Document:

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                                                                    Exhibit 10.3

                                                     Final Draft : 26 March 2001
--------------------------------------------------------------------------------

Commonwealth Bank of Australia
Party A

Perpetual Trustee Company Limited
Party B

Securitisation Advisory Services Pty. Limited
Manager

Series 2001-1G Medallion Trust
ISDA Master Agreement
(Interest Rate 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 is limited by the Solicitors Scheme
                 under the Professional Standards Act 1994 NSW
<PAGE>

Schedule to the ISDA Master Agreement

dated as of 2001 between

Parties     Commonwealth Bank of Australia, ABN 48 123 123 124 ("Party A")

            Perpetual Trustee Company Limited, ABN 42 000 001 007, as trustee of
            the Series 2000-2G Medallion Trust ("Party B")

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

Part 1. Termination provisions

(a)   "Specified Entity" in relation to

      (i)   Party A, is not applicable; and

      (ii)  Party B, is not applicable.

(b)   "Specified Transaction" means - 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)(viii)
            Section 5(b)(iv)  Section 5(a)(iii) Section 5(a)(vi)
            Section 5(b)(ii)  Section 5(a)(iv)  Section 5(a)(vii)
            Section 5(b)(iii)

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

(d)   The "Automatic Early Termination" provisions of Section 6(a) will not
      apply.

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

      (i)   A.    in respect of the Basis Swaps, Loss will apply;

            B.    in respect of the Fixed Rate Swaps and the Interest Rate Basis
                  Cap, Market Quotation will apply; and

      (ii)  A.    in respect of the Basis Swaps, neither the First Method nor
                  the Second Method will apply; and

            B.    in respect of the Fixed Rate Swaps and the Interest Rate Basis
                  Cap, the Second Method will apply;

      (iii) the definition of "Loss" is amended by adding the following sentence
            at the end of that definition:

            "However in relation to a Terminated Transaction that is a Basis
            Swap, each party's Loss is deemed to be zero."

(f)   "Termination Currency" means Australian dollars.

                                                                               2
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(g)   Additional Termination Event. The following is an Additional Termination
      Event in relation to which Party B is the only Affected Party and a Basis
      Swap is the only Affected Transaction:

      If, on any day on which the weighted average Mortgage Rate applicable to
      the Mortgage Loans forming part of the Assets of the Series Trust which
      are charged interest at a variable rate is equal to or greater than the
      then Threshold Rate, Party A notifies Party B and each Rating Agency of
      its intention to terminate the relevant Basis Swap.

Part 2.          Tax Representations

(a)   Payer 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 governmental revenue authority, of any Relevant Jurisdiction
      to make any deduction or withholding for or on account of any Tax from any
      payment (other than interest under Section 2(e), 6(d)(ii) or 6(e) of this
      Agreement) to be made by it to any other party under this Agreement. In
      making this representation, it may rely on:

      (i)   the accuracy of any representations made by the other party pursuant
            to Section 3(f) 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 the other party pursuant to Section 4(a)(i)
            or 4(a)(iii) of this Agreement; and

      (iii) the satisfaction of the agreement of the 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 Representations. For the purpose of Section 3(f) of this Agreement,
      Party A will and Party B will make the following representation:

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

Part 3. 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>
Party required to deliver document    Form/Document/Certificate                        Date by which to be delivered
<S>                                   <C>                                              <C>
Party A and Party B                   Any document or certificate reasonably           On the earlier of (a) learning that such
                                      required or reasonably requested by a party      document or certificate is required and
                                      in connection with it obligations to make a      (b) as soon as reasonable practicable
                                      payment under this Agreement which would enable  following a request by a party.
                                      that party to make the payment free from 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.
</TABLE>

                                                                               3
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(b)   Other documents to be delivered are:

<TABLE>
<CAPTION>
Party required to       Form/Document/Certificate            Date by which to be delivered        Covered by Section
deliver document                                                                                  3(d) Representation
<S>                     <C>                                  <C>                                  <C>
Party A                 A certificate from Party A (or, if   On execution and delivery of any             Yes
                        available, Party A's current         Confirmation unless that
                        authorised signature book)           certificate has already been
                        specifying the names, title and      supplied for that purpose and
                        specimen signatures of the           remains true and in effect and
                        Authorised Officers of Party A.      when the list is updated or upon
                                                             request.

Party A, Party B and    A legal opinion as to the validity   At any time prior to the Closing             No
the Manager             and enforceability of that party's   Date.
                        obligations under this Agreement in
                        form and substance(and issued by
                        legal counsel) reasonably acceptable
                        to the other party.

The Manager             A copy (certified by the Manager)    Not less than 5 Business Days (or            Yes
                        of the Credit Support Document and   such lesser period as Party A
                        (without limiting any obligation     agrees to) before the Trade Date
                        Party B may have under the terms     of the first occurring Transaction
                        of the Credit Support Document to    and in the case of any amending
                        notify Party A of amendments) a      documents entered into subsequent
                        copy (certified by the Manager) of   to that date, promptly after each
                        any document that amends in any      amending document (if any) has
                        way the terms of the Credit          been entered into.
                        Support Document.
</TABLE>

For the purposes of this paragraph (b) a copy of a document is taken to be
certified by the Manager if an Authorised Officer of the Manager 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,
      the address for notices or communications to a party is the address
      notified by that party to the other parties for this purpose from time to
      time.

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

      Party A appoints as its Process Agent - Not Applicable

      Party B appoints as its Process Agent - Not Applicable

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

                                                                               4
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(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. The Calculation Agent is the Manager.

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

      (i)   in relation to Party A: Nil;

      (ii)  in relation to Party B: the Security Trust Deed.

(g)   Credit Support Provider.

      (i)   In relation to Party A: Not Applicable.

      (ii)  In relation to Party B: Not Applicable.

(h)   Governing Law. This Agreement will be governed by and construed in
      accordance with the laws in force in New South Wales and 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 the following groups of Transactions:

      Group 1 - all Transactions being swaps

      Group 2 - all Transactions being interest rate options

(j)   "Affiliate" will have the meaning specified in Section 14 of this
      Agreement. For the purposes of Section 3(c), Party A and Party B are
      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".

      (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 will be made by 10.00am 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".

                                                                               5
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      (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 will be in the same tax
                  jurisdiction as the original account."

            (e)   In Section 2(c) insert the following words at the end of the
                  first paragraph:

                  "Subject to Section 2(f), the aggregate amount that would
                  otherwise be payable will not take into account amounts due on
                  that Payment Date pursuant to Sections 2(g), 17, 18 or 19."

            (f)   Delete Section 2(d)(i)(4) in its entirety.

            (g)   In Section 2(d)(ii)(1) delete the following where they appear:

                  "in respect of which X would not be required to pay an
                  additional amount to Y under Section 2(d)(i)(4)".

            (h)   Insert new Sections 2(f) and 2(g) as follows:

                  "(f)  If on a Payment Date an amount would otherwise be
                        payable by Party A pursuant to Section 2(c):

                        (i)   in respect of a Fixed Rate Swap, then such amount
                              will, unless otherwise agreed between Party A and
                              Party B, be satisfied in part, or whole, from the
                              then Fixed Rate Prepayment Balance; and

                        (ii)  in respect of a Basis Swap, then such amount will,
                              unless otherwise agreed between Party A and Party
                              B, be satisfied in part, or whole, from the then
                              Basis Prepayment Balance.

                  (g)   On each Payment Date that a Fixed Rate Swap is existing:

                        (i)   Party B will pay Party A any Net Break Payment
                              determined by the Manager on the preceding
                              Determination Date in accordance with the Series
                              Supplement; and

                        (ii)  Party A will pay Party B any Net Break Receipt
                              determined by the Manager on the preceding
                              Determination Date in accordance with the Series
                              Supplement."

(2)   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, 1969 (Cth) and section 13A(3) of
            the Banking Act, 1959

                                                                               6
<PAGE>

            (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
                  upon 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)   after "Section 3(f)" in line 2 insert "3(g), 3(h) and 3(i)";

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

            "(h)  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 date of this
                        Agreement.

                  (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 Series Trust.

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

                        (A)   enter into this Agreement and the Credit Support
                              Documents 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.

                                                                               7
<PAGE>

                        (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).

      (e)   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 any Credit Support Document specified in
            relation to Party B.

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

(3)   Failure to Pay or Deliver: In Section 5(a)(i) delete the words "third
      Local" where they appear in line 3 and replace them with the word "tenth".

(4)   Termination: In Section 6:

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

            "However, if Party B is the Affected Party, then Party B will only
            be obliged to make such efforts to effect a transfer in accordance
            with this Section 6(b)(ii) as it is able to make by application of
            funds held by it as trustee of the Series Trust being funds
            available for such application in accordance with the provisions of
            the Master Trust Deed and the Series Supplement."

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

            "However, if Party A is that other party it must, if so requested by
            the Manager with the prior consent of the Rating Agencies, use
            reasonable efforts to make such a transfer to an Affiliate (as that
            expression is defined in Section 14 disregarding any modification
            made by this Agreement)."

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

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

      (iv)  Section 6(e) is amended by deleting the last sentence of the first
            paragraph.

(5)   Facsimile Transmission: In Section 12:

      (a)   Delete the following words where they appear on lines 2 and 3 of
            Section 12(a):

            "(except that a notice or other communication under Section 5 or
            Section 6 may not be given by facsimile transmission or electronic
            messaging system)";

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

           "(iii) if sent by facsimile transmission, on the date a transmission
                  report is produced by the machine from which the facsimile was
                  sent which indicates that the facsimile was sent in its
                  entirety to the facsimile number of the recipient notified for
                  the purpose of this Section unless the

                                                                               8
<PAGE>

                  recipient notifies the sender within one Local Business Day of
                  the facsimile being sent that the facsimile was not received
                  in its entirety in legible form;";

      (c)   Insert a new paragraph (vi) in Section 12(a) immediately after
            Section 12(a)(v) as follows:

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

(6)   Definitions: In this Agreement, unless the contrary intention appears:

      (a)   Master Trust Deed and Series Supplement: Subject to Part 5(6)(h),
            unless otherwise defined in this Agreement, words and phrases
            defined in the Master Trust Deed or the Series Supplement have the
            same meaning in this Agreement. Where there is any inconsistency in
            a definition between this Agreement (on the one hand) and the Master
            Trust Deed or the Series Supplement (on the other hand), this
            Agreement prevails. Subject to Part 5(6)(h), where there is any
            inconsistency in a definition between the Master Trust Deed and the
            Series Supplement, the Series Supplement prevails over the Master
            Trust Deed in respect of 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) and/or an Other Trust such words or phrases are to be
            construed in this Agreement, where necessary, as being used only in
            relation to the Series Trust (as defined in the Series Supplement)
            and/or the CBA Trust, as the context requires.

