

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         (b)   If that Mortgagee does not open a new account it will be treated
               as if it had done so at the time it received actual or
               constructive notice of the Security Interest.

         (c)   From the time the new account is opened or is taken to be opened:

               (i)       all advances and accommodation made available by that
                         Mortgagee to the Chargor;

               (ii)      all payments and repayments made by the Chargor to that
                         Mortgagee; and

               (iii)     moneys to be applied towards the Secured Moneys under
                         clause 16.1,

               will be or will be taken to be debited or credited, as
               appropriate, to the new account. Payments, repayments and other
               moneys will only be applied in reduction of other Secured Moneys
               owing to that Mortgagee to the extent that there is no debit
               balance in that account.

16.5     SATISFACTION OF DEBTS

         Without limiting clause 31, each Mortgagee shall accept the
         distribution of moneys under this clause in full and final satisfaction
         of all Secured Moneys owing to it, and any debt represented by any
         shortfall that exists after any final distribution under this clause is
         extinguished.

16.6     PROPORTIONATE SHARING

         (a)   SHARING

               Whenever any Mortgagee receives or recovers any money in respect
               of any sum due from the Chargor under a Transaction Document in
               any way (including without limitation by set-off) or through
               distribution by the Security Trustee under this deed (the
               RECEIVED MONEYS).

               (i)       the Mortgagee shall immediately notify the Security
                         Trustee;

               (ii)      the Mortgagee shall immediately pay that money to the
                         Security Trustee (unless the Security Trustee directs
                         otherwise);

               (iii)     the Security Trustee shall treat the payment as if it
                         were a payment by the Chargor on account of all sums
                         then payable to the Mortgagees; and

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

                         (B)  (without limiting sub-paragraph (A)) immediately
                              on the Mortgagee making or becoming liable to make
                              a payment under paragraph (ii), the Chargor shall
                              indemnify the Mortgagee against the payment to the
                              extent that (despite sub-paragraph (A)) its
                              liability has been discharged by the recovery or
                              payment.

         (b)   NETTING

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

17.      OTHER SECURITY INTERESTS OVER MORTGAGED PROPERTY
--------------------------------------------------------------------------------

         (a)   Any Mortgagee and any Receiver or Attorney may rely on the
               certificate of a holder of another Security Interest affecting or
               purporting to affect the Mortgaged Property as to the amount and
               property secured by the Security Interest.

         (b)   The Security Trustee or any Receiver may at any time pay or agree
               to pay the amount certified by the holder of a Security Interest
               or purported Security Interest to be necessary to discharge it or
               some indebtedness secured by it, or to acquire it. From the date
               of payment that amount will be part of the Secured Moneys and the
               Chargor shall indemnify the Security Trustee (and if other
               Mortgagees indemnify the Security Trustee, those other
               Mortgagees) and the Receiver against that amount. This applies
               whether or not that Security Interest or purported Security
               Interest was valid or prior, equal or subsequent ranking, or the
               property or moneys stated in the certificate were secured by it.

18.      PROTECTION OF MORTGAGEES, RECEIVER AND ATTORNEY
--------------------------------------------------------------------------------

         To the extent permitted by law, no Mortgagee, Receiver or Attorney will
         be liable:

         (a)   in respect of any conduct, delay, negligence or breach of duty in
               the exercise or non-exercise of any Power; nor

         (b)   for any loss (including consequential loss) which results,

         except where it arises from fraud, negligence or wilful default on the
         part of any Mortgagee, Receiver or Attorney.

19.      PROTECTION OF THIRD PARTIES
--------------------------------------------------------------------------------

19.1     NO ENQUIRY

         No party to any Dealing (as defined below) and no person asked to
         register a Dealing:

         (a)   is bound to enquire:

               (i)       whether an Event of Default has occurred or whether
                         this deed has become enforceable;

               (ii)      whether a person who is, or purports or is purported to
                         be, a Receiver or Attorney is duly appointed;

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               (iii)     as to the amount of Secured Moneys or whether Secured
                         Moneys are due and payable; or

               (iv)      in any other way as to the propriety or regularity of
                         the Dealing; or

         (b)   is affected by express notice that the Dealing is unnecessary or
               improper.

         For the protection of any party to a Dealing or a person registering a
         Dealing, the Dealing will be taken to be authorised by this deed and
         will be valid accordingly, even if there is any irregularity or
         impropriety in the Dealing.

         In this clause a DEALING is:

         (a)   any payment or any delivery or handing over of an asset to; or

         (b)   any acquisition, incurring of Financial Indebtedness, receipt,
               sale, lease, disposal or other dealing, by,

         any Mortgagee or any Receiver or Attorney, or any person who purports
         or is purported to be a Receiver or Attorney.

19.2     RECEIPT

         The receipt of any Authorised Signatory of any Mortgagee or any
         Receiver or Attorney (or person who purports, or is purported, to be a
         Receiver or Attorney) for any moneys or assets payable to, or
         receivable or received by, it exonerates the person paying those moneys
         or handing over that asset from being concerned as to their
         application, or from being liable or accountable for their loss or
         misapplication.

20.      EXPENSES, INDEMNITY
--------------------------------------------------------------------------------

20.1     EXPENSES

         In accordance with the Series Notice, the Chargor, shall reimburse each
         Mortgagee or (where the Mortgagee is a US$ Noteholder) the Note
         Trustee, Receiver and Attorney for its expenses in relation to:

         (a)   any consent, agreement, approval, waiver or amendment under or in
               relation to the Transaction Documents; and

               (i)       any actual or contemplated enforcement of the
                         Transaction Documents or the actual or contemplated
                         exercise, preservation or consideration of any Powers
                         under the Transaction Documents or in relation to the
                         Mortgaged Property; and

               (ii)      any enquiry by a Government Agency concerning the
                         Chargor or the Mortgaged Property or a transaction or
                         activity the subject of the Transaction Documents, or
                         in connection with which, financial accommodation or
                         funds raised under a Transaction Document are used or
                         provided.

         This includes legal costs and expenses (charged at the usual commercial
         rates of the legal services provider) expenses incurred in any review
         or environmental audit, in reimbursing or indemnifying any Receiver or
         Attorney or in retaining consultants to evaluate matters of material
         concern to that

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         Mortgagee and administrative costs including time of its executives
         (whose time and costs are to be charged at reasonable rates). This does
         not limit the generality of clause 20.2.

20.2     INDEMNITY

         Subject to clause 20.1, on demand the Chargor shall indemnify each
         Mortgagee and each Receiver and Attorney against any loss, cost,
         charge, liability or expense that Mortgagee (or any officer or employee
         of that Mortgagee) or any Receiver or Attorney may sustain or incur as
         a direct or indirect consequence of:

         (a)   the occurrence of any Event of Default; or

         (b)   any exercise or attempted exercise of any Power or any failure to
               exercise any Power.

21.      CURRENCY INDEMNITY
--------------------------------------------------------------------------------

         The Chargor shall indemnify each Mortgagee against any deficiency which
         arises whenever, for any reason (including as a result of a judgment,
         order or Liquidation):

         (a)   that Mortgagee receives or recovers an amount in one currency
               (the PAYMENT CURRENCY) in respect of an amount denominated under
               a Transaction Document in another currency (the DUE CURRENCY);
               and

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

22.      STAMP DUTIES
--------------------------------------------------------------------------------

         (a)   The Chargor shall pay (and reimburse each Mortgagee (other than
               any Noteholder) all stamp, transaction, registration and similar
               Taxes (including fines and penalties)) in relation to the
               execution, delivery, performance or enforcement of any
               Transaction Document or any payment or receipt or any other
               transaction contemplated by any Transaction Document.

         (b)   Those Taxes include financial institutions duty, debits tax or
               other Taxes payable by return and Taxes passed on to any
               Mortgagee (other than any Noteholder) by a bank or financial
               institution other than interest withholding tax.

         (c)   The Chargor shall indemnify each Mortgagee against any liability
               resulting from delay or omission to pay those Taxes except to the
               extent the liability results from failure by the Mortgagee to pay
               any Tax after having been put in funds to do so by the Chargor.

