Document:

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                                                              [CLAYTON UTZ LOGO]
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COMMONWEALTH BANK OF AUSTRALIA
ABN 48 123 123 124
Liquidity Facility Provider

PERPETUAL TRUSTEE COMPANY LIMITED
ABN 42 000 001 007
Trustee

SECURITISATION ADVISORY SERVICES PTY. LIMITED
ABN 88 064 133 946
Manager

MEDALLION TRUST SERIES 2003-1G
LIQUIDITY FACILITY AGREEMENT

                               [CLAYTON UTZ LOGO]
                                     LAWYERS
          Levels 23-35 No 1 O'Connell Street Sydney NSW 2000 Australia
            PO Box H3 Australia Square Sydney NSW 1215 DX 370 Sydney
                    Tel + 61 2 9353 4000 Fax + 61 2 9251 7832
                OUR REF - 801/784/21723929 CONTACT - BEN SANDSTAD

            SYDNEY O MELBOURNE O BRISBANE O PERTH O CANBERRA O DARWIN

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

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TABLE OF CONTENTS

<TABLE>
<CAPTION>
<S>         <C>                                                                                                   <C>
1...........DEFINITIONS AND INTERPRETATION........................................................................1

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

2...........THE FACILITY..........................................................................................6

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

3...........CONDITIONS PRECEDENT..................................................................................7

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

4...........DRAWDOWN..............................................................................................8

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

5...........INTEREST..............................................................................................9

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

6...........REPAYMENT OF DRAWINGS AND ADVANCES...................................................................10

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

7...........CASH ADVANCE DEPOSIT PERIOD..........................................................................10

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

8...........PAYMENTS.............................................................................................12

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

9...........ILLEGALITY AND INCREASED COST........................................................................12

            9.1         Illegality...............................................................................12
            9.2         Increased Cost...........................................................................13

                                                                              i.
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10..........FEES.................................................................................................13

11..........REPRESENTATIONS AND WARRANTIES.......................................................................14

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

12..........UNDERTAKINGS.........................................................................................15

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

13..........EVENTS OF DEFAULT....................................................................................17

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

14..........TERMINATION BY TRUSTEE...............................................................................17

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

15..........TRUSTEE PROVISIONS...................................................................................18

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

16..........ASSIGNMENT...........................................................................................19

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

17..........NOTICES..............................................................................................19

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

18..........INDEMNITY............................................................................................20

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

19..........MISCELLANEOUS........................................................................................20

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

SCHEDULE....23
</TABLE>

                                                                             ii.
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LIQUIDITY FACILITY AGREEMENT MADE AT SYDNEY ON 5 MARCH 2003

PARTIES                 COMMONWEALTH BANK OF AUSTRALIA ABN 48 123 123 124, a
                        company incorporated in Australia and registered in the
                        Australian Capital Territory and having an office at
                        Level 1, 48 Martin Place, Sydney, NSW 2000 Australia
                        ("LIQUIDITY FACILITY PROVIDER")

                        PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 000 001 007, a
                        company incorporated in Australia and registered in the
                        State of New South Wales and having an office at Level
                        7, 9 Castlereagh Street, Sydney NSW 2000 Australia in
                        its capacity as trustee of the Series Trust ("TRUSTEE")

                        SECURITISATION ADVISORY SERVICES PTY. LIMITED ABN 88 064
                        133 946, a company incorporated in Australia and
                        registered in the Australian Capital Territory and
                        having an office at Level 6, 48 Martin Place, Sydney NSW
                        2000 Australia ("SAS" and also hereinafter included
                        within the expression the "MANAGER")

RECITALS

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

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

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

THE PARTIES AGREE

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1.       DEFINITIONS AND INTERPRETATION

1.1      DEFINITIONS

         In this Agreement, unless the contrary intention appears:

         "ADVANCE" means the principal amount of each advance to the Trustee by
         the Liquidity Facility Provider in accordance with this Agreement or so
         much of each such advance as remains outstanding from time to time.

         "APPROVED PURPOSE" means the use of a Drawing to meet a Gross Income
         Shortfall in accordance with the Series Supplement or to fund a Cash
         Advance Deposit in accordance with this Agreement.

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

         "AVAILABILITY PERIOD" means the period commencing on the date of this
         Agreement and ending on the Termination Date.

