Document:

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                                                                    Exhibit 10.2

                                                        [LOGO OF CLAYTON UTZ]
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Commonwealth Bank of Australia
ABN 48 123 123 124
Liquidity Facility Provider

Perpetual Trustee Company Limited
ABN 42 000 001 007
Trustee

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

Series [       ] Medallion Trust
Liquidity Facility Agreement

                              [LOGO OF CLAYTON UTZ]
                                     Lawyers
          Levels 23-35 No 1 O'Connell Street Sydney NSW 2000 Australia
            PO Box H3 Australia Square Sydney NSW 1215 DX 370 Sydney
                    Tel + 61 2 9353 4000 Fax + 61 2 9251 7832
                Our ref - 174/784/1697903 Contact - Ben Sandstad

            Sydney . Melbourne . Brisbane . Perth . Canberra . Darwin

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

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<TABLE>
Table of Contents
<S>                                                                          <C>

1.    Definitions and interpretation ......................................    1

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

2.    The Facility ........................................................    6

      2.1   Amount ........................................................    6
      2.2   Method of Making Advances .....................................    6
      2.3   Purpose .......................................................    7
      2.4   Termination of the Facility ...................................    7

3.    Conditions precedent ................................................    7

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

4.    Drawdown ............................................................    8

      4.1   Preparation of Drawdown Notices ...............................    8
      4.2   Service of Drawdown Notices ...................................    8
      4.3   Requirements of Drawdown Notices ..............................    8
      4.4   Availability of Drawing .......................................    8
      4.5   Payment of Drawing ............................................    9

5.    Interest ............................................................    9

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

6.    Repayment of Drawings and Advances ..................................   10

      6.1   Repayment of Drawings during the Availability Period ..........   10
      6.2   Re-Drawing ....................................................   10
      6.3   Repayment on Termination ......................................   10
      6.4   Payments Under Security Trust Deed ............................   10

7.    Cash Advance Deposit Period .........................................   10

      7.1   Cash Advance Deposit Upon Ratings Downgrade ...................   10
      7.2   Withdrawal from the Collections Account .......................   11
      7.3   Drawings During the Cash Advance Deposit Period ...............   11
      7.4   Liquidity Facility Provider Upgrade ...........................   11
      7.5   Reduction in Facility Limit During Cash Advance Deposit
            Period ........................................................   12
      7.6   Termination of Agreement ......................................   12
      7.7   Interest on Cash Advance Deposit ..............................   12

8.    Payments ............................................................   12

      8.1   Time on Due Date and Free of Set-off & Taxes ..................   12
      8.2   Certificate ...................................................   12

9.    Illegality and increased cost .......................................   12

      9.1   Illegality ....................................................   12
      9.2   Increased Cost ................................................   13
</TABLE>

                                                                              i.

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<TABLE>
<S>                                                                          <C>
10.   Fees ...............................................................    13

11.   Representations and warranties .....................................    14

      11.1  General Representations and Warranties .......................    14
      11.2  Corporate Representations and Warranties .....................    14
      11.3  Series Trust Representations and Warranties ..................    14
      11.4  Liquidity Facility Provider ..................................    15
      11.5  Representations and Warranties Repeated ......................    15

12.   Undertakings .......................................................    15

      12.1  General ......................................................    15
      12.2  Manager's Undertakings after Manager Event ...................    16
      12.3  Liquidity Facility Provider Undertaking ......................    16

13.   Events of Default ..................................................    17

      13.1  Events of Default ............................................    17
      13.2  Consequences of Event of Default .............................    17

14.   Termination by Trustee .............................................    17

      14.1  Trustee may declare a Termination Date .......................    17
      14.2  Requirements for termination .................................    17

15.   Trustee provisions .................................................    18

      15.1  Limitation on Trustee's Liability ............................    18
      15.2  Claims against Trustee .......................................    18
      15.3  Breach of Trust ..............................................    18
      15.4  Acts or omissions ............................................    18
      15.5  No obligation ................................................    18

16.   Assignment .........................................................    18

      16.1  Assignment by Trustee ........................................    18
      16.2  Assignment by Liquidity Facility Provider ....................    19

17.   Notices ............................................................    19

      17.1  Method of Delivery ...........................................    19
      17.2  Deemed Receipt ...............................................    19

18.   Indemnity ..........................................................    20

      18.1  Indemnity on Demand ..........................................    20
      18.2  Losses on Liquidation or Re-employment of Deposits ...........    20
      18.3  Payment on Monthly Distribution Date .........................    20

19.   Miscellaneous ......................................................    20

      19.1  Stamp Duties .................................................    20
      19.2  Waiver .......................................................    21
      19.3  Written Waiver, Consent and Approval .........................    21
      19.4  Severability .................................................    21
      19.5  Survival of Indemnities ......................................    21
      19.6  Successors and Assigns .......................................    21
      19.7  Moratorium Legislation .......................................    21
      19.8  Amendments ...................................................    21
      19.9  Governing Law ................................................    22
      19.10 Jurisdiction .................................................    22
      19.11 Counterparts .................................................    22

Schedule .................................................................    23
</TABLE>

                                                                             ii.

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Liquidity Facility Agreement made at  Sydney on [     ]

Parties        Commonwealth Bank of Australia, ABN 48 123 123 124, a company
               incorporated in the Australian Capital Territory and having an
               office at Level 8, 48 Martin Place, Sydney, NSW 2000 Australia
               ("Liquidity Facility Provider")

               Perpetual Trustee Company Limited, ABN 42 000 001 007, a company
               incorporated in the State of New South Wales and having an office
               at Level 3, 39 Hunter Street, Sydney NSW 2000 Australia in its
               capacity as trustee of the Series [     ] Medallion Trust
               ("Trustee")

               Securitisation Advisory Services Pty. Limited, ABN 88 064 133
               946, a company incorporated in the State of New South Wales and
               having an office at Level 8, 48 Martin Place, Sydney NSW 2000
               Australia ("SAS" and also hereinafter included within the
               expression the "Manager")

Recitals

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

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

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

The parties agree

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1.      Definitions and interpretation

1.1     Definitions

        In this Agreement, unless the contrary intention appears:

        "Advance" means the principal amount of each advance to the Trustee by
        the Liquidity Facility Provider in accordance with this Agreement or so
        much of each such advance as remains outstanding from time to time.
        "Approved Purpose" means the use of a Drawing to meet an Income
        Shortfall in accordance with the Series Supplement or to fund a Cash
        Advance Deposit in accordance with this Agreement.