23.      INTEREST ON OVERDUE AMOUNTS
--------------------------------------------------------------------------------

23.1     ACCRUAL

         Interest accrues on each unpaid amount which is due and payable by the
         Chargor under or in respect of this deed or any Transaction Document
         (including interest payable under this clause):

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         (a)   on a daily basis up to the date of actual payment from (and
               including) the due date or, in the case of an amount payable by
               way of reimbursement or indemnity, the date of disbursement or
               loss, if earlier;

         (b)   both before and after judgment (as a separate and independent
               obligation); and

         (c)   at the rate provided in clause 23.3,

         except where the Transaction Document provides otherwise.

23.2     PAYMENT

         The Chargor shall pay interest accrued under this clause on demand by
         the Security Trustee and on each Payment Date. That interest is payable
         in the currency of the unpaid amount on which it accrues.

23.3     RATE

         The rate applicable under this clause is the sum of 2% per annum plus
         the higher of the following, each as determined by the Security
         Trustee:

         (a)   the rate (if any) applicable to the amount immediately before the
               due date; and

         (b)   the sum of 2% and the Bank Bill Rate.

24.      CERTIFICATE AS TO AMOUNT OF SECURED MONEYS, ETC.
--------------------------------------------------------------------------------

         A certificate signed by an Authorised Signatory of the Security Trustee
         will be sufficient evidence against the Chargor and the Mortgagees, in
         the absence of manifest error or proof to the contrary:

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

         (b)   that a person specified in that certificate is a Mortgagee;

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

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

25.      SURVIVAL OF REPRESENTATIONS
--------------------------------------------------------------------------------

         All representations and warranties in a Transaction Document survive
         the execution and delivery of the Transaction Documents and the
         provision of advances and accommodation.

26.      INDEMNITY AND REIMBURSEMENT OBLIGATIONS
--------------------------------------------------------------------------------

         Each indemnity, reimbursement and similar obligation in a Transaction
         Document:

         (a)   is a continuing obligation;

         (b)   is a separate and independent obligation;

         (c)   is payable on demand;

         (d)   survives termination or discharge of the Transaction Document;
               and

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         (e)   is subject to the order of payment contained in the Series Notice
               and clause 16 of this deed and the restriction on remedies
               contained in clause 31.

27.      CONTINUING SECURITY
--------------------------------------------------------------------------------

         Each of this deed and each Collateral Security is a continuing security
         despite any settlement of account, intervening payment or anything else
         until a final discharge of this deed and each Collateral Security has
         been given to the Chargor.

28.      OTHER SECURITIES
--------------------------------------------------------------------------------

         No Power and nothing in this deed or any Collateral Security merges in,
         or in any other way prejudicially affects or is prejudicially affected
         by:

         (a)   any other Security Interest; or

         (b)   any judgment, right or remedy against any person,

         which any Mortgagee or any person claiming through any Mortgagee may
         have at any time.

29.      DISCHARGE OF THE CHARGE
--------------------------------------------------------------------------------

29.1     RELEASE

         Upon the Trust Manager providing a certificate to the Security Trustee
         (upon which certificate the Security Trustee may rely conclusively and
         with a copy of that certificate to the Note Trustee) stating that:

         (a)   all Secured Moneys (actually or contingently owing) have been
               paid in full; and

         (b)   all the obligations of the Chargor under the Transaction
               Documents have been performed, observed and fulfilled,

         then the Security Trustee shall, subject to clause 29.2, at the request
         of the Trust Manager or the Chargor, and at the cost of the Trust
         Manager, release the Mortgaged Property from the Charge and this deed.

29.2     CONTINGENT LIABILITIES

         The Security Trustee shall be under no obligation to grant a release of
         the Charge or this deed in respect of the Trust unless at the time such
         release is sought the Security Trustee has no contingent or prospective
         liabilities in respect of the Trust or otherwise in connection with
         this deed whether or not there is any reasonable likelihood of such
         liabilities, becoming actual liabilities, including without limitation,
         in respect of any bills, notes drafts, cheques, guarantees, letters of
         credit or other notes or documents issued, drawn, endorsed or accepted
         by the Security Trustee for the account or at the request of the
         Chargor for the Trust.

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29.3     CHARGE REINSTATED

         If any claim is made by any person that any moneys applied in payment
         or satisfaction of the Secured Moneys must be repaid or refunded under
         any law (including, any law relating to preferences, bankruptcy,
         insolvency or the winding up of bodies corporate) and the Charge has
         already been discharged, the Chargor shall, at the expense of the Trust
         promptly do, execute and deliver, and cause any relevant person to do,
         execute and deliver, all such acts and notes as the Security Trustee
         may require to reinstate this Charge unless the Security Trustee agrees
         otherwise in writing.

30.      AMENDMENT
--------------------------------------------------------------------------------

30.1     APPROVAL OF TRUST MANAGER

         The Security Trustee and the Chargor may, following the giving of
         notice to each Designated Rating Agency, and with the written approval
         of the Trust Manager and the Note Trustee, by way of supplemental deed
         alter, add to or modify this deed (including this clause 30) so long as
         such alteration, addition or modification is:

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

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

         (c)   in the opinion of the Security Trustee appropriate or expedient
               as a consequence of an amendment to any law or regulation or
               altered requirements of any Government Agency (including, an
               alteration, addition or modification which is in the opinion of
               the Security Trustee appropriate or expedient as a consequence of
               the enactment of a law or regulation or an amendment to any law
               or regulation or ruling by the Commissioner or Deputy
               Commissioner of Taxation or any governmental announcement or
               statement, in any case which has or may have the effect of
               altering the manner or basis of taxation of trusts generally or
               of trusts similar to the Trust); or

         (d)   in the opinion of the Security Trustee and in accordance with
               this deed neither prejudicial nor likely to be prejudicial to the
               interest of the Mortgagees as a whole or any class of Mortgagee.

30.2     EXTRAORDINARY RESOLUTION OF VOTING MORTGAGEES

         Where in the opinion of the Security Trustee and in accordance with
         this deed, a proposed alteration, addition or modification to this
         deed, other than an alteration, addition or modification referred to in
         clause 30.1, is prejudicial or likely to be prejudicial to the interest
         of Mortgagees as a whole or any class of Mortgagees, the Security
         Trustee and the Chargor may make such alteration, addition or
         modification if sanctioned by an Extraordinary Resolution of the Voting
         Mortgagees or that class of Voting Mortgagees.

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30.3     DISTRIBUTION OF AMENDMENTS

         The Trust Manager shall distribute to all Mortgagees, a copy of any
         amendments made pursuant to clause 30.1 or 30.2 as soon as reasonably
         practicable after the amendment has been made.

31.      LIABILITY
--------------------------------------------------------------------------------

31.1     LIABILITY OF CHARGOR LIMITED TO ITS RIGHT OF INDEMNITY

         Clause 32.16 of the Master Trust Deed (as amended by the Series Notice)
         is incorporated into this deed as if set out in full, except that any
         reference to TRUST refers to the Trust.

31.2     UNRESTRICTED REMEDIES

         Nothing in clause 31.3 limits a Mortgagee in:

         (a)   obtaining an injunction or other order to restrain any breach of
               this agreement by any party; or

         (b)   obtaining declaratory relief.

31.3     RESTRICTED REMEDIES

         Except as provided in clause 31.1 and subject to clause 31.2, a
Mortgagee shall not:

         (a)   (STATUTORY DEMAND) issue any demand under s459E(1) of the
               Corporations Act (or any analogous provision under any other law)
               against the Chargor;

         (b)   (WINDING UP) apply for the winding up or dissolution of the
               Chargor;

         (c)   (EXECUTION) levy or enforce any distress or other execution to,
               on, or against any assets of the Chargor (other than the Trust
               Assets);

         (d)   (COURT APPOINTED RECEIVER) apply for the appointment by a court
               or a receiver to any of the assets of the Chargor (other than the
               Trust Assets);

         (e)   (JUDGMENT) obtain a judgment for the payment of money or damages
               by the Chargor;

         (f)   (SET-OFF OR COUNTERCLAIM) exercise or seek to exercise any
               set-off or counterclaim against the Chargor (other than in
               respect of the Trust Assets); or

         (g)   (ADMINISTRATOR) appoint, or agree to the appointment of, any
               administrator to the Chargor,

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

31.4     LIABILITY OF SECURITY TRUSTEE LIMITED TO ITS RIGHT OF INDEMNITY

         Notwithstanding any other provision of this deed, the Security Trustee
         will have no liability under or in connection with this deed or any
         other Transaction Document (whether to the Mortgagees, the Chargor, the
         Trust Manager or any other person) or the Trust or in respect of the
         Notes other than to the extent to which the liability is able to be
         satisfied out of the property of the trust established under this deed
         out of which the Security Trustee is actually indemnified or is
         entitled to be reimbursed for the liability. This limitation will not
         apply to a liability of the Security Trustee to the extent that it is
         not satisfied because, under this deed, any other Transaction Document
         or by

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         operation of law, there is a reduction in the extent of the Security
         Trustee's indemnification out of the Assets of the Trust as a result of
         the Security Trustee's fraud, negligence or wilful default. Nothing in
         this clause 30.4 or any similar provision in any other Transaction
         Document limits or adversely affects the powers of the Security
         Trustee, any receiver or attorney in respect of the Charge or the
         Mortgaged Property.

