Document:

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                                                                    Exhibit 10.3

[ALLENS ARTHUR ROBINSON LOGO]

                                    SCHEDULE
                                     TO THE
                                MASTER AGREEMENT
                              ARMS II GLOBAL FUND 3

                              dated as of [*] 2004

                                     between

                        DEUTSCHE BANK AKTIENGESELLSCHAFT
                                    (PARTY A)

                                       and

                  PERMANENT CUSTODIANS LIMITED, ACN 001 426 384
                                    (PARTY B)

                                       and

        AUSTRALIAN SECURITISATION MANAGEMENT PTY LIMITED, ACN 103 852 428
                                 (TRUST MANAGER)

PART 1:     TERMINATION PROVISION

In this Agreement:

(a)         "SPECIFIED ENTITY" is not applicable to Party A nor to Party B.

(b)         "SPECIFIED TRANSACTION" is not applicable.

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

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

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

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

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

     (iii)          For the purposes of Section 5(b)(v), ADDITIONAL TERMINATION
            EVENT means an Event of Default (as defined in the Security Trust
            Deed) occurs and the Security Trustee enforces the security under
            the Security Trust Deed (in which case Party B is the Affected Party
            (unless the Event of Default results from a failure by Party A to
            fulfil its obligations under this Agreement, in which case Party A
            is the Affected Party )).

(d)         The "AUTOMATIC EARLY TERMINATION" provisions in Section 6(a) will
     not apply to Party A nor to Party B.

(e)         "PAYMENT ON EARLY TERMINATION". For the purposes of Section 6(e) of
     this Agreement:

     (i)            Market Quotation will apply; and

     (ii)           the Second Method will apply.

(f)         "TERMINATION CURRENCY" means US$.

PART 2:     TAX REPRESENTATIONS

(a)  PAYER TAX REPRESENTATIONS. For the purpose of Section 3(e) of this
     Agreement, Party A and Party B each make the following representation:

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

     (i)    the accuracy of any representation 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 TAX REPRESENTATIONS. For the purpose of Section 3(f) of this
     Agreement:

     Party A makes the following representation:

     It will bring into account payments made and received in respect of each
     Transaction in computing its income for German tax purposes.

     Party B makes the following representation:

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

PART 3:     DOCUMENTS TO BE DELIVERED

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

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

<Table>
<Caption>
PARTY REQUIRED TO                                                                          DATE BY WHICH TO BE
DELIVER DOCUMENT           FORM/DOCUMENT                                                   DELIVERED
<S>                        <C>                                                             <C>
Parties A & B              Any form or document reasonably requested by the other party    As soon as possible after
                           to permit payments without (or with minimum) deduction or       request.
                           withholding of Tax
</Table>

(b)  Other documents to be delivered are:

<Table>
<Caption>
                                                                                           DATE BY WHICH
PARTY REQUIRED TO DELIVER                                                                  DOCUMENT TO BE
DOCUMENT                   FORM/DOCUMENT/CERTIFICATE                                       DELIVERED
<S>                        <C>                                                             <C>
Parties A & B              Such evidence as the other party may reasonably require to      Before the entering into
                           satisfy itself as to the authority of the persons executing     of any Transaction and
                           and delivering this Agreement on behalf of the party and        thereafter promptly upon
                           each Confirmation to be signed on behalf of the party.          request.

Party B                    A legal opinion as to the validity and enforceability of        Before the entering into
                           that party's obligations under this Agreement in form and       of any Transaction.
                           substance and issued by legal counsel reasonably acceptable
                           to Party A.

Party A                    A copy of the most recent annual report of the party            Upon reasonable request
                           containing consolidated financial statements, certified         by Party B.
                           without qualification by independent public accountants and
                           such other public information respecting its condition or
                           operations, financial or otherwise, as the other party may
                           reasonably request from time to time.
</Table>

All documents delivered under this Part 3(b) are covered by Section 3(d)
representation.

PART 4:     MISCELLANEOUS

(a)  ADDRESSES FOR NOTICES. For the purpose of Section 12(a) of this Agreement:

     All notices to Party A under Sections 5 or 6 of this Agreement (other than
     Section 5(a)(i)) shall be sent to:

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     Address:       Deutsche Bank AG, Head Office
                    Taunusanlage 12
                    60262 Frankfurt
                    GERMANY

     Attention:     Legal Department
     Telex No.      411836 or 416731 or 41233
     Answerback:    DBF-D
     Facsimile No:  +49 69 910 36097

     All other notices to Party A shall be sent directly to the Office through
     which Party A is acting for the relevant Transaction, using the address and
     contact particulars specified in the Confirmation for that Transaction or
     as otherwise notified by Party A to Party B care of the Trust Manager.

     Address for notices or communications to PARTY B CARE OF THE TRUST MANAGER:

     Address:       Level 6
                    12 Castlereagh Street
                    SYDNEY NSW 2000

     Attention:     Deputy Managing Director

     Facsimile:     +612 9225 0864

     Telephone:     +612 9225 0824

     All notices from Party A under Sections 5 or 6 of this Agreement shall be
     copied to Party B.

(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.

(d)  MULTIBRANCH PARTY. For the purpose of Section 10(c) of this Agreement:

     Party B is not a Multibranch Party.

     Party A is a Multibranch Party and may act through the following Offices -
     Sydney Branch and Frankfurt Head Office.

(e)  CALCULATION AGENT. The Calculation Agent is Party A.

(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: nil.

     (ii)   In relation to Party B: nil.

(h)  GOVERNING LAW. This Agreement will be governed by and construed in
     accordance with the laws of the State of New South Wales and each party
     submits to the non-exclusive jurisdiction of the courts of the State of New
     South Wales without reference to choice of law doctrine. The provisions

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     of Section 13(b) will apply (mutatis mutandis) to this choice of governing
     law and submission to jurisdiction.

(i)  NETTING OF PAYMENTS. Subparagraph (ii) of Section 2(c) of this Agreement
     will not apply to any Transaction.

(j)  "AFFILIATE" will have the meaning specified in Section 14 of this
     Agreement. However, for the purpose of Section 3(c) Party A and Party B are
     each deemed not to have any Affiliates.

(k)  TRANSACTION DOCUMENT.

     (i)    This Agreement and each Transaction are Transaction Documents
            relating to the Fund for the purposes of the Master Trust Deed.

     (ii)   Each Transaction is a Currency Swap as defined in and for the
            purposes of the Bond Trust Deed.

PART 5:     OTHER PROVISIONS

(a)         ISDA DEFINITIONS: This Agreement, each Confirmation and each
     Transaction are subject to the 2000 ISDA Definitions (as published by the
     International Swaps and Derivatives Association, Inc.) (the "ISDA
     DEFINITIONS"), and will be governed in all respects by any provisions set
     forth in the ISDA Definitions, without regard to any amendments to the ISDA
     Definitions or the Annex to the ISDA Definitions subsequent to the date
     thereof. The provisions of the ISDA Definitions are incorporated by
     reference in, and shall be deemed to be part of, this Agreement and each
     Confirmation. In the event of any inconsistency between the provisions of
     this Agreement and the ISDA Definitions, this Agreement will prevail. In
     the event of any inconsistency between the provisions of any Confirmation
     and this Agreement, such Confirmation will prevail for the purpose of the
     relevant Transaction. Any reference to a:

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

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

(b)         MASTER TRUST DEED DEFINITIONS: Words and expressions which are
     defined in the Master Trust Deed (unless the context otherwise requires, or
     unless otherwise defined in this Agreement) have the same meanings when
     used in this Agreement.

(c)         APPOINTMENT OF TRUST MANAGER:

     (i)            Pursuant to its powers under the Master Trust Deed
            (including, without limiting the generality of the foregoing,
            pursuant to clauses 14.2(i) and ( l) and 14.4(c)), Party B hereby
            appoints the Trust Manager as its sole and exclusive agent to act on
            Party B's behalf with respect to this Agreement. The Trust Manager:

            (A)          may arrange, enter into, and monitor Transactions,
                    execute Confirmations, and exercise all other rights and
                    powers of Party B under this Agreement; and

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            (B)          without limiting the generality of the foregoing, shall
                    issue, and receive, on behalf of Party B all notices,
                    Confirmations, certificates and other communications to or
                    by Party A under this Agreement.

     (ii)           The Trust Manager acknowledges and confirms to Party B and
            Party A that the Trust Manager considers it appropriate, for the
            effective performance of its obligations as Trust Manager and the
            due management and administration of the Fund, that Party B appoint
            the Trust Manager as its agent for the purposes of this Agreement,
            in the manner provided for in sub-paragraph (i) above;

     (iii)          In acting as Party B's agent, the Trust Manager must comply
            with the terms of the Master Trust Deed (in particular, but without
            limitation, clauses 12.2(a), (b) and (c)), and all relevant
            Transaction Documents;

     (iv)           The Trust Manager must indemnify Party B from and against
            all costs, losses, damages, expenses or liabilities (including the
            amount of any compensation found by a Final Judgment (or admitted by
            Party B) to be payable by Party B to restore the Fund because of a
            failure by Party B to exercise the degree of care, diligence and
            prudence required of it under the Transaction Documents, or because
            of some other neglect, default or breach of duty by Party B under
            the Transaction Documents):

            (A)          which Party B may suffer or incur as a result of any
                    claim being made against it under clause 14.5 of the Master
                    Trust Deed which arises from any act or omission (or alleged
                    act or omission) by the Trust Manager in acting as Party B's
                    agent under or for the purposes of this Agreement; and

            (B)          in respect of which Party B is not entitled to be
                    indemnified personally from the Assets of the Fund in
                    accordance with clause 25.10 of the Master Trust Deed.