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

        "Availability Period" means the period commencing on the date of this
        Agreement and ending on the Termination Date.

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

                                                                               1

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            "Cash Advance Deposit" means at any time that amount of the
            Collections Account of the Series Trust that comprises at that time
            Advances by way of deposits by the Liquidity Facility Provider to
            the Collections Account of the Series Trust in accordance with
            clause 7.1 (after taking into account any application of the Cash
            Advance Deposit in accordance with clause 7.3 or repayment of it in
            accordance with either of clauses 7.4 or 7.5).

            "Cash Advance Deposit Period" means each period commencing
            immediately following a Cash Advance Deposit and ending on the date
            on which the Trustee is obliged to repay to the Liquidity Facility
            Provider the Cash Advance Deposit pursuant to clause 7.4.

            "Designated Credit Rating" means a short term credit rating of A-1+
            by S&P, P1 by Moody's and F1+ by Fitch or such other credit rating
            agreed to between the Trustee, the Manager and the relevant Rating
            Agency. "Direct Advance" means an Advance by way of a deposit by the
            Liquidity Facility Provider to the Collections Account of the Series
            Trust in accordance with clause 4.5(a).

            "Drawdown Date" means, in relation to a Drawing or proposed Drawing,
            the Monthly Distribution Date immediately following the delivery of
            the corresponding Drawdown Notice to the Liquidity Facility Provider
            in accordance with this Agreement.

            Drawdown Notice" means a notice given under clause 4.

            "Drawing" means:

            (a)  other than during the Cash Advance Deposit Period, a Direct
                 Advance or a proposed Direct Advance (as the case may be); and

            (b)  during the Cash Advance Deposit Period, a withdrawal or
                 proposed withdrawal (as the case may be) from the Cash Advance
                 Deposit in the Collections Account of the Series Trust by the
                 Trustee in accordance with clause 7.3.

            "Effective Control" means:

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

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

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

            "Event of Default" means any of the events set out or referred to in
            clause 13.1 as an Event of Default.

            "Facility" means the standby liquidity facility granted to the
            Trustee by the Liquidity Facility Provider on the terms and
            conditions of this Agreement.

            "Facility Limit" means at any given time the least of the following:

            (a)  A$[ ] million;

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

            (c)  the amount from time to time agreed in writing between the
                 Manager, the Liquidity Facility Provider and the Rating
                 Agencies.

            "Interest Period" means each period determined in accordance with
            clause 5.1.

                                                                               2

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            "Liquidity Amount" means, for a Drawdown Date, the lesser of:

            (a)  the then un-utilised portion of the Facility Limit or if the
                 Drawdown Date is during the Cash Advance Deposit Period, the
                 then un-utilised portion of the Cash Advance Deposit; and

            (b)  the Income Shortfall on the preceding Determination Date.

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

            "Manager Event" means:

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

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

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

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

            (a)  are liquidated;

            (b)  are present, prospective or contingent;

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

            (d)  sound in damages only; or

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

            "Performing Mortgage Loans Amount" means at any time the aggregate
            of the following:

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

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

            "Prescribed Rate" in relation to an Interest Period means the sum
            of:

            (a)  BBSW for that Interest Period; and

            (b)  [ ]% per annum,

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

            "Receiver" means a person appointed under or by virtue of the
            Security Trust Deed as a

                                                                               3

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     receiver or receiver and manager.

     "Series Supplement" means the Series Supplement dated on or about the date
     of this Agreement between the Liquidity Facility Provider (as a Seller and
     the Servicer), State Bank of New South Wales Limited, ABN 32 003 963 228,
     SAS and the Trustee.

     "Series Trust" means the trust known as the Series [      ] Medallion Trust
     established pursuant to the Master Trust Deed and the Series Supplement.

     "Specified Rate" means, on any day, the sum of:

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

     (b)   [ ]% per annum.

     "Termination Date" means the earliest of:

     (a)   the Scheduled Maturity Date;

     (b)   the date declared or appointed by the Liquidity Facility Provider or
           the Trustee to be the Termination Date in accordance with this
           Agreement;

     (c)   the date which is one month after the date on which all Securities
           have been redeemed in full in accordance with the Series Supplement
           or the Class A-1 Note Conditions (as the case may be); and

     (d)   the date on which the Facility Limit is reduced to zero in accordance
           with this Agreement.

1.2  Series Supplement and Master Trust Deed Definitions

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

1.3  Interpretation

     In this Agreement, unless the contrary intention appears:

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

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

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

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

                                                                               4

<PAGE>

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

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

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

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

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

      (i)   the expression "certified" means, in respect of a person, certified
            in writing by two Authorised Officers of that person and "certify"
            and like expressions will be construed accordingly;

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

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

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

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

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

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

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

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

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

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

      (n)   a reference to the "close of business" on any day is a reference to
            5.00 pm on that day;

                                                                               5

<PAGE>

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

       (p)      subject to clause 17.2, each party will only be considered to
                have knowledge or awareness of, or notice of, a thing or grounds
                to believe anything by virtue of the officers of that party (or
                any Related Body Corporate of that party) which have 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 Liquidity
                Facility having actual knowledge, actual awareness or actual
                notice of that thing, or grounds or reason to believe that thing
                (and similar references will be interpreted in this way). In
                addition, notice, knowledge or awareness of an Event of Default,
                Manager Default, Servicer Default or Perfection of Title Event
                means notice, knowledge or awareness of the occurrence of the
                events or circumstances constituting an Event of Default,
                Manager Default, Servicer Default or Perfection of Title Event
                (as the case may be).