31.5     ADVICE FROM PROFESSIONAL ADVISERS

         Neither the Security Trustee nor the Chargor will be regarded as
         negligent or in breach of trust to the extent to which the Security
         Trustee or the Chargor (as the case may be) accepts and relies on an
         opinion, advice or letter from a professional adviser (legal,
         financial, audit or otherwise) which contains a dollar amount
         limitation on that professional adviser's liability.

32.      WAIVERS, REMEDIES CUMULATIVE
--------------------------------------------------------------------------------

         (a)   No failure to exercise and no delay in exercising any Power
               operates as a waiver. No single or partial exercise of any Power
               precludes any other or further exercise of that Power or any
               other Power.

         (b)   The Powers in this deed and each Collateral Security are in
               addition to, and do not exclude or limit, any right, power or
               remedy provided by law.

33.      CONSENTS AND OPINION
--------------------------------------------------------------------------------

         Except where expressly stated any Mortgagee may give or withhold, or
         give conditionally, approvals and consents, may be satisfied or
         unsatisfied, may form opinions, and may exercise its Powers, at its
         absolute discretion.

34.      SEVERABILITY OF PROVISIONS
--------------------------------------------------------------------------------

         (a)   Any provision of this deed or any Collateral Security which is
               prohibited or unenforceable in any jurisdiction is ineffective as
               to that jurisdiction to the extent of the prohibition or
               unenforceability. That does not invalidate the remaining
               provisions of this deed or any Collateral Security nor affect the
               validity or enforceability of that provision in any other
               jurisdiction.

         (b)   Without limiting the generality of paragraph (a):

               (i)       the definition of Secured Moneys does not include any
                         liability so long as and to the extent that the
                         inclusion of that liability would avoid, invalidate or
                         render ineffective clause 3 or 4 or the security
                         constituted by this deed; and

               (ii)      the definition of the Mortgaged Property does not
                         include any asset so long as and to the extent that the
                         inclusion of that asset would invalidate, avoid or
                         render ineffective clause 3 or 4 or the security
                         constituted by this deed.

               The Chargor shall use its reasonable endeavours to satisfy any
               condition or obtain any Authorisation which relates to it as
               trustee of the Trust, but not in respect of the Trust

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               generally which may be necessary to include that liability or
               asset validly under the Charge or this deed.

35.      MORATORIUM LEGISLATION
--------------------------------------------------------------------------------

         To the full extent permitted by law all legislation which at any time
         directly or indirectly:

         (a)   lessens, varies or affects in favour of the Chargor any
               obligation under this deed or any Collateral Security; or

         (b)   delays, prevents or prejudicially affects the exercise by any
               Mortgagee, any Receiver or Attorney, of any Power,

         is excluded from this deed and any Collateral Security.

36.      ASSIGNMENTS
--------------------------------------------------------------------------------

         (a)   Subject to the other Transaction Documents, a Mortgagee may
               assign its rights under this deed and each Collateral Security.
               If this deed or any Mortgagee's interest in it is assigned, the
               Secured Moneys will include all actual and contingent liability
               of the Chargor to the assignee, whether or not it was incurred
               before the assignment or in contemplation of it.

         (b)   The Chargor may only assign or transfer any of its rights or
               obligations under this deed or any Collateral Security in
               accordance with the Transaction Documents and if prior notice has
               been given to each Designated Rating Agency and such assignment
               or transfer has no Adverse Effect on the ratings of the Notes.

37.      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. However, the Security Trustee
               may give notice to a Mortgagee at the address or facsimile number
               notified to the Security Trustee by the Chargor or the Trust
               Manager as that Mortgagee's address or facsimile number for
               notice.

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         (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.

38.      RELATIONSHIP OF MORTGAGEES TO SECURITY TRUSTEE
--------------------------------------------------------------------------------

38.1     INSTRUCTIONS; EXTENT OF DISCRETION

         (a)   The Security Trustee will have no duties or responsibilities
               except those expressly set out in this deed or any Collateral
               Security.

         (b)   Subject to this deed, in the exercise of all its Powers the
               Security Trustee shall act in accordance with any Extraordinary
               Resolution of the Voting Mortgagees.

         (c)   In the absence of an Extraordinary Resolution of the Voting
               Mortgagees, the Security Trustee need not act but may act (with
               prior written notice to the Noteholder Mortgagees (in the case of
               the US$ Noteholders such notice being given in accordance with
               the Note Trust Deed) and to each Currency Swap Provider) in the
               best interests of the Mortgagees.

         (d)   Any action taken by the Security Trustee under this deed or any
               Collateral Security binds all the Mortgagees.

38.2     NO OBLIGATION TO INVESTIGATE AUTHORITY

         (a)   The Chargor need not enquire whether any Extraordinary Resolution
               has been passed or as to the terms of any Extraordinary
               Resolution.

         (b)   As between the Chargor on the one hand and the Security Trustee
               and the Mortgagees on the other, all action taken by the Security
               Trustee under this deed or any Collateral Security will be taken
               to be authorised.

38.3     DELEGATION

         (a)   The Security Trustee may employ agents and attorneys, and
               provided that the Security Trustee exercises reasonable care in
               selecting them and subject to paragraph (b), the Security Trustee
               will not be liable for the acts or omissions of any such agent or
               attorney.

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               The Security Trustee may at the expense of the Chargor obtain
               such advice and information from lawyers, accountants, bankers
               and other consultants and experts as it considers desirable to
               allow it to be properly advised and informed in relation to its
               powers and obligations. Before obtaining such advice or
               information (unless the advice or information relates to the
               Trust Manager) before the occurrence of an Event of Default, the
               Security Trustee shall first inform the Trust Manager of the need
               for the advice or information and obtain the approval of the
               Trust Manager, which approval shall not be unreasonably withheld
               or delayed.

         (b)   Notwithstanding paragraph (a), where the Security Trustee employs
               a Related Corporation as agent or attorney, the Security Trustee
               shall be liable for all acts or omissions of the agent or
               attorney done or omitted whilst acting in its capacity as such.

38.4     RELIANCE ON DOCUMENTS AND EXPERTS

         The Security Trustee may rely on:

         (a)   any document (including any facsimile transmission, telegram or
               telex) it reasonably believes to be genuine and correct including
               any document given by the Chargor under clause 5.1(d) or by the
               Trust Manager under clause 5.4; and

         (b)   advice and statements of lawyers, accountants, bankers and other
               consultants and experts, whether or not retained by it.

38.5     NOTICE OF TRANSFER

         The Security Trustee may treat each Mortgagee as the holder of the
         Mortgagee's rights under the Transaction Documents until the Security
         Trustee has received a substitution certificate or an instrument of
         transfer in a form approved by the Security Trustee.

38.6     NOTICE OF DEFAULT

         (a)   The Security Trustee will be taken not to have knowledge of the
               occurrence of an Event of Default unless the Security Trustee has
               received notice from a Voting Mortgagee, a Currency Swap
               Provider, the Trust Manager or the Chargor stating that an Event
               of Default has occurred and describing it.

         (b)   If the Security Trustee receives notice of, or becomes aware of,
               the occurrence of events or circumstances constituting an Event
               of Default and that those events or circumstances do constitute
               an Event of Default, the Security Trustee shall notify the Voting
               Mortgagees, subject to clause 38.11(b). For the purposes of this
               clause and the other provisions of this deed, the Security
               Trustee will only be considered to have notice of or to be aware
               of any thing if the Security Trustee has notice or awareness of
               that thing by virtue of the actual notice or awareness of the
               officers of the Security Trustee who have day to day
               responsibility for the administration of the security trust
               established by this deed.