     (v)            The parties agree that if:

            (A)          the Trust Manager, in acting as agent of Party B under
                    sub-paragraph (i) above, acts in breach of its duties to
                    Party B, or acts negligently or fraudulently; and

            (B)          as a result of such breach, negligence or fraud, Party
                    A suffers any losses, costs or damages; and

            (C)          Party B is not entitled for any reason (notwithstanding
                    clause 25.10 of the Master Trust Deed) to be indemnified
                    from the Assets of the Fund in respect of those losses,
                    costs or damages,

            then:

            (D)          the Trust Manager must indemnify Party A on demand from
                    and against such losses, costs and damages; and

            (E)          Party B shall have no liability to Party A in respect
                    of those losses, costs or damages.

     (vi)           The Trust Manager confirms in respect of each Transaction
            that:

            (A)     it is acting as agent of Party B;

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            (B)     it has made its own independent decisions to enter into that
                    Transaction, on behalf of Party B, and as to whether that
                    Transaction is appropriate or proper for it to enter into,
                    on behalf of Party B, based upon its own judgment and upon
                    advice from such advisers as it has deemed necessary;

            (C)     it is not relying on any communication (written or oral) of
                    Party A as investment advice or as a recommendation to enter
                    into that Transaction; it being understood that information
                    and explanation related to the terms and conditions of a
                    Transaction shall not be considered investment advice or a
                    recommendation to enter into that Transaction. No
                    communication (written or oral) received from Party A shall
                    be deemed to be an assurance or guarantee as to the expected
                    results of that Transaction;

            (D)     it is capable of assessing the merits of, and understanding
                    (on its own behalf or through independent professional
                    advice), and understands and accepts, on behalf of Party B,
                    the terms, conditions and risks of that Transaction. It is
                    also capable of assuming, on behalf of Party B, and assumes,
                    on behalf of Party B, the risks of that Transaction; and

            (E)     Party A is not acting as a fiduciary or an adviser to it in
                    respect of that Transaction.

(d)         CHANGE OF ACCOUNTS: For the purposes of Section 2(b) of the
     Agreement both parties agree that such new account so designated shall,
     unless otherwise agreed, be in the same tax jurisdiction as the original
     account.

(e)         PAYMENTS: In Section 2:

     (i)            In Section 2(a)(i) add after "made by it":

            "which will be by way of exchange for the corresponding payment or
            payments payable by the other party";

     (ii)           In Section 2(a)(ii) insert immediately after the words
            "freely transferable funds" the following words:

            ", free of any set-off, counterclaim, deduction or withholding
            (except as expressly provided in this Agreement)".

     (iii)          Insert new Sections 2(a)(iv) and 2(a)(v) 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 and delivery obligations under
                    Section 2(a)(i) and has no future payment or delivery
                    obligations, whether absolute or contingent under Section
                    2(a)(i).

            (v)     Where:

                    (1)    payments are due pursuant to Section 2(a)(i) by Party
                           A to Party B (the "Party A payment") and by Party B
                           to Party A (the "Party B payment") on the same day;
                           and

                    (2)    the charge created by the Security Trust Deed has
                           become, and remains at that time, enforceable,

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                           then Party A's obligation to make the Party A payment
                           to Party B shall be subject to the condition
                           precedent (which will be an "applicable condition
                           precedent" for the purpose of Section 2(a)(iii)(3))
                           that Party A first receives either:

                    (3)    the Party B payment; or

                    (4)    confirmation from Party B's bank that it holds
                           irrevocable instructions to effect payment of the
                           Party B payment and that funds are available to make
                           that payment.

     (iv)           Delete the word "if" at the beginning of Section 2(d)(i)(4),
            and insert the following words "if and only if X is Party A and".

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

     Without prejudice to the above amendments, it is agreed that Party B is not
     obliged to:

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

     (B)                   pay any amount to Party A under Section 2(d)(ii); or

     (C)                   receive payments under this Agreement or any
            Transaction from which deductions or withholdings have been made.

(f)         ADDITIONAL REPRESENTATIONS: In Section 3 add new paragraphs as
     follows:

     "(g)   NON ASSIGNMENT. It has not assigned (whether absolutely, in equity
            or otherwise) or declared any trust over or given any charge over
            any of its rights under any Transaction (other than, in respect of
            Party B, under and in accordance with the Master Trust Deed and the
            charge given pursuant to the Security Trust Deed).

     (h)    CONTRACTING AS PRINCIPAL. In relation to Party A and Party B, each
            Transaction is and will be entered into by it as principal and not
            otherwise."

(g)         ADDITIONAL COVENANT: In Section 4 a new paragraph is added as
     follows:

     "(f)   CONTRACTING AS PRINCIPAL: It will enter into all Transactions as
            principal and not otherwise."

(h)         MANDATORY NOVATION: If an Incoming Trustee is appointed in
     accordance with the Master Trust Deed, Party A must, unless it is then
     entitled to terminate this Agreement, promptly upon being requested to do
     so by or on behalf of Party B, execute such documents and do such things as
     Party B may reasonably require to novate this Agreement to the Incoming
     Trustee. The Trust Manager must give notice to each Designated Rating
     Agency for the Fund promptly following any such novation.

(i)         EVENT OF DEFAULT: In Section 5(a):

     (i)            Delete Section 5(a)(i) and insert instead:

            "(i)    FAILURE TO PAY OR DELIVER. Failure by the party to make,
                    when due, any payment under this Agreement or delivery under
                    Section 2(a)(i) or 2(e) required to be made by it if such
                    failure is not remedied at or before 10.00 am on the fifth
                    Business Day after notice of such failure is given to the
                    party;".

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                    For the avoidance of doubt, there will be no failure to pay
                    by Party B to Party A for the purposes of Section 5(a)(i) to
                    the extent that Party B pays to Party A on each Payment Date
                    the amounts available to Party B on that Payment Date for
                    payment to Party A (in the case of a Class A US$ Currency
                    Swap) under Conditions 4.4(e)(i) and 5.1(b)(i) and (in the
                    case of a Class B US$ Currency Swap) under Conditions 4.4(f)
                    and 5.1(c).

            (ii)           In relation to Party B, Section 5(a)(vii) does not
                    apply, and the following Event of Default applies in its
                    place:

                    "(vii) INSOLVENCY. An Event of Insolvency occurs in relation
                           to Party B, and within 30 days after the occurrence
                           of that Event (or such longer period as Party A may
                           agree):

                           (1)   Party B has not been replaced as trustee of the
                                 Fund in accordance with the Master Trust Deed;
                                 and

                           (2)   Party A and Party B's replacement have not
                                 entered into an agreement (whether or not there
                                 are other parties thereto) which has the effect
                                 of novating or replacing this Agreement and
                                 each Transaction as between Party A and Party
                                 B's replacement.".

            (iii)          It is also an Event of Default under this Agreement,
                    in respect of Party A only, if Party A fails to comply with
                    Section 16.

(j)                 TERMINATION EVENTS:

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

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

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

                    (C)          Party A's obligations in respect of that
                           Transaction or this Agreement will be unaffected by
                           the occurrence of that event.

            (ii)           TAX EVENT: Section 5(b)(ii) is amended by deleting
                    the words ", or there is a substantial likelihood that it
                    will," where they appear in that provision.

            (iii)          PARTY A'S LIMITED RIGHTS IN RELATION TO TAX EVENT:
                    Notwithstanding Part 1(c)(iii) of the Schedule, Party A may
                    designate an Early Termination Date if it is an Affected
                    Party following a Tax Event but only if the Bond Trustee has
                    notified the parties in writing that it is satisfied that
                    all amounts owing to the US$ Bondholders will be paid in
                    full on the date on which the US$ Bonds are to be redeemed.

(k)                 TERMINATION:

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            (i)     TERMINATION BY BOND TRUSTEE: Party B must not designate an
                    Early Termination Date without the prior written consent of
                    the Bond Trustee.

            (ii)    TERMINATION BY BOND TRUSTEE: If following an Event of
                    Default or Termination Event, Party A or Party B does not
                    exercise its right to terminate a Transaction, then the Bond
                    Trustee may designate an Early Termination Date in relation
                    to that Transaction as if it were a party to this Agreement.

