Document:

<PAGE>

                                                                  Exhibit 10.5

                                                           Final Draft: 27.03.01

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Securitisation Advisory Services Pty Limited
Manager

Citibank N.A., New York Branch
Citibank and Party A

Perpetual Trustee Company Limited
Party B

Commonwealth Bank of Australia
CBA and Standby Swap Provider

Series 2001-1G Medallion Trust
ISDA Master Agreement
(Currency Swap Agreement)

          Levels 23-35 No.1 O'Connell Street Sydney NSW 2000 Australia
            PO Box H3 Australia Square Sydney NSW 1215 DX 370 Sydney
                    Tel + 61 2 9353 4000 Fax + 61 2 9251 7832
           Our ref - 215/3323/1619626 Contact - Tessa Hoser/Leah Chick

            Sydney o Melbourne o Brisbane o Perth o Canberra o Darwin

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

                                    Schedule

                                     to the

                                MASTER AGREEMENT

                         dated as of        2001 between

                  Securitisation Advisory Services Pty. Limited
                               ABN 88 064 133 946
                                   ("Manager")

                                       and

                         Citibank N.A., New York Branch
                           ("Citibank " and "Party A")

                                       and

                        Perpetual Trustee Company Limited
                               ABN 42 000 001 007
     in its several capacities as trustee of various Series Trusts from time
       to time established under the Master Trust Deed and various Series
                                   Supplements
                                   ("Party B")

                                       and

                         Commonwealth Bank of Australia
                               ABN 48 123 123 124
                       ("CBA" and "Standby Swap Provider")

Part 1. Termination Provisions.

In this Agreement:

(a)   "Specified Entity" does not apply in relation to Party A or Party B.

(b)   The definition of "Specified Transaction" is not applicable.

(c)   (i)   The following provisions of Section 5 will not apply to Party A:

              Section 5(a)(ii)  Section 5(a)(v)   Section 5(a)(iii)
              Section 5(a)(vi)  Section 5(a)(iv)  Section 5(b)(iv)

      (ii)    The following provisions of Section 5 will not apply to Party B:

              Section 5(a)(ii)   Section 5(a)(v)   Section 5(a)(viii)
              Section 5(a)(iii)  Section 5(a)(vi)  Section 5(b)(iv)
              Section 5(a)(iv)   Section 5(a)(vii)

      (iii)   Section 5(b)(ii) will not apply to Party A as the Affected
              Party (subject to Part 5(6)(b) of this Schedule) and Section
              5(b)(iii) will not apply to Party A as the Burdened Party.

(d)   The "Automatic Early Termination" provisions in Section 6(a) will not
      apply to Party A or Party B.

                                                                               1
<PAGE>

(e)   Payments on Early Termination. For the purposes of Section 6(e) of this
      Agreement:

      (i)   Market Quotation will apply; and

      (ii)  the Second Method will apply.

(f)   "Termination Currency" means US$ provided that if an amount due in respect
      of an Early Termination Date will be payable by Party B to Party A the
      Termination Currency for the purpose of calculating and paying that amount
      is Australian Dollars.

(g)   "Additional Termination Event" applies. The following is an Additional
      Termination Event in relation to which both Party A and Party B are
      Affected Parties:

      "An Event of Default (as defined in the Security Trust Deed) occurs and
      the Security Trustee has declared, in accordance with the Security Trust
      Deed, the Relevant Notes immediately due and payable."

      For the purposes of calculating a payment due under Sections 6(d) and (e)
      when an Early Termination Date is designated under Section 6(b) as a
      result of such Additional Termination Event, Party B will be the only
      Affected Party.

Part 2. Tax Representations

(a)   Payer Tax Representations. For the purpose of Section 3(e) of this
      Agreement, Party A and Party B each make the following representation:

      It is not required by any applicable law, as modified by the practice of
      any relevant government revenue authority, of any Relevant Jurisdiction to
      make any deduction or withholding for or on account of any Tax from any
      payment (other than interest under Section 2(e), 6(d)(ii) or 6(e) of this
      Agreement) to be made by it to any other party under this Agreement. In
      making this representation, it may rely on:

      (i)   the accuracy of any representation made by that other party pursuant
            to Section 3(f) of this Agreement;

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

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

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

(b)   Payee Tax Representations. For the purpose of Section 3(f) of this
      Agreement:

      (i)   Party B and CBA as Standby Swap Provider and (on and from the
            Novation Date) as Party A, each makes the following representation:

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

      (ii)  Citibank as Party A represents that it is an "eligible swap
            participant" as defined in Part 35 of the General Regulations of,
            and for the purposes of, the U.S. Commodity

                                                                               2
<PAGE>

            Exchange Act.

Part 3. Agreement to Deliver Documents

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

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

<TABLE>
<CAPTION>
<S>                                     <C>                                          <C>
Party required to deliver document      Form/Document/Certificate                    Date by which to be delivered
Party A, Party B, and the Standby       Any document or certificate reasonably       On the earlier of (a)  learning
Swap Provider                           required or reasonably requested by a        that such document or
                                        party in connection with its                 certificate is required and (b)
                                        obligations to make a payment under          as soon as reasonably
                                        this Agreement which would enable that       practicable following a request
                                        party to make the payment free from          by a party.
                                        any deduction or withholding for or on
                                        account of Tax or which would reduce
                                        the rate at which deduction or
                                        withholding for or on account of Tax
                                        is applied to that payment as
                                        requested by Party A with respect to
                                        any payments received by Party B.
<CAPTION>
(b)   Other documents to be delivered are:

Party required to deliver              Form/Document/Certificate                    Date by which to be delivered
document
<S>                                     <C>                                          <C>
Party A, Party B, the Standby          A certificate specifying the names,          On the execution of this
Swap Provider and the  Manager         title and specimen signatures of the         Agreement and each
                                       persons authorised to execute this           Confirmation unless that
                                       Agreement and each Confirmation or           certificate has already been
                                       other communication in writing made          supplied and remains true and
                                       pursuant to this Agreement on its            in effect and when the
                                       behalf.                                      certificate is updated.

Party A, Party B, the Standby          A legal opinion as to the validity and       Prior to the Closing Date.
Swap Provider and the Manager          enforceability of its obligations
                                       under this Agreement in form and
                                       substance (and issued by legal
                                       counsel) reasonably acceptable to each
                                       other party.

Party B                                A certified copy to Party A of each          Not less than 5 Business Days
                                       Credit Support Document specified in         (or such lesser period as
                                       respect of Party B and (without              Party A agrees to) before the
                                       limiting any obligation Party B may          Trade Date of the first
                                       have under the terms of that Credit          occurring Transaction and in
                                       Support Document to notify Party A of        the case of any amending
                                       amendments thereto to Party A of any)        documents entered into
                                        a certified copy                              subsequent to that date,
</TABLE>

                                                                               3
<PAGE>

<TABLE>
<CAPTION>
<S>                                    <C>                                          <C>
                                       document that amends                         promptly after each amending
                                       in any way the terms of that Credit          document (if any) has been
                                       Support Document.                            entered into.

</TABLE>

Other than the legal opinions, any Credit Support Document or any document
amending a Credit Support Document (but including any certifications in relation
to such documents), all documents delivered under this Part 3(b) are covered by
the Section 3(d) representation. For the purposes of this Part 3(b), a copy of a
document is taken to be certified if a director or secretary of the party
providing the document, or a person authorised to execute this Agreement or a
Confirmation on behalf of that party or a solicitor acting for that party has
certified it to be a true and complete copy of the document of which it purports
to be a copy.

Part 4 Miscellaneous

(a)   Addresses for Notices. For the purpose of Section 12(a) of this Agreement:

      Address for notices or communications to Citibank as Party A:

      Address: 333 West 34th Street, New York, NY 10001

      Attention: Director, Derivatives Operations

      [Telex No:]

      [Answerback:]

      Facsimile No.: [    ]

      Telephone No.: [    ]

      Additionally, a copy of all notices as well as any changes to
      counterparty's address, telephone number or facsimile number should be
      sent to:

      Address:             Capital Markets Legal Department,
                           388 Greenwich Street, New York, NY 10013

      Attention:           Head of Department

      [Telex No:]

      [Answerback:]

      Facsimile No.: [    ]

      Telephone No.: [    ]

      Address for notices or communications to Party B:

      Address:             Perpetual Trustee Company Limited
                           Level 3
                           39 Hunter Street
                           Sydney  NSW  2000
                           AUSTRALIA

      Attention:           Manager, Securitisation Services

         Facsimile No.: 612 9221 7870

                                                                               4
<PAGE>

      Additionally, a copy of all notices as well as any changes to
      counterparty's address, telephone number or facsimile number should be
      sent to:

      Address:             Securitisation Advisory Services Pty. Limited
                           Level 8
                           48 Martin Place
                           Sydney  NSW  2000
                           AUSTRALIA

      Attention:           Manager, Securitisation

      Facsimile No.:       612 9378 2481

      Address for notices or communications to CBA as Standby Swap Provider and
      (on and from the Novation Date) as Party A:

      Address:             Commonwealth Bank of Australia
                           Level 8
                           48 Martin Place
                           Sydney  NSW  2000
                           AUSTRALIA

      Attention:           Manager, Securitisation

      Facsimile No.:       612 9378 2481

(b)   Process Agent. For the purpose of Section 13(c) of this Agreement:

      Citibank as Party A appoints as its Process Agent: [Citibank
      Limited][Salomon Smith Barney Australia Limited] of [ ].

      Party B appoints as its Process Agent: not applicable.

      CBA as Standby Swap Provider and (on and from the Novation Date) as Party
      A appoints as its Process Agent: not applicable.

(c)   Offices. The provisions of Section 10(a) will apply to this Agreement.

(d)   Multibranch Party. For the purpose of Section 10(c) of this Agreement:

      Party A is not a Multibranch Party.

      Party B is not a Multibranch Party.

(e)   Calculation Agent.

      (i)   The Calculation Agent is:

            (A)   in respect of all notices, determinations and calculations in
                  respect of amounts denominated in US$, the Agent Bank; and

            (B)   in respect of all other notices, determinations and
                  calculations, the Manager.

      (ii)  All determinations and calculations by the Calculation Agent will:

            (A)   be made in good faith and in the exercise of its commercial
                  reasonable judgment; and

                                                                               5
<PAGE>

      (B)   be determined, where applicable, on the basis of then prevailing
            market rates or prices.

      All such determinations and calculations will be binding on Party A and
      Party B in the absence of manifest error. The Manager (or, if the Manager
      fails to do so and Party A notifies Party B, Party B) covenants in favour
      of Party A to use reasonable endeavours (including, without limitation,
      taking such action as is reasonably necessary to promptly enforce the
      obligations of the Agent Bank under the Agency Agreement) to ensure that
      the Agent Bank performs its obligations as Calculation Agent under this
      Agreement.

(f)   Credit Support Document. Details of any Credit Support Document:

      (i)   In relation to Citibank as Party A: Not applicable.

      (ii)  In relation to Party B: The Security Trust Deed.

      (iii) In relation to CBA as (on and from the Novation Date) Party A: Not
            applicable.

(g)   Credit Support Provider.

      (i)   In relation to Citibank as Party A: None.

      (ii)  In relation to Party B: None.

      (iii) In relation to CBA as (on and from the Novation Date) Party A: None.

(h)   Governing Law. This Agreement will be governed by and construed in
      accordance with the laws in force in New South Wales, except the Credit
      Support Annex, which will be governed by and construed in accordance with
      the laws in force in the State of New York as provided in Paragraph
      13(m)(iv) of the Credit Support Annex. Section 13(b)(i) is deleted and
      replaced by the following:

            "(i)  submits to the non-exclusive jurisdiction of the courts of New
                  South Wales and courts of appeal from them; and".

(i)   Netting of Payments. Subparagraph (ii) of Section 2(c) of this Agreement
      will apply in respect of all Transactions.

(j)   "Affiliate" will have the meaning specified in Section 14 of this
      Agreement. However, for the purposes of Section 3(c) Party B is deemed not
      to have any Affiliates.

Part 5 Other Provisions

(1)   Payments: In Section 2:

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

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

      (b)   In Section 2(a)(ii) the first sentence is deleted and replaced with
            the following sentence:

            "Unless specified otherwise in this Agreement, payments under this
            Agreement by:

            (i)   Party A, will be made by 10.00 am (New York time); and

            (ii)  Party B, will be made by 4.00pm (Sydney time),

                                                                               6
<PAGE>

                  on the due date for value on that date in the place of the
                  account specified in the relevant Confirmation or otherwise
                  pursuant to this Agreement, in freely transferable funds, free
                  of any set-off, counterclaim, deduction or withholding (except
                  as expressly provided in this Agreement) and in the manner
                  customary for payment in the required currency.".

      (c)   Insert a new paragraph (iv) in Section 2(a) immediately after
            Section 2(a)(iii) as follows:

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

      (d)   Add the following new sentence to Section 2(b):

            "Each new account so designated shall be in the same tax
            jurisdiction as the original account."

      (e)   Amend Section 2(d) as follows:

            (i)   Delete the word "if" at the beginning of Section 2(d)(i)(4)
                  and insert the following words instead:

                  "if and only if X is Party A and".

            (ii)  In Section 2(d)(ii) insert the words "(if and only if Y is
                  Party A)" after the word "then" at the beginning of the last
                  paragraph.

            Without prejudice to the above amendments, it is agreed that Party
            B:

            (iii) is not obliged to pay:

                  (1)   any additional amount to Party A under Section
                        2(d)(i)(4); or

                  (2)   any amount to Party A under Section 2(d)(ii); and

            (iv)  will not receive payments under this Agreement or any
                  Transaction from which deductions or withholdings have been
                  made.

(2)   Party B's Payment Instructions: Party B irrevocably authorises and
      instructs Party A to make payment of:

      (i)   the Initial Exchange Amount due from Party A to Party B in respect
            of the Initial Exchange Date by paying that amount direct to the
            account notified in writing by Party B to Party A for that purpose;
            and

      (ii)  any other amount due from Party A to Party B under this Agreement by
            paying that amount direct to the Principal Paying Agent to the
            account outside Australia notified in writing by the Principal
            Paying Agent to Party A for that purpose.

(3)   Party A's Payment Instructions: Party A irrevocably authorises and
      instructs Party B to make payment of:

      (i)   any amount denominated in A$ due from Party B to the account in
            Sydney notified in writing by Party A to Party B from time to time;
            and

                                                                               7
<PAGE>

      (ii)  any amount denominated in US$ due from Party B to the account
            notified in writing by Party A to Party B from time to time.

(4)   Representations: In Section 3:

      (a)   Section 3(a)(v) is amended by inserting immediately after the words
            "creditors' rights generally" the following:

            "(including in the case of a party being an ADI (as that term is
            defined in the Reserve Bank Act, 1959 (Cth)) and section 13A(3) of
            the Banking Act, 1959 (Cth)).";

      (b)   Relationship Between Parties. Each party will be deemed to represent
            to the other parties on the date on which it enters into a
            Transaction that (absent a written agreement between the parties
            that expressly imposes affirmative obligations to the contrary for
            that Transaction):-

            (i)   Non-Reliance. It is acting for its own account (in the case of
                  Party B, as trustee of the Series Trust), and it has made its
                  own independent decisions to enter into that Transaction and
                  as to whether that Transaction is appropriate or proper for it
                  based upon its own judgment (and in the case of Party B, also
                  on the judgment of the Manager) and upon advice from such
                  advisers as it has deemed necessary. It is not relying on any
                  communication (written or oral) of any other party as
                  investment advice or as a recommendation to enter into that
                  Transaction; it being understood that information and
                  explanations related to the terms and conditions of a
                  Transaction will not be considered investment advice or a
                  recommendation to enter into that Transaction. No
                  communication (written or oral) received from any other party
                  will be deemed to be an assurance or guarantee as to the
                  expected results of that Transaction.

            (ii)  Evaluation and Understanding. It is capable of evaluating and
                  understanding (on its own behalf or through independent
                  professional advice), and understands and accepts, the terms,
                  conditions and risks of that Transaction. It is also capable
                  of assuming, and assumes, the risks of that Transaction.

            (iii) Status of Parties. No other party is acting as a fiduciary or
                  an adviser to it in respect of that Transaction.

      (c)   insert the following new paragraphs (g), (h) and (i) in Section 3
            immediately after Section 3(f):

            (g)   Series Trust. By Party B, in respect of Party B only:

                  (i)   Trust Validly Created. The Series Trust has been validly
                        created and is in existence at the Trade Date of the
                        first occurring Transaction.

                  (ii)  Sole Trustee. It has been validly appointed as trustee
                        of the Series Trust and is presently the sole trustee of
                        the Series Trust.