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38.7     SECURITY TRUSTEE AS MORTGAGEE

         (a)   The Security Trustee in its capacity as a Mortgagee has the same
               rights and powers under the Transaction Documents as any other
               Mortgagee. It may exercise them as if it were not acting as the
               Security Trustee.

         (b)   The Security Trustee and its Associates may engage in any kind of
               business with the Chargor, Trust Manager and any Mortgagee or
               other person as if it were not the Security Trustee. It may
               receive consideration for services in connection with any
               Transaction Document and otherwise without having to account to
               the Mortgagees.

38.8     INDEMNITY TO SECURITY TRUSTEE

         (a)   Subject to the order of payment contained in the Series Notice
               and clause 16 of this deed, the Chargor shall indemnify the
               Security Trustee (to the extent not reimbursed by the Chargor)
               against any loss, cost, liability, expense or damage the Security
               Trustee may sustain or incur directly or indirectly under or in
               relation to the Transaction Documents. This does not limit the
               Chargor's liability under any other provision.

         (b)   The Chargor is not liable under this sub-clause for any of the
               above to the extent that they arise from the Security Trustee's
               fraud, negligence or wilful default.

38.9     INDEPENDENT INVESTIGATION

         Each Mortgagee confirms that it has made and will continue to make,
         independently and without reliance on the Security Trustee or any other
         Mortgagee (including the Trust Manager) and based on the Transaction
         Documents, agreements and information which it regards appropriate:

         (a)   its own investigations into the affairs of the Chargor; and

         (b)   its own analyses and decisions whether to take or not take action
               under any Transaction Document.

38.10    NO MONITORING

         The Security Trustee is not required to keep itself informed as to the
         compliance by the Chargor or the Trust Manager with any Transaction
         Document or any other document or agreement or to inspect any property
         or book of the Chargor or the Trust Manager.

38.11    INFORMATION

         (a)   The Chargor authorises:

               (i)       the Security Trustee to provide any Voting Mortgagee
                         (and each Currency Swap Provider where the relevant
                         Currency Swap Provider is not a Voting Mortgagee); and

               (ii)      the Note Trustee to provide any US$ Noteholder,

               with any information concerning the affairs, financial condition
               or business of the Chargor which may come into the possession of
               the Security Trustee or the Note Trustee (as the case may be).
               The Security Trustee need not do so.

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         (b)   The Security Trustee is not obliged to disclose any information
               relating to the Chargor if in the opinion of the Security Trustee
               (on the basis of the advice of its legal advisers) disclosure
               would or might breach a law or a duty of secrecy or confidence.

38.12    CONFLICTS

         (a)   Subject to clause 2.2, in the event of any dispute, ambiguity or
               doubt as to the construction or enforceability of this deed or of
               any other document or the Security Trustee's powers or
               obligations under or in connection with this deed or the
               determination or calculation or any amount or thing for the
               purpose of this deed or the construction or validity of any
               direction from the Mortgagees, the Security Trustee may:

               (i)       obtain and rely on advice from any person referred to
                         in clause 38.3; and/or

               (ii)      apply to a court or similar body for any direction or
                         order the Security Trustee considers appropriate,

               and provided the Security Trustee is using reasonable endeavours
               to resolve such ambiguity, dispute or doubt, the Security
               Trustee, in its absolute discretion, may refuse to act or refrain
               from acting in relation to matters affected by such dispute,
               ambiguity or doubt.

         (b)   The Security Trustee has no responsibility for the form or
               contents of this deed or any other Transaction Document and will
               have no liability arising as a result of or in connection with
               any inadequacy, invalidity or unenforceability of any provision
               of this deed or the other Transaction Documents.

38.13    NO LIABILITY

         Without limitation the Security Trustee shall not be liable for:

         (a)   any decline in the value or loss realised upon any sale or other
               dispositions made under this deed of any Mortgaged Property or
               any other property charged to the Security Trustee by any other
               person in respect of or relating to the obligations of any person
               in respect of the Chargor or the Secured Moneys or relating in
               any way to the Mortgaged Property;

         (b)   any decline in value directly or indirectly arising from the
               Security Trustee acting or failing to act as a consequence of an
               opinion reached by it; and

         (c)   any loss, expense or liability which may be suffered as a result
               of any assets secured by the Security Trust Deed, Mortgaged
               Property or any deeds or documents of title thereto being
               uninsured or inadequately insured or being held by or to the
               order of the Servicer or any of its affiliates or by clearing
               organisations or their operator or by any person on behalf of the
               Note Trustee.

39.      RETIREMENT AND REMOVAL OF SECURITY TRUSTEE
--------------------------------------------------------------------------------

39.1     RETIREMENT

         Subject to any Transaction Document to which the Security Trustee is a
         party, and subject also to the appointment of a successor Security
         Trustee as provided in this clause, the Security Trustee may

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         retire at any time upon giving not less than three months' notice (or
         such shorter period as the parties may agree) in writing to the
         Chargor, the Trust Manager and each Designated Rating Agency without
         assigning any reason and without being responsible for any costs
         occasioned by such retirement.

39.2     REMOVAL

         Subject to any Transaction Document to which the Security Trustee is a
         party, the appointment of a successor Security Trustee as provided in
         this clause, and prior notice being given to each Designated Rating
         Agency, the Security Trustee may be removed:

         (a)   by the Trust Manager if any of the following occurs in relation
               to the Security Trustee in its personal capacity:

               (i)       an Insolvency Event occurring in relation to the
                         Security Trustee in its personal capacity;

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

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

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

                         (A)  a change in 51% (or such other percentage the
                              Trust Manager may in its absolute discretion
                              determine shall constitute a change in the
                              effective control of the Security Trustee) of the
                              shareholding of the Security Trustee existing at
                              the date of this deed (whether occurring at one
                              time or through a series of succession of
                              transfers or issues of shares);

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

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

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

39.3     REPLACEMENT

         (a)   Upon notice of resignation or removal the Trust Manager shall
               have the right to appoint a successor Security Trustee who has
               been previously approved by an Extraordinary Resolution of the
               Voting Mortgagees and who accepts the appointment.

         (b)   If no successor Security Trustee is appointed within 30 days
               after notice, the retiring Security Trustee may on behalf of the
               Mortgagees appoint a successor Security Trustee (other than the
               Trust Manager or a Related Corporation of the Trust Manager) who
               accepts the appointment.

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         (c)   On its appointment the successor Security Trustee will have all
               the rights, powers and obligations of the retiring Security
               Trustee. The retiring Security Trustee will be discharged from
               its rights, powers and obligations.

         (d)   The retiring Security Trustee shall execute and deliver all
               documents or agreements which are necessary or desirable in its
               opinion to transfer to the successor Security Trustee this deed
               and each Collateral Security or to effect the appointment of the
               successor Security Trustee.

         (e)   After any retiring Security Trustee's resignation or removal,
               this deed will continue in effect in respect of anything done or
               omitted to be done by it while it was acting as Security Trustee.

40.      MEETINGS OF MORTGAGEES
--------------------------------------------------------------------------------

40.1     LIMITATION ON SECURITY TRUSTEE'S POWERS

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

40.2     CONVENING OF MEETINGS

         (a)   (GENERALLY)

               (i)       Subject to clause 40.17, the Security Trustee or the
                         Trust Manager at any time may convene a meeting of the
                         Voting Mortgagees.

               (ii)      Subject to clause 40.17, and subject to the Security
                         Trustee being adequately indemnified out of the
                         property held on trust under clause 2.1(b) against all
                         costs and expenses occasioned as a result, the Security
                         Trustee shall convene a meeting of the Voting
                         Mortgagees if requested to do so:

                         (A)  by the Chargor; or

                         (B)  by Voting Mortgagees being holders of not less
                              than 30% of the then Secured Moneys.