      (b)   Trustee Capacity:

            (i)   a reference to Party B is a reference to Party B in its
                  capacity as trustee of the 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 (i)
                  only.

(c)   Definitions: in Section 14:

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

            "A$ Class A-1 Principal Amount" in relation to a Quarterly
            Distribution Date and the quarterly Accrual Period ending on that
            Quarterly Distribution Date, means the amount paid or available to
            be paid (as the case may be) on that Quarterly Distribution Date
            pursuant to clause 10.2B(k)(i) from the Available Income Amount in
            respect of that Quarterly Distribution Date.

            ""Affected Transactions" means, with respect to a Termination Event:

            (a)   where an Early Termination Date is designated pursuant to Part
                  1(g), a Basis Swap; and

            (b)   where an Early Termination Date is designated following the
                  occurrence of any other Termination Event, all Transactions."

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

                                                                               9
<PAGE>

      (ii)  insert the following new definitions:

            "Amounts Outstanding" in relation to a Mortgage Loan means, at any
            given time, the amount recorded at that time as the balance of the
            Mortgage Loan in the Mortgage Loan System which balance includes
            amounts which have been charged to the Mortgage Loan but excludes
            amounts which have been or are, accrued against the Mortgage Loan.

            "Basis Prepayment Balance" means the amount then standing to the
            credit of the Collections Account in respect of prepayments by Party
            A pursuant to Sections 18(c) or (d) and which has not been utilised
            pursuant to Section 2(f)(ii).

            "Basis Swap" means

            (a)   when designated "Monthly", the Transaction entered into
                  between Party A, Party B and the Manager on the terms
                  specified in the form of the Confirmation set out in Annexure
                  1A (or as otherwise agreed between Party A, Party B and the
                  Manager); or

            (b)   when designated "Quarterly" the Transaction entered into
                  between Party A and party B and the Manager on the terms
                  specified in the form of Confirmation set-out in Annexure 1B
                  (or as otherwise agreed between Party A, party B and the
                  Manager), or

                  (each a "Basis Swap" and together, the "Basis Swaps").

            "Basis Swap Amount" in relation to a Calculation Period means:

            (a)   when designated "Monthly", the relevant monthly proportion of
                  the aggregate Amounts Outstanding in relation to all Mortgage
                  Loans being charged a variable rate as certified by the
                  Manager to the Trustee at the opening of business on the
                  Determination Date falling within the relevant preceding
                  Calculation Period; or

            (b)   when designated "Quarterly", the relevant quarterly proportion
                  of the aggregate Amounts Outstanding in relation to all
                  Mortgage Loans being charged a variable rate as certified by
                  the Manager to the Trustee at the opening of business on the
                  Determination Date falling within the relevant preceding
                  Calculation Period.

            "Conversion" means the conversion of a Mortgage Loan forming part of
            the Assets of the Series Trust which is being charged interest at a
            variable rate to a Mortgage Loan which is being charged interest at
            a fixed rate.

            "Eligible Account" means an account in the name of the Trustee as
            trustee of the Series Trust held with a financial institution with
            short term credit ratings of P-1 by Moody's, F-1 by Fitch and A-1+
            by Standard & Poor's and includes the Collections Account to the
            extent that the holder of the Collections Account is rated in this
            manner.

            "End Date" means the date on which a Mortgage Loan is to cease being

                                                                              10
<PAGE>

            charged interest at a fixed rate.

            "Fixed Charged Interest" in relation to each Monthly Distribution
            Date means the aggregate of all debit entries made during the
            Collection Period immediately preceding that Monthly Distribution
            Date to the accounts established in the Servicer's records for the
            Mortgage Loans forming part of the Assets of the Series Trust
            representing interest charged at a fixed rate (plus any interest
            off-set benefits in respect of Mortgage Interest Saver Accounts
            which represents amounts which, if not for the terms of the Mortgage
            Interest Saver Accounts, would have been so debited during that
            Collection Period to those accounts to the extent paid by the Seller
            pursuant to clause 15.10 of the Series Supplement and deposited to
            the Collections Account prior to that Monthly Distribution Date).

            "Fixed Rate Prepayment Balance" means the amount then standing to
            the credit of the Eligible Account in respect of prepayments by
            Party A pursuant to Sections 17(a)(iii), (b)(i), (d)(i) or (f) and
            which has not been utilised pursuant to Section 2(f)(i) or repaid to
            Party A pursuant to Sections 17(c)(ii) or (g).

            "Fixed Rate Swap Amount" in relation to a Calculation Period means:

            (a)   when designated "Monthly":

                  (i)   the relevant monthly proportion of the aggregate Amounts
                        Outstanding in relation to all Mortgage Loans (excluding
                        Mortgage Loans being charged a variable rate) as
                        certified by the Manager to the Trustee at the opening
                        of business on the Determination Date falling within the
                        relevant preceding Calculation Period;

                  (ii)  less the Other Fixed Rate Swap Amount in relation to the
                        relevant Calculation Period; or

            (b)   when designated "Quarterly":

                  (i)   the relevant quarterly proportion of the aggregate
                        Amounts Outstanding in relation to all Mortgage Loans
                        (excluding Mortgage Loans being charged a variable rate)
                        as certified by the Manager to the Trustee at the
                        opening of business on the Determination Date falling
                        within the relevant preceding Calculation Period;

                  (ii)  less the Other Fixed Rate Swap Amount in relation to the
                        relevant Calculation Period.

            "Fixed Rate Swap" means:

            (a)   when designated "Monthly", the Transaction entered into
                  between Party A, Party B and the Manager on the terms
                  specified in the form of the Confirmation set out in Annexure
                  2A (or as otherwise agreed between Party A, Party B and the
                  Manager);

                                                                              11
<PAGE>

            (b)   when designated "Quarterly" the Transaction entered into
                  between Party A, Party B and the Manager on the terms
                  specified in Annexure 2B (or as otherwise agreed between Party
                  A, Party B and the Manager);

            (c)   and each Transaction entered into pursuant to Section 16 on
                  the terms specified in Annexure 2C (or as otherwise agreed
                  between Party A, Party B and the Manager);

            (each a "Fixed Rate Swap" and together the "Fixed Rate Swaps").

            "Fixed Swap Rate" means that the rate for a Reset Date will be the
            rate calculated by taking the weighted average of the interest rates
            charged in respect of each account established in the Mortgage Loan
            System for the Mortgage Loans charged a fixed rate of interest on
            that Reset Date, rounded up to four decimal places.

            "Interest Rate Basis Cap" means the interest rate cap, if any,
            entered into between Party A, Party B and the Manager on or prior to
            the Closing Date.

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

            "Monthly Basis Swap Administered Rate" in relation to a Monthly
            Distribution Date, has the meaning as set out in Annexure 4.

            "Monthly Fixed Swap Administered Rate" in relation to a Monthly
            Distribution Date has the meaning as set out in Annexure 4.

            "Monthly Weighted Margin" in relation to a Monthly Distribution Date
            has the meaning as set out in Annexure 4. "Other Fixed Rate Swap
            Amount" in relation to a Calculation Period means the aggregate
            Amounts Outstanding as at the opening of business on the
            Determination Date falling within the preceding Calculation Period
            in respect of each Mortgage Loan where further Fixed Rate Swaps have
            been entered into, and is then current, to hedge the interest rate
            risk in respect of the Mortgage Loan pursuant to Section 16(b).

            "Outstanding Interest Rate Swap Prepayment Amount" means the sum of
            the then Basis Prepayment Balance and the then Fixed Rate Prepayment
            Balance.

            "Prescribed Ratings" means:

            (a)   in respect of the Fixed Rate Swaps, a long term rating of A2
                  or higher by Moody's, a short term rating of F1 by Fitch and
                  either a long term rating of A or a short term rating of A-1
                  by S&P ; and

            (b)   in respect of the Basis Swap, short term ratings of P-1 by
                  Moody's and F1 by Fitch and either a long term rating of A or
                  a short term rating of A-1 by S&P.

                                                                              12
<PAGE>

            "Quarterly Fixed Swap Administered Rate" in relation to a Quarterly
            Distribution Date, has the meaning as set-out in Annexure 4.

            "Quarterly Weighted Margin" in relation to a Quarterly Distribution
            Date, has the meaning as set out in Annexure 4.

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

            "Series Trust" means the Series 2001-1G Medallion Trust constituted
            by the Master Trust Deed and the Series Supplement.

            "Short-Term Investment Income" in relation to a Monthly Distribution
            Date means interest and other income received by the Trustee during
            the Collection Period immediately preceding that Monthly
            Distribution Date in respect of:

            (a)   the moneys standing to the credit of the Collections Account
                  (other than interest earned on the Collections Account during
                  the Collections Period in respect of the Cash Advance Deposit,
                  the Seller Deposit or the Interest Rate Swap Provider Deposit
                  as calculated, respectively, in accordance with clauses 8.6,
                  8.8 and 15.5 of the Series Supplement);

            (b)   amounts representing interest paid by the Servicer pursuant to
                  clause 22.5 of the Series Supplement; and

            (c)   Authorised Short-Term Investments held by the Series Trust
                  (whether or not reinvested).

            "Variable Charged Interest" in relation to each Monthly Distribution
            Date means the aggregate of all debit entries made during the
            Collection Period immediately preceding that Monthly Distribution
            Date to the accounts established in the Servicer's records for the
            Mortgage Loans forming part of the Assets of the Series Trust
            representing interest charged at a variable rate (plus any interest
            off-set benefits in respect of Mortgage Interest Saver Accounts
            which represents amounts which, if not for the terms of the Mortgage
            Interest Saver Accounts, would have been so debited during that
            Collection Period to those accounts to the extent paid by the Seller
            pursuant to clause 15.10 of the Series Supplement and deposited to
            the Collections Account prior to that Monthly Distribution Date).

            "Variable Swap Rate" means that the rate for a Reset Date will be
            the rate calculated by taking the weighted average of the interest
            rates charged in respect of each account established in the Mortgage
            Loan System for the Mortgage Loans charged a variable interest rate
            on that Reset Date, rounded up to four decimal places.