            (iii)   TIMING OF EARLY TERMINATION DATE: Party A may not specify an
                    Early Termination Date unless it has consulted with the
                    other parties as to which date it should specify as the
                    Early Termination Date, provided that Party A is not
                    required to take into account any matters arising from the
                    consultation process. If the other parties are not
                    reasonably available for such consultation then Party A may
                    specify an Early Termination Date without such consultation.

            (iv)    TRANSFERS TO AVOID TERMINATION: Section 6(b)(ii) is amended
                    as follows:

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

                           "However, if Party A is that other party it must, if
                           so requested by the Bond Trustee, 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) provided
                           that each Designated Rating Agency has given prior
                           written confirmation to the Bond Trustee that such a
                           transfer will not result in a reduction,
                           qualification or withdrawal of the credit ratings
                           then assigned by it to the Bonds."

            (v)     TRANSFER WHERE PARTY B DOES NOT GROSS-UP: If any payment by
                    Party B to Party A under this Agreement is, or is likely to
                    3 be, made subject to any deduction or withholding on
                    account of Tax, the Trust Manager will endeavour to procure
                    Party B's substitution as principal obligor under this
                    Agreement in respect of each Affected Transaction by an
                    entity in another jurisdiction approved by Party A and the
                    Bond Trustee.

            (vi)    NO SET-OFF: Section 6(e) is amended by deleting the last
                    sentence of the first paragraph.

(l)                 TRANSFER: Section 7 is deleted and replaced with the
                    following:

            "7.     TRANSFER

            (a)     Neither the interests nor 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 or whether by way of security or otherwise),
                    charged or the subject of any trust or other fiduciary
                    obligation (other than, in respect of Party B, under and in
                    accordance with the Master Trust Deed and the charge created
                    by the Security Trust Deed, or as expressly contemplated by
                    or provided for in this Agreement). Any action by a party
                    which purports to do any of these things is void.

            (b)     Nothing in this Section 7:

                    (i)    restricts the parties agreeing to 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 by a party under Section 6(b)(ii);

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                    (ii)   restricts a transfer by a party of its interests and
                           obligations in or under this Agreement (including any
                           Transaction) pursuant to a consolidation or
                           amalgamation with or merger into, or transfer of all
                           or substantially all its assets to, another entity
                           (but without prejudice to any other right or remedy
                           under this Agreement);

                    (iii)  restricts a 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 a transfer by a party after the other party
                           has agreed to a variation of this Agreement to the
                           extent necessary to permit such a transfer,

                    provided that Party B must not agree to or give effect to
                    any novation or transfer referred to in this Section 7(b)
                    unless it has first obtained the written consent of each
                    Designated Rating Agency.

            (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 fundamental to
                    the terms of this Agreement (including each Transaction)."

(m)                 AMENDMENTS: In Section 9:

            (i)            the first word "No" in Section 9(b) is replaced with:

                    "Except to the extent that the entering into of each
                    Transaction takes effect as an amendment to this Agreement,
                    no"; and

            (ii)           the following words are added at the end of Section
                    9(b):

                    ", and unless each Designated Rating Agency has confirmed in
                    writing that such amendment will not adversely affect the
                    credit rating of any Bonds."

(n)                 NOTICES: In Section 12:

            (i)            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 6 may not be given by facsimile transmission or
                    electronic messaging system)"; and

            (ii)           delete paragraph (iii) of Section 12(a) and insert
                    instead:

                    "(iii) if sent by facsimile, on production of a transmission
                           report by the machine from which the facsimile was
                           sent which indicates that the facsimile was sent in
                           its entirety to the facsimile number of the recipient
                           notified for the purpose of this Section unless the
                           recipient notifies the sender within 24 hours of the
                           facsimile being sent that the facsimile was not
                           received in its entirety in legible form;".

(o)                 DEFINITIONS: In Section 14:

            (i)            delete the following words from the definition of
                           "Default Rate":

                    "plus 1% per annum";

            (ii)           insert the following additional definitions in
                    Section 14 in alphabetical order:

            "ALTERNATIVE ARRANGEMENT" means an arrangement referred to in
            Section 16(a)(i), (ii) or (iii).

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            "BOND TRUST DEED" means the deed so entitled dated on or about the
            date of this Agreement made between Party B, the Trust Manager,
            Australian Mortgage Securities Ltd and Permanent Registry Limited.

            "BOND TRUSTEE" means, initially, The Bank of New York and
            subsequently the person who is from time to time the trustee of the
            trust constituted under the Bond Trust Deed.

            "CONDITIONS" has the meaning given in the Bond Trust Deed.

            "FUND" means the Issuing Fund constituted under the Master Trust
            Deed known as ARMS II Global Fund 3 .

            "FUTURE OBLIGATIONS" means all payment or delivery obligations
            (whether the underlying obligation was absolute or contingent and
            assuming the satisfaction of each applicable condition precedent) of
            a party under Section 2(a)(i) in respect of a Terminated Transaction
            or group of Terminated Transactions, that would, but for the
            occurrence of the relevant Early Termination Date, have been
            required after that date. (For this purpose, Unpaid Amounts in
            respect of the Terminated Transaction or group of Terminated
            Transactions are to be excluded but, without limitation, any payment
            or delivery that would, but for the relevant Early Termination Date,
            have been required (assuming satisfaction of each applicable
            condition precedent) after that Early Termination Date is to be
            included).

            "MASTER TRUST DEED" means the Master Trust Deed for the ARMS II
            Funds dated 7 March 1995 made between Permanent Custodians Limited
            and Australian Mortgage Securities Ltd, as amended and restated from
            time to time and as applicable to the Fund.

            "PRESCRIBED RATING" means a short term credit rating of "A-1+" by
            S&P and "P-1" by Moody's and a long term credit rating of "A2" by
            Moody's.

            "SECURITY TRUST DEED" means the deed so entitled dated 19 December
            2003 made between Party B, Permanent Registry Limited, The Bank of
            New York and the Trust Manager.

            "SECURITY TRUSTEE" means, initially, Permanent Registry Limited and
            subsequently the person who is from time to time the trustee of the
            trust constituted under the Security Trust Deed.

(p)                 CAPACITY AND LIABILITY OF TRUSTEE: Insert a new section 15
                    as follows:

            "15.    LIABILITY OF TRUSTEE AND LIMITED RECOURSE

            (a)     THIS CLAUSE TO PREVAIL: All provisions of this Agreement are
                    subject to this section 15.

            (b)     DEFINITIONS FOR THE PURPOSES OF THIS SECTION: In this
                    section 15:

                    "ASSETS" means all property and assets (real and personal)
                    (including choses in action and other rights), tangible and
                    intangible, present or future, comprised in, and held by
                    Party B as trustee of the Fund.

                    "FINAL JUDGMENT" means a judgment of a court of law in
                    Australia against which there can be no appeal or in
                    relation to which the time to appeal has expired.

                    "TRUSTEE'S INDEMNITY" means:

                    (a)    Party B's right of indemnity from the Assets of the
                           Fund in respect of liabilities incurred by Party B
                           acting in its capacity as trustee of the Fund; and

                                                                         Page 12
<Page>

                    (b)    all equitable liens and other Security Interests
                           which Party B has over the Assets of the Fund.

            (c)     LIMITATION OF LIABILITY:

                    (i)    Party B enters into this Agreement, and will enter
                           into each Transaction in its capacity as trustee of
                           the Fund. Accordingly, Party B has no personal
                           liability in relation to any of its obligations under
                           or arising out of this Agreement or any Transaction.

                    (ii)   In relation to each such obligation, the liability of
                           Party B is limited to and does not extend beyond the
                           Assets of the Fund as they stand at the time at which
                           the obligation is met or satisfied.

                    (iii)  Party B is not liable to meet or satisfy any such
                           obligation from its own assets (except the Trustee's
                           Indemnity) and each such obligation must be met or
                           satisfied from the Fund or the Trustee's Indemnity.

                    (iv)   The preceding paragraphs apply notwithstanding the
                           fact that the liabilities of Party B in its capacity
                           as the trustee of the Fund may from time to time and
                           at any time almost equal, equal or exceed the value
                           of the Assets of the Fund at the relevant time.

                    (v)    The previous paragraphs of this Section 15(c) do not
                           apply to the liability of Party B in relation to any
                           obligation which Party B expressly assumes in its
                           personal capacity.

                    (vi)   It is acknowledged by Party B that the Assets of the
                           Fund at any time will include the amount of any
                           compensation found by a Final Judgment (or admitted
                           by Party B) to be payable by Party B to restore the
                           Fund because of a failure by Party B to exercise in
                           relation to the Fund the degree of care, diligence
                           and prudence required of a trustee or because of some
                           other neglect, default or breach of duty by Party B
                           having regard to the powers and duties conferred on
                           Party B by the Master Trust Deed or this Agreement in
                           either case occurring before the time in question and
                           causing loss to the Fund quantified before the time
                           in question.