         (b)   (TIME AND PLACE)

               (i)       Every meeting of Voting Mortgagees shall be held at
                         such time and place as the Security Trustee approves
                         provided (subject to sub-paragraph (ii) and clause
                         40.3(b)) that any such meeting shall not be held until
                         the US$ Noteholders or the relevant Class of US$
                         Noteholders have, in accordance with the Note Trust
                         Deed, determined how to vote or how to direct the Note
                         Trustee to vote (as the case may be) in the meeting of
                         Voting Mortgagees.

               (ii)      Upon receiving notice of a meeting of the Voting
                         Mortgagees, the Note Trustee shall as soon as
                         practicable notify the US$ Noteholders in accordance
                         with the terms of the Note Trust Deed.

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               (iii)     The proviso in sub-paragraph (i) shall not apply if the
                         US$ Noteholders or the relevant Class of US$
                         Noteholders' determination under sub-paragraph (i) is
                         not made in accordance with, and within the time
                         specified in, the Note Trust Deed.

         (c)   (CLASS OF MORTGAGEES) The provisions of this clause 40 regarding
               a meeting of the Voting Mortgagees shall apply, mutatis mutandis,
               to a meeting of any class of Voting Mortgagees.

40.3     NOTICE OF MEETINGS

         (a)   (PERIOD OF NOTICE) Subject to clause 40.3(b), at least 7 days'
               notice (inclusive of the day on which the notice is given and of
               the day on which the meeting is held) shall be given to the
               Voting Mortgagees, the Beneficiaries and each Designated Rating
               Agency.

         (b)   (SHORT NOTICE) Notwithstanding that a meeting is convened upon
               shorter notice than as specified in clause 40.3(a), or a meeting
               or details of that meeting are not notified, advised or approved
               in accordance with this clause 40, it shall be deemed to be duly
               convened if it is so agreed by the Voting Mortgagees representing
               a quorum (which quorum must include the Note Trustee or the US$
               Noteholders, as the case may be).

         (c)   (COPIES) A copy of the notice shall in all cases be given by the
               party to this deed convening the meeting to the other parties to
               this deed.

         (d)   (METHOD OF GIVING NOTICE) Notice of a meeting shall be given in
               the manner provided in this deed.

         (e)   (CONTENTS OF A NOTICE) Notice of a meeting of Voting Mortgagees
               shall specify, unless in any particular case the Security Trustee
               otherwise agrees:

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

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

         (f)   (FAILURE TO GIVE NOTICE) The accidental omission to give notice
               to or (where such notice was in fact sent) the non-receipt of
               notice by any person entitled to receive it shall not invalidate
               the proceedings at any meeting.

40.4     CHAIRMAN

         A person (who need not be a Voting Mortgagee and who may be a
         Representative of the Security Trustee) nominated in writing by the
         Security Trustee shall be entitled to take the chair at every such
         meeting but if no such nomination is made or if at any meeting the
         person nominated is not present within 15 minutes after the time
         appointed for the holding of that meeting the Voting Mortgagees present
         shall choose one of their number to be chairman.

40.5     QUORUM

         At any such meeting any two or more persons present in person holding,
         or being Representatives holding or representing, in the aggregate not
         less than 51% of the then Secured Moneys shall form a quorum for the
         transaction of business (other than passing an Extraordinary Resolution
         in which case the quorum shall be not less than 67.5% of the then
         Secured Moneys) and no business (other than the choosing of a chairman)
         shall be transacted at any meeting unless the requisite quorum is
         present at the commencement of business.

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40.6     ADJOURNMENT

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

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

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

40.7     VOTING PROCEDURE

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

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

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

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         (d)   (NO ADJOURNMENT) Any poll demanded at any meeting on the election
               of a chairman or on any question of adjournment shall be taken at
               the meeting without adjournment.

         (e)   (VOTES) Subject to clause 40.7(a), at any meeting:

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

               (ii)      on a poll, every person who is present shall have one
                         vote for each US$10,000 or, in the case of the Class A1
                         Noteholders, the Class A2 A$ Equivalent of US$10,000
                         (but not part thereof) or, in the case of the Class B2
                         Noteholders, the Class B1 A$ Equivalent of US$10,000
                         (but not part thereof) of the Secured Moneys that he
                         holds or in respect of which he is a Representative.
                         Any person entitled to more than one vote need not use
                         or cast all of the votes to which he is entitled in the
                         same way.

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

         For the purpose of determining the amount of Secured Moneys at any
         time, the Security Trustee may rely on the Accounts of the Chargor and
         any information provided by the Auditor of the Chargor. Clause 24 will
         apply to any determination of Secured Moneys for the definition of
         VOTING MORTGAGEE and this clause 40.

40.8     RIGHT TO ATTEND AND SPEAK

         The Chargor, the Trust Manager, the Security Trustee and each
         Beneficiary (through their respective Representatives) and their
         respective financial and legal advisers shall be entitled to attend and
         speak at any meeting of Voting Mortgagees (and, to the extent that they
         are also a Voting Mortgagee, to vote at that meeting). No person shall
         otherwise be entitled to attend or vote at any meeting of the Voting
         Mortgagees or to join with others in requesting the convening of such a
         meeting unless he is a Voting Mortgagee or a Representative.

40.9     APPOINTMENT OF PROXIES

         (a)   (REQUIREMENTS) Each appointment of a proxy shall be in writing
               and shall be deposited at the registered office of the Security
               Trustee or in such other place as the Security Trustee shall
               designate or approve, together with proof satisfactory to the
               Security Trustee of its due execution (if so required by the
               Security Trustee), not less than 24 hours before the time
               appointed for holding the meeting or adjourned meeting at which
               the named proxy proposes to vote, and in default, the appointment
               of proxy shall not be treated as valid unless the chairman of the
               meeting decides otherwise before that meeting or adjourned
               meeting proceeds to business. A notarially certified copy proof
               of due execution as specified above (if applicable) shall, if
               required by the Security Trustee, be produced by the proxy at the
               meeting or adjourned meeting, but the Security Trustee shall not
               thereby be obliged to investigate or be concerned with the
               validity or the authority of the proxy named in any

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               such appointment. The proxy named in any appointment of proxy
               need not be a Voting Mortgagee.

         (b)   (PROXY REMAINS VALID) Any vote given in accordance with the terms
               of an appointment of proxy set out in clause 40.9(a) shall be
               valid notwithstanding the previous revocation or amendment of the
               appointment of proxy or of any of the Voting Mortgagee's
               instructions pursuant to which it was executed, provided that no
               intimation in writing of such revocation or amendment has been
               received by the Security Trustee at its registered office, or by
               the chairman of the meeting, in each case within the 24 hours
               before the commencement of the meeting or adjourned meeting at
               which the appointment of proxy is used.

40.10    CORPORATE REPRESENTATIVES

         A person authorised pursuant to sections 250D of the Corporations Act
         by a Voting Mortgagee being a body corporate to act for that Voting
         Mortgagee at any meeting shall, in accordance with his authority until
         his authority is revoked by the body corporate concerned, be entitled
         to exercise the same powers on behalf of that body corporate as that
         body corporate could exercise if it were an individual Voting Mortgagee
         and shall be entitled to produce evidence of his authority (together
         with, if required by the Security Trustee, evidence satisfactory to the
         Security Trustee of the due execution of the authority) to act at any
         time before the time appointed for the holding of or at the meeting or
         adjourned meeting or for the taking of a poll at which he proposes to
         vote.