      (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(6)(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:
<PAGE>

                        A.     1) arises as a result of a breach of a
                                  Transaction Document by a person other than
                                  Party B or other than any other person
                                  referred to in Part 5(6)(d)(iii); 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.    as in accordance with a lawful court order or
                              direction or is otherwise required by law; or

                        C.    is in accordance with any proper instruction or
                              direction of:

                               1) the Secured Creditors given at a meeting (or
                                  deemed meeting) of Secured Creditors convened
                                  under the Security Trust Deed; or

                               2) 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 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(6)(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) the Series Supplement; (iii)
            the Master Trust Deed; (iv) this Agreement; and (v) the 1991 ISDA
            Definitions.

                  (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

                                                                              13
<PAGE>

                  (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.

(7)   Limitation of Liability: Insert the following Section 15, 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 Series Trust and in
            no other capacity. A liability incurred by Party B acting in its
            capacity as trustee of the Series Trust arising under or in
            connection with this Agreement is limited to and can be enforced
            against Party B only to the extent to which it can be satisfied out
            of the Assets of the Series Trust out of which Party B is actually
            indemnified for the liability. This limitation of Party B's
            liability applies despite any other provision of this Agreement
            (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 the Series Trust in any capacity other than
            as trustee of the Series Trust, including seek the appointment of a
            receiver (except in relation to Assets of the 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 the 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 Series
            Supplement or any other 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 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 Transaction Documents for performing a
            variety of obligations relating to the Series Trust. No act or
            omission of Party B (including any related failure to satisfy its
            obligations or any breach of a 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 Relevant Person or any other person appointed
            by Party B under any Transaction Document (other than a person whose
            acts or omissions Party B is liable for in accordance with any
            Transaction Document) to fulfil its obligations relating to the
            Series Trust or by any other act or omission of a Relevant Party or
            any other such person.

      (e)   (No Obligation): The Trustee is not obliged to enter into any
            commitment or

                                                                              14
<PAGE>

            obligation under this Agreement or any Transaction Document
            (including incur any further liability) unless the Trustee's
            liability is limited in a manner which is consistent with this
            Section 15 or otherwise in a manner satisfactory to the Trustee in
            its absolute discretion.

(8)   Monthly Swap Statement: Prior to each Monthly Distribution Date the
      Manager will prepare and deliver to Party A and Party B a monthly payment
      notice containing the information specified in Annexure 3 of this
      Agreement.

(9)   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.

(10)  Interest Rate Swap Agreement: The parties acknowledge and agree that for
      the purposes of the Transaction Documents that this Agreement is an
      Interest Rate Swap Agreement and Party A is an Interest Rate Swap
      Provider.

(11)  Procedures for Entering into Transactions:

      (a)   For the purposes of Section 9(e)(ii), Party A will, by or promptly
            after the relevant Trade Date, send Party B and the Manager four
            Confirmations each one substantially in the forms set out in
            Annexures 1A, 1B, 2A and 2B respectively (or in such other forms as
            may be agreed between Party A, Party B and the Manager), and Party B
            and the Manager must promptly then confirm the accuracy of and sign
            and return, or request the correction of each such Confirmation.

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

(12)  Authorised Officer: Each party will be entitled to assume, in the absence
      of any knowledge to the contrary, that any person signing any
      Confirmation, notice or other written communication issued in respect of
      this Agreement on behalf of a party is an Authorised Officer of that
      party.

(13)  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;

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

      (c)   acknowledges that such recordings and transcripts can be used as
            evidence by either party in any dispute between them; and

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

(14)  Further Fixed Rate Swaps and Downgrading of Party A: Insert the following
      new Sections 16, 17, 18 and 19 after Section 15:

      "16.  Further Fixed Rate Swaps

                                                                              15
<PAGE>

      (a)   If, pursuant to clause 16.6(j) of the Series Supplement, in order
            for the Servicer to permit a Conversion the Servicer requests the
            Manager (and the Manager directs Party B) to enter into two Fixed
            Rate Swaps in accordance with this Section 16 for a maximum term not
            exceeding 10 years, Party B and the Manager will be deemed to have
            satisfied their respective obligations to enter into such Fixed Rate
            Swaps if the calculation of the Fixed Rate Swap Amount for the
            purposes of a Fixed Rate Swap then existing includes the Amounts
            Outstanding in relation to the Mortgage Loans the subject of the
            Conversion.

      (b)   If Section 16(a) does not apply and Party B and the Manager enter
            into one or more further Fixed Rate Swaps pursuant to clause 16.6(j)
            of the Series Supplement to hedge the interest rate risk of one or
            more Mortgage Loans the subject of a Conversion, each such further
            Fixed Rate Swap must:

            (i)   (Notional Amount): have a Notional Amount for each Calculation
                  Period at least equal to the aggregate Amounts Outstanding as
                  at the first day of the relevant Calculation Period in
                  relation to the Mortgage Loans the subject of the Conversion
                  which have the same fixed rate and End Date;

            (ii)  (Effective Date): have as an Effective Date the Monthly
                  Distribution Date immediately following the last day of the
                  Collection Period in which the Conversion occurs;

            (iii) (Termination Date): have a scheduled Termination Date on or
                  prior to the tenth anniversary of its Trade Date unless the
                  Rating Agencies confirm that entering into the Fixed Rate Swap
                  for a longer period will not result in a reduction,
                  qualification or withdrawal of the credit ratings then
                  assigned by them to the Securities; and

            (iv)  (Confirmation): in all other respects be confirmed as a Fixed
                  Rate Swap in accordance with this Agreement and the sample
                  Confirmation for Fixed Rate Swaps set out in Annexure 2C to
                  this Agreement.

      The Spread applicable to the Floating Amounts, if any, in respect of each
      Fixed Rate Swap entered into following a Conversion shall be the relevant
      Weighted Margin in respect of the relevant Monthly or Quarterly
      Distribution Date plus [ ]% per annum.

17.   Ratings Downgrade of Party A - Fixed Rate Swaps: If, as a result of the
      reduction or withdrawal of its credit rating by a Rating Agency, Party A
      does not have the Prescribed Rating in relation to the Fixed Rate Swaps,
      Party A must:

      (a)   (Fitch or Moody's): where it ceases to have the Prescribed Ratings
            from Fitch or Moody's in relation to the Fixed Rate Swaps:

            (i)   within 30 Business Days of Party A ceasing to have such
                  Prescribed Ratings if and while Party A has a long term credit
                  rating of at least A3 by Moody's and a

                                                                              16
<PAGE>

                  short term credit rating of at least F2 by Fitch; or

            (ii)  otherwise, if sooner, within 5 Business Days of Party A
                  ceasing to have a long term credit rating of at least A3 by
                  Moody's and a short term credit rating of at least F2 by
                  Fitch;

                  (or such greater period as is agreed to in writing by each
                  relevant Rating Agency), at its cost alone and at its
                  election:

            (iii) provided that Party A then has assigned to it a short term
                  credit rating of at least F2 by Fitch, lodge in an Eligible
                  Account as a prepayment of its obligations in respect of the
                  Fixed Rate Swaps an amount equal to the Fixed Rate Prepayment
                  Amount as defined in Section 17(c); or

            (iv)  enter into an agreement novating its rights and obligations
                  under this Agreement in respect of the Fixed Rate Swaps to a
                  replacement counterparty acceptable to the Manager 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 Securities; or

            (iv)  enter into such other arrangements in respect of all Fixed
                  Rate Swaps which are satisfactory to the Manager 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 Securities; and

      (b)   (S&P): where it ceases to have the Prescribed Rating in relation to
            the Fixed Rate Swap from S&P at its cost alone:

            (i)   immediately seek to enter into, and enter into by no later
                  than 60 days after Party A ceases to have the Prescribed
                  Ratings in respect of the Fixed Rate Swap from S&P, an
                  agreement novating its rights and obligations under this
                  Agreement in respect of the Fixed Rate Swap to a replacement
                  counterparty which holds the Prescribed Ratings in respect of
                  the Fixed Rate Swap and, if a transfer in accordance with this
                  Section 17(b)(i) has not occurred within 30 days after Party A
                  ceases to have the Prescribed Ratings in respect of the Fixed
                  Rate Swap from S&P, lodge in an Eligible Account as a
                  prepayment of its obligations in respect of the Fixed Rate
                  Swaps an amount equal to the Fixed Rate Prepayment Amount as
                  defined in Section 17(c); or

            (ii)  (if Party A is unable to effect a transfer in accordance with
                  Section 17(b)(i) within 60 days of Party A ceasing to have the
                  Prescribed Rating in respect of the Fixed Rate Swap from S&P
                  or if Party A otherwise elects) enter into such other
                  arrangements in respect of the Fixed Rate Swap which are
                  satisfactory to the Manager and which each Rating Agency
                  confirms in writing will not result in a reduction,
                  qualification or withdrawal of the credit ratings then
                  assigned by it to the Notes.

                  Notwithstanding that Party A has elected to satisfy its
                  obligations pursuant to this Section 17 in a particular
                  manner, it may subsequently and from time to time vary the
                  manner in which it satisfies its obligations pursuant to this
                  Section 17 (but will not be entitled to any additional grace
                  period in relation to such a variation).

      (c)   (Fixed Rate Prepayment Amount): For the purposes of this Section 17

                                                                              17
<PAGE>

            the Fixed Rate Prepayment Amount will be an amount equal to the
            greater of the following:

            (i)   where Party A does not have the Prescribed Rating in respect
                  of the Fixed Rate Swaps from Fitch, an amount acceptable to
                  Fitch and sufficient to maintain the credit ratings assigned
                  to the Securities by Fitch immediately prior to the review of
                  Party A's credit rating;

            (ii)  where Party A does not have the Prescribed Rating in respect
                  of the Fixed Rate Swaps from Moody's, an amount acceptable to
                  Moody's and sufficient to maintain the credit ratings assigned
                  to the Securities by Moody's immediately prior to the review
                  of Party A's credit rating; and

            (iii) where Party A does not have the Prescribed Rating in respect
                  of the Fixed Rate Swaps from S&P, the greater of:

                  A.    zero;

                  B.    CR;

                  C.    an amount equal to 1 percent of the then Amounts
                        Outstanding of all Mortgage Loans then being charged
                        interest at a fixed rate; and

                  D.    the net amount (if any) as determined by the Manager
                        that is expected to be due by Party A to Party B in
                        respect of the Fixed Rate Swaps on the immediately
                        following Monthly Distribution Date or Quarterly
                        Distribution Date (as the case may be) (calculated on
                        the basis that there will be no prepayments made by the
                        Mortgagors under the Mortgage Loans then being charged
                        interest at a fixed rate and no conversion of the
                        interest rate payable under any Mortgage Loan from a
                        fixed rate to a variable rate or from a variable rate to
                        a fixed rate during the relevant Collection Period).