            (d)     LIMITED RECOURSE: Subject to paragraph (e) and clause 6.4 of
                    the Security Trust Deed, Party A agrees that it will not
                    seek to enforce its rights against Party B under or in
                    respect of this Agreement or any Transaction by:

                    (i)    suing Party B;

                    (ii)   obtaining judgment against Party B;

                    (iii)  apply for or seeking to wind up the Fund; or

                    (iv)   levying execution against any Asset of the Fund.

            (e)     PROVISO: Nothing in paragraph (d) restricts or prohibits
                    Party A from taking any proceedings for specific performance
                    or injunctive or declaratory relief in respect of its rights
                    or Party B's obligations under or in respect of this
                    Agreement or any Transaction."

(q)                 RATINGS DOWNGRADE

                                                                         Page 13
<Page>

            (i)            In the event that the unsecured and unsubordinated
                    debt obligations of Party A (or any applicable assignee or
                    its guarantor) shall cease to have a credit rating equal to
                    or higher than the Prescribed Rating and Party B (or the
                    Trust Manager on behalf of Party B) does not receive written
                    affirmation of the then current rating of the relevant
                    Bonds, then within 30 days of such downgrade (or within 5
                    days (or such greater period agreed with each relevant
                    Designated Rating Agency) if Party A's credit rating is
                    lower than "A-1" (short term) by S&P or "A3" (long term) by
                    Moody's) (unless during this period, Party A and Party B (or
                    the Trust Manager on behalf of Party B) receive written
                    confirmation from S&P that such downgrade would not result
                    in the Bonds of the Fund either being downgraded or placed
                    under review for possible downgrade) Party A must at its
                    cost either:

                    (A)         put in place an appropriate mark-to-market
                           collateral agreement (consisting of either cash or
                           securities) which may be based either on S&P's New
                           Interest Rate and Currency Swap Criteria published in
                           January 1999 (as may be amended from time to time) or
                           on any other agreement reached between the parties,
                           in support of its obligations under the Agreement,
                           PROVIDED that Party A and Party B (or the Trust
                           Manager on behalf of Party B) receive prior written
                           confirmation from each Designated Rating Agency that
                           the rating assigned to the Bonds by each Designated
                           Rating Agency is not adversely affected by the
                           downgrade following such collateral arrangements
                           being put in place;

                    (B)         transfer all its rights and obligations with
                           respect to this Agreement to a replacement third
                           party whose unsecured and unsubordinated debt
                           obligations have a short-term rating by each
                           Designated Rating Agency at least equivalent to the
                           Prescribed Rating;

                    (C)    procure that its obligations with respect to this
                           Agreement are guaranteed by a third party whose
                           unsecured and unsubordinated debt obligations have a
                           short-term rating by each Designated Rating Agency at
                           least equivalent to the Prescribed Rating; or

                    (D)    enter into such other arrangements in respect of each
                           Transaction which each Designated Rating Agency
                           confirms will not result in a reduction,
                           qualification or withdrawal of the credit ratings
                           then assigned by it to the Bonds.

                    It is agreed that the amount of collateral which needs to be
                    provided under any collateral agreement referred to in (A)
                    above in respect of any Transaction is the amount which is
                    necessary to be provided so that the credit rating of Party
                    A does not cause the then current rating of the Bonds to be
                    downgraded or withdrawn as a result of Party A being the
                    counterparty to Party B under that Transaction.

            (ii)    Where Party A transfers its rights and obligations to a
                    replacement counterparty in accordance with sub-paragraph
                    (i)(B) above, Party B shall do all things necessary at the
                    cost of Party A to novate the relevant rights and
                    obligations to the replacement counterparty.

            (iii)   If, at any time, Party A's obligations under this Agreement
                    are transferred in accordance with sub-paragraph (i)(B)
                    above, Party A shall be immediately entitled to any
                    collateral

                                                                         Page 14
<Page>

                    which it has provided under any collateral agreement
                    contemplated by sub-paragraph (i)(A) (less any amount
                    withdrawn in accordance with sub-paragraph (iv)).

            (iv)    Party B (at the direction of the Trust Manager) may only
                    make withdrawals from any account into which collateral is
                    provided by Party A (the "COLLATERAL ACCOUNT") for the
                    purpose of:

                    (A)    transferring obligations under this Agreement in
                           accordance with sub-paragraph (i)(B) (including the
                           costs of obtaining a replacement counterparty);

                    (B)    refunding to Party A any excess in the amount of any
                           collateral deposited to the Collateral Account over
                           the amount Party A is required to maintain under any
                           collateral agreement contemplated by sub-paragraph
                           (i)(A);

                    (C)    withdrawing any amount which has been incorrectly
                           deposited into the Collateral Account;

                    (D)    paying bank accounts debit tax or other equivalent
                           Taxes payable in respect of the Collateral Account;
                           or

                    (E)    funding the amount of any payment due to be made by
                           Party A under this Agreement following the failure by
                           Party A to make that payment.

                    Party B (at the direction of the Trust Manager) must refund
                    or pay to Party A the amount of any payment which may be
                    made to Party A under (B) or (C) above as soon as such
                    refund or payment is possible.

            (v)     All interest on the Collateral Account will accrue and be
                    payable monthly to Party A provided the amount deposited to
                    the Collateral Account is not less than the amount Party A
                    is required to maintain under the collateral agreement
                    contemplated by sub-paragraph (i)(A)."

(r)         Code of banking practice (2003): Insert a new section 17 as follows:

            "17.    CODE OF BANKING PRACTICE (2003)

            The parties to this Agreement agree that the Code of Banking
            Practice (2003) does not apply to this Agreement or any transaction
            or service under this Agreement.

(s)         CONSENT TO RECORDING. Each party:

            (i)     consents to the recording of the telephone conversations of
                    its personnel or any personnel employed by an Affiliate or
                    any third party acting on its behalf in connection with this
                    Agreement or any potential Transaction;

            (ii)    agrees to obtain any necessary consent of and give notice of
                    such recording to such personnel; and

            (iii)   agrees that recordings may be submitted in evidence in any
                    Proceedings relating to this Agreement.

(t)         TRUSTEE REPRESENTATIONS

            By Party B represents to Party A, in respect of Party B only:

            (i)     TRUST VALIDLY CREATED. The Fund has been validly created and
                    is in existence at the date of this Agreement.

                                                                         Page 15
<Page>

            (ii)    SOLE TRUSTEE. It has been validly appointed as trustee of
                    the Fund and is presently the sole trustee of the Fund.

            (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
                    Fund.

            (iv)    POWER. It has power under the Master Trust Deed to enter
                    into this Agreement and the Credit Support Document in its
                    capacity as trustee of the Fund.

            (v)     GOOD TITLE. It is the lawful owner of the Assets of the Fund
                    and has power under the Master Trust Deed to mortgage or
                    charge them in the manner provided in the Credit Support
                    Document to which it is a party, subject only to that Credit
                    Support Document, any Security Interest permitted thereunder
                    and Party B's right of indemnity out of the Assets of the
                    Fund, those Assets are free of all other Security Interests.

            (vi)    INDEMNITY. It is entitled to be fully indemnified out of the
                    Assets of the Fund for all its losses or liabilities under
                    this Agreement, each Transaction and any Credit Support
                    Document to which it is a party and these rights of
                    indemnity are unrestricted and have not been prejudiced.

            (vii)   TRUST DEED. The copies of the Master Trust Deed and Bond
                    Trust deed relating to the Fund provided by Party B to Party
                    A disclose all the terms of the Fund (other than terms
                    implied by law).

            (viii)  BENEFIT. Party B's entry into this Agreement and each
                    Transaction Document is for the benefit of and in the
                    interests of the beneficiaries of the Fund.

(u)         INDEMNIFIABLE TAX. The definition of the term "Indemnifiable Tax"
            also means any Tax imposed in respect of a payment under this
            Agreement by reason of a Change in Tax Law by a government or taxing
            authority of a Relevant Jurisdiction of the party making such
            payment, unless the other party is incorporated, organised, managed
            and controlled or considered to have its seat in such jurisdiction,
            or is acting for purposes of this Agreement through a branch or
            office located in such jurisdiction.

                                                                         Page 16
<Page>

WITNESS the parties have executed this document as of the date specified on the
first page of this document

DEUTSCHE BANK                             PERMANENT CUSTODIANS LIMITED
AKTIENGESELLSCHAFT

By:                                       By:
--------------------------------          --------------------------------------
Name:                                     Name:
--------------------------------          --------------------------------------
Title:                                    Title:
--------------------------------          --------------------------------------
Date:                                     Date:
--------------------------------          --------------------------------------

By:
--------------------------------
Name:
--------------------------------
Title:
--------------------------------
Date:
--------------------------------

AUSTRALIAN SECURITISATION
MANAGEMENT PTY LIMITED

By:
------------------------------------
Name:
------------------------------------
Title:
------------------------------------
Date:
------------------------------------

                                                                         Page 17<Page>

[ALLENS ARTHUR ROBINSON LOGO]

                                                                    Exhibit 10.4

                                    SCHEDULE
                                     TO THE
                                MASTER AGREEMENT
                              ARMS II GLOBAL FUND 3

                              dated as of [*] 2004

                                     between

                        DEUTSCHE BANK AKTIENGESELLSCHAFT

                                    (PARTY A)

                                       and

                  PERMANENT CUSTODIANS LIMITED, ACN 001 426 384
                                    (PARTY B)

                                       and

        AUSTRALIAN SECURITISATION MANAGEMENT PTY LIMITED, ACN 103 852 428
                                 (TRUST MANAGER)

PART 1:           TERMINATION PROVISION

In this Agreement:

(a)      "SPECIFIED ENTITY" is not applicable to Party A nor to Party B.