1.4    Trustee Capacity

       In this Agreement, except where provided to the contrary:

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

       (b)      (References to assets of Trustee): a reference to the
                undertaking, assets, business or money of the Trustee is a
                reference to the undertaking, assets, business or money of the
                Trustee in the capacity referred to in paragraph (a).

1.5    Master Trust Deed and Series Supplement

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

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

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

1.6    Incorporated Definitions and other Transaction Documents and provisions

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

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2.     The Facility

2.1    Amount

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

2.2    Method of Making Advances

       Advances under the Facility will be by way of either Direct Advances or
       Cash Advance Deposits.

                                                                               6

<PAGE>

2.3       Purpose

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

2.4       Termination of the Facility

          The Facility will terminate on the Termination Date.
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3.        Conditions precedent

3.1       Conditions Precedent to first Advance

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

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

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

          (c)  (Authorised Officers): a list of the Authorised Officers of the
               Manager;

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

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

          (f)  (Legal opinion): a legal opinion addressed to the Liquidity
               Facility Provider from the Trustee's solicitors in form and
               substance satisfactory to the Liquidity Facility Provider.

3.2       Conditions Precedent to all Advances

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

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

          (b)  (No Event of Default): no Event of Default is subsisting at the
               date of the corresponding Drawdown Notice and Drawdown Date or
               will result from the provision or continuation of the Advance;
               and

          (c)  (No Notice of Security Interests): other than in respect of
               priorities granted by statute, the Liquidity Facility Provider
               has not received notice from any person that it claims to have a
               Security Interest ranking in priority to or equal with the
               Security Interest held by the Liquidity Facility Provider under
               the Security Trust Deed.

                                                                               7

<PAGE>

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4.       Drawdown

4.1      Preparation of Drawdown Notices

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

         (a)  (Prepare Drawdown Notice): prepare a Drawdown Notice in
              accordance with clause 4.3 requesting a Drawing on the next
              Monthly Distribution Date; and

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

4.2      Service of Drawdown Notices

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

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

         (b)  (Deliver Drawdown Notice): deliver the signed Drawdown Notice to
              the Liquidity Facility Provider by the time specified in clause
              4.4(a).

4.3      Requirements of Drawdown Notices

         A Drawdown Notice must:

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

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

         (c)  (Specify Drawdown Date): specify the proposed Drawdown Date for
              the requested Advance which must be the next Monthly Distribution
              Date;

         (d)  (Irrevocable): be irrevocable;

         (e)  (Liquidity Amount): specify the Liquidity Amount; and

         (f)  (Calculation): provide details of the calculation of the
              Liquidity Amount.

4.4      Availability of Drawing

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

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

         (b)  (Conditions precedent): the requirements of clause 3 have been
              satisfied or waived in writing by the Liquidity Facility Provider
              before the Drawdown Notice is given.

                                                                               8

<PAGE>

4.5      Payment of Drawing

         After receipt of a Drawdown Notice:

         (a)  (Deposit to Collections Account): other than during a Cash
              Advance Deposit Period, the amount of a Drawing requested in a
              Drawdown Notice will be deposited by the Liquidity Facility
              Provider in the Collections Account in immediately available funds
              no later than 10.00 am on the Drawdown Date; and

         (b)  (Satisfied from Cash Advance Deposit): during a Cash Advance
              Deposit Period, the amount of a Drawing requested in a Drawdown
              Notice will be satisfied from the Cash Advance Deposit in
              accordance with clause 7.

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5.       Interest

5.1      Interest Period

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

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

         (c)  (Succeeding Interest Periods): Each succeeding Interest Period
              commences on (and includes) a Monthly Distribution Date and ends
              on (but excludes) the next following Monthly Distribution Date.

         (d)  (Last Interest Period): The last Interest Period ends on (but
              excludes) the first Monthly Distribution Date that:

              (i)  follows the Termination Date; and

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

5.2      Calculation of Interest

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

5.3      Payment of Interest

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

5.4      Interest on Unpaid Interest

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

                                                                               9

<PAGE>

5.5      Interest on Overdue Sums

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

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6.       Repayment of Drawings and Advances

6.1      Repayment of Drawings during the Availability Period

         The Trustee will on each Monthly Distribution Date repay so much of
         each outstanding Drawing as at the previous Determination Date as is
         available for this purpose in accordance with the Series Supplement.
         If a repayment of all or part of a Drawing in accordance with the
         foregoing falls on a Monthly Distribution Date within the Cash Advance
         Deposit Period, such repayment will be made by way of allocation to the
         Cash Advance Deposit in accordance with clause 7.3(c).

6.2      Re-Drawing

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

6.3      Repayment on Termination

         Notwithstanding clause 6.1, on the Monthly Distribution Date
         immediately following the Termination Date (or if the Termination Date
         is on a Monthly Distribution Date, then on that Monthly Distribution
         Date), the Trustee will pay or repay so much of the aggregate of all
         Advances together with interest accrued thereon and all other money,
         the payment or repayment of which forms part of the Obligations, as is
         available for this purpose in accordance with the Series Supplement.
         If all amounts due in accordance with this clause 6.3 are not paid or
         repaid in full on the Monthly Distribution Date in accordance with the
         foregoing, on each succeeding Monthly Distribution Date the Trustee
         will pay or repay so much of such amounts as there are funds available
         for this purpose in accordance with the Series Supplement until such
         amounts are paid or repaid in full.