                  (iii) No Proceedings to Remove. No notice has been given to it
                        and to its knowledge no resolution has been passed, or
                        direction or notice has been given, removing it as
                        trustee of the

                                                                               8
<PAGE>

                        Series Trust.

                  (iv)  Power. It has power under the Master Trust Deed to:

                        (A)   enter into and perform its obligations under this
                              Agreement and each Credit Support Document (in
                              relation to Party B in its capacity as trustee of
                              the Series Trust); and

                        (B)   mortgage or charge the Assets of the Series Trust
                              in the manner provided in the Credit Support
                              Document (in relation to Party B),

                        and its entry into this Agreement and each Credit
                        Support Document (in relation to Party B) is in the
                        interests of the beneficiaries of the Series Trust and
                        does not constitute a breach of trust.

                  (v)   Good Title. It is the lawful owner of the Assets of the
                        Series Trust and, subject only to the Credit Support
                        Document in relation to Party B and any Security
                        Interest permitted under the Credit Support Document in
                        relation to Party B, those Assets are free of all other
                        Security Interests (except for Party B's right of
                        indemnity out of the Assets of the Series Trust).

                  (vi)  Eligible Swap Participant. The Series Trust was not
                        formed for the specific purpose of constituting an
                        "eligible swap participant" (as that term is used in
                        Part 35 of the General Regulations under the Commodity
                        Exchange Act).

                  (vii) Total Assets. As at close of business on the Trade Date
                        of the first occurring Transaction, following the issue
                        of the Relevant Notes and provided that the aggregate
                        Invested Amount of the Relevant Notes upon issue exceeds
                        USD[ ] the Series Trust will have total assets exceeding
                        USD[ ].

                        (h)   Non-assignment. It has not assigned (whether
                              absolutely, in equity, by way of security or
                              otherwise), declared any trust over or given any
                              charge over any of its rights under this Agreement
                              or any Transaction except, in the case of Party B,
                              for the Security Interests created under each
                              Credit Support Document in relation to Party B.

                        (i)   Contracting as principal. Each existing
                              Transaction has been entered into by that party as
                              principal and not otherwise."

(5)   Event of Default: In Section 5(a):

      (a)   Failure to Pay or Deliver: delete paragraph (i) and replace it with
            the following:

            ""(i) Failure to Pay or Deliver. Failure by the party to make, when
                  due, any payment under this Agreement or delivery under
                  Section 2(a)(i) or 2(e) required to be made by it if such
                  failure is not remedied at or before:

                  (1)   where the failure is by Party B, 10.00am on the tenth
                        day after notice of such failure is given to Party B;"
                        and

                                                                               9
<PAGE>

                  (2)   where the failure is by Party A, 10.00am on the tenth
                        day after notice of such failure is given to Party A;";

      (b)   Consequential amendments:

            (i)   delete "or" at the end of Section 5(a)(vii); and

            (ii)  replace the full stop at the end of Section 5(a)(viii) with ";
                  or"; and

      (c)   Downgrade Obligations: insert the following new paragraph (ix):

            "(ix) Downgrade Obligations. In respect of Party A only, Party A
                  fails to comply with Part 5(22) of the Schedule if such
                  failure is not remedied on or before the tenth Business Day
                  (or such later day as Party B and the Manager may agree and
                  which the Rating Agencies confirm in writing will not result
                  in a reduction, qualification or withdrawal of the credit
                  ratings then assigned by them to the Relevant Notes) after
                  notice of such failure is given to Party A."

(6)   Termination Events:

      (a)   Illegality: In respect of each Transaction, the parties agree that
            the imposition by any Governmental Agency of an Australian
            jurisdiction of any exchange controls, restrictions or prohibitions
            which would otherwise constitute an Illegality for the purposes of
            Sections 5(b)(i) or 5(c) will not be an event which constitutes an
            Illegality for the purposes of those Sections so that, following the
            occurrence of that event:

            (i)   neither Party A nor Party B will be entitled to designate an
                  Early Termination Date in respect of that Transaction as a
                  result of that event occurring;

            (ii)  payment by Party B in accordance with Part 5(3) of the
                  Schedule will continue to constitute proper performance of its
                  payment obligations in respect of that Transaction; and

            (iii) Party A's obligations in respect of that Transaction or this
                  Agreement will, to the extent permitted by law, be unaffected
                  by the occurrence of that event.

      (b)   Party A's limited rights in relation to Tax Event:

            (i)   Notwithstanding Part 1(c)(iii) of the Schedule, but subject to
                  Section 6(b)(ii), Party A may designate an Early Termination
                  Date if it is an Affected Party following a Tax Event but only
                  if the Relevant Note Trustee has notified the parties in
                  writing that it is satisfied that all amounts owing to the
                  Relevant Noteholders will be paid in full on the date on which
                  the Relevant Notes are to be redeemed.

            (ii)  If a Tax Event occurs where Party A is the Affected Party and
                  Party A is unable to transfer all its rights and obligations
                  under this Agreement and each Transaction to an Affiliate
                  pursuant to Section 6(b)(ii), Party A may, at its cost,
                  transfer all its rights, powers and privileges and all its
                  unperformed and future obligations under this Agreement and
                  each Transaction to any person provided that:

                  (A)   each Rating Agency has confirmed in writing that the
                        transfer

                                                                              10
<PAGE>

                        will not result in a reduction, qualification or
                        withdrawal of the credit ratings then assigned by them
                        to the Relevant Notes; and

                  (B)   that person has a long term credit rating assigned by
                        each Rating Agency of at least the long term credit
                        rating assigned by that Rating Agency to Citibank. as at
                        the date of this Agreement or, otherwise, the Standby
                        Swap Provider provides its written consent to the
                        transfer.

(7)   Termination:

      (a)   Termination by Trustee: Party B must not designate an Early
            Termination Date without the prior written consent of the Relevant
            Note Trustee.

      (b)   Termination by the Relevant Note Trustee: If following an Event of
            Default or Termination Event, Party B does not exercise its right to
            terminate a Transaction, then the Relevant Note Trustee may
            designate an Early Termination Date in relation to that Transaction
            as if it were a party to this Agreement.

      (c)   Termination Payments by Party B: Notwithstanding Section 6(d)(ii),
            any amount calculated as being due by Party B in respect of any
            Early Termination Date under Section 6(e) will be payable on the
            Monthly Distribution Date immediately following the date that such
            amount would otherwise be payable under Section 6(d)(ii) (or will be
            payable on that date if that date is a Monthly Distribution Date)
            except to the extent that such amount may be satisfied from an
            earlier distribution under the Security Trust Deed or the payment of
            an upfront premium in respect of a Replacement Currency Swap in
            accordance with Part 5(17)(b).

      (d)   Transfers to avoid Termination: Section 6(b)(ii) is amended as
            follows:

            (i)   The following sentence is added at the end of the second
                  paragraph:

                  "However, if Party A is that other party it must, if so
                  requested by the Manager, use reasonable efforts (which will
                  not require Party A to incur a loss, excluding immaterial,
                  incidental expenses) to make such a transfer to an Affiliate
                  provided the Rating Agencies have given prior written
                  confirmation to the Manager that such a transfer will not
                  result in a reduction, qualification or withdrawal of the
                  credit ratings then assigned by them to the Relevant Notes."

            (ii)  The third paragraph is deleted and replaced with the
                  following:

                  "Any such transfer by a party under this Section 6(b)(ii) will
                  be subject to and conditional upon the prior written consent
                  of the other party, which consent will not be withheld:

                  (1)   where the other party is Party A, if Party A's policies
                        in effect at such time would permit it to enter into
                        transactions with the transferee on the terms proposed;
                        or

                  (2)   where the other party is Party B, if the Rating Agencies
                        have confirmed in writing that such transfer will not
                        result in a reduction, qualification or withdrawal of
                        the credit ratings then assigned by them to the Relevant
                        Notes.

         (e)     Notice of Event of Default. For the purposes of Section 6(a)
                 and (b):

                                                                              11
<PAGE>

                  (i)   Party A may only provide a notice specifying an Event of
                        Default to Party B as the Defaulting Party and may only
                        designate an Early Termination Date following a
                        Termination Event where Party A or Party B (or both) is
                        the Affected Party or the Burdened Party; and

                  (ii)  the Standby Swap Provider may not issue a notice
                        specifying an Event of Default or designating an Early
                        Termination Date (except as Party A on or after the
                        Novation Date).

(8)   No Set-Off: Section 6(e) is amended by deleting the last sentence of the
      first paragraph.

(9)   Transfer: Section 7 is replaced with:

      "7.   Essential term: Transfer

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

      (b)   Nothing in this Section 7:

            (i)   restricts a transfer by a party after the other parties have
                  agreed to the variation of this Agreement in accordance with
                  Part 5(20) to the extent necessary to permit such transfer;

            (ii)  restricts a novation of the interests and obligations of a
                  party in or under this Agreement (including any Transaction)
                  for the purposes of giving effect to a transfer under Section
                  6(b)(ii);

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

            (iv)  restricts a transfer by Party B or the Manager to a Substitute
                  Trustee or Substitute Manager, respectively, in accordance
                  with the Master Trust Deed;

            (v)   restricts Party B from granting security over a Transaction or
                  this Agreement pursuant to any Credit Support Document in
                  relation to Party B; or

            (vi)  limits Parts 5(6)(b)(ii), 5(22), 5(23), 5(24) or 5(25).

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

(10)  Facsimile Transmission: In Section 12:

      (a)   delete Section 12(a)(ii); and

      (b)   replace Section 12(a)(iii) with:

                  "(iii) if sent by facsimile transmission:

                        (A)   in the case of any notice or other communication
                              pursuant to

                                                                              12
<PAGE>

                              Parts 5(23), (24) or (25), on the date that
                              transmission is received by a responsible employee
                              of the recipient in legible form (it being agreed
                              that the burden of proving receipt will be on the
                              sender and will not be met by a transmission
                              report generated by the sender's facsimile
                              machine); or

                        (B)   otherwise, on the date a transmission report is
                              produced by the machine from which the facsimile
                              was sent which indicates that the facsimile was
                              sent in its entirety to the facsimile number of
                              the recipient notified for the purpose of this
                              Section unless the recipient notifies the sender
                              within one Business Day of the facsimile being
                              sent that the facsimile was not received in its
                              entirety in legible form;".

(11)  Definitions

      In this Agreement, unless the contrary intention appears:

      (a)   Master Trust Deed: subject to Part 5(11)(h), unless defined in this
            Agreement words and phrases defined in the Master Trust Deed and the
            Series Supplement have the same meaning in this Agreement. Subject
            to Part 5(11)(h), where there is any inconsistency in a definition
            between this Agreement (on the one hand) and the Master Trust Deed
            or the Series Supplement (on the other hand), this Agreement
            prevails. Where there is any inconsistency in a definition between
            the Master Trust Deed (on the one hand) and the Series Supplement
            (on the other hand), the Series Supplement prevails over the Master
            Trust Deed in respect of the Series Trust. Where words or phrases
            used but not defined in this Agreement are defined in the Master
            Trust Deed in relation to a Series Trust (as defined in the Master
            Trust Deed) such words or phrases are to be construed in this
            Agreement, where necessary, as being used only in relation to the
            Series Trust;

      (b)   Trustee Capacity:

            (i)   a reference to Party B is a reference to Party B in its
                  capacity as trustee of the relevant Series Trust only, and in
                  no other capacity; and

            (ii)  a reference to the undertaking, assets, business or money of
                  Party B is a reference to the undertaking, assets, business or
                  money of Party B in the capacity referred to in paragraph
                  11(b)(i) only;

      (c)   Definitions: in Section 14:

            (i)   replace the definitions of "Affected Transactions" and "Local
                  Business Day" with the following:

                  ""Affected Transactions" means, with respect to a Termination
                  Event, all Transactions."

                  ""Local Business Day" has the same meaning as "Business Day"."

            (ii)  insert the following new definitions:

                  "BBSW" or "AUD-BBR-BBSW" in relation to a Calculation Period
                  means the rate appearing at approximately 10.00 am Sydney time
                  on the Reset Date for that Calculation Period on the Reuters
                  Screen page "BBSW" as being the average of the mean buying and
                  selling rates appearing on that page for a bill of exchange
                  having a tenor of three

                                                                              13
<PAGE>

                  months . If:

                  (a)   on that Reset Date fewer than 4 banks are quoted on the
                        Reuters Screen page "BBSW"; or

                  (b)   for any other reason the rate for that day cannot be
                        determined in accordance with the foregoing procedures,

                  then "BBSW" or "AUD-BBR-BBSW" means such rate as is specified
                  by the Calculation Agent having regard to comparable indices
                  then available.

                  "Credit Support Annex" means the Credit Support Annex annexed
                  to this Agreement.

                  "Distribution Date" has the meaning given in Section 16.

                  "Inconvertibility Event" means any event beyond the control of
                  CBA that makes it impossible for CBA to convert to U.S.
                  Dollars through customary legal channels an amount of
                  Australian Dollars sufficient to fulfil CBA's obligations
                  under this Agreement and each Transaction.

                  "Joint Ratings" means the highest possible jointly supported
                  short term credit rating or long term credit rating, as
                  applicable, that can be determined in relation to Party A and
                  the Standby Swap Provider by Moody's, S&P and Fitch in
                  accordance with Moody's, S&P's and Fitch's respective
                  approaches to jointly supported obligations provided that if
                  either Party A or the Standby Swap Provider has a long term
                  credit rating of less than BBB from S&P the Joint Ratings from
                  S&P will be the credit ratings of the other party.

                  "Master Trust Deed" means the Master Trust Deed dated 8
                  October 1997 between Party B and the Manager, as amended from
                  time to time.

                  "Citibank/CBA ISDA Master Agreement" means the ISDA Master
                  Agreement dated [     ] between Citibank and CBA, as amended
                  from time to time.

                  "Novation Date" means the date upon which the obligations of
                  Citibank as Party A under this Agreement and each Transaction
                  are novated to the Standby Swap Provider pursuant to Part
                  5(24)(c).

                  "Prescribed Rating Period" means in relation to the Joint
                  Ratings determined by the Rating Agencies:

                  (a)   a period of 30 Business Days from the date of
                        determination of the relevant credit rating where any
                        Joint Rating immediately after that determination is
                        less than the relevant Prescribed Rating but greater
                        than or equal to a short term credit rating of A-1 by
                        S&P and long term credit ratings of A- by S&P, A3 by
                        Moody's and A- by Fitch, as the case may be; and

                  (b)   a period of 5 Business Days from the date of
                        determination of the relevant credit rating where any
                        Joint Rating immediately after that determination is
                        less than a short term credit rating of A-1 by S&P or
                        less than a long term credit rating of A- by

                                                                              14
<PAGE>

                        S&P, A3 by Moody's and A- by Fitch.

                        "Prescribed Ratings" means a short term credit rating of
                        A-1+ by S&P or a long term credit rating of AA- by S&P
                        and long term credit ratings of AA- by Fitch and A2 by
                        Moody's.

                        "Relevant Calculation Amount" has the meaning given in
                        Section 16.

                        "Relevant Notes" has the meaning given in Section 16.

                        "Relevant Note Trustee" has the meaning given in

                        "Relevant Noteholders" has the meaning given in Section

                        "Scheduled Maturity Date" has the meaning given in

                        "Security Trust Deed" has the meaning given in Section

                        "Series Supplement" has the meaning given in Section

                        "Series Trust" has the meaning given in Section 16.

(d)   Interpretation:

                  (i)   references to time are references to Sydney time;

                  (ii)  a reference to "wilful default" in relation to Party B
                        means, subject to Part 5(11)(d)(iii) of this Schedule,
                        any wilful failure by Party B to comply with, or wilful
                        breach by Party B of, any of its obligations under any
                        Transaction Document, other than a failure or breach
                        which:

                  A.    (1)  arises as a result of a breach of a Transaction
                             Document by a person other than:

                                   (a) Party B; or

                                   (b)  any other person referred to in Part
                                        5(11)(d)(iii) of this Schedule; and

                                   (2)  the performance of the action (the non-
                                        performance of which gave rise to such
                                        breach) is a precondition to Party B
                                        performing the said obligation;

                  B.    is in accordance with a lawful court order or direction
                        or required by law; or

                  C.    is in accordance with any proper instruction or
                        direction of the Investors given at a meeting convened
                        under the Master Trust Deed;

                  (iii) a reference to the "fraud", "negligence" or "wilful
                        default" of Party B means the fraud, negligence or
                        wilful default of Party B and of its officers,
                        employees, agents and any other person where Party B is
                        liable for the acts or omissions of such other person
                        under the terms of any Transaction Document;

                  (iv)  a reference to "neither party" will be construed as a
                        reference to "no

                                                                              15
<PAGE>

                        party"; and

                  (v)   a reference to "other party" will be construed as a
                        reference to "other parties".