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

                                                                               1
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         "CASH ADVANCE DEPOSIT" means at any time that amount of the Collections
         Account of the Series Trust that comprises at that time Advances by way
         of deposits by the Liquidity Facility Provider to the Collections
         Account of the Series Trust in accordance with clause 7.1 (after taking
         into account any application of the Cash Advance Deposit in accordance
         with clause 7.3 or repayment of it in accordance with either of clauses
         7.4 or 7.5).

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

         "DESIGNATED CREDIT RATING" means a short term credit rating of A-1+ by
         S&P and P-1 by Moody's or such other credit rating agreed to between
         the Trustee, the Manager and the relevant Rating Agency.

         "DIRECT ADVANCE" means an Advance by way of a deposit by the Liquidity
         Facility Provider to the Collections Account of the Series Trust in
         accordance with clause 4.5(a).

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

         "DRAWDOWN NOTICE" means a notice given under clause 4.

         "DRAWING" means:

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

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

         "EFFECTIVE CONTROL" means:

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

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

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

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

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

         "FACILITY LIMIT" means at any given time the least of the following:

         (a)      A$18 million;

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

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

         "INTEREST PERIOD" means each period determined in accordance with
         clause 5.1.

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         "LIQUIDITY AMOUNT" means, for a Drawdown Date, the lesser of:

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

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

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

         "MANAGER EVENT" means:

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

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

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

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

         (a)      are liquidated;

         (b)      are present, prospective or contingent;

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

         (d)      sound in damages only; or

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

         "PERFORMING MORTGAGE LOANS AMOUNT" means at any time the aggregate of
         the following:

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

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

         "PRESCRIBED RATE" in relation to an Interest Period means the sum of:

         (a)      BBSW for that Interest Period; and

         (b)      0.20% per annum,

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

                                                                               3
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         "RECEIVER" means a person appointed under or by virtue of the Security
         Trust Deed as a receiver or receiver and manager.

         "SERIES SUPPLEMENT" means the Series Supplement dated on or about the
         date of this Agreement between the Liquidity Facility Provider (as a
         Seller and the Servicer), Homepath Pty Limited ABN 35 081 986 530, SAS
         and the Trustee.

         "SERIES TRUST" means the trust known as the Medallion Trust Series
         2003-1G established pursuant to the Master Trust Deed and the Series
         Supplement.

         "SPECIFIED RATE" means, on any day, the sum of:

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

         (b)      0.30% per annum.

         "TERMINATION DATE" means the earliest of:

         (a)      the Scheduled Maturity Date;

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

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

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

1.2      SERIES SUPPLEMENT AND MASTER TRUST DEED DEFINITIONS

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

1.3      INTERPRETATION

         In this Agreement, unless the contrary intention appears:

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

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

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

                                                                               4
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         (d)      a reference to a person includes that person's executors,
                  administrators, successors, substitutes and assigns, including
                  any person taking by way of novation;

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

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

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

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

         (i)      the expression "CERTIFIED" means, in respect of a person,
                  certified in writing by two Authorised Officers of that person
                  or by legal counsel acting for that person and "CERTIFY" and
                  like expressions will be construed accordingly;

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

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

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

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

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

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

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

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

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

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

         (n)      a reference to the "CLOSE OF BUSINESS" on any day is a
                  reference to 5.00 pm on that day;

                                                                               5
<PAGE>

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

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

1.4      TRUSTEE CAPACITY

         In this Agreement, except where provided to the contrary:

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

         (b)      (REFERENCES TO ASSETS OF TRUSTEE): a reference to the
                  undertaking, assets, business or money of the Trustee is a
                  reference to the undertaking, assets, business or money of the
                  Trustee in the capacity referred to in paragraph (a).

1.5      MASTER TRUST DEED AND SERIES SUPPLEMENT

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

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

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

1.6      INCORPORATED DEFINITIONS AND OTHER TRANSACTION DOCUMENTS AND PROVISIONS

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

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2.       THE FACILITY

2.1      AMOUNT

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

2.2      METHOD OF MAKING ADVANCES

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

                                                                               6
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2.3      PURPOSE

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

2.4      TERMINATION OF THE FACILITY

         The Facility will terminate on the Termination Date.