40.11    RIGHTS OF REPRESENTATIVES

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

40.12    EXTRAORDINARY RESOLUTIONS

         (a)   (POWERS) A meeting of Voting Mortgagees shall, without prejudice
               to any rights or powers conferred on other persons by this deed,
               have power exercisable by Extraordinary Resolution:

               (i)       to direct the Security Trustee in the action that
                         should be taken by it following the occurrence of an
                         Event of Default or the Charge or this deed becoming
                         enforceable;

               (ii)      to sanction any action that the Security Trustee or a
                         Receiver proposes to take to enforce the provisions of
                         this deed;

               (iii)     to sanction any proposal by the Trust Manager, the
                         Chargor or the Security Trustee for any modification,
                         abrogation, variation or compromise of, or arrangement
                         in respect of, the rights of the Mortgagees against the
                         Chargor or the Trust Manager whether such rights shall
                         arise under this deed, the Transaction Documents or
                         otherwise;

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               (iv)      to sanction the exchange or substitution of the Secured
                         Moneys for, or the conversion of the Secured Moneys
                         into, bonds or other obligations or securities of the
                         Chargor or any body corporate formed or to be formed;

               (v)       to assent to any modification of the provisions
                         contained in this deed which may be proposed by the
                         Chargor, the Trust Manager, the Note Trustee or the
                         Security Trustee;

               (vi)      to give any authority, direction, guidance or sanction
                         sought by the Security Trustee from the Voting
                         Mortgagees;

               (vii)     to appoint any persons (whether Voting Mortgagees or
                         not) as a committee or committees to represent the
                         interests of the Voting Mortgagees and to confer on
                         such committee or committees any powers or discretions
                         which the Voting Mortgagees could themselves exercise
                         by Extraordinary Resolution;

               (viii)    to approve a person proposed to be appointed as a new
                         Security Trustee for the time being;

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

               (x)       to do any other thing which under this deed is required
                         to be given by an Extraordinary Resolution of the
                         Mortgagees;

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

               (xii)     to determine whether the Security Trustee should or
                         should not perform an act and any such Extraordinary
                         Resolution will (where relevant and in accordance with
                         clause 40.17) override any determination by the Note
                         Trustee.

         (b)   (NO POWER) A meeting of Voting Mortgagees shall not have power in
               relation to any Mortgagee to:

               (i)       release any obligation to pay any of the Secured Moneys
                         to that Mortgagee;

               (ii)      alter any date upon which any of the Secured Moneys is
                         payable;

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

               (iv)      alter clause 16.1 in relation to that Mortgagee,

               without the consent of that Mortgagee.

40.13    EXTRAORDINARY RESOLUTION BINDING ON MORTGAGEES

         Subject to clause 40.12(b), an Extraordinary Resolution passed at a
         meeting of the Voting Mortgagees duly convened and held in accordance
         with this clause 40 shall be binding upon all Mortgagees whether or not
         present at such meeting and each of the Mortgagees and the Chargor, the
         Trust Manager and the Security Trustee shall be bound to give effect to
         it accordingly.

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40.14    MINUTES AND RECORDS

         Minutes of all resolutions and proceedings at every meeting of the
         Voting Mortgagees under this clause 40 shall be made and duly entered
         in the books to be from time to time provided for that purpose by the
         Security Trustee and any such minutes purporting to be signed by the
         chairman of the meeting at which those resolutions were passed or
         proceedings transacted or by the chairman of the next succeeding
         meeting of the Voting Mortgagees shall be conclusive evidence of the
         matters contained in those minutes and until the contrary is proved,
         provided every meeting in respect of the proceedings of which minutes
         have been made and signed as provided in this clause 40.14 shall be
         deemed to have been duly convened and held and all resolutions passed
         or proceedings transacted in that meeting to have been duly passed and
         transacted.

40.15    WRITTEN RESOLUTIONS

         Notwithstanding the preceding provisions of this clause 40, a
         resolution of all the Voting Mortgagees (including an Extraordinary
         Resolution) may be passed, without any meeting or previous notice being
         required, by an instrument or notes in writing which have:

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

         (b)   any such instrument shall be effective upon presentation to the
               Security Trustee for entry in the records referred to in clause
               40.14.

40.16    FURTHER PROCEDURES FOR MEETINGS

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

         (a)   (PERSONS ARE VOTING MORTGAGEES) so as to satisfy itself that
               persons are in fact Voting Mortgagees who purport to requisition
               a meeting or who purport to make any requisition to the Security
               Trustee in accordance with this deed;

         (b)   (ENTITLEMENT TO VOTE) so as to satisfy itself that persons who
               purport to attend or vote at any meeting of Voting Mortgagees are
               entitled to do so in accordance with this clause 40 and this
               deed; and

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

40.17    NOTEHOLDER MORTGAGEES' RIGHTS

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

               (i)       if the Class A Mortgagees are not the only Voting
                         Mortgagee; and

               (ii)      if the Class A Mortgagees direct the Security Trustee
                         to enforce the Charge,

               the Security Trustee shall enforce the Charge under clause 8.2 as
               if directed to do so by an Extraordinary Resolution of Voting
               Mortgagees and paragraph (a) shall apply as if the Class A
               Mortgagees were the only Voting Mortgagee.

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         (b)   Except if the Noteholder Mortgagees are the only Voting
               Mortgagees, where the consent of the Noteholder Mortgagees is
               required under clause 1.2(b), 4.3, 4.4(a)(ii), 5.2, 8.1(b),
               8.1(h), 8.2, 9.7(c) or 38.1(c) in relation to a discretion or act
               of the Security Trustee (an ACT):

               (i)       the Noteholder Mortgagees must:

                         (A)  not unreasonably withhold that consent; and

                         (B)  respond promptly (and in any event within 5
                              Business Days of a relevant resolution being
                              passed by the Class A Noteholders) to the Security
                              Trustee indicating whether the consent is granted
                              or not (and if it does not reply within that time
                              its consent shall be taken to have been given);
                              and

               (ii)      subject to paragraph (c), if an Extraordinary
                         Resolution of Voting Mortgagees determines that the Act
                         should or should not occur, the Extraordinary
                         Resolution will override any determination by the
                         Noteholder Mortgagees in relation to any such clause.

         (c)   Except where in so doing the Security Trustee engages in any
               fraud, negligence or wilful default, the Security Trustee shall
               not be liable to any Mortgagee for acting, or not acting, on the
               directions of the Noteholder Mortgagees, even if the Security
               Trustee is actually aware that the Noteholder Mortgagees have
               unreasonably withheld their consent in breach of sub-paragraph
               (b)(i)(A).

41.      AUTHORISED SIGNATORIES
--------------------------------------------------------------------------------

         The Chargor irrevocably authorises each Mortgagee to rely on a
         certificate by a person purporting to be its director or secretary as
         to the identity and signatures of its Authorised Signatories. The
         Chargor warrants that those persons have been authorised to give
         notices and communications under or in connection with the Transaction
         Documents.

42.      GOVERNING LAW AND JURISDICTION
--------------------------------------------------------------------------------

         This deed is governed by the laws of New South Wales. The Chargor
         submits to the non-exclusive jurisdiction of courts exercising
         jurisdiction there.

43.      COUNTERPARTS
--------------------------------------------------------------------------------

         This deed may be executed in any number of counterparts. All
         counterparts together will be taken to constitute one instrument.

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44.      SET-OFF
--------------------------------------------------------------------------------

         No Mortgagee may apply any credit balance in any currency (whether or
         not matured) in any account comprised in the Mortgaged Property towards
         satisfaction of any sum then due and payable to that Mortgagee under or
         in relation to any Transaction Document.

45.      ACKNOWLEDGEMENT BY CHARGOR
--------------------------------------------------------------------------------

         The Chargor confirms that:

         (a)   it has not entered into any Transaction Document in reliance on,
               or as a result of, any conduct of any kind of or on behalf of any
               Mortgagee or any Related Corporation of any Mortgagee (including
               any advice, warranty, representation or undertaking); and

         (b)   no Mortgagee nor any Related Corporation of any Mortgagee is
               obliged to do anything (including disclose anything or give
               advice),

         except as expressly set out in the Transaction Documents or in writing
         duly signed by or on behalf of the Mortgagee or Related Corporation.

46.      INFORMATION MEMORANDUM
--------------------------------------------------------------------------------

         The Security Trustee has no responsibility for any statement or
         information in or omission from any information memorandum,
         advertisement, circular or other document issued by or on behalf of the
         Chargor or Trust Manager, including in connection with the issue of
         Notes. Neither the Chargor nor the Trust Manager may publish or permit
         to be published any such document in connection with the offer of Notes
         or an invitation for subscriptions for Notes containing any statement
         which makes reference to the Security Trustee without the prior written
         consent of the Security Trustee, which consent must not be unreasonably
         withheld. In considering whether to give its consent, the Security
         Trustee is not required to take into account the interests of the other
         Mortgagees.

47.      SECURITY TRUSTEE'S LIMITED LIABILITY
--------------------------------------------------------------------------------

         Without prejudice to any indemnity allowed by law or elsewhere in this
         deed given to the Security Trustee, it is expressly declared as
         follows.