                  Where:

                                           CR = MM + V

                  "MM" means the aggregate of the mark-to-market value (whether
                  positive or negative) of all Fixed Rate Swaps determined in
                  accordance with Section 17(d) no earlier than 3 Business Days
                  prior to the date that the Fixed Rate Prepayment Amount is
                  lodged.

                  "V" means the volatility buffer, being the value calculated by
                  multiplying the aggregate Notional Amounts (as defined in the
                  relevant Confirmations) of the Fixed Rate Swaps at the most
                  recent relevant Distribution Date by the relevant percentage
                  obtained from the following table:

                                                                              18
<PAGE>

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
<S>                                  <C>                                 <C>
 Where the period between the date   Where the period between the date   Where the period between the date of
 of recalculation and the weighted   of recalculation and the weighted   recalculation and the weighted
 average of the maturity dates of    average of the maturity dates of    average of the maturity dates of the
 the then fixed rate periods in      the then fixed rate periods in      then fixed rate periods in respect
 respect of Mortgage Loans forming   respect of Mortgage Loans forming   of Mortgage Loans forming part of
 part of the Assets of the Series    part of the Assets of the Series    the Assets of the Series Trust which
 Trust which are charged a fixed     Trust which are charged a fixed     are charged a fixed rate of interest
 rate of interest is less than or    rate of interest is greater than 5  is greater than 10 years
 equal to 5 years                    years and less than or equal to 10
                                     years
 --------------------------------------------------------------------------------------------------------------
 1.5                                 3.15                                6
 --------------------------------------------------------------------------------------------------------------
</TABLE>

                        (d)   (Mark to Market Value): Party A must calculate the
                              mark-to-market value of the Fixed Rate Swaps by
                              obtaining 2 bids from counterparties with the
                              Prescribed Ratings willing to provide the Fixed
                              Rate Swaps 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).

                        (e)   (Recalculation): Party A must recalculate the
                              Fixed Rate Prepayment Amount (including the CR and
                              the mark-to-market value) on a weekly basis. If:

                                   (i)  the recalculated Fixed Rate Prepayment
                                        Amount is greater than the immediately
                                        preceding Fixed Rate Prepayment Amount,
                                        Party A must make an additional
                                        prepayment in accordance with Section
                                        17(a)(iii) or (b)(i) within 3 Business
                                        Days of such recalculation so that the
                                        Fixed Rate Prepayment Balance equals the
                                        recalculated Fixed Rate Prepayment
                                        Amount; or

                                   (ii) the recalculated Fixed Rate Prepayment
                                        Amount is less than the immediately
                                        preceding Fixed Rate Prepayment Amount,
                                        Party B must upon the direction of the
                                        Manager withdraw an amount from the
                                        Eligible Account referred to in Section
                                        17(a)(ii) or (b)(i) and pay it to Party
                                        A within 3 Business Days of receiving
                                        notice of such recalculation so that the
                                        remaining Fixed Rate Prepayment Balance
                                        after such withdrawal equals the
                                        recalculated Fixed Rate Prepayment
                                        Amount.

                        (f)   (Interest): Interest will be payable by Party B on
                              any prepayment by Party A under this Section 17 in
                              accordance with clause 8.8 of the Series
                              Supplement.

                                   (g)  (Utilisation): If the Fixed Rate
                                        Prepayment Balance is applied towards an
                                        amount payable by Party A in accordance
                                        with Section 2(f) Party A must within 3
                                        Business Days make an additional
                                        prepayment in accordance with Section
                                        17(a)(iii) or (b)(i) equal to the amount
                                        so applied.

                                   (h)  (Repayment): If Party A regains the
                                        Prescribed Rating in respect of the

                                                                              19
<PAGE>

                                        Fixed Rate Swaps Party B must, upon the
                                        direction of the Manager, repay to Party
                                        A the then Fixed Rate Prepayment
                                        Balance.

18.   Downgrading of Party A - Basis Swaps

      (a)   (Downgrading): If, as a result of the reduction or withdrawal of its
            credit rating by a Rating Agency, Party A does not have the
            Prescribed Rating in respect of the Basis Swaps, Party A must:

            (i)   within 30 Business Days of Party A ceasing to have the
                  Prescribed Rating if and while Party A has short term credit
                  ratings of at least P-1 by Moody's and at least F2 by Fitch;
                  or

            (ii)  otherwise, if sooner, within 5 Business Days of Party A
                  ceasing to have a short term rating of at least P-1 by Moody's
                  and at least F2 by Fitch;

            (or such greater period as is agreed to in writing by each relevant
            Rating Agency) (the "Posting Period"), at its cost alone and at its
            election:

      (b)   (Prepayment):

            (i)   on or before the last day of the Posting Period, pay to Party
                  B as a prepayment of its obligations under each of the Basis
                  Swaps for the then Calculation Period, the relevant net amount
                  (if any) that is expected to be due by Party A to Party B at
                  the end of that Calculation Period;

            (ii)  in the case of the Monthly Basis Swap, on each Monthly
                  Distribution Date which follows such prepayment, pay to Party
                  B as a prepayment of its obligations under the Monthly Basis
                  Swap for the Calculation Period commencing on each such
                  Monthly Distribution Date, the net amount (if any) that is
                  expected to be due by Party A to Party B at the end of that
                  Calculation Period less any Monthly Basis Swap prepayments
                  relating to any prior Monthly Distribution Date held in the
                  Basis Prepayment Balance; and

            (iii) in the case of the Quarterly Basis Swap, on each Quarterly
                  Distribution Date which follows such prepayment, pay to Party
                  B as a prepayment of its obligations under the Quarterly Basis
                  Swap for the Calculation Period commencing on each such
                  Quarterly Distribution Date, the net amount (if any) that is
                  expected to be due by Party A to Party B at the end of that
                  Calculation Period less any Quarterly Basis Swap prepayments
                  relating to any prior Quarterly Distribution Date held in the
                  Basis Prepayment Balance.

            as determined by the Manager, by depositing such net amount (if any)
            into the Collections Account in cleared funds; or

      (c)   (Other arrangements): enter into some other arrangement satisfactory
            to the Manager and Party B which the Rating Agencies confirm will
            not result in a reduction, qualification or withdrawal of the credit
            ratings then assigned by them to the Securities. A prepayment on the
            first day of any Calculation Period by Party A under

                                                                              20
<PAGE>

            Section 18(b) will constitute a prepayment of Party A's payment
            obligations (to the extent thereof) in respect of each Basis Swap
            for the Calculation Period commencing on the relevant Monthly or
            Quarterly Distribution Date. Notwithstanding that Party A has
            elected to satisfy its obligations pursuant to this Section 18 in a
            particular manner, it may subsequently and from time to time vary
            the manner in which it satisfies its obligations pursuant to this
            Section 18 (but will not be entitled to any additional grace period
            in relation to such a variation). Interest will be payable by Party
            B on any prepayment by Party A under this Section 18 in accordance
            with clause 8.8 of the Series Supplement.

      19.   Securities Repaid

            On the date that the Invested Amount in respect of the Securities
            has been reduced to zero, or the Securities are redeemed in full or
            are deemed to have been redeemed in full under the Series
            Supplement, whichever is the earlier, Party A's obligations under
            Sections 17 and 18 will cease and Party B must pay to Party A on
            that date the Outstanding Interest Rate Swap Prepayment Amount and
            interest on such payment."

(15)  Transfer:

      Section 7 is replaced with:

      "7. Essential term: Transfer

      (a)   Neither the interests nor the obligations of either 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 any 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 party has
                  agreed to the variation of this Agreement 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)
                  including, but not limited to, 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); or

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

            provided that the Rating Agencies have confirmed that such transfer,
            variation or assignment by way of security (as the case may be) will
            not result in a reduction, qualification or withdrawal of the credit
            ratings then assigned by them to the Securities.

      (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)."

                                                                              21
<PAGE>

(16)  Addenda

      The following addendum to the Schedule to the Master Agreement of
      International Swap Dealers and Derivative Association, Inc in the form of
      the copy attached to this Agreement is incorporated in this Agreement:

      o     September 1991 Australian Addendum No. 1 (as amended in September
            1992 and March 1997) - Interest Rate Caps, Collars and Floors.

(17)  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).

(18)  Interest Rate Basis Cap

      The parties agree that any Interest Rate Basis Cap entered into between
      them pursuant to clause 16.6(k) of the Series Supplement will be entered
      into as a transaction governed by the terms of this Agreement.

                                                                              22
<PAGE>

Executed in Sydney.

<TABLE>
<CAPTION>
<S>                                                           <C>
Attorney for                                                  Attorney for

 ......................................................        ......................................................
Commonwealth Bank of Australia,                               Perpetual Trustee Company Limited,
ABN 48 123 123 124                                            ABN 42 000 001 007, as trustee of the Series 2001-1G Medallion Trust
</TABLE>

Attorney for

 ......................................................
Securitisation Advisory Services Pty. Limited,
ABN 88 064 133 946

                                                                              23
<PAGE>

Annexure 1A
Form of confirmation for Monthly Basis Swap - Series 2001-1G Medallion Trust

                   [Commonwealth Bank of Australia Letterhead]

[DATE]

<TABLE>
<CAPTION>
<S>                                               <C>
To:  Perpetual Trustee Company Limited            Securitisation Advisory Services Pty. Limited
     ABN 42 000 001 007                           ABN 88 064 133 946
     as trustee of the Series Trust               Level 8
     Level 7                                      48 Martin Place
     39 Hunter Street                             SYDNEY  NSW  2000
     SYDNEY   NSW   2000
                                                  Attention:  Manager, Securitisation
     Attention:  Manager, Securitisation Services
</TABLE>

Swap Confirmation - Monthly Basis Swap

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

This Confirmation supplements, forms part of, and is subject to, the 1992 ISDA
Master Agreement dated as of [ ], as amended, novitiate or supplemented from
time to time (the "Agreement"), between Commonwealth Bank of Australia, ABN 48
123 123 124 ("Party A"), Perpetual Trustee Company Limited as trustee of the
Series Trust ("Party B") and Securitisation Advisory Services Pty. Limited (the
"Manager"). All provisions contained in the Agreement govern this Confirmation
except as expressly modified below.