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3.       CONDITIONS PRECEDENT

3.1      CONDITIONS PRECEDENT TO FIRST ADVANCE

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

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

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

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

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

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

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

3.2      CONDITIONS PRECEDENT TO ALL ADVANCES

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

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

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

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

                                                                               7
<PAGE>

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4.       DRAWDOWN

4.1      PREPARATION OF DRAWDOWN NOTICES

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

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

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

4.2      SERVICE OF DRAWDOWN NOTICES

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

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

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

4.3      REQUIREMENTS OF DRAWDOWN NOTICES

         A Drawdown Notice must:

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

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

         (c)      (SPECIFY DRAWDOWN DATE): specify the proposed Drawdown Date
                  for the requested Advance which must be the next Distribution
                  Date;

         (d)      (IRREVOCABLE): be irrevocable;

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

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

4.4      AVAILABILITY OF DRAWING

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

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

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

                                                                               8
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4.5      PAYMENT OF DRAWING

         After receipt of a Drawdown Notice:

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

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

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5.       INTEREST

5.1      INTEREST PERIOD

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

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

         (c)      (SUCCEEDING INTEREST PERIODS): Each succeeding Interest Period
                  commences on (and includes) a Distribution Date and ends on
                  (but excludes) the next following Distribution Date.

         (d)      (LAST INTEREST PERIOD): The last Interest Period ends on (but
                  excludes) the first Distribution Date that:

                  (i)      follows the Termination Date; and

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

5.2      CALCULATION OF INTEREST

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

5.3      PAYMENT OF INTEREST

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

5.4      INTEREST ON UNPAID INTEREST

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

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<PAGE>

5.5      INTEREST ON OVERDUE SUMS

         If the Trustee fails to pay any amount due and payable by it under or
         in respect of this Agreement at the time and in the manner required
         under this Agreement and the Series Supplement, other than as described
         in clause 5.4, that amount will bear interest in accordance with this
         clause. Such interest is payable on demand and will accrue on such
         amount from day to day at the Specified Rate for that day from the date
         such amount is due for payment up to the date of actual payment, before
         and (as a separate and independent obligation) after judgment and if
         not paid at the end of a 30 day period will itself bear interest in
         accordance with this clause.

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6.       REPAYMENT OF DRAWINGS AND ADVANCES

6.1      REPAYMENT OF DRAWINGS DURING THE AVAILABILITY PERIOD

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

6.2      RE-DRAWING

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

6.3      REPAYMENT ON TERMINATION

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

6.4      PAYMENTS UNDER SECURITY TRUST DEED

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

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7.       CASH ADVANCE DEPOSIT PERIOD

7.1      CASH ADVANCE DEPOSIT UPON RATINGS DOWNGRADE

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

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<PAGE>

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

7.2      WITHDRAWAL FROM THE COLLECTIONS ACCOUNT

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

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

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

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

7.3      DRAWINGS DURING THE CASH ADVANCE DEPOSIT PERIOD

         During a Cash Advance Deposit Period:

         (a)      (DRAWING TO BE SATISFIED FROM CASH ADVANCE DEPOSIT): any
                  Drawing pursuant to a Drawdown Notice must be satisfied from
                  the Cash Advance Deposit deposited in the Collections Account;

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

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

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

7.4      LIQUIDITY FACILITY PROVIDER UPGRADE

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

                                                                              11
<PAGE>

7.5      REDUCTION IN FACILITY LIMIT DURING CASH ADVANCE DEPOSIT PERIOD

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

7.6      TERMINATION OF AGREEMENT

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

7.7      INTEREST ON CASH ADVANCE DEPOSIT

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

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8.       PAYMENTS

8.1      TIME ON DUE DATE AND FREE OF SET-OFF & TAXES

         All payments to be made under this Agreement will:

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

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

8.2      CERTIFICATE

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

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9.       ILLEGALITY AND INCREASED COST

9.1      ILLEGALITY

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

                                                                              12
<PAGE>

9.2      INCREASED COST

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

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

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

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

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

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

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

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

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10.      FEES

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

                                                                              13
<PAGE>

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11.      REPRESENTATIONS AND WARRANTIES

11.1     GENERAL REPRESENTATIONS AND WARRANTIES

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

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

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

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

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

11.2     CORPORATE REPRESENTATIONS AND WARRANTIES

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

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

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

11.3     SERIES TRUST REPRESENTATIONS AND WARRANTIES

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

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

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

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

                                                                              14
<PAGE>

         (d)      (TRUSTEE'S POWER): the Trustee has power under the Master
                  Trust Deed to enter into the Transaction Documents to which it
                  is a party in its capacity as trustee of the Series Trust; and