6.4      Payments Under Security Trust Deed

         Without prejudice to clause 15, the limitation of the Trustee's
         liability to make payments under clauses 6.3, 9.2, 10 and 18.3 will
         not apply for the purposes of calculating any amounts payable out of
         the Assets of the Series Trust to the Liquidity Facility Provider
         pursuant to the Security Trust Deed.

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7.       Cash Advance Deposit Period

7.1      Cash Advance Deposit Upon Ratings Downgrade

         (a)  (Rating Downgrade): If at any time the Liquidity Facility
              Provider ceases to have the Designated Credit Rating, the
              Liquidity Facility Provider must within 5 Business Days
              thereafter (or such longer period as the Rating Agencies may
              agree), in satisfaction of its obligation to make Advances during
              the Cash Advance Deposit Period, deposit in the Collections
              Account of the Series Trust, as an Advance under the Facility, an
              amount equal to the then un-utilised portion of the Facility
              Limit.

                                                                              10

<PAGE>

         (b)  (Subsequent Rating Downgrade following Upgrade): If at any time
              following the application of clause 7.4 the Liquidity Facility
              Provider ceases to have the Designated Credit Rating, the
              Liquidity Facility Provider must within 5 Business Days (or such
              longer period as the Rating Agencies may agree) make a deposit in
              the Collections Account in the manner, and on the same terms as,
              provided in clause 7.1(a).

7.2      Withdrawal from the Collections Account

         The Manager may only direct the Trustee to, and the Trustee may only,
         make withdrawals from the Cash Advance Deposit in the Collection
         Account as follows:

         (a)  (For a Drawing): for the purposes of a Drawing pursuant to clause
              4.5(b) of a Liquidity Amount for the Approved Purpose and
              otherwise upon and subject to the terms of this Agreement;

         (b)  (Repay Cash Advance Deposit): to repay to the Liquidity Facility
              Provider the Cash Advance Deposit pursuant to clauses 7.4, 7.5
              and 7.6; or

         (c)  (If new Collections Account): to be paid into a new Collections
              Account opened in accordance with the Series Supplement.

7.3      Drawings During the Cash Advance Deposit Period

         During a Cash Advance Deposit Period:

         (a)  (Drawing to be satisfied from Cash Advance Deposit): any Drawing
              pursuant to a Drawdown Notice must be satisfied from the Cash
              Advance Deposit deposited in the Collections Account;

         (b)  (Amount applied constitutes a Drawing): the amount applied from
              the Cash Advance Deposit in accordance with clause 7.3(a)
              constitutes a Drawing, and the provisions of this Agreement
              (including, but not limited to, clauses 5 and 6 of this
              Agreement) will apply accordingly;

         (c)  (Cash Advance Deposit to be credited): any full or partial
              repayment of a Drawing required to be made by the Trustee in
              accordance with this Agreement will, following receipt by the
              Trustee of a written direction from the Manager, be applied in
              accordance with clause 6.1 by way of allocation by the Trustee of
              the relevant amount for credit of that part of the Collections
              Account comprising the Cash Advance Deposit; and

         (d)  (Effect of allocation): an allocation by the Trustee in
              accordance with clause 7.3(c) will, to the extent of the amount
              so allocated, satisfy the obligation of the Trustee under this
              Agreement as regards the repayment of the Drawing in respect of
              which the deposit is made, but will not reduce or affect the
              obligations of the Trustee to pay to the Liquidity Facility
              Provider the Cash Advance Deposit in accordance with clauses 6.3,
              7.4, 7.5, 7.6 and 13.2.

7.4      Liquidity Facility Provider Upgrade

         If, at any time during a Cash Advance Deposit Period, the Liquidity
         Facility Provider obtains the Designated Credit Rating, the Manager
         will direct the Trustee to repay (and upon the receipt of such
         direction the Trustee will repay) from the Collections Account of the
         Series Trust the then Cash Advance Deposit (which has not previously
         been utilised in accordance with this Agreement) together with all
         accrued, but unpaid, interest on that amount determined in accordance
         with clause 7.7.

                                                                              11

<PAGE>

     7.5  Reduction in Facility Limit During Cash Advance Deposit Period

          If immediately prior to any Monthly Distribution Date during a Cash
          Advance Deposit Period the then un-utilised portion of the Cash
          Advance Deposit plus the amount of all outstanding Drawings exceeds
          the then Facility Limit, the Manager will direct the Trustee to repay
          (and upon receipt of such direction the Trustee will repay) from the
          Cash Advance Deposit on the Monthly Distribution Date to the Liquidity
          Facility Provider the amount of the excess.

     7.6  Termination of Agreement

          If the Termination Date occurs during a Cash Advance Deposit Period
          the Manager will direct the Trustee to repay (and within 2 Business
          Days of receipt of such direction the Trustee will repay) from the
          Collections Account of the Series Trust the then Cash Advance Deposit
          (which has not previously been utilised in accordance with this
          Agreement) together with all accrued, but unpaid, interest on that
          amount determined in accordance with clause 7.7 and any other amounts
          then due under this Agreement.

     7.7  Interest on Cash Advance Deposit

          The Cash Advance Deposit will accrue interest at the rate and in
          accordance with the manner of determination of interest then
          applicable for amounts deposited to the Collections Account during the
          Cash Advance Deposit Period. Such interest will be paid to the
          Liquidity Facility Provider, in accordance with the Series Supplement,
          on each Monthly Distribution Date during such period.

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     8.   Payments

     8.1  Time on Due Date and Free of Set-off & Taxes

          All payments to be made under this Agreement will:

          (a)  (Due date): be made not later than close of business on the due
               date for payment and all such payments will be made in such
               manner and to such account as the party receiving the payment
               directs in writing; and

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

     8.2  Certificate

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

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     9.   Illegality and increased cost

     9.1  Illegality

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

                                                                             12

<PAGE>

          Provider appointing the Termination Date.