The terms of the particular Transaction to which this Confirmation relates are
as follows:

Our Reference:     [   ]
Trade Date:        [   ]
Effective Date:    [   ]
Termination Date:  Means the earlier of:

                  (a)   the Call Date but only if :

                        (i)   the Issue Margins (as defined in the Class A-1
                              Note Conditions in respect of the Class A-1 Notes)
                              in respect of the Class A-1 Notes and Class A-2
                              Notes increase as and from the Call Date; and

                        (ii)  the weighted average Mortgage Rate applicable to
                              the Mortgage Loans forming part of the Assets of
                              the Series Trust which are charged interest at a
                              variable rate is equal to or greater than the then
                              Threshold Rate.

                                                                              24
<PAGE>

                  (b)   the date that all the Securities have been redeemed in
                        full; and

                  (c)   the Termination Date for the Series Trust,

                  subject to the Following Business Day Convention

<TABLE>
<CAPTION>
<S>                                                          <C>
Notional Amount:                                             With respect to each Monthly Calculation Period means
                                                             the Monthly Basis Swap Amount for that Monthly Calculation Period
Floating Administered Rate Amounts:

   Floating Administered Rate Payer:                         Party B

   Floating Administered Rate Payer Payment Dates:           Each Monthly Distribution Date

   Floating Rate Option:                                     Monthly Basis Swap Administered Rate in relation to the relevant
                                                             Monthly Distribution Date

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

Floating BBSW Weighted Rate Amounts:

   Floating BBSW Rate Payer:                                 Party A

   Floating BBSW Rate Payer Payment Dates:                   Each Monthly Distribution Date

   Floating Rate Option:                                     One-month Bank Bill Rate for the Accrual Period corresponding
                                                             to the Calculation Period

   Spread:                                                   Monthly Weighted Margin in respect of the relevant Monthly
                                                             Distribution Date plus [   ]% per annum

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

Business Day:                                                Sydney

Business Day Convention:                                     Following

Calculation Agent:                                           The Manager

Other Provisions:                                            For the purposes of the Agreement, the Transaction to which this
                                                             Confirmation relates is a Basis Swap
</TABLE>

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

Executed documents will follow by mail.

                                                                              25
<PAGE>

Yours sincerely

<TABLE>
<CAPTION>
<S>                                                          <C>
SIGNED for and on behalf of PERPETUAL                        SIGNED for and on behalf of
TRUSTEE COMPANY LIMITED, ABN 42  000 001 007, as trustee     COMMONWEALTH BANK OF AUSTRALIA, ABN 48 123 123 124
of the Series 2001-1G Medallion Trust

By:    _______________________________                       By:______________________________
       (Authorised Officer)                                     Authorised Officer)

Name:  _______________________________                       Name:____________________________

Title: _______________________________                       Title:___________________________
</TABLE>

SIGNED for and on behalf of
SECURITISATION ADVISORY SERVICES
PTY. LIMITED, ABN 88 064 133 946

By:    _______________________________
       (Authorised Officer)

Name:  _______________________________

Title: _______________________________

                                                                              26
<PAGE>

Annexure 1B
Form of confirmation for Quarterly Basis Swap - Series 2001-1G Medallion Trust

                   [Commonwealth Bank of Australia Letterhead]

[DATE]

<TABLE>
<CAPTION>
<S>                                                 <C>
To:  Perpetual Trustee Company Limited              Securitisation Advisory Services Pty. Limited
     ABN 42 000 001 007                             ABN 88 064 133 946
     as trustee of the Series Trust                 Level 8
     Level 7                                        48 Martin Place
     39 Hunter Street                               SYDNEY  NSW  2000
     SYDNEY   NSW   2000
                                                    Attention:  Manager, Securitisation
     Attention:  Manager, Securitisation Services
</TABLE>

Swap Confirmation - Quarterly Basis Swap

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

This Confirmation supplements, forms part of, and is subject to, the 1992 ISDA
Master Agreement dated as of [ ], as amended, novitiate or supplemented from
time to time (the "Agreement"), between Commonwealth Bank of Australia, ABN 48
123 123 124 ("Party A"), Perpetual Trustee Company Limited as trustee of the
Series Trust ("Party B") and Securitisation Advisory Services Pty. Limited (the
"Manager"). All provisions contained in the Agreement govern this Confirmation
except as expressly modified below.

The terms of the particular Transaction to which this Confirmation relates are
as follows:

Our Reference:     [      ]
Trade Date:        [      ]
Effective Date:    [      ]
Termination Date:  Means the earlier of:

                  (a)   the Call Date but only if :

                        (i)   the Issue Margins (as defined in the Class A-1
                              Note Conditions in respect of the Class A-1 Notes)
                              in respect of the Class A-1 Notes and Class A-2
                              Notes increase as and from the Call Date; and

                        (ii)  the weighted average Mortgage Rate applicable to
                              the Mortgage Loans forming part of the Assets of
                              the Series Trust which are charged interest at a
                              variable rate is equal to or greater than the then
                              Threshold Rate.

                  (b)   the date that all the Securities have been redeemed in

                                                                              27
<PAGE>

                        full; and

                  (c)   the Termination Date for the Series Trust,

                  subject to the Following Business Day Convention
<TABLE>
<CAPTION>
<S>                                                        <C>
Notional Amount:                                           With respect to each quarterly Calculation Period means the Quarterly
                                                           Basis Swap Amount for that quarterly Calculation Period
Floating Administered Rate Amounts:

       Floating Administered Rate Payer:                   Party B

       Floating Administered Rate                          Each Quarterly Distribution Date
       Payer Payment Dates:

       Floating Rate Option:                               Quarterly Basis Swap Administered Rate in relation to the relevant
                                                           Quarterly Distribution Date

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

Floating BBSW Weighted Rate Amounts:

       Floating BBSW Rate Payer:                           Party A

       Floating BBSW Rate Payer Payment Dates:             Each Quarterly Distribution Date

       Floating Rate Option:                               Three-month Bank Bill Rate for the Accrual Period corresponding to
                                                           the Calculation Period

       Spread:                                             Quarterly Weighted Margin in respect of the relevant Quarterly
                                                           Distribution Date plus [   ]% per annum

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

Business Day:                                              Sydney

Business Day Convention:                                   Following

Calculation Agent:                                         The Manager

Other Provisions:                                          For the purposes of the Agreement, the Transaction to which this
                                                           Confirmation relates is a Basis Swap
</TABLE>

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

Executed documents will follow by mail.

                                                                              28
<PAGE>

Yours sincerely

SIGNED for and on behalf of PERPETUAL         SIGNED for and on behalf of
TRUSTEE COMPANY LIMITED, ABN 42  000 001      COMMONWEALTH BANK OF AUSTRALIA,
007, as trustee of the Series 2001-1G         ABN 48 123 123 124
Medallion Trust

By:___________________________________        By:______________________________
   (Authorised Officer)                         (Authorised Officer)

Name: ________________________________        Name: ____________________________

Title:________________________________        Title: ___________________________

SIGNED for and on behalf of
SECURITISATION ADVISORY SERVICES
PTY. LIMITED, ABN 88 064 133 946

By:______________________________
   (Authorised Officer)

Name: ____________________________

Title: ___________________________

                                                                              29
<PAGE>

Annexure 2A
Form of Confirmation for Monthly Fixed Rate Swap - Series 2001-1G
Medallion Trust

                   [Commonwealth Bank of Australia Letterhead]

[DATE]

<TABLE>
<CAPTION>
<S>                                                  <C>
To: Perpetual Trustee Company Limited                Securitisation Advisory Services Pty. Limited
    ABN 42 000 001 007                               ABN 88 064 133 946
    as trustee of the Series Trust                   Level 8
    Level 7                                          48 Martin Place
    39 Hunter Street                                 SYDNEY  NSW  2000
    SYDNEY   NSW   2000

                                                     Attention:  Manager, Securitisation
    Attention:  Manager, Securitisation Services
</TABLE>

Swap Confirmation - Monthly Fixed Rate Swap

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

This Confirmation supplements, forms part of, and is subject to, the 1992 ISDA
Master Agreement dated as of [ ], as amended, novitiate or and supplemented from
time to time (the "Agreement"), between Commonwealth Bank of Australia, ABN 48
123 123 124 ("Party A"), Perpetual Trustee Company Limited as trustee of the
Series Trust ("Party B") and Securitisation Advisory Services Pty. Limited (the
"Manager"). All provisions contained in the Agreement govern this Confirmation
except as expressly modified below.

The terms of the particular Transaction to which this Confirmation relates are
as follows:

Our Reference:     [    ]

Trade Date:        [    ]

Effective Date:    [    ]

Termination Date:  Means the earlier of:

                  (a)   the date that all the Securities have been redeemed in
                        full; and

                  (b)   the Termination Date for the Series Trust,

                  subject to the Following Business Day Convention

<TABLE>
<CAPTION>
<S>                                            <C>
Notional Amount:                               With respect to each monthly Calculation Period means the Monthly
                                               Fixed Rate Swap Amount for that monthly Calculation Period
Fixed Amounts:

    Fixed Rate Payer:                          Party B

    Fixed Rate Payer Payment                   Each Monthly Distribution Date
</TABLE>

                                                                              30
<PAGE>

<TABLE>
<CAPTION>
<S>                                            <C>
    Dates:

    Fixed Rate:                                The Monthly Fixed Swap Administered Rate in relation to the relevant
                                               Monthly Distribution Date

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

Floating Amounts:

    Floating Rate Payer:                       Party A

    Floating Rate Payer Payment Dates:         Each Monthly Distribution Date

    Floating Rate Option:                      One-month Bank Bill Rate for the Accrual Period corresponding to the
                                               Calculation Period

    Spread:                                    Monthly Weighted Margin in respect of the relevant Monthly Distribution
                                               Date plus [   ]% per annum

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

Business Day:                                  Sydney

Business Day Convention:                       Following

Calculation Agent:                             The Manager

Other Provisions:                              For the purposes of the Agreement, the Transaction to which this
                                               Confirmation relates is a Fixed Rate Swap
</TABLE>

Please confirm that the above correctly sets out the terms of our agreement in
respect of the 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

SIGNED for and on behalf of PERPETUAL           SIGNED for and on behalf of
TRUSTEE COMPANY LIMITED, ABN 42 000             COMMONWEALTH BANK OF AUSTRALIA,
001 007, as trustee of the Series 2001-1G       ABN 48 123 123 124
Medallion Trust

By:___________________________________        By:______________________________
   (Authorised Officer)                         (Authorised Officer)

Name: ________________________________        Name: ____________________________

Title:________________________________        Title: ___________________________

                                                                              31
<PAGE>

SIGNED for and on behalf of
SECURITISATION ADVISORY SERVICES
 PTY. LIMITED, ABN 88 064 133 946

By:___________________________________
   (Authorised Officer)

Name: ________________________________

Title:________________________________

                                                                              32
<PAGE>

Annexure 2B

              Form of Confirmation for Quarterly Fixed Rate Swap -
                         Series 2001-1G Medallion Trust

                   [Commonwealth Bank of Australia Letterhead]

[DATE]

<TABLE>
<CAPTION>
<S>                                                <C>
To: Perpetual Trustee Company Limited              Securitisation Advisory Services Pty. Limited
    ABN 42 000 001 007                             ABN 88 064 133 946
    as trustee of the Series Trust                 Level 8
    Level 7                                        48 Martin Place
    39 Hunter Street                               SYDNEY  NSW  2000
    SYDNEY   NSW   2000
                                                   Attention:  Manager, Securitisation
    Attention:  Manager, Securitisation Services
</TABLE>

Swap Confirmation - Quarterly Fixed Rate Swap

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

This Confirmation supplements, forms part of, and is subject to, the 1992 ISDA
Master Agreement dated as of [ ], as amended, novitiate or and supplemented from
time to time (the "Agreement"), between Commonwealth Bank of Australia, ABN 48
123 123 124 ("Party A"), Perpetual Trustee Company Limited as trustee of the
Series Trust ("Party B") and Securitisation Advisory Services Pty. Limited (the
"Manager"). All provisions contained in the Agreement govern this Confirmation
except as expressly modified below.