(b)      "SPECIFIED TRANSACTION" is not applicable.

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

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

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

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

                                                                          Page 1
<Page>

[ALLENS ARTHUR ROBINSON LOGO]

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

         (iv)     For the purposes of Section 5(b)(v), ADDITIONAL TERMINATION
                  EVENT means an Event of Default (as defined in the Security
                  Trust Deed) occurs and the Security Trustee enforces the
                  security under the Security Trust Deed (in which case Party B
                  is the Affected Party (unless the Event of Default results
                  from a failure by Party A to fulfil its obligations under this
                  Agreement, in which case Party A is the Affected Party )).

(d)      The "AUTOMATIC EARLY TERMINATION" provisions in Section 6(a) will not
         apply to Party A nor to Party B.

(e)      "PAYMENT ON EARLY TERMINATION".  For the purposes of Section 6(e) of
         this Agreement:

         (i)      Market Quotation will apply; and

         (ii)     the Second Method will apply.

(f)      "TERMINATION CURRENCY" means Euros.

PART 2:           TAX REPRESENTATIONS

(a)      PAYER TAX REPRESENTATIONS.  For the purpose of Section 3(e) of this
         Agreement, Party A and Party B each make the following representation:

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

         (i)      the accuracy of any representation 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 TAX REPRESENTATIONS.  For the purpose of Section 3(f) of this
         Agreement:

         Party A makes the following representation:

         It will bring into account payments made and received in respect of
         each Transaction in computing its income for German tax purposes.

         Party B makes the following representation:

                                                                          Page 2
<Page>

[ALLENS ARTHUR ROBINSON LOGO]

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

PART 3:           DOCUMENTS TO BE DELIVERED

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

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

<Table>
<Caption>
PARTY REQUIRED TO                                                                       DATE BY WHICH TO BE
DELIVER DOCUMENT      FORM/DOCUMENT                                                     DELIVERED
<S>                   <C>                                                               <C>
Parties A & B         Any form or document reasonably requested by the other party      As soon as possible after
                      to permit payments without (or with minimum) deduction or         request.
                      withholding of Tax
</Table>

(b)      Other documents to be delivered are:

<Table>
<Caption>
                                                                                        DATE BY WHICH
PARTY REQUIRED TO                                                                       DOCUMENT TO BE
DELIVER DOCUMENT      FORM/DOCUMENT/CERTIFICATE                                         DELIVERED
<S>                   <C>                                                               <C>
Parties A & B         Such evidence as the other party may reasonably require to        Before the entering into
                      satisfy itself as to the authority of the persons executing       of any Transaction and
                      and delivering this Agreement on behalf of the party and          thereafter promptly upon
                      each Confirmation to be signed on behalf of the party.            request.

Party B               A legal opinion as to the validity and enforceability of          Before the entering into
                      that party's obligations under this Agreement in form and         of any Transaction.
                      substance and issued by legal counsel reasonably acceptable
                      to Party A.

Party A               A copy of the most recent annual report of the party              Upon reasonable request
                      containing consolidated financial statements, certified           by Party B.
                      without qualification by independent public accountants and
                      such other public information respecting its condition or
                      operations, financial or otherwise, as the other party may
                      reasonably request from time to time.
</Table>

All documents delivered under this Part 3(b) are covered by Section 3(d)
representation.

PART 4:           MISCELLANEOUS

(a)      ADDRESSES FOR NOTICES. For the purpose of Section 12(a) of this
         Agreement:

         All notices to Party A under Sections 5 or 6 of this Agreement (other
         than Section 5(a)(i)) shall be sent to:

                                                                          Page 3
<Page>

[ALLENS ARTHUR ROBINSON LOGO]

         Address:      Deutsche Bank AG, Head Office
                       Taunusanlage 12
                       60262 Frankfurt
                       GERMANY

         Attention:    Legal Department
         Telex No.     411836 or 416731 or 41233
         Answerback:   DBF-D
         Facsimile No: +49 69 910 36097
         All other notices to Party A shall be sent directly to the Office
         through which Party A is acting for the relevant Transaction, using the
         address and contact particulars specified in the Confirmation for that
         Transaction or as otherwise notified by Party A to Party B care of the
         Trust Manager.

         Address for notices or communications to PARTY B CARE OF THE TRUST
         MANAGER:

         Address:      Level 6
                       12 Castlereagh Street
                       SYDNEY NSW 2000

         Attention:    Deputy Managing Director

         Facsimile:    +612 9225 0864

         Telephone:    +612 9225 0824

         All notices from Party A under Sections 5 or 6 of this Agreement shall
         be copied to Party B.

(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.

(d)      MULTIBRANCH PARTY. For the purpose of Section 10(c) of this Agreement:

         Party B is not a Multibranch Party.

         Party A is a Multibranch Party and may act through the following
         Offices - Sydney Branch and Frankfurt Head Office.

(e)      CALCULATION AGENT. The Calculation Agent is Party A.

(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: nil.

         (ii)     In relation to Party B: nil.

(h)      GOVERNING LAW. This Agreement will be governed by and construed in
         accordance with the laws of the State of New South Wales and each party
         submits to the non-exclusive jurisdiction of the courts of the State of
         New South Wales without reference to choice of law doctrine. The
         provisions of Section 13(b) will apply (mutatis mutandis) to this
         choice of governing law and submission to jurisdiction.

                                                                          Page 4
<Page>

[ALLENS ARTHUR ROBINSON LOGO]

(i)      NETTING OF PAYMENTS.  Subparagraph (ii) of Section 2(c) of this
         Agreement will not apply to any Transaction.

(j)      "AFFILIATE" will have the meaning specified in Section 14 of this
         Agreement. However, for the purpose of Section 3(c) Party A and Party B
         are each deemed not to have any Affiliates.

(k)      TRANSACTION DOCUMENT.

         (i)      This Agreement and each Transaction are Transaction Documents
                  relating to the Fund for the purposes of the Master Trust
                  Deed.

         (ii)     Each Transaction is a Currency Swap as defined in and for the
                  purposes of the Bond Trust Deed.

PART 5:           OTHER PROVISIONS

(a)      ISDA DEFINITIONS: This Agreement, each Confirmation and each
         Transaction are subject to the 2000 ISDA Definitions (as published by
         the International Swaps and Derivatives Association, Inc.) (the "ISDA
         DEFINITIONS"), and will be governed in all respects by any provisions
         set forth in the ISDA Definitions, without regard to any amendments to
         the ISDA Definitions or the Annex to the ISDA Definitions subsequent to
         the date thereof. The provisions of the ISDA Definitions are
         incorporated by reference in, and shall be deemed to be part of, this
         Agreement and each Confirmation. In the event of any inconsistency
         between the provisions of this Agreement and the ISDA Definitions, this
         Agreement will prevail. In the event of any inconsistency between the
         provisions of any Confirmation and this Agreement, such Confirmation
         will prevail for the purpose of the relevant Transaction. Any reference
         to a:

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

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

(b)      MASTER TRUST DEED DEFINITIONS: Words and expressions which are defined
         in the Master Trust Deed (unless the context otherwise requires, or
         unless otherwise defined in this Agreement) have the same meanings when
         used in this Agreement.

(c)      APPOINTMENT OF TRUST MANAGER:

         (i)      Pursuant to its powers under the Master Trust Deed (including,
                  without limiting the generality of the foregoing, pursuant to
                  clauses 14.2(i) and ( l) and 14.4(c)), Party B hereby appoints
                  the Trust Manager as its sole and exclusive agent to act on
                  Party B's behalf with respect to this Agreement. The Trust
                  Manager:

                  (A)      may arrange, enter into, and monitor Transactions,
                           execute Confirmations, and exercise all other rights
                           and powers of Party B under this Agreement; and

                  (B)      without limiting the generality of the foregoing,
                           shall issue, and receive, on behalf of Party B all
                           notices, Confirmations, certificates and other
                           communications to or by Party A under this Agreement.