            (e)   ISDA Definitions: The 1991 ISDA Definitions (as published by
                  the International Swaps and Derivatives Association, Inc
                  ("ISDA")), as supplemented by the 1998 Supplement to the 1991
                  ISDA Definitions (as published by ISDA) (the "1991 ISDA
                  Definitions") as at the date of this Agreement are
                  incorporated into this Agreement and each Confirmation.

            (f)   Inconsistency: Subject to Part 5(11)(a), unless specified
                  otherwise, in the event of any inconsistency between any two
                  or more of the following documents in respect of a Transaction
                  they will take precedence over each other in the following
                  order in respect of that Transaction:

                  (i)   any Confirmation;

                  (ii)  this Schedule and Section 13 ("Elections and Variables")
                        of the Credit Support Annex (as applicable);

                  (iii) the 1991 ISDA Definitions; and

                  (iv)  the printed form of the 1992 ISDA Master Agreement and
                        the printed form of the ISDA Credit Support Annex which
                        form part of this Agreement.

            (g)   Swap Transaction: Any reference to a:

                  (i)   "Swap Transaction" in the 1991 ISDA Definitions is
                        deemed to be a reference to a "Transaction" for the
                        purpose of interpreting this Agreement or any
                        Confirmation; and

                  (ii)  "Transaction" in this Agreement or any Confirmation is
                        deemed to be a reference to a "Swap Transaction" for the
                        purpose of interpreting the 1991 ISDA Definitions.

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

(12)  Limitation of Liability: Insert the following as Sections 15 and 16, after
      Section 14:

      "15.  Party B's Limitation of Liability

            (a)   (Limitation on Party B's liability): Party B enters into this
                  Agreement only in its capacity as trustee of the relevant
                  Series Trust and in no other capacity. A liability incurred by
                  Party B acting in its capacity as trustee of the relevant
                  Series Trust arising under or in connection with this
                  Agreement is limited to and can be enforced against Party B
                  only to the extent to which it can be satisfied out of the
                  Assets of that Series Trust out of which Party B is actually
                  indemnified for the liability. This

                                                                              16
<PAGE>

            limitation of Party B's liability applies despite any other
            provision of this Agreement (other than Section 15(c)) and extends
            to all liabilities and obligations of Party B in any way connected
            with any representation, warranty, conduct, omission, agreement or
            transaction related to this Agreement.

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

      (c)   (Breach of trust): The provisions of this Section 15 will not apply
            to any obligation or liability of Party B to the extent that it is
            not satisfied because under the Master Trust Deed, the corresponding
            Series Supplement or any other corresponding Transaction Document or
            by operation of law there is a reduction in the extent of Party B's
            indemnification out of the Assets of the relevant Series Trust, as a
            result of Party B's fraud, negligence or wilful default.

      (d)   (Acts or omissions): It is acknowledged that the Relevant Parties
            are responsible under the corresponding Transaction Documents for
            performing a variety of obligations relating to the relevant Series
            Trust. No act or omission of Party B (including any related failure
            to satisfy its obligations or any breach of representation or
            warranty under this Agreement) will be considered fraudulent,
            negligent or a wilful default of Party B for the purpose of
            paragraph (c) of this Section 15 to the extent to which the act or
            omission was caused or contributed to by any failure by any such
            Relevant Person or any other person appointed by Party B under such
            a Transaction Document (other than a person whose acts or omissions
            Party B is liable for in accordance with any such Transaction
            Document) to fulfil its obligations relating to the relevant Series
            Trust or by any other act or omission of the Manager or the Servicer
            or any other such person.

      (e)   (No obligation): Party B is not obliged to enter into any commitment
            or obligation under this Agreement or any Transaction Document
            (including incur any further liability) unless Party B's liability
            is limited in a manner which is consistent with this Section 15 or
            otherwise in a manner satisfactory to Party B in its absolute
            discretion.

16.   Segregation

      Party B will enter into each Transaction as trustee of a Series Trust.
      Each Confirmation in relation to a Transaction must specify the name of
      the Series Trust to which the Transaction relates. Notwithstanding
      anything else in this Agreement, but without limiting the generality of
      Section 15, the provisions of this Agreement (including, without
      limitation, the Credit Support Annex) shall have effect severally in
      respect of each Series Trust and shall be enforceable by or against Party
      B in its capacity as trustee of the relevant Series Trust as though a
      separate Agreement applied between Party A, Party B (in its capacity as
      trustee of the Series Trust specified in the relevant Confirmation), the
      Manager and the Standby Swap Provider for each of Party B's said several
      capacities, to the intent that (inter alia):

                                                                              17
<PAGE>

      (a)   (References to Party B): unless the context indicates a contrary
            intention, each reference to "Party B" in this Agreement shall be
            construed as a several reference to Party B in its respective
            capacities as trustee of each Series Trust;

      (b)   (Separate Agreements): this Master Agreement including, without
            limitation, this Schedule and the Credit Support Annex together with
            each Confirmation relating to a particular Series Trust will form a
            single separate agreement between Party A, the Manager, the Standby
            Swap Provider and Party B in its capacity as trustee of that Series
            Trust and references to the respective obligations (including
            references to payment obligations generally and in the context of
            provisions for the netting of payments and the calculation of
            amounts due on early termination) of Party A, the Manager, the
            Standby Swap Provider or Party B shall be construed accordingly as a
            several reference to each mutual set of obligations arising under
            each such separate agreement between Party A, the Manager, the
            Standby Swap Provider and Party B in its several capacity as trustee
            of the relevant Series Trust;

      (c)   (Representations): representations made and agreements entered by
            the parties under this Agreement are made and entered severally by
            Party B in its respective capacities as trustee of each Series Trust
            and in respect of the relevant Series Trust and may be enforced by
            Party B against Party A, the Manager or the Standby Swap Provider
            severally in Party B's said several capacities (and by Party A, the
            Manager or the Standby Swap Provider against Party B in Party B's
            said several capacities);

      (d)   (Termination): rights of termination, and obligations and
            entitlements consequent upon termination, only accrue to Party A
            against Party B severally in Party B's respective capacities as
            trustee of each Series Trust, and only accrue to Party B against
            Party A severally in Party B's said several capacities;

      (e)   (Events of Default and Termination Events): without limiting Section
            15, the occurrence of an Event of Default or Termination Event in
            respect of one Series Trust shall not in itself constitute an Event
            of Default or Termination Event in respect of any other Series
            Trust; and

      (f)   (Definitions):

            (i)   the term "Series Trust":

                  (A)   in this Section 16, means each Series Trust (as defined
                        in the Master Trust Deed) specified or to be specified,
                        as the context requires, as the relevant Series Trust in
                        the Confirmation for a Transaction; and

                  (B)   elsewhere in this Agreement, means each such Series
                        Trust severally in accordance with the preceding
                        provisions of this Section 16;

            (ii)  the term "Transaction":

                  (A)   in this Section 16, means each Transaction governed by
                        this Agreement; and

                                                                              18
<PAGE>

                  (B)   elsewhere in this Agreement, means each such Transaction
                        entered into by the trustee as Trustee of the relevant
                        Series Trust;

            (iii) the term "Agreement":

                  (A)   in this Section 16, and elsewhere if so specified, means
                        this Master Agreement, including, without limitation,
                        this Schedule and the Credit Support Annex, and all
                        Confirmations governed by this Master Agreement; and

                  (B)   elsewhere, unless specified otherwise, means the
                        separate agreement referred to in Section 16(b) in
                        respect of each particular Series Trust;

            (iv)  the terms "Distribution Date", "Quarterly Distribution Date",
                  "Relevant Calculation Amount", "Relevant Note Trustee",
                  "Relevant Notes", "Relevant Noteholders", "Scheduled Maturity
                  Date", "Security Trust Deed" and "Series Supplement" in this
                  Agreement to the extent that it applies in relation to a
                  Series Trust have the respective meanings given to them in the
                  Confirmations for the Transactions of that Series Trust."

(13)  Further Assurances: Each party will, upon request by the other party (the
      "requesting party") at the expense of the requesting party, perform all
      such acts and execute all such agreements, assurances and other documents
      and instruments as the requesting party reasonably requires (and, in the
      case of Party B, are within the powers granted to Party B under the Master
      Trust Deed) to assure and confirm the rights and powers afforded, created
      or intended to be afforded or created, under or in relation to this
      Agreement and each Transaction or other dealing which occurs under or is
      contemplated by it.

(14)  Procedures for Entering into Transactions

      (a)   With respect to each Transaction entered into pursuant to this
            Agreement and for the purposes of Section 9(e)(ii), Party A will, by
            or promptly after the relevant Trade Date, send Party B, the Standby
            Swap Provider and the Manager a Confirmation substantially in the
            form set out in Annexure 1 (or in such other form as may be agreed
            between Party A, Party B, the Standby Swap Provider and the
            Manager), and Party B, the Standby Swap Provider and the Manager
            must promptly then confirm the accuracy of and sign and return, or
            request the correction of, such Confirmation; and

      (b)   Party B will enter into each Transaction in its capacity as trustee
            of the Series Trust.

(15)  Authorised Officer: Each party will be entitled to assume, in the absence
      of any knowledge to the contrary, that any Confirmation, notice or other
      written communication, which is issued in respect of this Agreement and
      which is purported to be signed on behalf of another party by a person
      specified in the certificate provided by that other party under Part 3(b),
      is authorised by that other party.

(16)  Recorded Conversations: Each party:

      (a)   consents to the electronic recording of its telephone conversations
            with the other party (or any of its associated persons) with or
            without the use of an automatic tone warning device;

                                                                              19
<PAGE>

      (b)   will provide transcripts of such recordings (if any) upon reasonable
            request by the other party (at the reasonable cost of the party
            requesting); and

      (c)   acknowledges that neither is obligated to maintain copies of such
            recordings and transcripts for the benefit of the other party.

(17)  Replacement Currency Swap Agreement:

      (a)   If any Transaction under this Agreement is terminated prior to the
            day upon which the Relevant Notes are redeemed in full, Party B may,
            at the direction of the Manager, enter into one or more currency
            swaps which replace that Transaction (collectively a "Replacement
            Currency Swap") provided that:

            (i)   the Rating Agencies confirm in writing that the entry into the
                  Replacement Currency Swap by Party B does not result in a
                  reduction, qualification or withdrawal of the credit ratings
                  then assigned by them to the Relevant Notes; and

            (ii)  the liability of Party B under the Replacement Currency Swap
                  is limited to at least the same extent that its liability is
                  limited under that Transaction.

      (b)   If Party B enters into a Replacement Currency Swap pursuant to
            paragraph (a) and a Settlement Amount is payable by Party B to Party
            A upon termination of the Transaction referred to in Part 5(17)(a),
            Party B must direct the Replacement Currency Swap provider to pay
            any upfront premium to enter into the Replacement Currency Swap due
            to Party B directly to Party A in satisfaction of and to the extent
            of Party B's obligation to pay the Settlement Amount to Party A, and
            to the extent such premium is not greater than or equal to the
            Settlement Amount, the balance may be satisfied by Party B as an
            Expense.

      (c)   If Party B enters into a Replacement Currency Swap pursuant to
            paragraph (a) and a Settlement Amount is payable by Party A to Party
            B upon termination of the Transaction referred to in Part 5(17)(a),
            Party B may direct Party A to pay that amount to the Replacement
            Currency Swap provider in satisfaction of or towards and to the
            extent of Party B's obligation (if any) to pay an upfront premium to
            the Replacement Currency Swap provider to enter into the Replacement
            Currency Swap.

      (d)   The obligations of Party B (and the rights of Party A) under this
            Part 5(17) will survive the termination of this Agreement.

(18)  Knowledge or Awareness: Subject to Section 12(a), each party will only be
      considered to have knowledge or awareness of, or notice of, a thing or
      grounds to believe anything by virtue of the officers of that party or any
      Related Body Corporate of that party which have the day to day
      responsibility for the administration or management of that party's (or a
      Related Body Corporate of that party's) obligations in relation to the
      Series Trust or the Transactions entered into under this Agreement having
      actual knowledge, actual awareness or actual notice of that thing, or
      grounds or reason to believe that thing (and similar references will be
      interpreted in this way).

(19)  Restrictions on Party B's Rights: Party B must at all times act in
      accordance with the instructions of the Manager in relation to this
      Agreement.

(20)  Amendment to this Agreement: None of Party A, Party B, the Standby Swap
      Provider or the Manager may amend this Agreement unless the Rating
      Agencies have confirmed in writing

                                                                              20
<PAGE>

      that the proposed amendment will not result in a reduction, qualification
      or withdrawal of the credit ratings then assigned by them to the Relevant
      Notes.

(21)  Appointment of Manager: Party B hereby exclusively appoints the Manager as
      its attorney to act on Party B's behalf and exercise all rights and powers
      of Party B with respect to this Agreement. Without limiting the generality
      of the foregoing, the Manager may issue and receive on behalf of Party B
      all notices, certificates and other communications to or by Party A under
      this Agreement until such time as Party B serves written notice on Party A
      of the revocation of the Manager's authority to act on behalf of Party B
      in accordance with this Part 5(21) of the Schedule.

(22)  Ratings Downgrade:

      (a)   (Downgrade): If, as a result of the reduction or withdrawal of the
            credit rating of Party A or the Standby Swap Provider a Joint Rating
            is less than the relevant Prescribed Rating, Party A must by the
            expiry of the Prescribed Rating Period in relation to the credit
            ratings assigned by the Rating Agencies to Party A and the Standby
            Swap Provider at that time (or such greater period as is agreed to
            in writing by each relevant Rating Agency), at its cost alone and at
            its election:

            (i)   provided that the short term Joint Rating by S&P is greater
                  than or equal to A-1 or the long term Joint Rating by S&P is
                  greater than or equal to A- and the long term Joint Rating by
                  Fitch is greater than or equal to A-, lodge collateral in
                  accordance with the Credit Support Annex in an amount equal to
                  the Collateral Amount as defined in Part 5 (22)(b); or

            (ii)  enter into, and procure that the Standby Swap Provider enters
                  into, an agreement novating Party A's and/or the Standby Swap
                  Providers' rights and obligations under this Agreement and
                  each Transaction to a replacement counterparty acceptable to
                  the Manager and the Standby Swap Provider and which the Rating
                  Agencies confirm in writing will not result in a reduction,
                  qualification or withdrawal of the credit ratings then
                  assigned by them to the Relevant Notes; or

            (iii) enter into, or procure that the Standby Swap Provider enters
                  into, such other arrangements in respect of each Transaction
                  which the Rating Agencies confirm in writing will not result
                  in a reduction, qualification or withdrawal of the credit
                  ratings then assigned by them to the Relevant Notes.

            Notwithstanding that Party A has elected to satisfy its obligations
            pursuant to this Part 5(22)(a) in a particular manner, it may
            subsequently and from time to time vary the manner in which it
            satisfies its obligations pursuant to this Part 5(22)(a) (but will
            not be entitled to any additional grace period in relation to such a
            variation).

      (b)   (Collateral Amount): For the purpose of this Part 5(22) the
            Collateral Amount will be an amount equal to the greater of the
            following:

            (i)   zero;

            (ii)  CCR; and

            (iii) an amount acceptable to Moody's and Fitch and sufficient to
                  maintain the credit rating assigned to the Relevant Notes by
                  Moody's and Fitch immediately prior to the review of the Joint
                  Rating.

                  Where:

                                                                              21
<PAGE>

      CCR = CR x 1.030

      CR = MTM + VB

      MTM means the aggregate mark-to-market value (whether positive or
      negative) of each Transaction determined in accordance with Part 5(22)(c)
      no earlier than 3 Business Days prior to the date that the Collateral
      Amount is lodged.

      VB means the volatility buffer, being the value calculated by multiplying
      the Relevant Calculation Amount as at the most recent Distribution Date by
      the relevant percentage obtained from the following table:

                                              Where the
                                              period
                                Where the     between the
                                period        date of
                                between the   recalculation Where the
                 Party A's and  date of       and the       period
                 the Standby    recalculation Scheduled     between the
                 Swap           and the       Maturity      date of
                 Provider's     Scheduled     Date is       recalculation
                 jointly        Maturity      greater than  and the
                 supported      Date is less  5 years and   Scheduled
                 long term      than or       less than or  Maturity Date
                 credit rating  equal to 5    equal to 10   is greater
                 by S&P         years         years         than 10 years
                 ----------------------------------------------------------
                 A+             1.05          1.75          3.0
                 ----------------------------------------------------------
                 A              1.35          2.45          4.5
                 ----------------------------------------------------------
                 A-             1.5           3.15          6
                 ----------------------------------------------------------

      (c)   (Mark to Market Value): Party A must calculate the mark-to-market
            value of each Transaction by obtaining 2 bids from counterparties
            with the Prescribed Ratings willing to provide each Transaction in
            the absence of Party A. The mark-to-market value may be a positive
            or a negative amount. A bid has a negative value if the payment to
            be made is from the counterparty to Party A and has a positive value
            if the payment to be made is from Party A to the counterparty. The
            mark-to-market value is the higher of the bids (on the basis that
            any bid of a positive value is higher than any bid of a negative
            value).