     9.2  Increased Cost

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

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

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

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

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

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

          (b)  (No defence): If the Liquidity Facility Provider has acted in
               good faith it will not be a defence to the Trustee, in the event
               of any failure by the Trustee to comply with its payment
               obligations under clause 9.2(a), that any such cost, increased
               cost, reduction or liability could have been avoided. However,
               the Liquidity Facility Provider will negotiate in good faith with
               the Trustee and the Manager with a view to finding a means by
               which such cost, increased cost, reduction or liability may be
               minimised.

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

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          10.  Fees

               The Trustee will pay to the Liquidity Facility Provider a
               commitment fee of 0.10% per annum of the then un-utilised portion
               of the Facility Limit. The commitment fee will be calculated
               daily from the date the Facility becomes available on the basis
               of a 365 day year and will be paid in arrears on each Monthly
               Distribution Date in accordance with the Series Supplement. The
               amount of the commitment fee may be varied by agreement between
               the Trustee, the Manager and the Liquidity Facility Provider
               provided that each Rating Agency is given not less than 3
               Business Days prior notice by the Manager of any variation to the
               amount of the commitment fee and the amount of the commitment fee
               will not be varied if such variation would result in a reduction,
               qualification or withdrawal by a Rating Agency of its then
               current credit rating of a Security. To the extent that such
               funds are not sufficient to pay the fee in full, the fee must be
               paid from the funds available on each succeeding Monthly
               Distribution Date until paid in full.

                                                                             13

<PAGE>

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     11.       Representations and warranties

     11.1      General Representations and Warranties

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

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

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

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

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

     11.2      Corporate Representations and Warranties

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

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

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

     11.3      Series Trust Representations and Warranties

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

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

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

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

               (d)  (Trustee's power): the Trustee has power under the Master
                    Trust Deed to enter

                                                                             14

<PAGE>

               into the Transaction Documents to which it is a party in its
               capacity as trustee of the Series Trust; and

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

     11.4 Liquidity Facility Provider

          The Liquidity Facility Provider represents and warrants to the
          Trustee that:

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

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

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

     11.5 Representations and Warranties Repeated

          Each representation and warranty contained in clauses 11.1, 11.2, 11.3
          and 11.4 will be deemed to be repeated on each Drawdown Date with
          reference to the facts and circumstances then subsisting, as if made
          on each such day.

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     12.  Undertakings

     12.1 General

          The Trustee undertakes to the Liquidity Facility Provider that it
          will:

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

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

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

          (d)  (Not amend or resolve): not consent to mend or revoke the
               provisions of the

                                                                             15

<PAGE>

               Master Trust Deed, the Series Supplement or the Security Trust
               Deed in respect of payments or the order of priorities of
               payments to be made thereunder without the prior written consent
               of the Liquidity Facility Provider.

     12.2 Manager's Undertakings after Manager Event

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

          (a)  (Notify Liquidity Facility Provider): immediately notify the
               Liquidity Facility Provider as soon as it becomes actually aware
               of the occurrence of:

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

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

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

          (b)  (Deliver Materials): deliver to the Liquidity Facility Provider:

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

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

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

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

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

     12.3 Liquidity Facility Provider Undertaking

          The Liquidity Facility Provider undertakes to the Trustee that it will
          do everything and take all such actions which are necessary
          (including, without limitation, obtaining all such authorisations and
          approvals as are appropriate) to ensure that it is able to exercise
          all its powers and remedies and perform all its obligations under this
          Agreement, other arrangements entered into by the Liquidity Facility
          Provider pursuant to this Agreement and each Transaction Document to
          which it is a party.

                                                                             16

<PAGE>

--------------------------------------------------------------------------------
13.    Events of Default

13.1   Events of Default

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

       (a)     (Failure to repay or pay): the Trustee fails to repay, in
               accordance with this Agreement, any Advance or fails to pay any
               interest, fees, costs, charges, expenses or other moneys payable
               under this Agreement in each case within 10 Business Days of the
               due date for payment of such amount;

       (b)     (Breach of undertaking): the Trustee breaches its undertaking in
               clause 12.1(d); and

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

13.2   Consequences of Event of Default

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

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

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

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14.    Termination by Trustee

14.1   Trustee may declare a Termination Date

       Subject to clause 14.2, the Trustee may at the direction of the Manager,
       by not less than 5 Business Days written notice to the Liquidity Facility
       Provider and the Manager, declare a Monthly Distribution Date as the date
       on which:

       (a)     (Substitute Liquidity Facility Provider): the Liquidity Facility
               Provider hereunder will be replaced by a substitute Liquidity
               Facility Provider; and

       (b)     (Termination): the Liquidity Facility will terminate.

14.2   Requirements for termination

       On or before the declaration of a Monthly Distribution Date by the
       Trustee in accordance with clause 14.1, the Trustee must obtain written
       confirmation from the Rating Agencies that the termination of the
       Facility and the appointment of the proposed substitute Liquidity
       Facility Provider on that Monthly Distribution Date will not result in a
       downgrade, qualification or withdrawal of the credit ratings then
       assigned by them to the Securities.

                                                                              17

<PAGE>

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15.    Trustee provisions

15.1   Limitation on Trustee's Liability

       The Trustee enters into this Agreement only in its capacity as trustee of
       the Series Trust and in no other capacity. A liability incurred by the
       Trustee acting in its capacity as trustee of the Series Trust arising
       under or in connection with this Agreement is limited to and can be
       enforced against the Trustee only to the extent to which it can be
       satisfied out of the Assets of the Series Trust out of which the Trustee
       is actually indemnified for the liability. This limitation of the
       Trustee's liability applies despite any other provision of this Agreement
       (other than clause 15.3) and extends to all liabilities and obligations
       of the Trustee in any way connected with any representation, warranty,
       conduct, omission, agreement or transaction related to this Agreement.