         (ii)     The Trust Manager acknowledges and confirms to Party B and
                  Party A that the Trust Manager considers it appropriate, for
                  the effective performance of its obligations as Trust

                                                                          Page 5
<Page>

[ALLENS ARTHUR ROBINSON LOGO]

                  Manager and the due management and administration of the Fund,
                  that Party B appoint the Trust Manager as its agent for the
                  purposes of this Agreement, in the manner provided for in
                  sub-paragraph (i) above;

         (iii)    In acting as Party B's agent, the Trust Manager must comply
                  with the terms of the Master Trust Deed (in particular, but
                  without limitation, clauses 12.2(a), (b) and (c)), and all
                  relevant Transaction Documents;

         (iv)     The Trust Manager must indemnify Party B from and against all
                  costs, losses, damages, expenses or liabilities (including the
                  amount of any compensation found by a Final Judgment (or
                  admitted by Party B) to be payable by Party B to restore the
                  Fund because of a failure by Party B to exercise the degree of
                  care, diligence and prudence required of it under the
                  Transaction Documents, or because of some other neglect,
                  default or breach of duty by Party B under the Transaction
                  Documents):

                  (A)      which Party B may suffer or incur as a result of any
                           claim being made against it under clause 14.5 of the
                           Master Trust Deed which arises from any act or
                           omission (or alleged act or omission) by the Trust
                           Manager in acting as Party B's agent under or for the
                           purposes of this Agreement; and

                  (B)      in respect of which Party B is not entitled to be
                           indemnified personally from the Assets of the Fund in
                           accordance with clause 25.10 of the Master Trust
                           Deed.

         (v)      The parties agree that if:

                  (A)      the Trust Manager, in acting as agent of Party B
                           under sub-paragraph (i) above, acts in breach of its
                           duties to Party B, or acts negligently or
                           fraudulently; and

                  (B)      as a result of such breach, negligence or fraud,
                           Party A suffers any losses, costs or damages; and

                  (C)      Party B is not entitled for any reason
                           (notwithstanding clause 25.10 of the Master Trust
                           Deed) to be indemnified from the Assets of the Fund
                           in respect of those losses, costs or damages,

                  then:

                  (D)      the Trust Manager must indemnify Party A on demand
                           from and against such losses, costs and damages; and

                  (E)      Party B shall have no liability to Party A in respect
                           of those losses, costs or damages.

         (vi)     The Trust Manager confirms in respect of each Transaction
                  that:

                  (A)      it is acting as agent of Party B;

                  (B)      it has made its own independent decisions to enter
                           into that Transaction, on behalf of Party B, and as
                           to whether that Transaction is appropriate or proper
                           for it to enter into, on behalf of Party B, based
                           upon its own judgment and upon advice from such
                           advisers as it has deemed necessary;

                  (C)      it is not relying on any communication (written or
                           oral) of Party A as investment advice or as a
                           recommendation to enter into that Transaction; it
                           being understood that information and explanation
                           related to the terms and conditions of a

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                           Transaction shall not be considered investment advice
                           or a recommendation to enter into that Transaction.
                           No communication (written or oral) received from
                           Party A shall be deemed to be an assurance or
                           guarantee as to the expected results of that
                           Transaction;

                  (D)      it is capable of assessing the merits of, and
                           understanding (on its own behalf or through
                           independent professional advice), and understands and
                           accepts, on behalf of Party B, the terms, conditions
                           and risks of that Transaction. It is also capable of
                           assuming, on behalf of Party B, and assumes, on
                           behalf of Party B, the risks of that Transaction; and

                  (E)      Party A is not acting as a fiduciary or an adviser to
                           it in respect of that Transaction.

(d)      CHANGE OF ACCOUNTS: For the purposes of Section 2(b) of the Agreement
         both parties agree that such new account so designated shall, unless
         otherwise agreed, be in the same tax jurisdiction as the original
         account.

(e)      PAYMENTS: In Section 2:

         (i)      In Section 2(a)(i) add after "made by it":

                  "which will be by way of exchange for the corresponding
                  payment or payments payable by the other party";

         (ii)     In Section 2(a)(ii) insert immediately after the words "freely
                  transferable funds" the following words:

                  ", free of any set-off, counterclaim, deduction or withholding
                  (except as expressly provided in this Agreement)".

         (iii)    Insert new Sections 2(a)(iv) and 2(a)(v) 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 and delivery
                           obligations under Section 2(a)(i) and has no future
                           payment or delivery obligations, whether absolute or
                           contingent under Section 2(a)(i).

                  (v)      Where:

                           (1)     payments are due pursuant to Section 2(a)(i)
                                   by Party A to Party B (the "Party A payment")
                                   and by Party B to Party A (the "Party B
                                   payment") on the same day; and

                           (2)     the charge created by the Security Trust Deed
                                   has become, and remains at that time,
                                   enforceable,

                           then Party A's obligation to make the Party A payment
                           to Party B shall be subject to the condition
                           precedent (which will be an "applicable condition
                           precedent" for the purpose of Section 2(a)(iii)(3))
                           that Party A first receives either:

                           (3)     the Party B payment; or

                           (4)     confirmation from Party B's bank that it
                                   holds irrevocable instructions to effect
                                   payment of the Party B payment and that funds
                                   are available to make that payment.

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         (iv)     Delete the word "if" at the beginning of Section 2(d)(i)(4),
                  and insert the following words "if and only if X is Party A
                  and".

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

         Without prejudice to the above amendments, it is agreed that Party B is
         not obliged to:

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

         (B)      pay any amount to Party A under Section 2(d)(ii); or

         (C)      receive payments under this Agreement or any Transaction from
                  which deductions or withholdings have been made.

(f)      ADDITIONAL REPRESENTATIONS: In Section 3 add new paragraphs as follows:

         "(g)     NON ASSIGNMENT. It has not assigned (whether absolutely, in
                  equity or otherwise) or declared any trust over or given any
                  charge over any of its rights under any Transaction (other
                  than, in respect of Party B, under and in accordance with the
                  Master Trust Deed and the charge given pursuant to the
                  Security Trust Deed).

         (h)      CONTRACTING AS PRINCIPAL. In relation to Party A and Party B,
                  each Transaction is and will be entered into by it as
                  principal and not otherwise."

(g)      ADDITIONAL COVENANT:  In Section 4 a new paragraph is added as follows:

         "(f)     CONTRACTING AS PRINCIPAL: It will enter into all Transactions
                  as principal and not otherwise."

(h)      MANDATORY NOVATION: If an Incoming Trustee is appointed in accordance
         with the Master Trust Deed, Party A must, unless it is then entitled to
         terminate this Agreement, promptly upon being requested to do so by or
         on behalf of Party B, execute such documents and do such things as
         Party B may reasonably require to novate this Agreement to the Incoming
         Trustee. The Trust Manager must give notice to each Designated Rating
         Agency for the Fund promptly following any such novation.

(i)      EVENT OF DEFAULT: In Section 5(a):

         (i)      Delete Section 5(a)(i) and insert instead:

                  "(i)     FAILURE TO PAY OR DELIVER. Failure by the party to
                           make, when due, any payment under this Agreement or
                           delivery under Section 2(a)(i) or 2(e) required to be
                           made by it if such failure is not remedied at or
                           before 10.00 am on the fifth Business Day after
                           notice of such failure is given to the party;".

                  For the avoidance of doubt, there will be no failure to pay by
                  Party B to Party A for the purposes of Section 5(a)(i) to the
                  extent that Party B pays to Party A on each Payment Date the
                  amounts available to Party B on that Payment Date for payment
                  to Party A (in the case of a Class A EURO Currency Swap) under
                  Conditions 4.4(e)(i) and 5.1(b)(i) and (in the case of a Class
                  B EURO Currency Swap) under Conditions 4.4(f) and 5.1(c).

         (ii)     In relation to Party B, Section 5(a)(vii) does not apply, and
                  the following Event of Default applies in its place:

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[ALLENS ARTHUR ROBINSON LOGO]

                  "(vii)   INSOLVENCY. An Event of Insolvency occurs in relation
                           to Party B, and within 30 days after the occurrence
                           of that Event (or such longer period as Party A may
                           agree):

                           (1)     Party B has not been replaced as trustee of
                                   the Fund in accordance with the Master Trust
                                   Deed; and

                           (2)     Party A and Party B's replacement have not
                                   entered into an agreement (whether or not
                                   there are other parties thereto) which has
                                   the effect of novating or replacing this
                                   Agreement and each Transaction as between
                                   Party A and Party B's replacement.".

         (iii)    It is also an Event of Default under this Agreement, in
                  respect of Party A only, if Party A fails to comply with
                  Section 16.

(j)      TERMINATION EVENTS:

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

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

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

                  (C)      Party A's obligations in respect of that Transaction
                           or this Agreement will be unaffected by the
                           occurrence of that event.

         (ii)     TAX EVENT: Section 5(b)(ii) is amended by deleting the words",
                  or there is a substantial likelihood that it will,"
                  where they appear in that provision.

         (iii)    PARTY A's LIMITED RIGHTS IN RELATION TO TAX EVENT:
                  Notwithstanding Part 1(c)(iii) of the Schedule, Party A may
                  designate an Early Termination Date if it is an Affected Party
                  following a Tax Event but only if the Bond Trustee has
                  notified the parties in writing that it is satisfied that all
                  amounts owing to the EURO Bondholders will be paid in full on
                  the date on which the EURO Bonds are to be redeemed.