      (d)   (Recalculation): Party A must recalculate the Collateral Amount
            (including the CCR and the mark-to-market value) on each Valuation
            Date. If:

                  (i)   the Value on such Valuation Date of all Posted Credit
                        Support held by the Secured Party is less than the
                        recalculated Collateral Amount, the difference is the
                        Delivery Amount in relation to that Valuation Date; or

                  (ii)  the Value on such Valuation Date of all Posted Credit
                        Support held by the Secured Party is greater than the
                        recalculated Collateral Amount, the difference is the
                        Return Amount in relation to that Valuation Date.

      (e)   (Definitions): For the purposes of this Part 5(22) "Delivery
            Amount", "Posted Credit Support", "Return Amount", "Secured Party",
            "Value" and "Valuation Date" have the same meaning as in the Credit
            Support Annex.

(23)  Transfer: Notwithstanding the provisions of Section 7, Citibank as Party A
      may transfer all its rights powers and privileges and all its unperformed
      and future obligations under this Agreement and each Transaction to any of
      its Affiliates ("Transferee") by delivering to the Standby Swap Provider,
      Party B and the Manager a notice expressed to be given under this
      provision signed by both Citibank as Party A and the Transferee. Upon
      delivery of those documents to Party B:

      (a)   (Party A's rights terminate): Citibank's rights powers privileges
            and obligations as Party A under this Agreement and each Transaction
            terminate;

      (b)   (Transfer and Assumption): Citibank will be taken to have
            transferred its rights powers and privileges under this Agreement
            and each Transaction to the Transferee

                                                                              22
<PAGE>

            and the Transferee will be taken to have assumed obligations
            equivalent to those Party A had under this Agreement and each
            Transaction;

      (c)   (Release): Party B will be taken to have released Citibank as Party
            A from all its unperformed and future obligations under this
            Agreement and each Transaction; and

      (d)   (Documents): this Agreement and the Confirmation relating to each
            Transaction shall be construed as if the Transferee was a party to
            it in place of Citibank as Party A.

      A Transferee may utilise this provision as Party A. A transfer under this
      Part 5(23) will be of no force or effect until each Rating Agency confirms
      in writing that such transfer will not result in a reduction,
      qualification or withdrawal of the credit ratings then assigned by them to
      the Relevant Notes and until the Standby Swap Provider has given its
      written consent to such a transfer (such consent not to be withheld if the
      Transferee is willing to enter into collateral arrangements between the
      Transferee and the Standby Swap Provider on substantially the same terms
      as have been agreed between Citibank and the Standby Swap Provider in the
      Citibank/CBA ISDA Master Agreement).

(24)  Standby Swap Provider:

      (a)   (Commitment): Notwithstanding any other provision in this Agreement
            to the contrary, if Citibank as Party A fails to:

            (i)   make, when due, any payment required to be made by it to Party
                  B under a Transaction; or

            (ii)  comply with any obligation under Part 5(22) within the
                  required period,

            then:

            (iii) as soon as practicable following such failure but, in relation
                  to a failure to pay under a Transaction, in any event no later
                  than 11.00 am (New York time) on the due date for such payment
                  or, in relation to a failure to comply with an obligation
                  under Part 5(22), no later than the Business Day following the
                  due date for compliance with such obligation, Party B must
                  notify Citibank as Party A and the Standby Swap Provider in
                  writing of such failure and:

                  (A)   the amount of the defaulted payment and the basis of
                        calculation of the defaulted payment; or

                  (B)   details of the failure to comply with the obligation
                        under Part 5(22),

                  as the case may be; and

            (iv)  as soon as reasonably practicable after its receipt of such
                  notice (and in any event, in relation to a failure to pay
                  under a Transaction, no later than 1.30 pm (New York time) on
                  the due date for such payment, and, in relation to a failure
                  to comply with an obligation under Part 5(22), no later than 3
                  Business Days after the failure to comply with such
                  obligation, provided, in each case, that notice has been given
                  by Party B by the required times in accordance with Part
                  5(24)(a)(iii)) the Standby

                                                                              23
<PAGE>

                  Swap Provider must:

                  (A)   in relation to a failure to pay under a Transaction, pay
                        to Party B the amount then owing by Citibank as Party A
                        to Party B under that Transaction by depositing such
                        amount into the Collections Account in cleared funds;
                        and

                  (B)   in relation to a failure to comply with an obligation
                        under Part 5(22), satisfy the obligations of Citibank as
                        Party A under Part 5(22).

(b)   (Reimbursement): If on any day the Standby Swap Provider:

      (i)   makes a payment pursuant to Part 5(24)(a)(iv)(A), Citibank as Party
            A must by 2.00 pm (New York time) on the next following Business Day
            (or such other time as the Standby Swap Provider may agree in
            writing) pay to the Standby Swap Provider an amount equal to that
            payment by depositing such amount into the account which the Standby
            Swap Provider nominates for this purpose in cleared funds; or

      (ii)  satisfies the obligations of Citibank as Party A pursuant to Part
            5(24)(a)(iv)(B), Citibank as Party A must:

            (A)   within 3 Business Days, fulfill its obligations under Part
                  5(22) such that any collateral lodged by the Standby Swap
                  Provider pursuant to Part 5(22)(a)(i) or any other arrangement
                  made by the Standby Swap Provider pursuant to Part
                  5(22)(a)(iii) is returned to the Standby Swap Provider or will
                  cease (but Citibank as Party A will have no obligations to the
                  Standby Swap Provider under this Part 5(24)(b)(ii)(A) in
                  relation to any novation pursuant to Part 5(22)(a)(ii)); and

            (B)   upon demand by the Standby Swap Provider, indemnify the
                  Standby Swap Provider from and against any other cost or
                  liability incurred by the Standby Swap Provider in satisfying
                  those obligations.

(c)   (Novation): If:

      (i)   Citibank as Party A defaults in its payment obligations under Part
            5(24)(b)(i) or (b)(ii)(B) for reasons other than solely a technical,
            computer or similar error outside the control of Party A and such
            default is not remedied on or before one Business Day after such
            failure; or

      (ii)  Citibank as Party A fails to fulfill its obligations under Part
            5(24)(b)(ii)(A), then:

      (iii) Citibank's rights, powers, privileges and obligations as Party A
            under this Agreement and each Transaction terminate other than its
            rights, powers, privileges and obligations pursuant to Part 5(24)(d)
            and Paragraph 13(m)(vii) of the Credit Support Annex;

      (iv)  subject to Part 5(24)(c)(vi), Citibank will be taken to have
            transferred its rights powers and privileges as Party A under this
            Agreement and each Transaction to the Standby Swap Provider and the
            Standby Swap Provider will be taken to have assumed obligations
            equivalent to those that Citibank as Party A had under this
            Agreement and each Transaction;

                                                                              24
<PAGE>

      (v)   Party B and the Standby Swap Provider will be taken to have released
            Citibank as Party A from all its unperformed and future obligations
            under this Agreement and each Transaction other than its present and
            future obligations pursuant to Part 5(24)(d);

      (vi)  this Agreement and the Confirmation relating to each Transaction
            shall be construed as if the Standby Swap Provider was a party to it
            in place of Party A except that:

            (A)   references to "Citibank as Party A" will not apply to the
                  Standby Swap Provider as Party A;

            (B)   references to any jointly supported credit rating of Party A
                  and the Standby Swap Provider will be deemed to be references
                  to the relevant credit rating of the Standby Swap Provider;

            (C)   without limiting Part 5(24)(c)(vi)(A), this Part 5(24) and
                  Paragraph 13(m)(vii) of the Credit Support Annex will not
                  apply to the Standby Swap Provider as Party A;

            (D)   the Standby Swap Provider must (if it has not already done so)
                  satisfy the obligations of Party A under Part 5(22)(a) within
                  10 Business Days of the Novation Date on the basis that any
                  collateral lodged by Citibank as Party A or any other
                  arrangements made by Citibank as Party A pursuant to Part
                  5(22)(a)(iii) will be returned to Citibank as Party A or will
                  cease (but such collateral will only be returned and such
                  arrangements will only cease upon compliance by the Standby
                  Swap Provider with its obligations under this Part
                  5(24)(c)(vi)(D) and otherwise, where applicable, in accordance
                  with Paragraph 13(m)(vii) of the Credit Support Annex or the
                  terms of such arrangements).

(d)   (Termination Payment): Following novation under Part 5(24)(c) Citibank as
      Party A must pay the Standby Swap Provider or the Standby Swap Provider
      must pay Citibank as Party A an amount (the "Novation Settlement Amount")
      being:

            (i)   in the case of payment by Citibank as Party A to the Standby
                  Swap Provider, an amount equal to the amount (if any) that
                  would be payable by Party A to Party B; and

            (ii)  in the case of payment by the Standby Swap Provider to
                  Citibank as Party A, an amount equal to the amount (if any)
                  that would be payable by Party B to Party A,

            if each Transaction had been terminated, calculated and payable in
            accordance with Sections 6(d) and (e) on the basis that:

            (i)   the Novation Date is the Early Termination Date and the
                  Novation Settlement Amount is due and payable on the day that
                  notice of the amount payable is effective;

            (ii)  the Early Termination Date has resulted from an Event of
                  Default in respect of which Party A is the Defaulting Party;

            (iii) all calculations and determinations which would have been done
                  by

                                                                              25
<PAGE>

                  Party B are done by the Standby Swap Provider and all
                  calculations and determinations that would have been done by
                  Party A are done by Citibank;

            (iv)  a reference to Unpaid Amounts owing to Party B is a reference
                  to such amounts payable by Party A to the Standby Swap
                  Provider pursuant to Part 5(24)(b) and (e) and there are no
                  Unpaid Amounts owing to Party A;

            (v)   without limiting the foregoing, for the purposes of the
                  definition of "Market Quotation" in Section 14 each Reference
                  Market-maker would be required, upon entering into a
                  Replacement Transaction, to fulfill the obligations of Party A
                  under Part 5(22)(a) and to comply with Section 2(d) as amended
                  by Part (5)(1)(e); and

            (vi)  the Termination Currency is U.S. Dollars.

      (e)   (Default Interest): If Citibank as Party A defaults in the
            performance of any payment obligations under Part 5(24)(b) or Part
            5(24)(d), it must pay interest (before as well as after judgment) on
            the overdue amount to the Standby Swap Provider on demand in the
            same currency as such overdue amount, for the period from (and
            including) the original due date for payment to (but excluding) the
            date of actual payment, at the Default Rate. Such interest will be
            calculated on the basis of daily compounding and the actual number
            of days elapsed.

      (f)   (Irrevocable Notice): If the Standby Swap Provider satisfies the
            obligations of Citibank as Party A under Part 5(24)(a)(iv)(B) by
            lodging collateral on behalf of Citibank as Party A pursuant to Part
            5(22)(a), Citibank as Party A must promptly provide an irrevocable
            notice to Party B (copied to the Standby Swap Provider) directing
            Party B that any such collateral, and any Distribution or Interest
            Amount (as those terms are defined in the Credit Support Annex) with
            respect to such collateral, is to be returned or paid to the Standby
            Swap Provider and not to Citibank as Party A.

(25)  Inconvertibility: If prior to the Novation Date an Inconvertibility Event
      occurs the Standby Swap Provider's rights, powers, privileges and
      obligations under this Agreement and each Transaction will terminate upon
      the Standby Swap Provider delivering a notice expressed to be given under
      this provision to Party A, Party B and the Manager and Party B will be
      taken to have released the Standby Swap Provider from all its unperformed
      and future obligations under this Agreement and each Transaction.
      Following the delivery of such a notice in accordance with this Part
      5(25), references to any jointly supported credit rating of Party A and
      the Standby Swap Provider will be deemed to references to the relevant
      credit rating of Party A.

                                                                              26
<PAGE>

Annexure 1

                   FORM OF CONFIRMATION [NAME OF SERIES TRUST]

                             [Letterhead of Party A]

[DATE]

To: Perpetual Trustee Company Limited    Securitisation Advisory Services
    as trustee of the Series Trust       Pty. Limited
    Level 3                              Level 8
    39 Hunter Street                     48 Martin Place
    Sydney  NSW  2000                    Sydney  NSW  2000
    AUSTRALIA                            AUSTRALIA

    Attention: Manager, Securitisation   Attention: Manager, Securitisation
               Services

    Commonwealth Bank of Australia
    Level 8
    48 Martin Place
    Sydney  NSW  2000
    AUSTRALIA

    Attention:   Manager, Securitisation

CONFIRMATION - MEDALLION TRUST SERIES 2001-1G

The purpose of this letter is to confirm the terms and conditions of the
Transaction entered into between us on the terms specified below (the
"Transaction"). This letter constitutes a "Confirmation" as referred to in the
Master Agreement specified below.

This Confirmation is entered into by Perpetual Trustee Company Limited, ABN 42
000 001 007 as trustee of the Series 2001-1G ] Medallion Trust (the "Series
Trust").

This Confirmation supplements, forms part of, and is subject to, the 1992 ISDA
Master Agreement dated as of [      ] 2001, as amended, novated or supplemented
from time to time (the "Agreement"), between Citibank N.A.("Party A"), Perpetual
Trustee Company Limited, ABN 42 000 001 007 as trustee of, inter alia, the
Series Trust ("Party B"), Securitisation Advisory Services Pty. Limited, ABN 88
064 133 946 (the "Manager") and Commonwealth Bank of Australia, ABN 48 123 123
124 (the "Standby Swap Provider"). All provisions contained in the Agreement
govern this Confirmation except as expressly modified below.

This Confirmation incorporates the attached Definitions Schedule which forms
part of, and is subject to, this Confirmation.

The terms of the particular Transaction to which this Confirmation relates are
specified below:

<TABLE>
<CAPTION>

<S>   <C>                                  <C>
1.    Our Reference:                       [            ]
2.    Trade Date:                          [            ]
                                           Issue Date in respect of the Relevant Notes

3.    Effective Date:                      The earlier of:

                                           (a)   the date that the Relevant Notes
                                                 have been redeemed in full in
                                                 accordance with the Note

                                                 Conditions; and

                                           (b)   the Scheduled Maturity Date.

4.    Termination Date:

5.    Floating Amounts

</TABLE>

                                                                              27
<PAGE>

<TABLE>
<CAPTION>

<S>   <C>                                  <C>
5.1   Floating Amounts Payable by
      Party A (subject to Paragraph 9
      of this Confirmation):

      Floating Rate Payer:                 Party A

      Calculation Amount:                  For each Floating Rate Payer Payment
                                           Date, one half of the aggregate Invested
                                           Amount of the Relevant Notes as at the
                                           first day of the Calculation Period
                                           ending on but excluding that Floating
                                           Rate Payer Payment Date

      Floating Rate Payer Payment Dates:   Each Quarterly Distribution Date during
                                           the period commencing on and including
                                           [     ] and ending on and including the
                                           Termination Date, subject to adjustment
                                           in accordance with the Following Business
                                           Day Convention

      Floating Rate Option:                USD-LIBOR-BBA (except that references to
                                           "London Banking Days" in section
                                           7.1(ag)(ii) and (iv) of the 1998
                                           Supplement to the 1991 ISDA Definitions
                                           will be replaced with references to
                                           "Banking Days" as that expression is
                                           defined in the Note Conditions)

      Designated Maturity:                 Three months (except that Linear
                                           Interpolation using  three and  four
                                           months will apply in respect of the
                                           first Calculation Period)

      Spread:                              In respect of:

                                           (a)    Floating Rate Payer Payment Dates
                                                  on or prior to [               ]
                                                  (or if that day is not a Business
                                                  Day, the next following Business
                                                  Day), [                  ]; and
                                           (b)    Floating Rate Payer Payment Dates
                                                  after [               ] (or if
                                                  that day is not a Business Day,
                                                  the next following Business Day),[    ].