15.2   Claims against Trustee

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

15.3   Breach of Trust

       The provisions of this clause 15 will not apply to any obligation or
       liability of the Trustee to the extent that it is not satisfied because
       under the Master Trust Deed, the Series Supplement, any other Transaction
       Document in relation to the Series Trust or by operation of law there is
       a reduction in the extent of the Trustee's indemnification out of the
       Assets of the Series Trust as a result of the Trustee's fraud, negligence
       or wilful default.

15.4   Acts or omissions

       It is acknowledged that the Relevant Parties are responsible under the
       Transaction Documents for performing a variety of obligations relating to
       the Series Trust. No act or omission of the Trustee (including any
       related failure to satisfy its obligations or any breach or
       representations or warranties under this Agreement) will be considered
       fraud, negligence or wilful default of the Trustee for the purpose of
       clause 15.3 to the extent to which the act or omission was caused or
       contributed to by any failure by any Relevant Party or any other person
       appointed by the Trustee under any Transaction Document (other than a
       person whose acts or omissions the Trustee is liable for in accordance
       with any Transaction Document) to fulfil its obligations in relation to
       the Series Trust or by any other act or omission of a Relevant Party or
       any other such person.

15.5   No obligation

       The Trustee is not obliged to enter into any commitment or obligation
       under this Agreement or any Transaction Document (including incur any
       further liability) unless the Trustee's liability is limited in a manner
       which is consistent with this clause 15 or otherwise in a manner
       satisfactory to the Trustee in its absolute discretion.

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16.    Assignment

16.1   Assignment by Trustee

       The Trustee will not assign or otherwise transfer the benefit of this
       Agreement or any of its rights, duties or obligations under this
       Agreement except to a Substitute Trustee acceptable to

                                                                              18

<PAGE>

       the Liquidity Facility Provider (whose consent is not to be unreasonably
       withheld).

16.2        Assignment by Liquidity Facility Provider

       The Liquidity Facility Provider will not assign or otherwise transfer all
       or any part of the benefit of this Agreement or any of its rights, duties
       and obligations under this Agreement except to an assignee or transferee
       that has a Designated Credit Rating or, if the assignee or transferee
       does not have a Designated Credit Rating, the assignee or transferee
       complies immediately prior to the completion of the assignment or
       transfer with clause 7.1(a). The Liquidity Facility Provider may disclose
       to a proposed assignee or transferee information in the possession of the
       Liquidity Facility Provider relating to the Trustee or the Manager. An
       assignment or transfer by the Liquidity Facility Provider pursuant to
       this clause 16.2 shall not be of any effect until the Liquidity Facility
       Provider has notified the Trustee in writing of the assignment or
       transfer, as the case may be.

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17.    Notices

17.1   Method of Delivery

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

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

       (b)        (In writing): must be in writing; and

       (c)        (Delivery): must be:

                  (i)    left at the address of the addressee;

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

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

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

17.2   Deemed Receipt

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

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

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

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

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

                                                                              19

<PAGE>

--------------------------------------------------------------------------------
18.    Indemnity

18.1   Indemnity on Demand

       Subject to clause 15, the Trustee will on demand indemnify the Liquidity
       Facility Provider against any loss, cost or expenses which the Liquidity
       Facility Provider may sustain or incur as a consequence of:

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

       (b)      (Event of Default): the occurrence of any Event of Default;

       (c)      (Failure to provide Advance): an Advance requested in a Drawdown
                Notice not being provided for any reason including failure to
                fulfil any condition precedent but excluding any matter within
                the control of the Liquidity Facility Provider; or

       (d)      (Payment of principal): the Liquidity Facility Provider
                receiving payments of principal other than on the last day of
                the relevant Interest Period for any reason.

18.2   Losses on Liquidation or Re-employment of Deposits

       The losses, costs or expenses referred to in clause 18.1 will include the
       amount determined in good faith by the Liquidity Facility Provider as
       being any loss (other than an amount for loss of profit other than loss
       of margin) including:

       (a)      (Loss of margin): loss of margin, cost or expense incurred by
                reason of the liquidation or re-employment of deposits or other
                funds acquired or contracted for by the Liquidity Facility
                Provider to fund or maintain any such Advance or amount;

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

18.3   Payment on Monthly Distribution Date

       Any payments to be made by the Trustee pursuant to this clause 18 will
       only be made on the Monthly Distribution Date following demand by the
       Liquidity Facility Provider and on each succeeding Monthly Distribution
       Date until the Liquidity Facility Provider is paid in full by payment of
       so much of the amount sufficient to indemnify the Liquidity Facility
       Provider as is available for this purpose in accordance with the Series
       Supplement.

--------------------------------------------------------------------------------
19.    Miscellaneous

19.1   Stamp Duties

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

       (b)      (Trustee must indemnify): Subject to clause 15, the Trustee will
                indemnify and

                                                                              20

<PAGE>

              keep indemnified the Liquidity Facility Provider against any loss
              or liability incurred or suffered by it as a result of the delay
              or failure by the Trustee to pay such Taxes.

19.2   Waiver

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

19.3   Written Waiver, Consent and Approval

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

19.4   Severability

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

19.5   Survival of Indemnities

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

19.6   Successors and Assigns

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

19.7   Moratorium Legislation

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

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

       (b)    (To affect rights): to delay or otherwise prevent or prejudicially
              affect the exercise of any rights or remedies conferred on the
              Liquidity Facility Provider under this Agreement,

       are hereby expressly waived, negatived and excluded.

19.8   Amendments

       No amendment to this Agreement will be effective unless in writing and
       executed by each of the parties to this Agreement. The Manager must give
       each Rating Agency not less than 10 Business Days' prior notice of any
       amendment to this Agreement.

                                                                              21

<PAGE>

19.9      Governing Law

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

19.10     Jurisdiction

          Each of the parties irrevocably and unconditionally:

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

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

          (c)   (Service of notice): agrees, without preventing any other mode
                of service permitted by law, that any document required to be
                served in any proceedings may be served in the manner in which
                notices and other written communications may be given under
                clause 17.