The terms of the particular Transaction to which this Confirmation relates are
as follows:

Our Reference:     [      ]
Trade Date:        [      ]
Effective Date:    [      ]
Termination Date:  Means the earlier of:

                  (a)   the date that all the Securities have been redeemed in
                        full; and

                  (b)   the Termination Date for the Series Trust,

                  subject to the Following Business Day Convention
<TABLE>
<CAPTION>
<S>                                                    <C>
Notional Amount:                                       With respect to each quarterly Calculation Period means the Quarterly
                                                       Fixed Rate Swap Amount for that quarterly Calculation Period
Fixed Amounts:

   Fixed Rate Payer:                                   Party B

   Fixed Rate Payer Payment                            Each Quarterly Distribution Date
</TABLE>

                                                                              33
<PAGE>

<TABLE>
<CAPTION>
<S>                                                    <C>
   Dates:

   Fixed Rate::                                        The Quarterly Fixed Swap Administered Rate in relation to the relevant
                                                       Quarterly Distribution Date

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

Floating Amounts:

   Floating Rate Payer:                                Party A

   Floating Rate Payer Payment Dates:                  Each Quarterly Distribution Date

   Floating Rate Option:                               Three-month Bank Bill Rate for the Accrual Period corresponding to the
                                                       Calculation Period

   Spread:                                             Quarterly Weighted Margin in respect of the relevant Quarterly Distribution
                                                       Date plus [   ]% per annum

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

Business Day:                                          Sydney

Business Day Convention:                               Following

Calculation Agent:                                     The Manager

Other Provisions:                                      For the purposes of the Agreement, the Transaction to which this
                                                       Confirmation relates is a Fixed Rate Swap
</TABLE>

Please confirm that the above correctly sets out the terms of our agreement in
respect of the 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

<TABLE>
<CAPTION>
<S>                                                    <C>
SIGNED for and on behalf of                             SIGNED for and on behalf of
PERPETUAL TRUSTEE COMPANY LIMITED, ABN 42 000           COMMONWEALTH BANK OF AUSTRALIA,
001 007, as trustee of the Series 2001-1G               ABN 48 123 123 124
Medallion Trust

By:___________________________________                  By:______________________________
   (Authorised Officer)                                   (Authorised Officer)

Name: ________________________________                  Name: ____________________________

Title:________________________________                  Title: ___________________________
</TABLE>

                                                                              34
<PAGE>

SIGNED for and on behalf of
SECURITISATION ADVISORY SERVICES
PTY. LIMITED, ABN 88 064 133 946

By:___________________________________
   (Authorised Officer)

Name: ________________________________

Title:________________________________

                                                                              35
<PAGE>

Annexure 2C

Form of Confirmation for Other Fixed Rate Swaps - Series 2001-1G Medallion Trust

                   [Commonwealth Bank of Australia Letterhead]

[DATE]

<TABLE>
<CAPTION>
<S>                                                    <C>
To:  Perpetual Trustee Company Limited                 Securitisation Advisory Services Pty. Limited
     ABN 42 000 001 007                                ABN 88 064 133 946
     as trustee of the Series Trust                    Level 8
     Level 7                                           48 Martin Place
     39 Hunter Street                                  SYDNEY  NSW  2000
     SYDNEY   NSW   2000
                                                       Attention:  Manager, Securitisation
     Attention:  Manager, Securitisation Services
</TABLE>

Swap Confirmation - Other Fixed Rate Swap

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

This Confirmation supplements, forms part of, and is subject to, the 1992 ISDA
Master Agreement dated as of [ ], as amended, novitiate or and supplemented from
time to time (the "Agreement"), between Commonwealth Bank of Australia, ABN 48
123 123 124 ("Party A"), Perpetual Trustee Company Limited as trustee of the
Series Trust ("Party B") and Securitisation Advisory Services Pty. Limited (the
"Manager"). All provisions contained in the Agreement govern this Confirmation
except as expressly modified below.

The terms of the particular Transaction to which this Confirmation relates are
as follows:

Our Reference:     [    ]
Trade Date:        [    ]
Effective Date:    [    ]
Termination Date:  Means the earlier of:

                  (a)   the date that all the Securities have been redeemed in
                        full; and

                  (b)   the Termination Date for the Series Trust,

                  subject to the Following Business Day Convention

<TABLE>
<CAPTION>
<S>                                                        <C>
Notional Amount:                                           With respect to each Calculation Period means the Other Fixed Rate
                                                           Swap Amount for that Calculation Period
Fixed Amounts:

       Fixed Rate Payer:                                   Party B

       Fixed Rate Payer Payment Dates:                     Each [Monthly/Quarterly]Distribution Date
</TABLE>

                                                                              36
<PAGE>

<TABLE>
<CAPTION>
<S>                                              <C>
       Fixed Rate:                               The [Monthly/Quarterly]Fixed Swap Administered Rate in
                                                 relation to the relevant [Monthly/Quarterly]Distribution Date

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

Floating Amounts:

       Floating Rate Payer:                      Party A

       Floating Rate Payer Payment Dates:        Each [Monthly/Quarterly]Distribution Date

       Floating Rate Option:                     Relevant Bank Bill Rate for the Accrual Period corresponding to the
                                                 Calculation Period

       Spread:                                   [Monthly/Quarterly]Weighted Margin in respect of the relevant Distribution
                                                 Date plus [   ]% per annum

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

Business Day:                                    Sydney

Business Day Convention:                         Following

Calculation Agent:                               The Manager

Other Provisions:                                For the purposes of the Agreement, the Transaction to which this
                                                 Confirmation relates is a Fixed Rate Swap
</TABLE>

Please confirm that the above correctly sets out the terms of our agreement in
respect of the 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

<TABLE>
<CAPTION>
<S>                                               <C>
SIGNED for and on behalf of PERPETUAL             SIGNED for and on behalf of
TRUSTEE COMPANY LIMITED, ABN 42 000               COMMONWEALTH BANK OF AUSTRALIA,
001 007, as trustee of the Series 2000-2G         ABN 48 123 123 124
Medallion Trust

By:___________________________________            By:______________________________
   (Authorised Officer)                             (Authorised Officer)

Name: ________________________________            Name: ____________________________

Title:________________________________            Title: ___________________________
</TABLE>

                                                                              37
<PAGE>

SIGNED for and on behalf of
SECURITISATION ADVISORY SERVICES
PTY. LIMITED, ABN 88 064 133 946

By:___________________________________
   (Authorised Officer)

Name: ________________________________

Title:________________________________

                                                                              38
<PAGE>

Annexure 3
Monthly Payment Notice - Series 2001-1G Medallion Trust

To:     Commonwealth Bank Of Australia, ABN 48 123 123 124 ("Party A")

And To: Perpetual Trustee Company Limited, ABN 42 000 001 007, as trustee of the
        Series Trust, ("Party B")

From:   Securitisation Advisory Services Pty. Limited, ABN 88 064 133 946 (the
        "Manager")

ISDA MASTER AGREEMENT dated [ ] between Party A, Party B and the Manager (the
"Agreement")

Determination Date:

The Manager has determined and gives notice of the following:

1.    Monthly Basis Swaps

      (a)   Notional Amount for the current Calculation Period:

      (b)   Monthly Basis Swap Administered Rate for the current Calculation
            Period just ended:

2.    Monthly Fixed Rate Swaps

      (a)   Notional Amount for the current Calculation Period:

      (b)   Monthly Fixed Rate Administered Rate for the current Calculation
            Period just ended:

3.    Monthly Rate Set

      One-month Bank Bill Rate for the current Calculation Period:

      Monthly Weighted Margin for the current Calculation Period:

4.    Quarterly Basis Swaps (only on a Quarterly Distribution Date)

      (a)   Notional Amount for the current Calculation Period:

      (b)   Quarterly Basis Swap Administered Rate for the current Calculation
            Period just ended:

5.    Quarterly Fixed Rate Swaps (only on a Quarterly Distribution Date)

      (a)   Notional Amount for the current Calculation Period:

      (b)   Quarterly Fixed Rate Administered Rate for the current Calculation
            Period just ended:

6.    Quarterly Rate Set (only on a Quarterly Distribution Date)

      (a)   Three-month Bank Bill Rate for the current Calculation Period:

      (b)   Quarterly Weighted Margin for the current Calculation Period:

                                                                              39
<PAGE>

7.    Net Break Receipts and Payments

      (a)   The Net Break Receipt (if any) in respect of the Determination Date:

      (b)   The Net Break Payment (if any) in respect of the Determination Date:

8.    Net Amount

      (a)   Net amount due for payment by Party A on the immediately following
            Payment Date:

      (b)   Net amount due for payment by Party B on the immediately following
            Payment Date:

Terms used and not otherwise defined in this notice have the same meaning as in
the Agreement, as amended, supplemented or novitiate from time to time.