      Floating Rate Day Count Fraction:    Actual/360

      Reset Dates:                         The first day of each Calculation Period

      Compounding:                         Inapplicable

      Class A-1 Unpaid Coupon              On each Floating Rate Payer Payment Date,
                                           Party A will pay to Party B an amount
                                           calculated as follows:
                                                         LIBOR
                                           $USUC=$AUC<-->-----<-->$US EXCHANGE RATE
                                                         BBSW
                                           where:

                                           $US UC = the amount to be paid by Party A;

                                           $AUC =     the A$ Class A-1 Unpaid
                                                      Interest
</TABLE>

                                                                              28
<PAGE>

<TABLE>
<CAPTION>
<S>   <C>                                  <C>
                                                      Payment in relation
                                                      to the Quarterly Distribution
                                                      Date which is the same day as
                                                      that Floating Rate Payer
                                                      Payment Date;

                                           LIBOR =    the Floating Rate Option
                                                      under this paragraph 5.1 in
                                                      respect of the Reset Date
                                                      which is the same day as that
                                                      Floating Rate Payer Payment
                                                      Date;

                                           BBSW =     the Floating Rate Option
                                                      under paragraph 5.2 in
                                                      respect of the Reset Date
                                                      which is the same day as that
                                                      Floating Rate Payer
                                                      Payment Date.
5.2   Floating Amounts Payable by Party
      B (subject to paragraph 9 of this
      Confirmation):

      Floating Rate Payer:                 Party B

      Calculation Amount:                  For each Floating Rate Payer Payment
                                           Date, the A$ Equivalent of one half of
                                           the aggregate Invested Amount of the
                                           Relevant Notes as at the first day of the
                                           Calculation Period ending on but
                                           excluding that Floating Rate Payer
                                           Payment Date

      Floating Rate Payer Payment
      Dates:                               Each Quarterly Distribution Date during
                                           the period commencing on and including
                                           the Effective Date and ending on and
                                           including the Termination Date, subject
                                           to adjustment in accordance with the
                                           Following Business Day Convention

      Floating Rate Option:                AUD-BBR-BBSW

      Designated Maturity:                 three months (except that Linear
                                           Interpolation usingthree andfour months
                                           will apply in respect of the first
                                           Calculation Period)

      Spread:                              In respect of:

                                           (a)    Floating Rate Payer Payment Dates
                                                  on or prior to [           ] (or
                                                  if that day is not a Business
                                                  Day, the next following Business
                                                  Day), [           ]; and

                                           (b)    Floating Rate Payer Payment Dates
                                                  after [                  ] (or if
                                                  that day is not a Business Day,
                                                  the next following Business Day),
                                                  [         ].

   Floating Rate Day Count
      Fraction:                            Actual/365 (Fixed)

      Reset Dates:                         The first day of each Calculation Period

      Compounding:                         Inapplicable

      A$ Class A-1 Unpaid Interest
      Amount:                              On each Floating Rate Payer Payment Date
                                           Party B will pay to Party A the A$ Class
                                           A-1 Unpaid Interest Payment in relation
                                           to the Quarterly Distribution Date which
                                           is the same day as that Floating Rate
                                           Payer

                                           Payment Date.

6.    Exchanges

6.1   Initial Exchange:

      Initial Exchange Date:               Issue Date

      Party A Initial Exchange Amount:     The A$ Equivalent of the Party B Initial
                                           Exchange Amount, being A$[          ]
      Party B Initial Exchange
      Amount:                              One half of the Initial Invested Amount
                                           of the Relevant Notes on the Issue Date,
                                           being US$[    ]

                                           Notwithstanding Section 2(a)(ii)
                                           of the Agreement, Party A must
                                           pay the Party A Initial Exchange Amount
                                           to Party B by 4.00pm (Sydney time) on the
                                           Initial Exchange Date and Party B must
                                           pay Party A the Party B Initial Exchange
                                           Amount by 4.00pm (New York time) on
                                           the Initial Exchange Date.

6.2   Instalment Exchange:

      Instalment Exchange Date:            Each Distribution Date (other than the
                                           Final Exchange Date)

      Party A Instalment Exchange
      Amount:                              In respect of an Instalment Exchange
                                            Date means the US$ Equivalent of one
                                           half of the A$ Class A-1 Principal
                                           Amount in relation to the Quarterly
                                           Distribution Date occurring on that
                                           Instalment Exchange Date

      Party B Instalment Exchange
      Amount:                              In respect of an Instalment Exchange Date
                                           means one half of the A$ Class A-1
                                           Principal Amount in relation to the
                                           Quarterly Distribution Date occurring on
                                           that Instalment Exchange Date

6.3   Final Exchange:

      Final Exchange Date:                 Termination Date

      Party A Final Exchange Amount:       The US$ Equivalent of one half of the A$
                                           Class A-1 Principal Amount in relation to
                                           the Quarterly Distribution Date which
                                           is the Final Exchange Date

      Party B Final Exchange Amount:       One half of the A$ Class A-1 Principal
                                           Amount in relation to the Quarterly
                                           Distribution Date which is the Final
                                           Exchange Date

7.    Exchange Rates:

      For the purpose of the definitions of
      "A$ Equivalent" and "US$
      Equivalent":

     US$ Exchange Rate:                    [             ]

     A$ Exchange Rate:                     [             ]

8.    Account Details:
</TABLE>

                                                                              29
<PAGE>

<TABLE>
<CAPTION>
<S>   <C>                                  <C>
8.1   Payments to Party A

      Account for payments in US$:         The account notified in writing by Part
                                           A to Party B in accordance with Part
                                           5(3)(ii) of the Schedule to the Agreement

      Account for payments in A$:          The account notified in writing by Party
                                           A to Party B in accordance with Part
                                           5(3)(i) of the Schedule to the Agreement

8.2   Payments to Party B

      Account for payments in US$:         The account notified in writing by the
                                           Principal Paying Agent to Party A in
                                           accordance with Part 5(2)(ii) of the
                                           Schedule to the Agreement

      Account for payments in A$:          The account notified in writing by Party
                                           B to Party A in accordance with Part
                                           5(2)(i) of the Schedule to the Agreement

9.    Notifications to Party A             On or before the Determination Time in
                                           respect of each Distribution Date the
                                           Manager must notify Party A and the
                                           Standby Swap Provider in writing of:

                                           (a)   the A$ Class A-1 Principal Amount
                                                 which the Manager has directed
                                                 Party B to pay to Party A on that
                                                 Quarterly Distribution Date
                                                 pursuant to clause 10.5(b)(i)A of
                                                 the Series Supplement;

                                           (b)   the A$ Class A-1 Interest Payment
                                                 in relation to that Quarterly
                                                 Distribution Date;

                                           (c)   the amounts (if any) allocated to
                                                 the Class A-1 Notes in respect of
                                                 any Principal Charge-off or
                                                 Principal Charge-off Reimbursement
                                                 on the immediately preceding
                                                 Determination Date in accordance
                                                 with Conditions 7.9 and 7.10 of
                                                 the Note Conditions; and

                                           (d)   the A$ Class A-1 Unpaid Interest
                                                 Payment (if any) in relation to
                                                 that Quarterly Distribution Date.

10.   Offices:                             The Office of Citibank as Party A for
                                           each Transaction is New York.

                                           The Office of CBA (on and from the
                                           Novation Date) as Party A is Sydney.

                                           The Office of Party B for each
                                           Transaction is Sydney.
</TABLE>

Please confirm that the above correctly sets out the terms of our agreement in
respect of each Transaction to which this Confirmation relates by signing and
returning this Confirmation to us by facsimile today.

Executed documents will follow by mail.

Yours sincerely

                                                                              30
<PAGE>

Confirmed as at the date first written above:

SIGNED for and on behalf of
 CITIBANK N.A., NEW YORK BRANCH

By:

        (Authorised Officer )

Name:

Title:

Confirmed as at the date first        Confirmed as at the date first written
written above:                        above:

SIGNED for and on behalf of           SIGNED for and on behalf of
PERPETUAL TRUSTEE COMPANY LIMITED,    SECURITISATION ADVISORY SERVICES PTY.
ABN 42 000 001 007                    LIMITED, ABN 88 064 133 946
as trustee of the Series 2000-2G
Medallion Trust

By:                                   By:
    ------------------------------        ------------------------------
   (Authorised Officer)                  (Authorised Officer)

Name:                                 Name:
     ------------------------------        -------------------------

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

SIGNED for and on behalf of
COMMONWEALTH BANK OF AUSTRALIA,
ABN 48 123 123 124

By:
     ------------------------------
    (Authorised Officer)

Name:
     ------------------------------

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

                                                                              31
<PAGE>

                              Definitions Schedule

In this Confirmation and in the Agreement to the extent that it relates to the
Series Trust, unless the context otherwise requires:

"A$ Class A-1 Unpaid Interest Payment" means in relation to a Quarterly
Distribution Date the amount available to be allocated towards payment to Party
A in respect of A$ Class A-1 Unpaid Interest Amounts on that Quarterly
Distribution Date in accordance with clause 10.2B(k)(i) of the Series Supplement
determined on the basis that all amounts allocated towards payment of A$ Class
A-1 Interest Amounts and A$ Class A-1 Unpaid Interest Amounts pursuant to clause
10.2B(k)(i) of the Series Supplement are allocated first towards payment of A$
Class A-1 Interest Amounts and then, once the A$ Class A-1 Interest Amounts are
paid in full, towards payment of A$ Class A-1 Unpaid Interest Amounts.

"Class A-1 Note Trust Deed" means the Class A-1 Note Trust Deed dated on or
about the date of this Confirmation between Party B, the Manager and the
Relevant Note Trustee.

"Determination Time" in relation to a Quarterly Distribution Date means on or
about 11.00am Sydney time 1 Business Day prior to that Quarterly Distribution
Date.

"Quarterly Distribution Date" and " Monthly Distribution Date" each have the
same meaning as in the Series Supplement.

"Note Conditions" means the terms and conditions of the Relevant Notes annexed
to the Relevant Notes.

"Relevant Calculation Amount" means the Calculation Amount referred to in
paragraph 5.1 of this Confirmation.

"Relevant Notes" means the Class A-1 Notes issued by the Trustee under the Class
A-1 Note Trust Deed.

"Relevant Noteholders" means the Class A-1 Noteholders as that term is defined
in the Class A-1 Note Trust Deed.

"Relevant Note Trustee" means The Bank of New York, New York Branch or, if the
Bank of New York is removed or retires as the trustee for the Class A-1
Noteholders, any person appointed from time to time in its place in accordance
with the Class A-1 Note Trust Deed.

"Scheduled Maturity Date" has the same meaning as in the Series Supplement.

"Security Trust Deed" means the Security Trust Deed dated on or about the date
of this Confirmation between Party B, the Manager, the Relevant Note Trustee and
P.T. Limited, ABN 67 004 454 666.

"Series Supplement" means the Series Supplement dated on or about the date of
this Confirmation between CBA, Party B and the Manager.

Terms defined in the Note Conditions have the same meaning in this Confirmation
unless otherwise defined in this Confirmation.Paragraph 13 to New York Law
Credit Support Annex

(13)  Elections and Variables

      (a)   Security Interest for "Obligations"

            The term "Obligations" as used in this Annex includes the additional
            obligations

                                                                              32
<PAGE>

            referred to in Paragraph 13(m)(vii)(B).

            "Base Currency" means US$.

            "Eligible Currency" means the Base Currency and any other currency
            agreed from time to time between Party A, Party B, the Standby Swap
            Provider and each Rating Agency.

      (b)   Credit Support Obligations

            (i)   Delivery Amount and Return Amount

                  "Delivery Amount" for a Valuation Date means the amount of
                  collateral calculated in accordance with Part 5(22)(d)(i) for
                  that Valuation Date.

                  "Return Amount" for a Valuation Date means the amount of
                  collateral calculated in accordance with Part 5(22)(d)(ii) for
                  that Valuation Date.

            (ii)  Eligible Collateral. The following items will qualify as
                  "Eligible Collateral" for Party A provided that the items
                  specified in paragraphs (E), (F), (G) and (H) will only
                  qualify as "Eligible Collateral" of Party A upon receipt by
                  Party B and the Standby Swap Provider of an opinion as to the
                  perfection of the Secured Party's security interest in such
                  items in form and substance (and issued by legal counsel)
                  satisfactory to Party B and the Standby Swap Provider:

<TABLE>
<CAPTION>
                                                                                   Valuation
                                                                                  Percentage
                  <S>                                                                  <C>
                  (A)   negotiable debt obligations issued by the U.S. Treasury        98%
                        Department having a remaining maturity of not more than
                        one year

                  (B)   negotiable debt obligations issued by the U.S. Treasury        95%
                        Department having a remaining maturity of more than one
                        year but not more than five years

                  (C)   negotiable debt obligations issued by the U.S. Treasury        93%
                        Department having a remaining maturity of more than
                        five years but not more than ten years

                  (D)   negotiable debt obligations issued by the U.S. Treasury        90%
                        Department having a remaining maturity of more than ten
                        years

                  (E)   Agency Securities having a remaining maturity of not           97%
                        more than one year

                  (F)   Agency Securities having a remaining maturity of more          94%
                        than one year but not more than five years

                  (G)   Agency Securities having a remaining maturity of more          92%
                        than five years but not more than ten years

                  (H)   Agency Securities having a remaining maturity of more          89%
                        than ten years.

                  (I)   cash in an Eligible Currency.                                 100%

                  (J)   other Eligible Credit Support and Valuation Percentage
                        agreed by the parties and acceptable to
</TABLE>

                                                                              33
<PAGE>

                        each Rating Agency

                  Notwithstanding the foregoing to the contrary, the Valuation
                  Percentage with respect to all Eligible Credit Support shall
                  be deemed to be 100% with respect to a Valuation Date which is
                  an Early Termination Date.

                  "Agency Securities" means negotiable debt obligations which
                  are fully guaranteed as to both principal and interest by the
                  Federal National Mortgage Association, the Government National
                  Mortgage Corporation or the Federal Home Loan Mortgage
                  Corporation and which have been assigned a short term credit
                  rating of A-1+ by S&P, but exclude: (i) interest only and
                  principal only securities; and (ii) collateralized mortgage
                  obligations, real estate mortgage investment conduits and
                  similar derivative securities.

            (iii) Other Eligible Support

                  Not applicable.

            (iv)  Thresholds

                  (A)   "Minimum Transfer Amount" means with respect to both
                        Party A and Party B: US$100,000.

                  (B)   Rounding. The Delivery Amount and the Return Amount will
                        be rounded to the nearest integral multiple of
                        US$10,000.

      (c)   Valuation and Timing

            (i)   "Valuation Agent" means Party A.

            (ii)  "Valuation Date" means the last Business Day of each week and,
                  at the option of either Party A or the Standby Swap Provider,
                  any Business Day between Valuation Dates.

            (iii) "Valuation Time" means the close of business on the Business
                  Day before the Valuation Date; provided that the calculations
                  of Value and Exposure will be made as of approximately the
                  same time on the same date.

            (iv)  "Notification Time" means 11:00 am New York time on the second
                  Business Day after the Valuation Date.

      (d)   Conditions Precedent and Secured Party's Rights and Remedies

            There are no "Specified Conditions" applicable to Party A. The
            following is a Specified Condition with respect to Party B:

            "If an Early Termination Date has been designated in respect of each
            Transaction provided that if an amount is due by Party A to Party B
            in respect of that Early Termination Date pursuant to Section 6,
            that amount has been paid in full."

      (e)   Substitution

            (i)   "Substitution Date" has the meaning specified in paragraph
                  4(d)(ii).

                                                                              34
<PAGE>

            (ii)  Consent. The Pledgor must obtain the Secured Party's consent
                  for any substitution pursuant to paragraph 4(d). However such
                  consent is not to be unreasonably withheld and the parties
                  agree that not wanting to accept a particular type of
                  Substitute Credit Support is not in itself a reasonable basis
                  for withholding consent if the Substitute Credit Support is
                  Eligible Collateral. The consent may be provided in a manner
                  described in Section 12 or otherwise, including orally.

      (f)   Dispute Resolution

            (i)   "Resolution Time"" means 11:00 am New York time.

            (ii)  "Value". Not applicable.

            (iii) "Alternative". The provisions of Paragraph 5 will apply.

      (g)   Holding and Using Posted Collateral

            (i)   Eligibility to Hold Posted Collateral; Custodians.

                  Party A: Not Applicable.

                  Party B is not entitled to hold Posted Collateral. It must
                  appoint a Custodian to hold Posted Collateral on its behalf
                  pursuant to paragraph 6(b). Party B may only appoint a
                  Custodian to hold Posted Collateral on its behalf if the
                  following conditions are satisfied:

                  (A)   Party B is not a Defaulting Party;

                  (B)   Party B's Custodian will always be the Principal Paying
                        Agent, unless that party is Party A; and

                  (C)   if the Principal Paying Agent is Party A, then Party B
                        must appoint a Custodian which is a Bank (as defined in
                        the Federal Deposit Insurance Act, as amended) outside
                        Australia, whose rating (with respect to its long term
                        unsecured, unsubordinated indebtedness) is at all times
                        at least Aa2 by Moody's and its short term debt rating
                        is A-1+/F-1+ (S&P/Fitch), and Party B must notify Party
                        A in writing of this appointment and of the relevant
                        account for Paragraph 13(l).