47.1     RELIANCE ON CERTIFICATES

         The Security Trustee shall not incur any liability in respect of any
         action taken or thing suffered by it in reliance on any notice,
         resolution, direction, consent, certificate, receipt, affidavit,
         statement, valuation report or other document (including any of the
         above submitted or provided by the Trust Manager, a Mortgagee, the Note
         Trustee, an Approved Seller or a Servicer) which it has no reason to
         believe is not genuine, signed by the proper parties and with
         appropriate authority.

         In preparing any notice, certificate, advice or proposal the Security
         Trustee shall be entitled to assume that each person under any
         Authorised Investment, Support Facility, Loan, Loan Security, Related
         Securities, other Transaction Document or any other deed, agreement or
         arrangement

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         incidental to any of the above or to any Trust, will perform their
         obligations under those documents in full by the due date and otherwise
         in accordance with their terms.

47.2     SECURITY TRUSTEE MAY ASSUME SIGNED DOCUMENTS TO BE GENUINE

         (a)   (RELIANCE ON DOCUMENTS) Subject to sub-clause (b):

               (i)       (SECURITY TRUSTEE MAY ASSUME AUTHENTICITY) the Security
                         Trustee shall be entitled to assume the authenticity
                         and validity of any signature on any application,
                         request or other instrument or document delivered to
                         the Security Trustee (other than a document executed or
                         purporting to be executed by or on behalf of the Note
                         Trustee, a Servicer, an Approved Seller or the Trust
                         Manager, as to which clause 47.3 shall apply);

               (ii)      (SECURITY TRUSTEE NOT LIABLE FOR LOSS ON FORGERIES) the
                         Security Trustee shall not be in any way liable to make
                         good out of its own resources any loss incurred by any
                         person in the event of any signature on any document
                         being forged or otherwise failing to bind the person
                         whose signature it purports to be or the person on
                         whose behalf it purports to be executed.

         (b)   (LIMITATIONS ON ASSUMPTIONS WHERE ACTUAL KNOWLEDGE) The Security
               Trustee shall not be entitled to the benefit of paragraph (a) in
               relation to an application, request or other instrument or
               document if it was actually aware that the signature was not
               genuine.

47.3     SECURITY TRUSTEE'S RELIANCE ON TRUST MANAGER, APPROVED SELLER, NOTE
         TRUSTEE OR SERVICER

         (a)   (AUTHORISED SIGNATORIES ARE SUFFICIENT EVIDENCE) Whenever any
               certificate, notice, proposal, direction, instruction or other
               communication is to be given by the Trust Manager, an Approved
               Seller, the Note Trustee or a Servicer to the Security Trustee,
               the Security Trustee may accept as sufficient evidence as to the
               form and content of a document unless it has reason to believe
               that the relevant document was not signed on behalf of the Trust
               Manager, the Approved Seller, the Note Trustee or the Servicer
               (as the case may be) or by any Authorised Signatory of the Trust
               Manager, the Approved Seller, the Note Trustee or the Servicer
               (as the case may be).

         (b)   (SECURITY TRUSTEE NOT LIABLE FOR LOSS) The Security Trustee shall
               not be responsible for any loss arising from any act, neglect,
               mistake or discrepancy of the Trust Manager, an Approved Seller,
               the Note Trustee or a Servicer or any officer, employee, agent or
               delegate of the Trust Manager, the Approved Seller, the Note
               Trustee or the Servicer in preparing any such document or in
               compiling, verifying or calculating any matter or information
               contained in any such document, if the officers of the Security
               Trustee responsible for the administration of the Trust are not
               actually aware, or should not reasonably have been aware, that
               such document is not genuine and correct, whether or not an error
               in any such information, document, form or list is reproduced by
               the Security Trustee in any step taken by it.

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47.4     COMPLIANCE WITH LAWS

         The Security Trustee shall not incur any liability to anyone in respect
         of any failure to perform or to do any act or thing which by reason of
         any provision of any relevant present or future law of any place or any
         ordinance, rule, regulation or by law or of any decree, order or
         judgment of any competent court or other tribunal, the Security Trustee
         shall be hindered, prevented or forbidden from doing or performing.

47.5     TAXES

         The Security Trustee shall not be liable to account to any person for
         any payments made in good faith to any duly empowered Government Agency
         of any Australian Jurisdiction or any other place for Taxes or other
         charges on the Trust or on any Notes or with respect to any transaction
         under or arising from this deed or any other Transaction Document
         notwithstanding that any such payment ought or need not have been made.

47.6     RELIANCE ON EXPERTS

         The Security Trustee may act on the opinion or statement or certificate
         or advice of or information obtained from the Note Trustee or a
         Servicer, barristers or solicitors (whether instructed by the Security
         Trustee or not), bankers, accountants, brokers, valuers and other
         persons believed by it in good faith to be expert or properly informed
         in relation to the matters on which they are consulted and the Security
         Trustee shall not be liable for anything done or suffered by it in good
         faith in reliance on such opinion, statement, certificate, advice or
         information.

47.7     OVERSIGHTS OF OTHERS

         Subject to this deed, the Security Trustee shall not be responsible for
         any act, omission, misconduct, mistake, oversight, error of judgment,
         forgetfulness or want of prudence on the part of any person or agent
         appointed by the Security Trustee and on whom the Security Trustee is
         entitled to rely under this deed (other than a Related Corporation),
         attorney, banker, receiver, barrister, solicitor, agent or other person
         acting as agent or advisor to the Security Trustee.

47.8     POWERS, AUTHORITIES AND DISCRETIONS

         Except as otherwise provided in this deed and in the absence of fraud,
         negligence or wilful default, the Security Trustee shall not be in any
         way responsible for any loss (whether consequential or otherwise),
         costs, damages or inconvenience that may result from the exercise or
         non-exercise of any powers, authorities and discretions vested in it.

47.9     IMPOSSIBILITY OR IMPRACTICABILITY

         If for any reason whatsoever it becomes impossible or impracticable to
         carry out any or all of the provisions of this deed or any other
         Transaction Document the Security Trustee shall not be under any
         liability and, except to the extent of their own fraud, negligence or
         wilful default, nor shall either of them incur any liability by reason
         of any error of law or any matter or thing done or suffered or omitted
         to be done in good faith by either of them or their respective
         officers, employees, agents or delegates.

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47.10    NO LIABILITY EXCEPT FOR NEGLIGENCE ETC.

         In the absence of fraud, negligence or wilful default on its part or on
         the part of any of its officers, employees, agents or delegates for
         whom it is liable under this deed, the Security Trustee shall not be
         liable personally in the event of failure to pay moneys on the due date
         for payment to any Noteholder, any Beneficiary, the Trust Manager, the
         Chargor or any other person or for any loss howsoever caused in respect
         of the Trust or to any Noteholder, any Beneficiary, the Trust Manager,
         the Chargor or other person.

47.11    LEGAL AND OTHER PROCEEDINGS

         (a)   (INDEMNITY FOR LEGAL COSTS) The Security Trustee shall be
               indemnified out of the Trust for all legal costs and
               disbursements and all other costs, disbursements, outgoings and
               expenses incurred by the Security Trustee in connection with:

               (i)       the enforcement or contemplated enforcement of, or
                         preservation of rights under; and

               (ii)      without limiting the generality of paragraph (i) above,
                         the initiation, defence, carriage and settlement of any
                         action, suit, proceeding or dispute in respect of;

               this deed or any other Transaction Document or otherwise under or
               in respect of the Trust provided that the enforcement,
               contemplated enforcement or preservation by the Security Trustee
               of the rights referred to in sub-paragraph (i) or the court
               proceedings referred to in paragraph (ii) (other than in each
               case the defence of any action, suit, proceeding or dispute
               brought against the Security Trustee), and the basis of incurring
               any of those costs, disbursements, outgoings and expenses by the
               Security Trustee:

               (iii)     has been approved in advance by an Extraordinary
                         Resolution of the Voting Mortgagees; or

               (iv)      the Security Trustee reasonably considers the incurring
                         of those costs, disbursements, outgoings and expenses
                         to be necessary to protect the Security Trustee against
                         potential personal liability.

         (b)   (DEFENCE OF PROCEEDINGS ALLEGING NEGLIGENCE ETC.) The Security
               Trustee shall be entitled to claim in respect of the above
               indemnity from the Trust for its expenses and liabilities
               incurred in defending any action, suit, proceeding or dispute in
               which fraud, negligence or wilful default is alleged or claimed
               against it, but on the same being proved, accepted or admitted by
               it, it shall from its personal assets immediately repay to the
               Trust the amount previously paid by the Trust to it in respect of
               that indemnity.