SIGNED for and on behalf of SECURITISATION ADVISORY SERVICES PTY. LIMITED, ABN
88 064 133 946

By:___________________________________
   (Authorised Officer)

Name: ________________________________

Title:________________________________

                                                                              40
<PAGE>

Annexure 4
Part 5(6) - Definitions

"Monthly Basis Swap Administered Rate" means, in relation to a Monthly
Distribution Date the amount expressed as a percentage, determined in accordance
with the following calculation:

                                     MBSA/
SII {-}                                                 + VCI [MBSA(MBSA + QBSA)
                MBSA + QBSA + MFRSA +QFRSA + MOFRSA + QOFRSA
MBSAR=--------------------------------------------------------------------------
                                              MBSA
{-} 365 NM

where:

MBSAR   means the Monthly Basis Swap Administered Rate

SII     means the Short Term Investment Income

MBSA    means the Monthly Basis Swap Amount

QBSA    means the Quarterly Basis Swap Amount

MFRSA   means the Monthly Fixed Rate Swap Amount

QFRSA   means the Quarterly Fixed Rate Swap Amount

MOFRSA  means the Monthly Other Fixed Rate Swap Amount

QOFRSA  means the Quarterly Other Fixed Rate Swap Amount

VCI     means the Variable Charged Interest Each Monthly Collection Period

NM      means the Number of Days in Monthly Accrual Period

"Quarterly Basis Swap Administered Rate" means in relation to a Quarterly
Distribution Date the amount expressed as a percentage, determined in accordance
with the following calculation:

        CQBSII + CQVCI
QBSAR= ---------------    365 NQ
             QBSA

where:

QBSAR   means the Quarterly Basis Swap Administered Rate

CQBSII  means the sum of QBSII for [ ] months since the previous Quarterly
        Distribution Date

QBSII   means the Quarterly Basis Swap share of Short Term Investment
        Income for each monthly Collection Period, determined in
        accordance with the following calculation:

SII  {-}                       QBSA
     -------------------------------------------------------
            [MBSA + QBSA + MFRSA + QFRSA + MOFRSA + OFRSA]

                                                                              41
<PAGE>

where:

MBSA    means the Monthly Basis Swap Amount

QBSA    means the Quarterly Basis Swap Amount

MFRSA   means the Monthly Fixed Rate Swap Amount

QFRSA   means the Quarterly Fixed Rate Swap Amount

MOFRSA  means the Monthly Other Fixed Rate Swap Amount

QOFRSA  means the Quarterly Other Fixed Rate Swap Amount

CQVCI   means the sum of QVCI for [ ] months since previous Quarterly
        Distribution Date

QVCI    means the Quarterly Basis Swap share of Variable Charged Interest
        for each monthly Collection Period, determined in accordance with
        the following calculation:

= VCI  {-}   QBSA (MBSA+ QBSA)

NQ      means the number of days in quarterly Accrual Period

"Monthly Weighted Margin" in relation to a Monthly Fixed Rate Swap or Monthly
Basis Swap means the amount expressed as a percentage, determined by the
following calculation:

MWM      =  CA2-1/                         x      CA2-1M
            (CA2 + MCB + MRB + MSR)
            +
            CA2-2/                         x      CA2-2M
            (CA2 + MCB + MRB + MSR)
            +
            CA2-3/                         x      CA2-3M
            (CA2-3 + MCB + MRB + MSR)
            +
            MCB/                           x      CBM
            (CA2 + MCB + MRB + MSR)
            +
            MRB/                           x      RBM
            (CA2 + MCB + MRB + MSR)
            +
            MSR/                           x      SRM
            (CA2 + MCB + MRB + MSR)

where:

CA2-1   means the Aggregate Stated Amounts of Class A2-1 Notes at end of
        the previous Monthly Distribution Date, or where there is only a
        single initial Class A-2 Tranche, the Stated Amount of the Class
        A2 Notes

CA2-2   means the Aggregate Stated Amounts of Class A2-1 Notes at end of
        the previous Monthly Distribution Date

CA2-3   means the Aggregate Stated Amounts of Class A2-1 Notes at end of
        the previous Monthly

        Distribution Date

CA2     means the Aggregate Stated Amounts of all Class A2 Notes at end of
        the previous Monthly

                                                                              42
<PAGE>

        Distribution Date

CA2-1M  means the Issue Margin in respect of the Class A2-Tranche 1 Notes
        during the monthly Accrual Period immediately prior to the Monthly
        Distribution Date or if there is only a single Class A-2 Tranche,
        the Class A2 Issue Margin

CA2-2M  means the Issue Margin in respect of the Class A2-Tranche 2 Notes
        during the monthly Accrual Period immediately prior to the Monthly
        Distribution Date

RBM     means the Weighted Average of the Issue Margins in respect of the
        Redraw Bonds outstanding during the monthly Accrual Period
        immediately prior to the Monthly Distribution Date

CBM     means the Issue Margin in respect of the Class B Notes

SRM     means the Drawdown Margin as defined in the Standby Redraw
        Facility Agreement

MCB     means the monthly swap proportion of Aggregate Stated Amounts of
        Class B Notes at end of the previousMonthly Distribution Date,
        determined in accordance with the following calculation:

      CB {-}(MBSA + MFRSA + MOFRSA)
   =-------------------------------------
    (QBSA + QFRSA + QOFRSA + MBSA + MFRSA + MOFRSA)

where:

MBSA    means the Monthly Basis Swap Amount

QBSA    means the Quarterly Basis Swap Amount

MFRSA   means the Monthly Fixed Rate Swap Amount

QFRSA   means the Quarterly Fixed Rate Swap Amount

MOFRSA  means the Monthly Other Fixed Rate Swap Amount

QOFRSA  means the Quarterly Other Fixed Rate Swap Amount

MRB means the monthly swap proportion of Aggregate Stated Amounts of Redraw
Bonds at end of the previous Monthly Distribution Date, determined in accordance
with the following calculation:

        RB {-}(MBSA + MFRSA + MOFRSA)
=------------------------------------------------
 (QBSA + QFRSA + QOFRSA + MBSA + MFRSA + MOFRSA)

where:

RB      means the Redraw Bonds at beginning of a month

MSR means a proportion of the Standby Redraw Facility Principal at the end of
the previous Monthly Distribution Date, determined in accordance with the
following calculation:

                5 R{-}(MBSA + MFRSA + MOFRSA)
=----------------------------------------------------------
      (QBSA + QFRSA + QOFRSA + MBSA + MFRSA + MOFRSA)

where:

SR      equals the Standby Redraw Facility Principal at the end of the
        previous

                                                                              43
<PAGE>

                           Monthly Distribution Date

"Quarterly Weighted Margin" in relation to a Quarterly Fixed Swap or a Quarterly
Basis Swap means the amount expressed as a percentage, determined by the
following calculation:
<TABLE>
<CAPTION>

<S>                  <C>                            <C>                               <C>
QWM                  =  CA1/                        [ICON OF HAND POINTING DOWN]      CA1M
                        (CA1 + CB + QRB + QSR)
                        +
                        CB/                         [ICON OF HAND POINTING DOWN]      CBM
                        (CA1 + CB + QRB + QSR)
                        +
                        QRB/                        [ICON OF HAND POINTING DOWN]      QRBM
                        (CA1 + CB + QRB + QSR)
                        +
                        QSR/                        [ICON OF HAND POINTING DOWN]      SRM
                        (CA1 + CB + QRB + QSR)
</TABLE>

      CA1     means the A$ Equivalent of the Aggregate Stated Amounts of Class
              A1 Notes at end of previous quarterly Distribution Date

      CA1M    means the Spread specified in paragraph 5.2 of the Confirmations
              for the Class A-1 Currency Swaps on that Distribution Date

      CB      means the Aggregated Stated Amounts of Class B Notes at end of
              previous Quarterly Distribution Date

      CBM     means the Issue Margin in respect of the Class B Notes

      QRBM    means the Weighted Average of the Issue Margins in respect of the
              Redraw Bonds outstanding at the end of the previous Quarterly
              Distribution Date

      SRM     means the Drawdown Margin as defined in the Standby Redraw
              Facility Agreement

      QRB     means the Aggregate Stated Amounts of Redraw Bonds at end of
              previous Quarterly Distribution Date, determined in accordance
              with the following calculation:

                         BRB {-}(QBSA + QFRSA + QOFRSA)
               =-------------------------------------------------
                 (QBSA + QFRSA + QOFRSA + MBSA + MFRSA + MOFRSA)

      where:

      BRB     means the Redraw Bonds at beginning of the quarter

      MBSA    means the Monthly Basis Swap Amount

      QBSA    means the Quarterly Basis Swap Amount

      MFRSA   means the Monthly Fixed Rate Swap Amount

      QFRSA   means the Quarterly Fixed Rate Swap Amount

      MOFRSA  means the Monthly Other Fixed Rate Swap Amount

      QOFRSA  means the Quarterly Other Fixed Rate Swap Amount

                                                                              44
<PAGE>

      QSR     means the Standby Redraw Facility Principal at end of previous
              Quarterly Distribution Date, determined in accordance with the
              following calculation:

                         BSR {-}(QBSA + QFRSA + QOFRSA)
                  --------------------------------------------
                 (QBSA + QFRSA + QOFRSA + MBSA + MFRSA +MOFRSA)

                     where:

      BSR     means the Standby Redraw Facility Principal at beginning of the
              relevant quarter

                                                                              45
<PAGE>

            "Monthly Fixed Swap Administered Rate" means, in relation to a
      Monthly Distribution Date the amount expressed as a percentage, determined
      in accordance with the following calculation:

<TABLE>
<S>             <C>                                              <C>
                MFRSA + MOFRSA                                    MFRSA + MOFRSA
     SII{-}-------------------------------------------+FCI {-}----------------------------
MFSAR=          MBSA + QBSA + QFRSA + MOFRSA + QOFRSA           MFRSA + MOFRSA + QFRSA + QOFRSA
     ------------------------------------------------------------------------------------------- {-} 365/NM
                                                MFRSA + MOFRSA]
</TABLE>

  where:

      MFRSA   means the Monthly Fixed Rate Swap Amount

      SII     means the Short Term Investment Income

      MFRSA   means the Monthly Fixed Rate Swap Amount

      MQFRSA  means the Monthly Other Fixed Rate Swap Amount

      MBSA    means the Monthly Basis Swap Amount

      QBSA    means the Quarterly Basis Swap Amount

      QFRSA   means the Quarterly Fixed Rate Swap Amount

      QOFRSA  means the Quarterly Other Fixed Rate Swap Amount

      FCI     means the Fixed Charge Interest

      NM      means the number of days in quarterly Accrual Period

"Quarterly Fixed Swap Administered Rate" means in relation to a Quarterly
Distribution Date the amount expressed as a percentage, determined in accordance
with the following calculation:

                         [CQFCI+CQFSII]
QFSAR =                ----------------X365/NQ
                         [QFRSA + QOFRSA]