                  (D)   Posted Collateral may only be held in one or more
                        accounts in the name of Party B in the United States and
                        any account established by Party B's Custodian to hold
                        Posted Collateral shall be established and maintained
                        for the sole purpose of receiving deliveries of and
                        holding Posted Collateral.

            (ii)  Use of Posted Collateral. The provisions of paragraph 6(c)
                  will not apply to Party B and its Custodian. Party B's
                  Custodian will permit Party B to secure Party B's obligations
                  under the Relevant Notes by granting to the Security Trustee
                  the charge under the Security Trust Deed over Party B's rights
                  in relation to the Posted Collateral, but subject to Paragraph
                  13(m)(vi) of this Annex.

      (h)   Distributions and Interest Amount

                                                                              35
<PAGE>

            (i)   Interest Rate. The "Interest Rate", in respect of Posted
                  Collateral which is denominated in US$, for any day means the
                  Federal Funds Overnight Rate. For the purposes hereof,
                  "Federal Funds Overnight Rate" means, for any day, an interest
                  rate per annum equal to the rate published as the Federal
                  Funds Effective Rate that appears on Telerate Page 118 for
                  such day. The "Interest Rate" in respect of Posted Collateral
                  denominated in any other Eligible Currency means the rate as
                  agreed between the parties.

            (ii)  Transfer of Interest Amount. The Transfer of Interest Amount
                  will be made monthly on the second Business Day of each
                  calendar month.

            (iii) Alternative to Interest Amount. The provisions of Paragraph
                  6(d)(ii) will apply.

      (i)   Additional Representation(s)

            None.

      (j)   Other Eligible Support and Other Posted Support

            "Value" and "Transfer" with respect to Other Eligible Support and
            Other Posted Support means: not applicable.

      (k)   Demands and Notices

            All demands, specifications and notices under this Annex will be
            made pursuant to the Section 12 of this Agreement; provided, that
            any such demand, specification or notice may be made by telephone
            ("Telephone Notice") between duly authorised employees of each party
            if such Telephone Notice is confirmed by a subsequent written
            instruction (which may be delivered via facsimile) by the close of
            business of the same day that such Telephone Notice is given.

      (l)   Addresses for Transfers

            Party A: Party A to specify account for returns of collateral.

            Party B: Party B must notify Party A of its Custodian's account.

      (m)   Other Provisions

            (i)   Paragraph 4(b) of the Annex is replaced by the following:

                  "(b)  Transfer Timing. Subject to Paragraph 4(a) and 5 and
                        unless otherwise specified, if a demand for the Transfer
                        of Eligible Credit Support or Posted Credit Support is
                        made by the Notification Time, then the relevant
                        Transfer will be made within three Business Days of
                        receipt of the demand; if a demand is made after the
                        Notification Time, then the relevant Transfer will be
                        made within four Business Days of receipt of the
                        demand."

                                                                              36
<PAGE>

            (ii)  Event of Default

                  Joint Ratings below specified levels

                  Paragraph 7(i) of the Annex is amended, on line 3, by
                  replacing "two Business Days" with "three Business Days".

            (iii) Party B's expenses

                  Subject to Section 15 of the Agreement, Party B agrees to pay
                  Party A's costs and expenses in relation to or caused by any
                  breach by Party B of its obligations under this Annex. Party A
                  acknowledges and agrees that its obligations under this Annex
                  will not be affected by a failure by Party B to comply with
                  its obligations under this paragraph (m)(iii).

            (iv)  Governing Law notwithstanding

                  Notwithstanding that the Agreement is expressed to be governed
                  by the laws of New South Wales, this Annex (but not any other
                  provisions of the Agreement) shall be governed by and
                  construed in accordance with the laws of [the state of New
                  York without giving effect to choice of law doctrine and
                  parties hereto agree that proceedings relating to any dispute
                  arising out of or in connection with this Annex shall be
                  subject to the non-exclusive jurisdiction of the federal or
                  state courts of competent jurisdiction in the Borough of
                  Manhattan in New York City, State of New York].

            (v)   No trial by jury

                  Each party waives, to the fullest extent permitted by
                  applicable law, any right it may have to a trial by jury in
                  respect of any suit, action or proceeding relating to this
                  Annex.

            (vi)  No pooling of Collateral with other Security Trust security

                  Notwithstanding any provision in the Master Trust Deed, Series
                  Supplement or Security Trust Deed, but without prejudice to
                  Party B's rights under Paragraph 8(a) of this Annex, no party
                  shall be entitled to deal with the Posted Collateral in any
                  manner inconsistent with the rights of the Pledgor under
                  Paragraphs 3(d), 4(b) or 8(b)(iii) of this Annex, and each
                  party covenants to the other that it shall not permit any
                  other person to gain any rights in relation to the Posted
                  Collateral that are inconsistent with the rights of the
                  Pledgor.

            (vii) Rights in Relation to Swap Provider's Posted Collateral
                  Following Novation

                  (A)   The Secured Party will hold its security interest in,
                        lien on and right of Set- Off against all Posted
                        Collateral Transferred or received by the Secured Party
                        from Citibank as Party A (or from the Standby Swap
                        Provider on behalf of Citibank as Party A but not from
                        the Standby Swap Provider in its capacity as Party A)
                        hereunder on trust for the benefit of:

                        (1)   the Series Trust as security for the Obligations
                              of Citibank as Party A to the Secured Party as
                              trustee of the Series Trust (other than pursuant
                              to

                                                                              37
<PAGE>

                                    Paragraph 13(m)(vii)(B)); and

                        (2)   the Standby Swap Provider as security for the
                              Obligations of Citibank as Party A to the Standby
                              Swap Provider pursuant to Parts 5(24)(d) and (e)
                              of the Schedule to this Agreement, as that term is
                              defined in Section 16(f)(iii)(A), and all
                              Citibank's present and future obligations to the
                              Standby Swap Provider under Paragraph 13(m)(v) of
                              the credit support annex to the Citibank/CBA ISDA
                              Master Agreement,

                        in accordance with the provisions of this Paragraph
                        13(m)(vii), and Paragraph 2 is varied accordingly.

                  (B)   Citibank as Party A covenants in favour of the Secured
                        Party that it will duly and punctually pay to the
                        Secured Party:

                        (1)   all its Obligations to the Standby Swap Provider
                              pursuant to Parts 5(24)(d) and (e) of the Schedule
                              to this Agreement, as that term is defined in
                              Section 16(f)(iii)(A); and

                        (2)   all its present and future obligations to the
                              Standby Swap Provider under Paragraph 13(m)(v) of
                              the credit support annex to the Citibank/CBA ISDA
                              Master Agreement,

                  as and when the same fall due for payment. Notwithstanding the
                  foregoing, every payment by Citibank as Party A, or the
                  Secured Party in accordance with Paragraph
                  13(m)(vii)(C)(2)(b), to the Standby Swap Provider will operate
                  as a payment by Citibank as Party A to the Secured Party in
                  satisfaction of Citibank's obligations as Party A pursuant to
                  this Paragraph 13(m)(vii)(B). The Secured Party will hold the
                  benefit of its rights under this Paragraph 13(m)(vii)(B) on
                  trust for the Standby Swap Provider in accordance with the
                  provisions of this Paragraph 13(m)(vii).

                  (C)   The Secured Party must deal with all Posted Collateral
                        Transferred or received by the Secured Party from
                        Citibank as Party A (or from the Standby Swap Provider
                        on behalf of Citibank as Party A but not from the
                        Standby Swap Provider in its capacity as Party A)
                        hereunder:

                        (1)   prior to the Novation Date, in accordance with the
                              provisions of this Agreement other than this
                              Paragraph 13(m)(vii);

                        (2)   on or after the Novation Date:

                              (a)   until the date upon which the Standby Swap
                                    Provider has initially fulfilled its
                                    obligations as Party A pursuant to Part
                                    5(22)(a) of the Schedule to this Agreement,
                                    such Posted Collateral must be held by the
                                    Secured Party and not

                                                                              38
<PAGE>

                              Transferred or otherwise applied;

                        (b)   on or after the date upon which the Standby Swap
                              Provider has initially fulfilled its obligations
                              as Party A pursuant to Part 5(22)(a) of the
                              Schedule to this Agreement and until Citibank as
                              Party A has paid in full all of its Obligations to
                              the Standby Swap Provider pursuant to Parts
                              5(24)(d) and (e) of the Schedule to this
                              Agreement, as that term is defined in Section
                              16(f)(iii)(A), and all its present and future
                              obligations to the Standby Swap Provider under
                              Paragraph 13(m)(v) of the credit support annex to
                              the Citibank/CBA ISDA Master Agreement, the
                              Secured Party must, upon the instructions of the
                              Standby Swap Provider, exercise the rights and
                              remedies pursuant to Paragraph 8(a) in respect of
                              such Posted Collateral, and Party A agrees that
                              the Secured Party may exercise such rights and
                              remedies under Paragraph 8(a) to the same extent
                              and with the same effect as if an Event of Default
                              or Specified Condition had occurred with respect
                              to Party A, and apply the proceeds of the exercise
                              of such rights and remedies in satisfaction of
                              Citibank's Obligations as Party A to the Standby
                              Swap Provider pursuant to Parts 5(24)(d) and (e)
                              of the Schedule to this Agreement, as that term is
                              defined in Section 16(f)(iii)(A), as and when
                              these are due and payable and Citibank's present
                              and future obligations to the Standby Swap
                              Provider under Paragraph 13(m)(v) of the credit
                              support annex to the Citibank/CBA ISDA Master
                              Agreement as and when these are due and payable
                              (and to the Secured Party pursuant to Paragraph
                              13(m)(vii)(B)) until all such Obligations have
                              been paid in full; and

                        (c)   on or after the date upon which the Standby Swap
                              Provider has initially fulfilled its obligations
                              as Party A pursuant to Part 5(22)(a) of the
                              Schedule to this Agreement and Citibank as Party A
                              has paid in full all its Obligations to the
                              Standby Swap Provider pursuant to Parts 5(24)(d)
                              and (e) of the Schedule to this Agreement, as that
                              term is defined in Section

                                                                              39
<PAGE>

                              16(f)(iii)(A), and no amounts are or thereafter
                              may become payable in respect to such Obligations
                              and has paid in full all its present and future
                              obligations to the Standby Swap Provider under
                              Paragraph 13(m)(v) of the credit support annex to
                              the Citibank/CBA ISDA Master Agreement (including
                              by virtue of Paragraph 13(m)(vii)(C)(2)(b)) and no
                              amounts are or thereafter may become payable with
                              respect to such obligations, the Secured Party
                              must Transfer to Citibank as Party A all such
                              Posted Collateral and the Interest Amount in
                              relation to such Posted Collateral, if any.

                  (D)   The Standby Swap Provider indemnifies the Secured Party
                        from and against any cost or liability incurred by the
                        Secured Party in complying with the instructions of the
                        Standby Swap Provider pursuant to Paragraph
                        13(m)(vii)(C)(2)(b). The Standby Swap Provider
                        acknowledges and agrees that the Secured Party may not,
                        and is not required, to take any action to exercise its
                        rights and remedies in relation to the Posted Collateral
                        in respect of the Obligations of Citibank as Party A to
                        the Standby Swap Provider except upon the directions of
                        the Standby Swap Provider and in accordance with this
                        Paragraph 13(m)(vii).

                  (E)   Following the Novation Date, the Secured Party must
                        ensure that any Posted Collateral Transferred or
                        received by the Secured Party from Citibank as Party A
                        is held by the Custodian separately from, and is not
                        co-mingled with, Posted Collateral Transferred or
                        received by the Secured Party from the Standby Swap
                        Provider as Party A.

                  (F)   This paragraph 13(m)(vii) applies notwithstanding any
                        other provision of this Agreement.

            (viii) Pledgor and Secured Party

                   In this Annex:

                  (a)   "Pledgor" means only Party A; and

                  (b)   "Secured Party" means only Party B.

            (ix)  Non-Australian Assets

                  CBA must only Transfer Posted Collateral to the Secured Party
                  from its assets held outside Australia.

            (x)   Dispute Resolution

                  Paragraph 5(i) is amended by:

                  (A)   replacing the word "Exposure" with the words "the
                        Delivery Amount or the Return

                                                                              40
<PAGE>

                        Amount, as the case may be" in the first paragraph of
                        Paragraph 5(i);

                  (B)   adding the word "and" at the end of Paragraph 5(i)(A)
                        and deleting Paragraph 5(i)(B).

            (xi)  Specified Condition

                        (A)   In Paragraph 4(a)(ii) the words "or Specified
                              Condition" are deleted.

                        (B)   In Paragraph 8(b) the words "or Specified
                              Condition" are deleted and replaced with the
                              following "with respect to the Secured Party or a
                              Specified Condition has occurred".

            (xii) Return Amounts

                  If under this Agreement, as that term is defined in Section
                  16(f)(iii)(A), a Novation Date has occurred, each Transfer
                  obligation of the Secured Party under Paragraphs 3, 4(d)(ii),
                  5 and 6(d) is subject to the condition precedent that the
                  Standby Swap Provider, in its discretion, has consented to the
                  Transfer unless Citibank as Party A has paid in full all its
                  Obligations to the Standby Swap Provider pursuant to Parts
                  5(24)(d) and (e) of the Schedule to this Agreement, as that
                  term is defined in Section 16(f)(iii)(A), and no amounts are
                  or thereafter may become payable with respect to such
                  Obligations, and has paid in full all its present and future
                  obligations to the Standby Swap Provider under Paragraph
                  13(m)(v) of the credit support annex to the Citibank/CBA ISDA
                  Master Agreement (including by virtue of Paragraph
                  13(m)(vii)(C)(2)(b)), and no amounts are or thereafter may
                  become payable with respect to such obligations.

                                                                              41<PAGE>

                                                                   Exhibit 10.15

                                  EARTHWEB INC.

                            1998 STOCK INCENTIVE PLAN

                    (amended and restated as of May 31, 2000)

1)   Purposes of the Plan. The purposes of this Stock Incentive Plan are to
     attract and retain the best available personnel, to provide additional
     incentive to Employees, Directors and Consultants and to promote the
     success of the Company's business.

2)   Definitions. As used herein, the following definitions shall apply:

     a)  "Administrator" means the Board or any of the Committees appointed to
         administer the Plan.

     b)  "Affiliate" and "Associate" shall have the respective meanings
         ascribed to such terms in Rule 12b-2 promulgated under the Exchange
         Act.

     c)  "Applicable Laws" means the legal requirements relating to the
         administration of stock incentive plans, if any, under applicable
         provisions of federal securities laws, state corporate and securities
         laws, the Code, the rules of any applicable stock exchange or national
         market system, and the rules of any foreign jurisdiction applicable to
         Awards granted to residents therein.

     d)  "Award" means the grant of an Option, SAR, Dividend Equivalent Right,
         Restricted Stock, Performance Unit, Performance Share, or other right
         or benefit under the Plan.

     e)  "Award Agreement" means the written agreement evidencing the grant of
         an Award executed by the Company and the Grantee, including any
         amendments thereto.

     f)  "Board" means the Board of Directors of the Company.

     g)  "Cause" means, with respect to the termination by the Company or a
         Related Entity of the Grantee's Continuous Service, that such
         termination is for "Cause" as such term is expressly defined in a then-
         effective written agreement between the Grantee and the Company or such
         Related Entity, or in the absence of such then-effective written
         agreement and definition, is based on, in the determination of the
         Administrator, the Grantee's: (i) refusal or failure to act in
         accordance with any specific, lawful direction or order of the Company
         or a Related Entity; (ii)  unfitness or unavailability for service or
         unsatisfactory performance (other than as a result of Disability);
         (iii) performance of any act or failure to perform any act in bad
         faith and to the detriment of the Company or a Related Entity; (iv)
         dishonesty, intentional misconduct or material breach of any agreement
         with the Company or a Related Entity; or (v) commission of a crime
         involving dishonesty, breach of trust, or physical or emotional harm
         to any person. At least 30 days prior to the termination of the
         Grantee's Continuous Service pursuant to (i) or (ii) above, the
         Administrator shall provide the Grantee with notice of the Company's or
         such Related Entity's intent to terminate, the reason therefore, and an
         opportunity for the Grantee to cure such defects in his or her service
         to the Company's or
<PAGE>

         such Related Entity's satisfaction. During this 30 day (or longer)
         period, no Award issued to the Grantee under the Plan may be exercised
         or purchased.