(k)      TERMINATION:

         (i)      TERMINATION BY BOND TRUSTEE: Party B must not designate an
                  Early Termination Date without the prior written consent of
                  the Bond Trustee.

         (ii)     TERMINATION BY BOND TRUSTEE: If following an Event of Default
                  or Termination Event, Party A or Party B does not exercise its
                  right to terminate a Transaction, then the Bond Trustee may
                  designate an Early Termination Date in relation to that
                  Transaction as if it were a party to this Agreement.

         (iii)    TIMING OF EARLY TERMINATION DATE: Party A may not specify an
                  Early Termination Date unless it has consulted with the other
                  parties as to which date it should specify as the Early

                                                                          Page 9
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[ALLENS ARTHUR ROBINSON LOGO]

                  Termination Date, provided that Part A is not required to take
                  into account any matters arising from the consultation
                  process. If the other parties are not reasonably available for
                  such consultation then Part A may specify an Early Termination
                  Date without such consultation.

         (iv)     TRANSFERS TO AVOID TERMINATION: Section 6(b)(ii) is amended as
                  follows:

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

                           "However, if Party A is that other party it must, if
                           so requested by the Bond Trustee, 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) provided
                           that each Designated Rating Agency has given prior
                           written confirmation to the Bond Trustee that such a
                           transfer will not result in a reduction,
                           qualification or withdrawal of the credit ratings
                           then assigned by it to the Bonds."

         (v)      TRANSFER WHERE PARTY B DOES NOT GROSS-UP: If any payment by
                  Party B to Party A under this Agreement is, or is likely to
                  be, made subject to any deduction or withholding on account of
                  Tax, the Trust Manager will endeavour to procure Party B's
                  substitution as principal obligor under this Agreement in
                  respect of each Affected Transaction by an entity in another
                  jurisdiction approved by Party A and the Bond Trustee.

         (vi)     NO SET-OFF: Section 6(e) is amended by deleting the last
                  sentence of the first paragraph.

(l)      TRANSFER: Section 7 is deleted and replaced with the following:

         "7.      TRANSFER

         (a)      Neither the interests nor 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 or whether by way of security or otherwise), charged
                  or the subject of any trust or other fiduciary obligation
                  (other than, in respect of Party B, under and in accordance
                  with the Master Trust Deed and the charge created by the
                  Security Trust Deed, or as expressly contemplated by or
                  provided for in this Agreement). Any action by a party which
                  purports to do any of these things is void.

         (b)      Nothing in this Section 7:

                  (i)      restricts the parties agreeing to 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 by a party under Section 6(b)(ii);

                  (ii)     restricts a transfer by a party of its interests and
                           obligations in or under this Agreement (including any
                           Transaction) pursuant to a consolidation or
                           amalgamation with or merger into, or transfer of all
                           or substantially all its assets to, another entity
                           (but without prejudice to any other right or remedy
                           under this Agreement);

                  (iii)    restricts a 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

                                                                         Page 10
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[ALLENS ARTHUR ROBINSON LOGO]

                  (iv)     restricts a transfer by a party after the other party
                           has agreed to a variation of this Agreement to the
                           extent necessary to permit such a transfer,

                  provided that Party B must not agree to or give effect to any
                  novation or transfer referred to in this Section 7(b) unless
                  it has first obtained the written consent of each Designated
                  Rating Agency.

         (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 fundamental to the terms of
                  this Agreement (including each Transaction)."

(m)      AMENDMENTS: In Section 9:

         (i)      the first word "No" in Section 9(b) is replaced with:

                  "Except to the extent that the entering into of each
                  Transaction takes effect as an amendment to this Agreement,
                  no"; and

         (ii)     the following words are added at the end of Section 9(b):

                  ", and unless each Designated Rating Agency has confirmed in
                  writing that such amendment will not adversely affect the
                  credit rating of any Bonds."

(n)      NOTICES: In Section 12:

         (i)      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 6 may not be given by facsimile transmission or electronic
                  messaging system)"; and

         (ii)     delete paragraph (iii) of Section 12(a) and insert instead:

                  "(iii)   if sent by facsimile, on production of a transmission
                           report by the machine from which the facsimile was
                           sent which indicates that the facsimile was sent in
                           its entirety to the facsimile number of the recipient
                           notified for the purpose of this Section unless the
                           recipient notifies the sender within 24 hours of the
                           facsimile being sent that the facsimile was not
                           received in its entirety in legible form;".

(o)      DEFINITIONS: In Section 14:

         (i)      delete the following words from the definition of "Default
                  Rate":

                  "plus 1% per annum";

         (ii)     insert the following additional definitions in Section 14 in
                  alphabetical order:

         "ALTERNATIVE ARRANGEMENT" means an arrangement referred to in Section
         16(a)(i), (ii) or (iii).

         "BOND TRUST DEED" means the deed so entitled dated on or about the date
         of this Agreement made between Party B, the Trust Manager, Australian
         Mortgage Securities Ltd and Permanent Registry Limited.

         "BOND TRUSTEE" means, initially, The Bank of New York and subsequently
         the person who is from time to time the trustee of the trust
         constituted under the Bond Trust Deed.

         "CONDITIONS" has the meaning given in the Bond Trust Deed.

         "FUND" means the Issuing Fund constituted under the Master Trust Deed
         known as ARMS II Global Fund 3 .

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[ALLENS ARTHUR ROBINSON LOGO]

         "FUTURE OBLIGATIONS" means all payment or delivery obligations (whether
         the underlying obligation was absolute or contingent and assuming the
         satisfaction of each applicable condition precedent) of a party under
         Section 2(a)(i) in respect of a Terminated Transaction or group of
         Terminated Transactions, that would, but for the occurrence of the
         relevant Early Termination Date, have been required after that date.
         (For this purpose, Unpaid Amounts in respect of the Terminated
         Transaction or group of Terminated Transactions are to be excluded but,
         without limitation, any payment or delivery that would, but for the
         relevant Early Termination Date, have been required (assuming
         satisfaction of each applicable condition precedent) after that Early
         Termination Date is to be included).

         "MASTER TRUST DEED" means the Master Trust Deed for the ARMS II Funds
         dated 7 March 1995 made between Permanent Custodians Limited and
         Australian Mortgage Securities Ltd, as amended and restated from time
         to time and as applicable to the Fund.

         "PRESCRIBED RATING" means a short term credit rating of "A-1+" by S&P
         and "P-1" by Moody's and a long term credit rating of "A2" by Moody's.

         "SECURITY TRUST DEED" means the deed so entitled dated 19 December 2003
         made between Party B, Permanent Registry Limited, The Bank of New York
         and the Trust Manager.

         "SECURITY TRUSTEE" means, initially, Permanent Registry Limited and
         subsequently the person who is from time to time the trustee of the
         trust constituted under the Security Trust Deed.

(p)      CAPACITY AND LIABILITY OF TRUSTEE: Insert a new section 15 as follows:

         "15.     LIABILITY OF TRUSTEE AND LIMITED RECOURSE

         (a)      THIS CLAUSE TO PREVAIL: All provisions of this Agreement are
                  subject to this section 15.

         (b)      DEFINITIONS FOR THE PURPOSES OF THIS SECTION: In this
                  section 15:

                  "ASSETS" means all property and assets (real and personal)
                  (including choses in action and other rights), tangible and
                  intangible, present or future, comprised in, and held by Party
                  B as trustee of the Fund.

                  "FINAL JUDGMENT" means a judgment of a court of law in
                  Australia against which there can be no appeal or in relation
                  to which the time to appeal has expired.

                  "TRUSTEE'S INDEMNITY" means:

                  (a)      Party B's right of indemnity from the Assets of the
                           Fund in respect of liabilities incurred by Party B
                           acting in its capacity as trustee of the Fund; and

                  (b)      all equitable liens and other Security Interests
                           which Party B has over the Assets of the Fund.

         (c)      LIMITATION OF LIABILITY:

                  (i)      Party B enters into this Agreement, and will enter
                           into each Transaction in its capacity as trustee of
                           the Fund. Accordingly, Party B has no personal
                           liability in relation to any of its obligations under
                           or arising out of this Agreement or any Transaction.

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[ALLENS ARTHUR ROBINSON LOGO]

                  (ii)     In relation to each such obligation, the liability of
                           Party B is limited to and does not extend beyond the
                           Assets of the Fund as they stand at the time at which
                           the obligation is met or satisfied.

                  (iii)    Party B is not liable to meet or satisfy any such
                           obligation from its own assets (except the Trustee's
                           Indemnity) and each such obligation must be met or
                           satisfied from the Fund or the Trustee's Indemnity.

                  (iv)     The preceding paragraphs apply notwithstanding the
                           fact that the liabilities of Party B in its capacity
                           as the trustee of the Fund may from time to time and
                           at any time almost equal, equal or exceed the value
                           of the Assets of the Fund at the relevant time.

                  (v)      The previous paragraphs of this Section 15(c) do not
                           apply to the liability of Party B in relation to any
                           obligation which Party B expressly assumes in its
                           personal capacity.