19.11     Counterparts

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

                                                                              22

<PAGE>

Schedule

FORM OF DRAWDOWN NOTICE

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

Attention:      Head of Securitisation

From:           Perpetual Trustee Company Limited, ABN 42 000 001 007

[Date]

In our capacity as trustee of the Series Trust, we hereby irrevocably request a
Drawing on the Drawdown Date specified below for an amount equal to the
Liquidity Amount specified below in accordance with clause 4 of the Liquidity
Facility Agreement dated [ ] between ourselves, Commonwealth Bank of Australia
and Securitisation Advisory Services Pty. Limited as amended, novated or
supplemented from time to time (the "Liquidity Facility Agreement"):

(a)       Drawdown Date                                            [           ]

(b)       Liquidity Amount                                         A$[         ]

(c)       Calculation of Liquidity Amount                          [           ]

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

SIGNED on behalf of Perpetual
Trustee Company Limited as
trustee of the Series [        ] Medallion Trust by:

___________________________________
(Authorised Officer)

___________________________________
(Name)

___________________________________
(Title)

                                                                              23

<PAGE>

Executed as an agreement.

Signed for and on behalf of Commonwealth
Bank of Australia, ABN 48 123 123 124, by

<TABLE>
<S>                                                             <C>
its Attorney under a Power of Attorney dated                    ________________________________________________
and who declares that he or she has not
received any notice of the revocation of such                   Signature of Attorney
Power of Attorney in the presence of:
                                                                ________________________________________________

____________________________________________________            Name of Attorney in full

Signature of Witness

____________________________________________________

Name of Witness in full

Signed for and on behalf of Perpetual Trustee
Company Limited, ABN 42 000 001 007, by

its Attorney under a Power of Attorney dated                    ________________________________________________
and who declares that he or she has not
received any notice of the revocation of such                   Signature of Attorney
Power of Attorney in the presence of:
                                                                ________________________________________________

____________________________________________________            Name of Attorney in full

Signature of Witness

____________________________________________________

Name of Witness in full
</TABLE>

                                                                              24

<PAGE>

Signed for and on behalf of Securitisation
Advisory Services Pty. Limited, ABN 88 064
133 946, by

<TABLE>
<S>                                                             <C>
its Attorney under a Power of Attorney dated                    ________________________________________________
and who declares that he or she has not received
any notice of the revocation of such Power of                   Signature of Attorney
Attorney in the presence of:
                                                                ________________________________________________

_______________________________________________________         Name of Attorney in full

Signature of Witness

_______________________________________________________

Name of Witness in full
</TABLE>

                                                                              25<PAGE>

                                                                    Exhibit 10.3

                                                   [LOGO of CLAYTON UTZ]

--------------------------------------------------------------------------------

Commonwealth Bank of Australia
Party A

Perpetual Trustee Company Limited
Party B

Securitisation Advisory Services Pty Limited
Manager

Series [     ] Medallion Trust
ISDA Master Agreement
(Interest Rate Swap Agreement)

                              [LOGO OF CLAYTON UTZ]
                                     Lawyers
          Levels 23-35 No 1 O'Connell Street Sydney NSW 2000 Australia
            PO Box H3 Australia Square Sydney NSW 1215 DX 370 Sydney
                    Tel + 61 2 9353 4000 Fax + 61 2 9251 7832
                Our ref - 174/784/1697903 Contact - Ben Sandstad

            Sydney . Melbourne . Brisbane . Perth . Canberra . 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 [     ] 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 [       ] 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:

<TABLE>
               <S>                <C>                <C>                  <C>
               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)
</TABLE>

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

<TABLE>
               <S>                <C>                <C>                  <C>
               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)
</TABLE>

(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.

                                                                               1

<PAGE>

(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>
<S>                   <C>                                          <C>
Party required to     Form/Document/Certificate                    Date by which to be delivered
deliver document

Party A and Party B   Any document or certificate reasonably       On the earlier of (a) learning that such
                      required or reasonably requested by a        document or certificate is required and
                      party in connection with its obligations     (b) as soon as reasonably practicable
                      to make a payment under this Agreement       following a request by a party.
                      which would enable that party to make the
                      payment free from any deduction or
                      withholding for or on
</TABLE>

                                                                               2

<PAGE>

                   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.

(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,      On execution and delivery of any             Yes
                        if 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.

                                                                               3

<PAGE>

(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".

                                                                               4

<PAGE>

            (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

                                                                               5

<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

                                                                               6

<PAGE>

                                                Document in relation to Party B.

                                    (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

                                                                               7

<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:

                                    ""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"."

                        (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.

                                                                               8

<PAGE>

                                    "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 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

                                                                               9

<PAGE>

                                    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);

                                    (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);

                                                                              10

<PAGE>

                                    (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.

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

                                    "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.

                                                                              11

<PAGE>

                                    "Series Trust" means the Series [ ]
                                    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:

                                    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

                                                                              12

<PAGE>

                                        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

                (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

                                                                              13

<PAGE>

                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 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.

                                                                              14

<PAGE>

      (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

                   (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.

                                                                              15

<PAGE>

           (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 0.71% 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 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

                                                                              16

<PAGE>

                                    (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 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

                                                                              17

<PAGE>

                                                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:

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

                                                                              18

<PAGE>

                                    --------------------------------------------
                                                 or equal to 10 years
                                    --------------------------------------------
                                    1.5          3.15                   6
                                    --------------------------------------------

                        (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 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

                                                                              19

<PAGE>

                                               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 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.

                                                                              20

<PAGE>

          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)."

(16)      Addenda

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

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

(17)      Knowledge or Awareness

                                                                              21

<PAGE>

          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.