     h)  "Change in Control" means a change in ownership or control of the
         Company effected through either of the following transactions:

         i)   the direct or indirect acquisition by any person or related group
              of persons (other than an acquisition from or by the Company or by
              a Company-sponsored employee benefit plan or by a person that
              directly or indirectly controls, is controlled by, or is under
              common control with, the Company) of beneficial ownership (within
              the meaning of Rule 13d-3 of the Exchange Act) of securities
              possessing more than fifty percent (50%) of the total combined
              voting power of the Company's outstanding securities pursuant to a
              tender or exchange offer made directly to the Company's
              stockholders which a majority of the Continuing Directors who are
              not Affiliates or Associates of the offeror do not recommend such
              stockholders accept, or

        ii)   a change in the composition of the Board over a period of
              thirty-six (36) months or less such that a majority of the Board
              members (rounded up to the next whole number) ceases, by reason of
              one or more contested elections for Board membership, to be
              comprised of individuals who are Continuing Directors.

     i) "Code" means the Internal Revenue Code of 1986, as amended.

     j) "Committee" means any committee appointed by the Board to administer the
         Plan.

     k) "Common Stock" means the common stock of the Company.

     l) "Company" means EarthWeb Inc., a Delaware corporation.

     m) "Consultant" means any person (other than an Employee or, solely with
        respect to rendering services in such person's capacity as a Director)
        who is engaged by the Company or any Related Entity to render
        consulting or advisory services to the Company or such Related Entity.

     n) "Continuing Directors" means members of the Board who either (i) have
        been Board members continuously for a period of at least thirty-six
        (36) months or (ii) have been Board members for less than thirty-six
        (36) months and were elected or nominated for election as Board members
        by at least a majority of the Board members described in clause (i) who
        were still in office at the time such election or nomination was
        approved by the Board.

     o) "Continuous Service" means that the provision of services to the Company
        or a Related Entity in any capacity of Employee, Director or Consultant,
        is not interrupted or terminated. Continuous Service shall not be
        considered interrupted in the case of (i) any approved leave of absence,
        (ii) transfers between locations of the Company or among the Company,
        any Related Entity, or any successor, in any capacity of Employee,
        Director or Consultant, or (iii) any change in status as long as the
        individual remains in the service of the Company or a Related Entity in
        any capacity of Employee, Director or Consultant (except as otherwise
        provided in the Award Agreement). An approved leave of absence shall
        include sick leave, military leave, or any other authorized personal
        leave. For purposes of Incentive Stock
<PAGE>

        Options, no such leave may exceed ninety (90) days, unless reemployment
        upon expiration of such leave is guaranteed by statute or contract.

     p) "Corporate Transaction" means any of the following transactions:

        i)    a merger or consolidation in which the Company is not the
              surviving entity, except for a transaction the principal purpose
              of which is to change the state in which the Company is
              incorporated;

       ii)    the sale, transfer or other disposition of all or substantially
              all of the assets of the Company (including the capital stock of
              the Company's subsidiary corporations) in connection with the
              complete liquidation or dissolution of the Company;

      iii)    any reverse merger in which the Company is the surviving entity
              but in which securities possessing more than fifty percent (50%)
              of the total combined voting power of the Company's outstanding
              securities are transferred to a person or persons different from
              those who held such securities immediately prior to such merger;
              or

       iv)    an acquisition by any person or related group of persons (other
              than the Company or by a Company-sponsored employee benefit plan)
              of beneficial ownership (within the meaning of Rule 13d-3 of the
              Exchange Act) of securities possessing more than fifty percent
              (50%) of the total combined voting power of the Company's
              outstanding securities (whether or not in a transaction also
              constituting a Change in Control), but excluding any such
              transaction that the Administrator determines shall not be a
              Corporate Transaction.

     q)  "Covered Employee" means an Employee who is a "covered employee" under
         Section 162(m)(3) of the Code.

     r)  "Director" means a member of the Board or the board of directors of any
         Related Entity.

     s)  "Disability" means that a Grantee is permanently unable to carry out
         the responsibilities and functions of the position held by the Grantee
         by reason of any medically determinable physical or mental impairment.
         A Grantee will not be considered to have incurred a Disability unless
         he or she furnishes proof of such impairment sufficient to satisfy the
         Administrator in its discretion.

     t)  "Dividend Equivalent Right" means a right entitling the Grantee to
         compensation measured by dividends paid with respect to Common Stock.

     u)  "Employee" means any person, including an Officer or Director, who is
         an employee of the Company or any Related Entity. The payment of a
         director's fee by the Company or a Related Entity shall not be
         sufficient to constitute "employment" by the Company.

     v)  "Exchange Act" means the Securities Exchange Act of 1934, as amended.

     w)  "Fair Market Value" means, as of any date, the value of Common Stock
         determined as follows:
<PAGE>

        i)      Where there exists a public market for the Common Stock, the
              Fair Market Value shall be (A) the closing price for a Share or
              the last market trading day prior to the time of the determination
              (or, if no closing price was reported on that date, on the last
              trading date on which a closing price was reported) on the stock
              exchange determined by the Administrator to be the primary market
              for the Common Stock or the Nasdaq National Market, whichever is
              applicable or (B) if the Common Stock is not traded on any such
              exchange or national market system, the average of the closing bid
              and asked prices of a Share on the Nasdaq Small Cap Market for the
              day prior to the time of the determination (or, if no such prices
              were reported on that date, on the last date on which such prices
              were reported), in each case, as reported in The Wall Street
              Journal or such other source as the Administrator deems reliable;
              or

       ii)      In the absence of an established market for the Common Stock of
              the type described in (i), above, the Fair Market Value thereof
              shall be determined by the Administrator in good faith.

     x)       "Grantee" means an Employee, Director or Consultant who receives
              an Award pursuant to an Award Agreement under the Plan.

     y)       "Incentive Stock Option" means an Option intended to qualify as an
              incentive stock option within the meaning of Section 422 of the
              Code.

     z)       "Non-Qualified Stock Option" means an Option not intended to
              qualify as an Incentive Stock Option.

     aa)      "Officer" means a person who is an officer of the Company or a
              Related Entity within the meaning of Section 16 of the Exchange
              Act and the rules and regulations promulgated thereunder.

     bb)      "Option" means an option to purchase Shares pursuant to an Award
              Agreement granted under the Plan.

     cc)      "Parent" means a "parent corporation," whether now or hereafter
              existing, as defined in Section 424(e) of the Code.

     dd)      "Performance--Based Compensation" means compensation qualifying
              as" performance-based compensation" under Section 162(m) of the
              Code.

     ee)      "Performance Shares" means Shares or an Award denominated in
              Shares which may be earned in whole or in part upon attainment of
              performance criteria established by the Administrator.

     ff)      "Performance Units" means an Award which may be earned in whole or
              in part upon attainment of performance criteria established by the
              Administrator and which may be settled for cash, Shares or other
              securities or a combination of cash, Shares or other securities as
              established by the Administrator.

     gg)      "Plan" means this 1998 Stock Incentive Plan.
<PAGE>

     hh)      "Registration Date" means the first to occur of (i) the closing of
              the first sale to the general public of (A) the Common Stock or
              (B) the same class of securities of a successor corporation (or
              its Parent) issued pursuant to a Corporate Transaction in exchange
              for or in substitution of the Common Stock, pursuant to a
              registration statement filed with and declared effective by the
              Securities and Exchange Commission under the Securities Act of
              1933, as amended; and (ii) in the event of a Corporate
              Transaction, the date of the consummation of the Corporate
              Transaction if the same class of securities of the successor
              corporation (or its Parent) issuable in such Corporate Transaction
              shall have been sold to the general public pursuant to a
              registration statement filed with and declared effective by, on or
              prior to the date of consummation of such Corporate Transaction,
              the Securities and Exchange Commission under the Securities Act of
              1933, as amended.

     ii)      "Related Entity" means any Subsidiary and any business,
              corporation, partnership, Limited Liability Company or other
              entity in which the Company or a Subsidiary holds a substantial
              ownership interest, directly or indirectly.

     jj)      "Restricted Stock" means Shares issued under the Plan to the
              Grantee for such consideration, if any, and subject to such
              restrictions on transfer, rights of first refusal, repurchase
              provisions, forfeiture provisions, and other terms and conditions
              as established by the Administrator.

     kk)      "Rule 16b-3" means Rule 16b-3 promulgated under the Exchange Act
              or any successor thereto.

     ll)      "SAR" means a stock appreciation right entitling the Grantee to
              Shares or cash compensation, as established by the Administrator,
              measured by appreciation in the value of Common Stock.

     mm)      "Share" means a share of the Common Stock.

     nn)      "Subsidiary" means a "subsidiary corporation," whether now or
              hereafter existing, as defined in Section 424(f) of the Code.

     oo)      "Related Entity Disposition" means the sale, distribution or other
              disposition by the Company of all or substantially all of the
              Company's interests in any Related Entity effected by a sale,
              merger or consolidation or other transaction involving that
              Related Entity or the sale of all or substantially all of the
              assets of that Related Entity.

3)   Stock Subject to the Plan.

     a)  Subject to the provisions of Section 10, below, the maximum aggregate
         number of Shares which may be issued pursuant to Awards initially shall
         be 3,771,354 Shares, plus an annual increase to be added on the first
         day of the Company's fiscal year beginning in 2001 equal to four
         percent (4%) of the number of Shares outstanding as of such date or a
         lesser number of Shares determined by the Administrator.
         Notwithstanding the foregoing, subject to the provisions of Section 10,
         below, of the number of Shares specified above, the maximum aggregate
         number of Shares available for grant of Incentive Stock Options shall
         be 159,000 Shares, plus an annual increase to be added on the first day
         of the Company's fiscal year
<PAGE>

         beginning in 2000 equal to the lesser of (x) 400,000 Shares, (y) four
         tenths of one percent (.4%) of the number of Shares outstanding as of
         such date, or (z) a lesser number of Shares determined by the
         Administrator. The Shares to be issued pursuant to Awards may be
         authorized, but unissued, or reacquired shares of Common Stock.

     b)  Any Shares covered by an Award (or portion of an Award) which is
         forfeited or canceled, expires or is settled in cash, shall be deemed
         not to have been issued for purposes of determining the maximum
         aggregate number of Shares which may be issued under the Plan. If any
         unissued Shares are retained by the Company upon exercise of an Award
         in order to satisfy the exercise price for such Award or any
         withholding taxes due with respect to such Award, such retained Shares
         subject to such Award shall become available for future issuance under
         the Plan (unless the Plan has terminated). Shares that actually have
         been issued under the Plan pursuant to an Award shall not be returned
         to the Plan and shall not become available for future issuance under
         the Plan, except that if unvested Shares are forfeited, or repurchased
         by the Company at their original purchase price, such Shares shall
         become available for future grant under the Plan.

4)       Administration of the Plan.

     a) Plan Administrator.

        i)      Administration with Respect to Directors and Officers. With
              respect to grants of Awards to Directors or Employees who are also
              Officers or Directors of the Company, the Plan shall be
              administered by (A) the Board or (B) a Committee designated by the
              Board, which Committee shall be constituted in such a manner as to
              satisfy the Applicable Laws and to permit such grants and related
              transactions under the Plan to be exempt from Section 16(b) of the
              Exchange Act in accordance with Rule 16b-3. Once appointed, such
              Committee shall continue to serve in its designated capacity until
              otherwise directed by the Board.

       ii)      Administration With Respect to Consultants and Other Employees.
              With respect to grants of Awards to Employees or Consultants who
              are neither Directors nor Officers of the Company, the Plan shall
              be administered by (A) the Board or (B) a Committee designated by
              the Board, which Committee shall be constituted in such a manner
              as to satisfy the Applicable Laws. Once appointed, such Committee
              shall continue to serve in its designated capacity until otherwise
              directed by the Board. The Board may authorize one or more
              Officers to grant such Awards and may limit such authority as the
              Board determines from time to time.

      iii)      Administration With Respect to Covered Employees.
              Notwithstanding the foregoing, grants of Awards to any Covered
              Employee intended to qualify as Performance-Based Compensation
              shall be made only by a Committee (or subcommittee of a Committee)
              which is comprised solely of two or more Directors eligible to
              serve on a committee making Awards qualifying as Performance-Based
              Compensation. In the case of such Awards granted to Covered
              Employees, references to the "Administrator" or to a Committee"
              shall be deemed to be references to such Committee or
              subcommittee.
<PAGE>

       iv)    Administration Errors. In the event an Award is granted in a
              manner inconsistent with the provisions of this subsection (a),
              such Award shall be presumptively valid as of its grant date to
              the extent permitted by the Applicable Laws.

     b)  Powers of the Administrator. Subject to Applicable Laws and the
         provisions of the Plan (including any other powers given to the
         Administrator hereunder), and except as otherwise provided by the
         Board, the Administrator shall have the authority, in its discretion:

        i)  to select the Employees, Directors and Consultants to whom Awards
            may be granted from time to time hereunder;

       ii)  to determine whether and to what extent Awards are granted
            hereunder;

      iii)  to determine the number of Shares or the amount of other
            consideration to be covered by each Award granted hereunder;

       iv)  to approve forms of Award Agreements for use under the Plan;

        v)  to determine the terms and conditions of any Award granted
            hereunder;

       vi)  to amend the terms of any outstanding Award granted under the
            Plan, provided that any amendment that would adversely affect the
            Grantee's rights under an outstanding Award shall not be made
            without the Grantee's written consent;

      vii)  to construe and interpret the terms of the Plan and Awards granted
            pursuant to the Plan, including without limitation, any notice of
            Award or Award Agreement, granted pursuant to the Plan;

     viii)  to establish additional terms, conditions, rules or procedures to
            accommodate the rules or laws of applicable foreign jurisdictions
            and to afford Grantees favorable treatment under such laws;
            provided, however, that no Award shall be granted under any such
            additional terms, conditions, rules or procedures with terms or
            conditions which are inconsistent with the provisions of the Plan;
            and

       ix)  to take such other action, not inconsistent with the terms of the
            Plan, as the Administrator deems appropriate.

     c)  Effect of Administrator's Decision. All decisions, determinations and
         interpretations of the Administrator shall be conclusive and binding on
         all persons.

5)   Eligibility. Awards other than Incentive Stock Options may be granted to
     Employees, Directors and Consultants. Incentive Stock Options may be
     granted only to Employees of the Company or a Subsidiary. An Employee,
     Director or Consultant who has been granted an Award may, if otherwise
     eligible, be granted additional Awards. Awards may be granted to such
     Employees, Directors or Consultants who are residing in foreign
     jurisdictions as the Administrator may determine from time to time.

6)       Terms and Conditions of Awards.
<PAGE>

     a)  Type of Awards. The Administrator is authorized under the Plan to award
         any type of arrangement to an Employee, Director or Consultant that is
         not inconsistent with the provisions of the Plan and that by its terms
         involves or might involve the issuance of (i) Shares, (ii) an Option,
         a SAR or similar right with a fixed or variable price related to the
         Fair Market Value of the Shares and with an exercise or conversion
         privilege related to the passage of time, the occurrence of one or
         more events, or the satisfaction of performance criteria or other
         conditions, or (iii) any other security with the value derived from the
         value of the Shares. Such awards include, without limitation, Options,
         SARs, sales or bonuses of Restricted Stock, Dividend Equivalent Rights,
         Performance Units or Performance Shares, and an Award may consist of
         one such security or benefit, or two (2) or more of them in any
         combination or alternative.

     b)  Designation of Award. Each Award shall be designated in the Award
         Agreement. In the case of an Option, the Option shall be designated as
         either an Incentive Stock Option or a Non-Qualified Stock Option.
         However, notwithstanding such designation, to the extent that the
         aggregate Fair Market Value of Shares subject to Options designated as
         Incentive Stock Options which become exercisable for the first time by
         a Grantee during any calendar year (under all plans of the Company or
         any Parent or Subsidiary) exceeds $100,000, such excess Options, to the
         extent of the Shares covered thereby in excess of the foregoing
         limitation, shall be treated as Non-Qualified Stock Options. For this
         purpose, Incentive Stock Options shall be taken into account in the
         order in which they were granted, and the Fair Market Value of the
         Shares shall be determined as of the date the Option with respect to
         such Shares is granted.

     c)  Conditions of Award. Subject to the terms of the Plan, the
         Administrator shall determine the provisions, terms, and conditions of
         each Award including, but not limited to, the Award vesting schedule,
         repurchase provisions, rights of first refusal, forfeiture provisions,
         form of payment (cash, Shares, or other consideration) upon settlement
         of the Award, payment contingencies, and satisfaction of any
         performance criteria. The performance criteria established by the
         Administrator may be based on any one of, or combination of, increase
         in share price, earnings per share, total stockholder return, return on
         equity, return on assets, return on investment, net operating income,
         cash flow, revenue, economic value added, personal management
         objectives, or other measure of performance selected by the
         Administrator. Partial achievement of the specified criteria may result
         in a payment or vesting corresponding to the degree of achievement as
         specified in the Award Agreement.