                  (vi)     It is acknowledged by Party B that the Assets of the
                           Fund at any time will include the amount of any
                           compensation found by a Final Judgment (or admitted
                           by Party B) to be payable by Party B to restore the
                           Fund because of a failure by Party B to exercise in
                           relation to the Fund the degree of care, diligence
                           and prudence required of a trustee or because of some
                           other neglect, default or breach of duty by Party B
                           having regard to the powers and duties conferred on
                           Party B by the Master Trust Deed or this Agreement in
                           either case occurring before the time in question and
                           causing loss to the Fund quantified before the time
                           in question.

         (d)      LIMITED RECOURSE: Subject to paragraph (e) and clause 6.4 of
                  the Security Trust Deed, Party A agrees that it will not seek
                  to enforce its rights against Party B under or in respect of
                  this Agreement or any Transaction by:

                  (i)      suing Party B;

                  (ii)     obtaining judgment against Party B;

                  (iii)    apply for or seeking to wind up the Fund; or

                  (iv)     levying execution against any Asset of the Fund.

         (e)      PROVISO: Nothing in paragraph (d) restricts or prohibits Party
                  A from taking any proceedings for specific performance or
                  injunctive or declaratory relief in respect of its rights or
                  Party B's obligations under or in respect of this Agreement or
                  any Transaction."

(q)      RATINGS DOWNGRADE

         (i)      In the event that the unsecured and unsubordinated debt
                  obligations of Party A (or any applicable assignee or its
                  guarantor) shall cease to have a credit rating equal to or
                  higher than the Prescribed Rating and Party B (or the Trust
                  Manager on behalf of Party B) does not receive written
                  affirmation of the then current rating of the relevant Bonds,
                  then within 30 days of such downgrade (or within 5 days (or
                  such greater period agreed with each relevant Designated
                  Rating Agency) if Party A's credit rating is lower than "A-1"
                  (short term) by S&P or "A3" (long term) by Moody's) (unless
                  during this period, Party A and Party B (or the Trust Manager
                  on behalf of Party B) receive written confirmation from S&P

                                                                         Page 13
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[ALLENS ARTHUR ROBINSON LOGO]

                  that such downgrade would not result in the Bonds of the Fund
                  either being downgraded or placed under review for possible
                  downgrade) Party A must at its cost either:

                  (A)      put in place an appropriate mark-to-market collateral
                           agreement (consisting of either cash or securities)
                           which may be based either on S&P's New Interest Rate
                           and Currency Swap Criteria published in January 1999
                           (as may be amended from time to time) or on any other
                           agreement reached between the parties, in support of
                           its obligations under the Agreement, PROVIDED that
                           Party A and Party B (or the Trust Manager on behalf
                           of Party B) receive prior written confirmation from
                           each Designated Rating Agency that the rating
                           assigned to the Bonds by each Designated Rating
                           Agency is not adversely affected by the downgrade
                           following such collateral arrangements being put in
                           place;

                  (B)      transfer all its rights and obligations with respect
                           to this Agreement to a replacement third party whose
                           unsecured and unsubordinated debt obligations have a
                           short-term rating by each Designated Rating Agency at
                           least equivalent to the Prescribed Rating;

                  (C)      procure that its obligations with respect to this
                           Agreement are guaranteed by a third party whose
                           unsecured and unsubordinated debt obligations have a
                           short-term rating by each Designated Rating Agency at
                           least equivalent to the Prescribed Rating; or

                  (D)      enter into such other arrangements in respect of each
                           Transaction which each Designated Rating Agency
                           confirms will not result in a reduction,
                           qualification or withdrawal of the credit ratings
                           then assigned by it to the Bonds.

                  It is agreed that the amount of collateral which needs to be
                  provided under any collateral agreement referred to in (A)
                  above in respect of any Transaction is the amount which is
                  necessary to be provided so that the credit rating of Party A
                  does not cause the then current rating of the Bonds to be
                  downgraded or withdrawn as a result of Party A being the
                  counterparty to Party B under that Transaction.

         (ii)     Where Party A transfers its rights and obligations to a
                  replacement counterparty in accordance with sub-paragraph
                  (i)(B) above, Party B shall do all things necessary at the
                  cost of Party A to novate the relevant rights and obligations
                  to the replacement counterparty.

         (iii)    If, at any time, Party A's obligations under this Agreement
                  are transferred in accordance with sub-paragraph (i)(B) above,
                  Party A shall be immediately entitled to any collateral which
                  it has provided under any collateral agreement contemplated by
                  sub-paragraph (i)(A) (less any amount withdrawn in accordance
                  with sub-paragraph (iv)).

         (iv)     Party B (at the direction of the Trust Manager) may only make
                  withdrawals from any account into which collateral is provided
                  by Party A (the "COLLATERAL ACCOUNT") for the purpose of:

                  (A)      transferring obligations under this Agreement in
                           accordance with sub-paragraph (i)(B) (including the
                           costs of obtaining a replacement counterparty);

                                                                         Page 14
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[ALLENS ARTHUR ROBINSON LOGO]

                  (B)      refunding to Party A any excess in the amount of any
                           collateral deposited to the Collateral Account over
                           the amount Party A is required to maintain under any
                           collateral agreement contemplated by sub-paragraph
                           (i)(A);

                  (C)      withdrawing any amount which has been incorrectly
                           deposited into the Collateral Account;

                  (D)      paying bank accounts debit tax or other equivalent
                           Taxes payable in respect of the Collateral Account;
                           or

                  (E)      funding the amount of any payment due to be made by
                           Party A under this Agreement following the failure by
                           Party A to make that payment.

                  Party B (at the direction of the Trust Manager) must refund or
                  pay to Party A the amount of any payment which may be made to
                  Party A under (B) or (C) above as soon as such refund or
                  payment is possible.

         (v)      All interest on the Collateral Account will accrue and be
                  payable monthly to Party A provided the amount deposited to
                  the Collateral Account is not less than the amount Party A is
                  required to maintain under the collateral agreement
                  contemplated by sub-paragraph (i)(A)."

(r)      Code of banking practice (2003):  Insert a new section 17 as follows:

         "17.     CODE OF BANKING PRACTICE (2003)

         The parties to this Agreement agree that the Code of Banking Practice
         (2003) does not apply to this Agreement or any transaction or service
         under this Agreement.

(s)      CONSENT TO RECORDING. Each party:

         (i)      consents to the recording of the telephone conversations of
                  its personnel or any personnel employed by an Affiliate or any
                  third party acting on its behalf in connection with this
                  Agreement or any potential Transaction;

         (ii)     agrees to obtain any necessary consent of and give notice of
                  such recording to such personnel; and

         (iii)    agrees that recordings may be submitted in evidence in any
                  Proceedings relating to this Agreement.

(t)      TRUSTEE REPRESENTATIONS

         By Party B represents to Party A, in respect of Party B only:

         (i)      TRUST VALIDLY CREATED. The Fund 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
                  Fund and is presently the sole trustee of the Fund.

         (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 Fund.

         (iv)     POWER. It has power under the Master Trust Deed to enter into
                  this Agreement and the Credit Support Document in its capacity
                  as trustee of the Fund.

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[ALLENS ARTHUR ROBINSON LOGO]

         (v)      GOOD TITLE. It is the lawful owner of the Assets of the Fund
                  and has power under the Master Trust Deed to mortgage or
                  charge them in the manner provided in the Credit Support
                  Document to which it is a party, subject only to that Credit
                  Support Document, any Security Interest permitted thereunder
                  and Party B's right of indemnity out of the Assets of the
                  Fund, those Assets are free of all other Security Interests.

         (vi)     INDEMNITY. It is entitled to be fully indemnified out of the
                  Assets of the Fund for all its losses or liabilities under
                  this Agreement, each Transaction and any Credit Support
                  Document to which it is a party and these rights of indemnity
                  are unrestricted and have not been prejudiced.

         (vii)    TRUST DEED. The copies of the Master Trust Deed and Bond Trust
                  deed relating to the Fund provided by Party B to Party A
                  disclose all the terms of the Fund (other than terms implied
                  by law).

         (viii)   BENEFIT. Party B's entry into this Agreement and each
                  Transaction Document is for the benefit of and in the
                  interests of the beneficiaries of the Fund.

(u)      INDEMNIFIABLE TAX. The definition of the term "Indemnifiable Tax" also
         means any Tax imposed in respect of a payment under this Agreement by
         reason of a Change in Tax Law by a government or taxing authority of a
         Relevant Jurisdiction of the party making such payment, unless the
         other party is incorporated, organised, managed and controlled or
         considered to have its seat in such jurisdiction, or is acting for
         purposes of this Agreement through a branch or office located in such
         jurisdiction.

                                                                         Page 16
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WITNESS the parties have executed this document as of the date specified on the
first page of this document

DEUTSCHE BANK                             PERMANENT CUSTODIANS LIMITED
AKTIENGESELLSCHAFT

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AUSTRALIAN SECURITISATION
MANAGEMENT PTY LIMITED

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