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 [    ] Medallion Trust

Attorney for

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

                                                                              23

<PAGE>

Annexure 1A

Form of confirmation for Monthly Basis Swap - Series  [       ] Medallion Trust

                   [Commonwealth Bank of Australia Letterhead]

[DATE]

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

                                          Attention: Manager, Securitisation

    Attention: Manager, Securitisation Services

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>

<TABLE>
<S>                                        <C>
                                           (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

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      Each Monthly Distribution Date
     Payment Dates:

     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      Each Monthly Distribution Date
     Dates:

     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

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         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:  _______________________________

                                                                              26

<PAGE>

Annexure 1B
Form of confirmation for Quarterly Basis Swap - Series [       ] Medallion Trust

                   [Commonwealth Bank of Australia Letterhead]

[DATE]

<TABLE>
<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
                                      Rate.

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

                                                                              27

<PAGE>

<TABLE>
<S>                                        <C>
                                                  full; and

                                           (c)    the Termination Date for the Series Trust,

                                           subject to the Following Business Day Convention

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 Payer      Each Quarterly Distribution Date
     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      Each Quarterly Distribution Date
     Dates:

     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 Confi1rmation 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              COMMONWEALTH BANK OF AUSTRALIA,
42 000 001 007, as trustee of the         ABN 48 123 123 124
Series [      ] 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  [       ] Medallion
Trust

                   [Commonwealth Bank of Australia Letterhead]

[DATE]

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

                                           Attention: Manager, Securitisation

    Attention: Manager, Securitisation Services

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

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

                                                                              30

<PAGE>

     Fixed Rate Payer Payment          Each Monthly Distribution Date
     Dates:

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

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

Floating Amounts:

     Floating Rate Payer:              Party A

     Floating Rate Payer Payment       Each Monthly Distribution Date
     Dates:

     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           Actual/365 (Fixed)
     Fraction:

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

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

                   [Commonwealth Bank of Australia Letterhead]

[DATE]

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

                                        Attention: Manager, Securitisation

    Attention:  Manager, Securitisation Services

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

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

                                                                              33

<PAGE>

     Fixed Rate Payer Payment Dates:       Each Quarterly Distribution Date

     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           Each Quarterly Distribution Date
     Dates:

     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

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>
<S>                                                          <C>
SIGNED for and on behalf of PERPETUAL TRUSTEE COMPANY        SIGNED for and on behalf of COMMONWEALTH BANK OF
LIMITED, ABN 42 000 001 007, as trustee of the Series        AUSTRALIA, 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  [   ] Medallion Trust

                   [Commonwealth Bank of Australia Letterhead]

[DATE]

<TABLE>
<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

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

                                                                              36

<PAGE>

     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

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, ABN
001 007, as trustee of the Series [    ]   48 123 123 124
Medallion Trust

By:         _________________________      By:         _________________________
            (Authorised Officer)                       (Authorised Officer)

Name:       _________________________      Name:       _________________________

Title:      _________________________      Title:      _________________________

                                                                              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  [            ] 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:

     <TABLE>
     <S>     <C>
                                          MBSA/
             SII x                                                + VCI x [MBSA/(MBSA + QBSA)]
                   [MBSA + QBSA + MFRSA + QFRSA + MOFRSA + QOFRSA]
     MBSAR = ---------------------------------------------------------------------------------
                                           MBSA
     </TABLE>

     x 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

     "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>
                               MFRSA + MORFSA                              MFRSA + MOFRSA
              SII x-------------------------------------- + FCI x --------------------------------
                   [MBSA + QBSA + QFRSA + MOFRSA + QOFRSA]        [MFRSA + MOFRSA + QFRSA + QOFRSA]
      MFSAR = -------------------------------------------------------------------------------------x 365/NM
                                                    [MFRSA + MORFSA]
     </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

                                                                              41

<PAGE>

            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 monthly 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)
                      +
                      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-Tranche 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-Tranche 2
                   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 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:

                                                                              42

<PAGE>

                =         CB x (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 x (MBSA + MFRSA + MORFSA)
                = -----------------------------------------------
                  (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:

                            SR x (MBSA + MFRSA + MOFRSA
                = -----------------------------------------------
                 (QBSA + QFRSA + QOFRSA + MBSA + MFRSA + MOFRSA

                where:

                SR        equals the Standby Redraw Facility Principal at the
                          end of the previous Monthly Distribution Date

     "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 + CQCVI
     QBSAR = -------------- x 365/NQ
                  QBSA

     where:

     QBSAR      means the Quarterly Basis Swap Administered Rate

     CQBSII     means the sum of QBSII for each month 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:

                                                                              43

<PAGE>

                                      QBSA
                SII x ----------------------------------------------
                      [MBSA + QBSA + MFRSA + QFRDA + MOFRSA + OFRSA]

                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 each month 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 x QBSA/(MBSA + QBSA)

       NQ       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:

       QFSAR =       [CQFCI+CQFSII]
                    ---------------- x 365/NQ
                    [QFRSA + QOFRSA]

       QFSAR        means the Quarterly Fixed Swap Administration Rate

       CQFCI        means the Sum of QFCI for each month 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 each month 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:

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

                    where

                    MBSA        means the Monthly Basis Swap Amount

                                                                              44

<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

"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:

QWM       =    CA1/                      x      CA1M
               (CA1 + CB + QRB + QSR)
               +
               CB/                       x      CBM
               (CA1 + CB + QRB + QSR)
               +
               QRB/                      x      QRBM
               CA1 + CB + QRB + QSR)
               +
               QSR/                      x      SRM
               (CA1 + CB + QRB + QSR)

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 x(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

                                                                              45

<PAGE>

          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

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

          =               BSR x (QBSA + QFRSA + QOFRSA)
              ----------------------------------------------------
                 (QBSA + QFRSA + QOFRSA + MBSA + MFRSA + MOFRSA)

          where:

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

                                                                              46

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