     d)  Acquisitions and Other Transactions. The Administrator may issue Awards
         under the Plan in settlement, assumption or substitution for,
         outstanding awards or obligations to grant future awards in connection
         with the Company or a Related Entity acquiring another entity, an
         interest in another entity or an additional interest in a Related
         Entity whether by merger, stock purchase, asset purchase or other form
         of transaction.

     e)  Deferral of Award Payment. The Administrator may establish one or more
         programs under the Plan to permit selected Grantees the opportunity to
         elect to defer receipt of consideration upon exercise of an Award,
         satisfaction of performance criteria, or other event that absent the
         election would entitle the Grantee to payment or receipt of Shares or
         other consideration under an Award. The Administrator may establish the
         election procedures, the timing of such elections, the mechanisms for
         payments of, and accrual of interest or other earnings, if any, on
         amounts, Shares or other consideration so deferred, and such other
         terms,
<PAGE>

         conditions, rules and procedures that the Administrator deems
         advisable for the administration of any such deferral program.

     f)  Award Exchange Programs. The Administrator may establish one or more
         programs under the Plan to permit selected Grantees to exchange an
         Award under the Plan for one or more other types of Awards under the
         Plan on such terms and conditions as determined by the Administrator
         from time to time.

     g)  Separate Programs. The Administrator may establish one or more separate
         programs under the Plan for the purpose of issuing particular forms of
         Awards to one or more classes of Grantees on such terms and conditions
         as determined by the Administrator from time to time.

     h)  Individual Option and SAR Limit. The maximum number of Shares with
         respect to which Options and SARs may be granted to any Employee in any
         fiscal year of the Company shall be Six Hundred Thousand (600,000)
         Shares. The foregoing limitation shall be adjusted proportionately in
         connection with any change in the Company's capitalization pursuant to
         Section 10, below. To the extent required by Section 162(m) of the Code
         or the regulations thereunder, in applying the foregoing limitation
         with respect to an Employee, if any Option or SAR is canceled, the
         canceled Option or SAR shall continue to count against the maximum
         number of Shares with respect to which Options and SARs may be granted
         to the Employee. For this purpose, the repricing of an Option (or in
         the case of a SAR, the base amount on which the stock appreciation is
         calculated is reduced to reflect a reduction in the Fair Market Value
         of the Common Stock) shall be treated as the cancellation of the
         existing Option or SAR and the grant of a new Option or SAR.

     i)  Early Exercise. The Award Agreement may, but need not, include a
         provision whereby the Grantee may elect at any time while an Employee,
         Director or Consultant to exercise any part or all of the Award prior
         to full vesting of the Award. Any unvested Shares received pursuant to
         such exercise may be subject to a repurchase right in favor of the
         Company or a Related Entity or to any other restriction the
         Administrator determines to be appropriate.

     j)  Term of Award. The term of each Award shall be the term stated in the
         Award Agreement, provided, however, that the term of an Incentive Stock
         Option shall be no more than ten (10) years from the date of grant
         thereof. However, in the case of an Incentive Stock Option granted to a
         Grantee who, at the time the Option is granted, owns stock representing
         more than ten percent (10%) of the voting power of all classes of stock
         of the Company or any Parent or Subsidiary, the term of the Incentive
         Stock Option shall be five (5) years from the date of grant thereof or
         such shorter term as may be provided in the Award Agreement.

     k)  Transferability of Awards. Incentive Stock Options may not be sold,
         pledged, assigned, hypothecated, transferred, or disposed of in any
         manner other than by will or by the laws of descent or distribution and
         may be exercised, during the lifetime of the Grantee, only by the
         Grantee; provided, however, that the Grantee may designate a
         beneficiary of the Grantee's Incentive Stock Option in the event of the
         Grantee's death on a beneficiary designation form provided by the
         Administrator. Other Awards shall be transferable to the extent
         provided in the Award Agreement.
<PAGE>

        l)  Time of Granting Awards. The date of grant of an Award shall for all
            purposes be the date on which the Administrator makes the
            determination to grant such Award, or such other date as is
            determined by the Administrator. Notice of the grant determination
            shall be given to each Employee, Director or Consultant to whom an
            Award is so granted within a reasonable time after the date of such
            grant.

7)   Award Exercise or Purchase Price, Consideration, Taxes and Reload  Options.

     a) Exercise or Purchase Price. The exercise or purchase price, if any, for
        an Award shall be as follows:

        i)     In the case of an Incentive Stock Option:

           (A)    granted to an Employee who, at the time of the grant of such
                  Incentive Stock Option owns stock representing more than ten
                  percent (10%) of the voting power of all classes of stock of
                  the Company or any Parent or Subsidiary, the per Share
                  exercise price shall be not less than one hundred ten percent
                  (110%) of the Fair Market Value per Share on the date of
                  grant; or

           (B)    granted to any Employee other than an Employee described in
                  the preceding paragraph, the per Share exercise price shall be
                  not less than one hundred percent (100%) of the Fair Market
                  Value per Share on the date of grant.

        i)      In the case of a Non-Qualified Stock Option, the per Share
              exercise price shall be not less than one hundred percent (100%)
              of the Fair Market Value per Share on the date of grant unless
              otherwise determined by the Administrator.

       ii)      In the case of Awards intended to qualify as Performance-Based
              Compensation, the exercise or purchase price, if any, shall be not
              less than one hundred percent (100%) of the Fair Market Value per
              Share on the date of grant.

      iii)      In the case of other Awards, such price as is determined by the
              Administrator.

       iv)      Notwithstanding the foregoing provisions of this Section 7(a),
              in the case of an Award issued pursuant to Section 6(d), above,
              the exercise or purchase price for the Award shall be determined
              in accordance with the principles of Section 424(a) of the Code.

     b)  Consideration. Subject to Applicable Laws, the consideration to be paid
         for the Shares to be issued upon exercise or purchase of an Award
         including the method of payment, shall be determined by the
         Administrator (and, in the case of an Incentive Stock Option, shall be
         determined at the time of grant). In addition to any other types of
         consideration the Administrator may determine, the Administrator is
         authorized to accept as consideration for Shares issued under the Plan
         the following, provided that the portion of the consideration equal to
         the par value of the Shares must be paid in cash or other legal
         consideration permitted by the Delaware General Corporation Law:

        i)   cash;
<PAGE>

       ii)   check;

      iii)   delivery of Grantee's promissory note with such recourse, interest,
             security, and redemption provisions as the Administrator
             determines as appropriate;

       iv)    surrender of Shares or delivery of a properly executed form of
              attestation of ownership of Shares as the Administrator may
              require (including withholding of Shares otherwise deliverable
              upon exercise of the Award) which have a Fair Market Value on the
              date of surrender or attestation equal to the aggregate exercise
              price of the Shares as to which said Award shall be exercised (but
              only to the extent that such exercise of the Award would not
              result in an accounting compensation charge with respect to the
              Shares used to pay the exercise price unless otherwise determined
              by the Administrator);

        v)    with respect to Options, payment through a broker-dealer sale and
              remittance procedure pursuant to which the Grantee (A) shall
              provide written instructions to a Company designated brokerage
              firm to effect the immediate sale of some or all of the purchased
              Shares and remit to the Company, out of the sale proceeds
              available on the settlement date, sufficient funds to cover the
              aggregate exercise price payable for the purchased Shares and (B)
              shall provide written directives to the Company to deliver the
              certificates for the purchased Shares directly to such brokerage
              firm in order to complete the sale transaction; or

       vi)    any combination of the foregoing methods of payment.

     c)  Taxes. No Shares shall be delivered under the Plan to any Grantee or
         other person until such Grantee or other person has made arrangements
         acceptable to the Administrator for the satisfaction of any foreign,
         federal, state, or local income and employment tax withholding
         obligations, including, without limitation, obligations incident to the
         receipt of Shares or the disqualifying disposition of Shares received
         on exercise of an Incentive Stock Option. Upon exercise of an Award,
         the Company shall withhold or collect from Grantee an amount sufficient
         to satisfy such tax obligations.

     d)  Reload Options. In the event the exercise price or tax withholding of
         an Option is satisfied by the Company or the Grantee's employer
         withholding Shares otherwise deliverable to the Grantee, the
         Administrator may issue the Grantee an additional Option, with terms
         identical to the Award Agreement under which the Option was exercised,
         but at an exercise price as determined by the Administrator in
         accordance with the Plan.

8)       Exercise of Award.

     a)  Procedure for Exercise; Rights as a Stockholder.

        i)      Any Award granted hereunder shall be exercisable at such times
              and under such conditions as determined by the Administrator under
              the terms of the Plan and specified in the Award Agreement.

       ii)      An Award shall be deemed to be exercised when written notice of
              such exercise has been given to the Company in accordance with the
              terms of the Award by the person
<PAGE>

              entitled to exercise the Award and full payment for the Shares
              with respect to which the Award is exercised, including, to the
              extent selected, use of the broker-dealer sale and remittance
              procedure to pay the purchase price as provided in Section 7(b)
              (v). Until the issuance (as evidenced by the appropriate entry on
              the books of the Company or of a duly authorized transfer agent of
              the Company) of the stock certificate evidencing such Shares, no
              right to vote or receive dividends or any other rights as a
              stockholder shall exist with respect to Shares subject to an
              Award, notwithstanding the exercise of an Option or other Award.
              The Company shall issue (or cause to be issued) such stock
              certificate promptly upon exercise of the Award. No adjustment
              will be made for a dividend or other right for which the record
              date is prior to the date the stock certificate is issued, except
              as provided in the Award Agreement or Section 10, below.

     b)       Exercise of Award Following Termination of Continuous Service.

        i)      An Award may not be exercised after the termination date of such
              Award set forth in the Award Agreement and may be exercised
              following the termination of a Grantee's Continuous Service only
              to the extent provided in the Award Agreement.

       ii)      Where the Award Agreement permits a Grantee to exercise an Award
              following the termination of the Grantee's Continuous Service for
              a specified period, the Award shall terminate to the extent not
              exercised on the last day of the specified period or the last day
              of the original term of the Award, whichever occurs first.

      iii)      Any Award designated as an Incentive Stock Option to the extent
              not exercised within the time permitted by law for the exercise of
              Incentive Stock Options following the termination of a Grantee's
              Continuous Service shall convert automatically to a Non-Qualified
              Stock Option and thereafter shall be exercisable as such to the
              extent exercisable by its terms for the period specified in the
              Award Agreement.

     c)  Buyout Provisions. The Administrator may at any time offer to buy out
         for a payment in cash or Shares, an Award previously granted, based on
         such terms and conditions as the Administrator shall establish and
         communicate to the Grantee at the time that such offer is made.

9)       Conditions Upon Issuance of Shares.

     a)  Shares shall not be issued pursuant to the exercise of an Award unless
         the exercise of such Award and the issuance and delivery of such Shares
         pursuant thereto shall comply with all Applicable Laws, and shall be
         further subject to the approval of counsel for the Company with respect
         to such compliance.

     b)  As a condition to the exercise of an Award, the Company may require the
         person exercising such Award to represent and warrant at the time of
         any such exercise that the Shares are being purchased only for
         investment and without any present intention to sell or distribute such
         Shares if, in the opinion of counsel for the Company, such a
         representation is required by any Applicable Laws.

10)  Adjustments Upon Changes in Capitalization. Subject to any required action
     by the shareholders of the Company, the number of Shares covered by each
     outstanding Award, and the number of
<PAGE>

     Shares which have been authorized for issuance under the Plan but as to
     which no Awards have yet been granted or which have been returned to the
     Plan, the exercise or purchase price of each such outstanding Award, as
     well as any other terms that the Administrator determines require
     adjustment shall be proportionately adjusted for (i) any increase or
     decrease in the number of issued Shares resulting from a stock split,
     reverse stock split, stock dividend, combination or reclassification of the
     Shares, (ii) any other increase or decrease in the number of issued Shares
     effected without receipt of consideration by the Company, or (iii) as the
     Administrator may determine in its discretion, any other transaction with
     respect to Common Stock to which Section 424(a) of the Code applies;
     provided, however that conversion of any convertible securities of the
     Company shall not be deemed to have been "effected without receipt of
     consideration." Such adjustment shall be made by the Administrator and its
     determination shall be final, binding and conclusive. Except as the
     Administrator determines, no issuance by the Company of shares of stock of
     any class, or securities convertible into shares of stock of any class,
     shall affect, and no adjustment by reason hereof shall be made with respect
     to, the number or price of Shares subject to an Award.

11)  Corporate Transactions/Changes in Control/Related Entity Dispositions.
     Except as may be provided in an Award Agreement:

     a)  The Administrator shall have the authority, exercisable either in
         advance of any actual or anticipated Corporate Transaction, Change in
         Control or Related Entity Disposition or at the time of an actual
         Corporate Transaction, Change in Control or Related Entity Disposition
         and exercisable at the time of the grant of an Award under the Plan or
         any time while an Award remains outstanding, to provide for the full
         automatic vesting and exercisability of one or more outstanding
         unvested Awards under the Plan and the release from restrictions on
         transfer and repurchase or forfeiture rights of such Awards in
         connection with a Corporate Transaction, Change in Control or Related
         Entity Disposition, on such terms and conditions as the Administrator
         may specify. The Administrator also shall have the authority to
         condition any such Award vesting and exercisability or release from
         such limitations upon the subsequent termination of the Continuous
         Service of the Grantee within a specified period following the
         effective date of the Corporate Transaction, Change in Control or
         Related Entity Disposition. The Administrator may provide that any
         Awards so vested or released from such limitations in connection with a
         Change in Control or Subsidiary Disposition, shall remain fully
         exercisable until the expiration or sooner termination of the Award.
         Effective upon the consummation of a Corporate Transaction, all
         outstanding Awards under the Plan shall terminate unless assumed by the
         successor company or its Parent. The Company will use reasonable
         efforts to achieve such assumption as the Administrator deems
         appropriate.

     b)  in connection with a Corporate Transaction, Change in Control or
         Related Entity Disposition shall remain exercisable as an Incentive
         Stock Option under the Code only to the extent the $100,000 dollar
         limitation of Section 422(d) of the Code is not exceeded. To the extent
         such dollar limitation is exceeded, the accelerated excess portion of
         such Option shall be exercisable as a Non-Qualified Stock Option.

12)  Effective Date and Term of Plan. The Plan shall become effective upon the
     latest to occur of (i) its adoption by the Board, (ii) its approval by the
     stockholders of the Company or (iii) the Registration Date. It shall
     continue in effect for a term of ten (10) years unless sooner
<PAGE>

     terminated. Subject to Section 16, below, and Applicable Laws, Awards may
     be granted under the Plan upon its becoming effective.

13)  Amendment, Suspension or Termination of the Plan.

     a)  The Board may at any time amend, suspend or terminate the Plan. To the
         extent necessary to comply with Applicable Laws, the Company shall
         obtain stockholder approval of any Plan amendment in such a manner and
         to such a degree as required.

     b)  No Award may be granted during any suspension of the Plan or after
         termination of the Plan.

     c)  Any amendment, suspension or termination of the Plan (including
         termination of the Plan under Section 12, above) shall not affect
         Awards already granted, and such Awards shall remain in full force and
         effect as if the Plan had not been amended, suspended or terminated,
         unless mutually agreed otherwise between the Grantee and the
         Administrator, which agreement must be in writing and signed by the
         Grantee and the Company.

14)      Reservation of Shares.

     a)  The Company, during the term of the Plan, will at all times reserve and
         keep available such number of Shares as shall be sufficient to satisfy
         the requirements of the Plan.

     b)  The inability of the Company to obtain authority from any regulatory
         body having jurisdiction, which authority is deemed by the Company's
         counsel to be necessary to the lawful issuance and sale of any Shares
         hereunder, shall relieve the Company of any liability in respect of the
         failure to issue or sell such Shares as to which such requisite
         authority shall not have been obtained.

15)  No Effect on Terms of Employment/Consulting Relationship. The Plan shall
     not confer upon any Grantee any right with respect to the Grantee's
     Continuous Service, nor shall it interfere in any way with his or her right
     or the Company's right to terminate the Grantee's Continuous Service at any
     time, with or without cause.

16)  No Effect on Retirement and Other Benefit Plans. Except as specifically
     provided in a retirement or other benefit plan of the Company or a Related
     Entity, Awards shall not be deemed compensation for purposes of computing
     benefits or contributions under any retirement plan of the Company or a
     Related Entity, and shall not affect any benefits under any other benefit
     plan of any kind or any benefit plan subsequently instituted under which
     the availability or amount of benefits is related to level of compensation.
     The Plan is not a "Retirement-Plan" or "Welfare Plan" under the Employee
     Retirement Income Security Act of 1974, as amended.

Stockholder Approval. This Amended and Restated 1998 Stock Incentive Plan of
EarthWeb Inc. became effective when approved by the Company's stockholders on
May 31, 2000, after having been adopted by the Company's Board of Directors on
April 3, 2000, subject to stockholder approval.

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