QFSAR   means the Quarterly Fixed Swap Administration Rate

CQFCI   means the Sum of QFCI for Months since Previous Quarterly
        Distribution Date

QFCI    means the Quarterly Fixed Swap Share of Fixed Rate Charged
        Interest each monthly Collection Period, determined in accordance
        with the following calculation:

        =  FCI x [QFRSA+QOFRSA]/(MFRSA+MOFRSA+QFRSA+QOFRSA)

CQFSII  means the Sum of QFSII for the Months since Previous Quarterly
        Distribution Date

QFSII   means the quarterly Fixed Rate Swap share of Short Term Investment
        Income for each monthly Collection Period, determined in
        accordance with the following calculation:

        =       SII x                     QFRSA + QOFRSA
                       --------------------------------------------------
                       (MBSA + QBSA + MRFSA + QFRSA + MOFRSA + QOFRSA)

        where

MBSA    means the Monthly Basis Swap Amount

                                                                              46
<PAGE>

QBSA    means the Quarterly Basis Swap Amount

MFRSA   means the Monthly Fixed Rate Swap Amount

QFRSA   means the Quarterly Fixed Rate Swap Amount

MOFRSA  means the Monthly Other Fixed Rate Swap Amount

QOFRSA  means the Quarterly Other Fixed Rate Swap Amount

NQ      means the number of days in quarterly Accrual Period

                                                                              47<PAGE>

                                                                    Exhibit 10.4

                                                                 Draft: 27.03.01
--------------------------------------------------------------------------------

Securitisation Advisory Services Pty Limited
Manager

Commonwealth Bank of Australia
CBA and Party A

Perpetual Trustee Company Limited
Party B

Citibank N.A., New York Branch
Citibank 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

                         Commonwealth Bank of Australia
                               ABN 48 123 123 124
                             ("CBA " 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

                         Citibank N.A., New York Branch
                    ("Citibank" 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 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 Standby Swap Provider 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 Exchange Act.

                                                                               2
<PAGE>

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:

Party required to           Form/Document/Certificate      Date by which to be
deliver document                                           delivered

Party A, Party B, and       Any document or                On the earlier of
the Standby Swap            certificate reasonably         (a) learning that
Provider                    required or reasonably         such document or
                            requested by a party in        certificate is
                            connection with its            required and (b) as
                            obligations to make a          soon as reasonably
                            payment under this             practicable
                            Agreement which would          following a request
                            enable that party to make      by a party.
                            the payment free from 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.

(b)   Other documents to be delivered are:

Party required to          Form/Document/Certificate      Date by which to be
deliver document                                          delivered

Party A, Party B, the      A certificate specifying       On the execution of
Standby Swap Provider      the names, title and           this Agreement and
and the Manager            specimen signatures of         each Confirmation
                           the persons authorised to      unless that
                           execute this Agreement         certificate has
                           and each Confirmation or       already been
                           other communication in         supplied and remains
                           writing made pursuant to       true and in effect
                           this Agreement on its          and when the
                           behalf.                        certificate is
                                                          updated.

Party A, Party B, the      A legal opinion as to the      Prior to the Closing
Standby Swap Provider      validity and                   Date.
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            Not less than 5
                           Party A of each Credit         Business Days (or
                           Support Document               such lesser period
                           specified in respect of        as Party A agrees
                           Party B and (without           to) before the Trade
                           limiting any obligation        Date of the first
                           Party B may have under         occurring
                           the terms of that Credit       Transaction and in
                           Support Document to            the case of any
                           notify Party A of              amending documents
                           amendments thereto) a          entered into
                           certified copy to Party A      subsequent to that
                           of any document that           date, promptly after
                           amends in any way the          each amending
                           terms of that Credit           document (if any)
                           Support

                                                                               3
<PAGE>

                           Document.                      has been entered into.

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 CBA 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

      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

      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 Citibank as Standby Swap
      Provider and (on and from the Novation Date) as Party A:

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

                                                                               4
<PAGE>

      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.:  [          ]

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

      CBA as Party A appoints as its Process Agent: Not applicable.

      Party B appoints as its Process Agent: not applicable.

      Citibank as Standby Swap Provider and (on and from the Novation Date) as
      Party A appoints as its Process Agent: [Citibank Limited][Salomon Smith
      Barney Australia Limited] of [                         ].

(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 CBA as Party A: Not applicable.

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

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

(g)   Credit Support Provider.

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

      (ii)  In relation to Party B: None.

      (iii) In relation to Citibank 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

                                                                               8
<PAGE>

                        the 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 CBA, 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.

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

                                                                              14
<PAGE>

                  "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.

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

                  "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 Section 16.

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

                  "Scheduled Maturity Date" has the meaning given in Section 16.

                  "Security Trust Deed" has the meaning given in Section 16.

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

                  "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 "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:

            --------------------------------------------------------------------
            Party A's and    Where the       Where the       Where the
            the Standby      period          period          period
            Swap             between the     between the     between the
            Provider's       date of         date of         date of
            jointly          recalculation   recalculation   recalculation
            supported        and the         and the         and the
            long term        Scheduled       Scheduled       Scheduled
            credit rating    Maturity        Maturity        Maturity Date
            by S&P           Date is less    Date is         is greater
                             than or         greater than    than 10 years
                             equal to 5      5 years and
                             years           less than or
                                             equal to 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, CBA 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 CBA as Party A and the Transferee. Upon delivery
      of those documents to Party B:

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

      (b)   (Transfer and Assumption): CBA 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 CBA 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 CBA 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 CBA 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 CBA 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 Swap Provider must:

                  (A)   in relation to a failure to pay under a Transaction, pay
                        to

                                                                              23
<PAGE>

                        Party B the amount then owing by CBA 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 CBA 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), CBA 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 CBA as Party A pursuant to Part
                  5(24)(a)(iv)(B), CBA 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 CBA 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)   CBA 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)  CBA as Party A fails to fulfill its obligations under Part
                  5(24)(b)(ii)(A), then:

            (iii) CBA'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), CBA 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 CBA as Party A
                  had under this Agreement and each Transaction;

            (v)   Party B and the Standby Swap Provider will be taken to have
                  released CBA as Party A from all its unperformed and future
                  obligations under

                                                                              24
<PAGE>

                  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 "CBA 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 CBA as Party A
                        or any other arrangements made by CBA as Party A
                        pursuant to Part 5(22)(a)(iii) will be returned to CBA
                        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) CBA as
            Party A must pay the Standby Swap Provider or the Standby Swap
            Provider must pay CBA as Party A an amount (the "Novation Settlement
            Amount") being:

            (i)   in the case of payment by CBA 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 CBA 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 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 CBA;

                                                                              25
<PAGE>

            (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 CBA 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 CBA as Party A under Part 5(24)(a)(iv)(B) by lodging
            collateral on behalf of CBA as Party A pursuant to Part 5(22)(a),
            CBA 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 CBA 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 Services   Attention: Manager, Securitisation

         Citibank N.A.
         New York Branch
         333 West 34th Street
         New York
         NY 10001
         UNITED STATES

         Attention:  Director,
         Derivatives Operations

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 [     ], as amended, novated or supplemented from
time to time (the "Agreement"), between Commonwealth Bank of Australia, ABN 48
123 123 124 ("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 Citibank N.A. (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:

1.   Our Reference:                    [                                 ]

2.   Trade Date:                       [                                 ]

3.   Effective Date:                   Issue Date in respect of the Relevant
                                       Notes

4.   Termination Date:                 The earlier of:

                                       (a)   the date that the Relevant Notes
                                             have been

                                                                              27
<PAGE>

                                             redeemed in full in
                                             accordance with the Note
                                             Conditions; and

                                       (b)   the Scheduled Maturity Date.

5.   Floating Amounts

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       Each Quarterly Distribution Date during
     Dates:                            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           Actual/360
     Fraction:

     Reset Dates:                      The first day of each Calculation Period

     Compounding:                      Inapplicable

     Class A-1 Unpaid Coupon           On each Floating Rate Payer Payment
     Amount:                           Date, Party A will pay to Party B an
                                       amount calculated as follows:

                                                     LIBOR
                                       $USUC=$AUC<-->-----<-->$USExchangeRate
                                                     BBSW

                                       where:

                                       $USUC =    the amount to be paid by
                                                  Party A;

                                                                              28
<PAGE>

                                       $AUC =     the A$ 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;

                                       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       Each Quarterly Distribution Date during
     Dates:                            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 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           Actual/365 (Fixed)
     Fraction:

     Reset Dates:                      The first day of each Calculation Period

     Compounding:                      Inapplicable

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

                                                                              29
<PAGE>

                                       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          The A$ Equivalent of the Party B Initial
     Amount:                           Exchange Amount, being A$[        ]

     Party B Initial Exchange          One half of the Initial Invested Amount
     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       In respect of an Instalment Exchange
     Amount:                           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       In respect of an Instalment Exchange
     Amount:                           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:                 [              ]

                                                                              30
<PAGE>

8.   Account Details:

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 CBA as Party A for each
                                       Transaction is Sydney.

                                       The Office of Citibank (on and from the
                                       Novation Date) as Party A is New York.

                                       The Office of Party B for each
                                       Transaction is Sydney.

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

                                                                              31
<PAGE>

Confirmed as at the date first written above:

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

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
CITIBANK N.A., NEW YORK BRANCH

By: _____________________________
    (Authorised Officer)

Name: ___________________________

Title: __________________________

                                                                              32
<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

                                                                              33
<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:

                                                                      Valuation
                                                                      Percentage

                        (A)   negotiable debt obligations issued by     98%
                              the U.S. Treasury Department having a
                              remaining maturity of not more than
                              one year

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

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

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

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

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

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

                        (H)   Agency Securities having a remaining      89%
                              maturity of more 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

                                                                              34
<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).

                                                                              35
<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

                                                                              36
<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."

                                                                              37
<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 CBA as Party A (or from the Standby Swap Provider
                        on behalf of CBA 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 CBA as Party A to the Secured Party as trustee
                              of the Series Trust (other than pursuant to
                              Paragraph

                                                                              38
<PAGE>

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

                        (2)   the Standby Swap Provider as security for the
                              Obligations of CBA 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 CBA'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)   CBA 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 CBA 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 CBA as Party A to
                        the Secured Party in satisfaction of CBA'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 CBA as
                        Party A (or from the Standby Swap Provider on behalf of
                        CBA 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

                                                                              39
<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 CBA 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 CBA'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 CBA'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 CBA 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

                                                                              40
<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 CBA 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 CBA 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 CBA 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

                                                                              41
<PAGE>

                        Amount or the Return 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 CBA 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.

                                                                              42

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