47.12    NO LIABILITY EXCEPT FOR NEGLIGENCE ETC.

         In the absence of fraud, negligence or wilful default on the Security
         Trustee's part or on the part of any of its officers or employees, or
         any agents or delegate, sub-agent, sub-delegate employed by the
         Security Trustee in accordance with this deed (and where this deed
         provides that the Security Trustee is liable for the acts or omissions
         of any such person) to carry out any transactions contemplated by this
         deed, the Security Trustee shall not be liable personally for any
         losses, costs, liabilities or claims arising from the failure to pay
         moneys on the due date for payment to any

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         Mortgagee or any other person or for any loss howsoever caused in
         respect of any of the Trust or to any Mortgagee or other person.

47.13    FURTHER LIMITATIONS ON SECURITY TRUSTEE'S LIABILITY

         Subject to clause 47.3, the Security Trustee shall not be liable:

         (a)   (FOR LOSS ON ITS DISCRETION) for any losses, costs, liabilities
               or expenses arising out of the exercise or non-exercise of its
               discretion or for any other act or omission on its part under
               this deed, any other Transaction Document or any other document
               except where the exercise or non-exercise of any discretion, or
               any act or omission, by the Security Trustee, or any of its
               officers or employees, or any agent, delegate, sub-agent,
               sub-delegate employed by the Security Trustee in accordance with
               this deed (and where this deed provides that the Security Trustee
               is liable for the acts or omissions of any such person) to carry
               out any transactions contemplated by this deed, constitutes
               fraud, negligence or wilful default;

         (b)   (FOR LOSS ON DIRECTION) for any losses, costs, damages or
               expenses caused by its acting (in circumstances where this deed
               requires it to act or contemplates that it may so act) on any
               instruction or direction given to it by:

               (i)       any Mortgagee under this deed, any other Transaction
                         Document or any other document;

               (ii)      by any person under a Support Facility, Loan or Loan
                         Security; or

               (iii)     an Obligor,

               except to the extent that it is caused by the fraud, negligence
               or wilful default of the Security Trustee, or any of its officers
               or employees, or an agent or delegate employed by the Security
               Trustee in accordance with this deed to carry out any
               transactions contemplated by this deed;

         (c)   (FOR CERTAIN DEFAULTS) for any Trust Manager's Default or
               Servicer Transfer Event;

         (d)   (FAILURE BY PAYING AGENT) without limiting the Security Trustee's
               obligations or powers under the Transaction Documents, for any
               act, omission or default of a Paying Agent in relation to its
               obligations under the Transaction Documents;

         (e)   (FAILURE BY NOTE TRUSTEE) without limiting the Security Trustee's
               obligations or powers under the Transaction Documents, for any
               act, omission or default of the Note Trustee in relation to its
               obligations under the Transaction Documents;

         (f)   (FAILURE BY CALCULATION AGENT) without limiting the Security
               Trustee's obligations or powers under the Transaction Documents,
               for any act, omission or default of the Calculation Agent in
               relation to its obligations under the Transaction Documents;

         (g)   (FAILURE BY SERVICER) without limiting the Security Trustee's
               obligations or powers under the Transaction Documents, for any
               act, omission or default of the Servicer in relation to its
               obligations under the Transactions Documents;

         (h)   (FOR FAILURE TO CARRY OUT AN AGREEMENT) for the failure of a
               person to carry out an agreement with the Security Trustee in
               connection with the Trust;

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         (i)   (FOR FAILURE TO CHECK CALCULATIONS, ETC) for any losses, costs,
               liabilities or expenses caused by the Security Trustee's failure
               to check any calculation, information, document, form or list
               supplied or purported to be supplied to it by the Trust Manager,
               Note Trustee or the Servicer,

         except, in the case of paragraphs (c) to (i) (inclusive), to the extent
         that it is caused by the fraud, negligence or wilful default of the
         Security Trustee.

         Nothing in this clause 47.13 alone (but without limiting the operation
         of any other clause of this deed) shall imply a duty on the Security
         Trustee to supervise the Trust Manager or the Note Trustee in the
         performance of the Trust Manager's or the Note Trustee's functions and
         duties, and the exercise by the Trust Manager or the Note Trustee of
         its discretions.

47.14    CONFLICTS

         (a)   (NO CONFLICT) Nothing in this deed shall prevent the Security
               Trustee, the Chargor, the Lead Manager, any Dealer, the Trust
               Manager, the Note Trustee or any Related Corporation or Associate
               of any of them or their directors or other officers (each a
               RELEVANT PERSON) from:

               (i)       subscribing for purchase, holding, dealing in or
                         disposing of any Notes;

               (ii)      entering into any financial, banking, development,
                         insurance, agency, broking or other transaction with,
                         or providing any advice or services for the Trust; or

               (iii)     being interested in any such contract or transaction or
                         otherwise at any time contracting or acting in any
                         capacity as representative or agent.

         (b)   (NOT LIABLE TO ACCOUNT) A Relevant Person shall not be in any way
               liable to account to any Mortgagee or any other person for any
               profits or benefits (including any profit, bank charges,
               commission, exchange, brokerage and fees) made or derived under
               or in connection with any transaction or contract specified in
               paragraph (a) above.

         (c)   (FIDUCIARY RELATIONSHIP) A Relevant Person shall not by reason of
               any fiduciary relationship be in any way precluded from making
               any contracts or entering into any transactions with any such
               person in the ordinary course of the business or from undertaking
               any banking, financial, development, agency or other services
               including any contract or transaction in relation to the placing
               of or dealing with any investment and the acceptance of any
               office or profit or any contract of loan or deposits or other
               contract or transaction which any person or company not being a
               party to this deed could or might have lawfully entered into if
               not a party to this deed. A Relevant Person shall not be
               accountable to any Mortgagee or any other person for any profits
               arising from any such contracts, transactions or offices.

47.15    INFORMATION

         Except for notices and other documents and information (if any)
         expressed to be required to be furnished to any person by the Security
         Trustee under this deed or any other Transaction Document, the Security
         Trustee shall not have any duty or responsibility to provide any person
         (including any

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         Mortgagee) with any credit or other information concerning the affairs,
         financial condition or business of the Trust.

47.16    INVESTIGATION BY SECURITY TRUSTEE

         Each Mortgagee acknowledges that:

         (a)      the Security Trustee has no duty, and is under no obligation,
                  to investigate whether a Trust Manager's Default or Servicer
                  Transfer Event has occurred in relation to the Trust other
                  than where it has actual notice;

         (b)      the Security Trustee is required to provide the notices
                  referred to in this deed in respect of a determination of
                  Adverse Effect only if it is actually aware of the facts
                  giving rise to the Adverse Effect; and

         (c)      in making any such determination, the Security Trustee will
                  seek and rely on advice given to it by its advisors in a
                  manner contemplated by this deed.

EXECUTED as a deed in New South Wales.

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

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Security Trust Deed                                       Allens Arthur Robinson
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CHARGOR

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

------------------------------------        ------------------------------------
Witness Signature                           Attorney Signature

------------------------------------        ------------------------------------
Print Name                                  Print Name

SECURITY TRUSTEE

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

------------------------------------        ------------------------------------
Witness Signature                           Attorney Signature

------------------------------------        ------------------------------------
Print Name                                  Print Name

--------------------------------------------------------------------------------
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Security Trust Deed                                       Allens Arthur Robinson
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TRUST MANAGER

SIGNED SEALED AND DELIVERED for INTERSTAR
SECURITISATION MANAGEMENT PTY LIMITED by its
attorney in the presence of:

------------------------------------        ------------------------------------
Witness Signature                           Attorney Signature

------------------------------------        ------------------------------------
Print Name                                  Print Name

NOTE TRUSTEE

SIGNED SEALED AND DELIVERED for THE BANK OF
NEW YORK, NEW YORK BRANCH by its attorney in
the presence of:

------------------------------------        ------------------------------------
Witness Signature                           Attorney Signature

------------------------------------        ------------------------------------
Print Name                                  Print Name

--------------------------------------------------------------------------------
                                                                         Page 57

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