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

11.4     LIQUIDITY FACILITY PROVIDER

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

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

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

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

11.5     REPRESENTATIONS AND WARRANTIES REPEATED

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

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12.      UNDERTAKINGS

12.1     GENERAL

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

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

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

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

                                                                              15
<PAGE>

         (d)      (NOT AMEND OR REVOKE): not consent to amend or revoke the
                  provisions of the Master Trust Deed, the Series Supplement or
                  the Security Trust Deed in respect of payments or the order of
                  priorities of payments to be made thereunder without the prior
                  written consent of the Liquidity Facility Provider.

12.2     MANAGER'S UNDERTAKINGS AFTER MANAGER EVENT

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

         (a)      (NOTIFY LIQUIDITY FACILITY PROVIDER): immediately notify the
                  Liquidity Facility Provider as soon as it becomes actually
                  aware of the occurrence of:

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

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

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

         (b)      (DELIVER MATERIALS): deliver to the Liquidity Facility
                  Provider:

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

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

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

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

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

12.3     LIQUIDITY FACILITY PROVIDER UNDERTAKING

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

                                                                              16
<PAGE>

         entered into by the Liquidity Facility Provider pursuant to this
         Agreement and each Transaction Document to which it is a party.

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13.      EVENTS OF DEFAULT

13.1     EVENTS OF DEFAULT

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

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

         (b)      (BREACH OF UNDERTAKING): the Trustee breaches its undertaking
                  in clause 12.1(d); and

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

13.2     CONSEQUENCES OF EVENT OF DEFAULT

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

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

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

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14.      TERMINATION BY TRUSTEE

14.1     TRUSTEE MAY DECLARE A TERMINATION DATE

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

         (a)      (SUBSTITUTE LIQUIDITY FACILITY PROVIDER): the Liquidity
                  Facility Provider hereunder will be replaced by a substitute
                  Liquidity Facility Provider; and

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

14.2     REQUIREMENTS FOR TERMINATION

         On or before the declaration of a Distribution Date by the Trustee in
         accordance with clause 14.1, the Trustee must obtain written
         confirmation from the Rating Agencies that the

                                       17
<PAGE>

         termination of the Facility and the appointment of the proposed
         substitute Liquidity Facility Provider on that Distribution Date will
         not result in a downgrade, qualification or withdrawal of the credit
         ratings then assigned by them to the Securities.

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15.      TRUSTEE PROVISIONS

15.1     LIMITATION ON TRUSTEE'S LIABILITY

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

15.2     CLAIMS AGAINST TRUSTEE

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

15.3     BREACH OF TRUST

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

15.4     ACTS OR OMISSIONS

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

15.5     NO OBLIGATION

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

                                                                              18
<PAGE>

--------------------------------------------------------------------------------
16.      ASSIGNMENT

16.1     ASSIGNMENT BY TRUSTEE

         The Trustee will not assign or otherwise transfer the benefit of this
         Agreement or any of its rights, duties or obligations under this
         Agreement except to a Substitute Trustee acceptable to the Liquidity
         Facility Provider (whose consent is not to be unreasonably withheld).

16.2     ASSIGNMENT BY LIQUIDITY FACILITY PROVIDER

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

--------------------------------------------------------------------------------
17.      NOTICES

17.1     METHOD OF DELIVERY

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

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

         (b)      (IN WRITING): must be in writing; and

         (c)      (DELIVERY): must be:

                  (i)      left at the address of the addressee;

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

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

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

17.2     DEEMED RECEIPT

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

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

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

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

                                                                              19
<PAGE>

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

--------------------------------------------------------------------------------
18.      INDEMNITY

18.1     INDEMNITY ON DEMAND

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

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

         (b)      (EVENT OF DEFAULT): the occurrence of any Event of Default;

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

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

18.2     LOSSES ON LIQUIDATION OR RE-EMPLOYMENT OF DEPOSITS

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

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

         (b)      (OTHER ARRANGEMENTS): losses, costs, damages, charges or
                  expenses incurred by the Liquidity Facility Provider in
                  relation to the variation, termination or making of any other
                  arrangements in relation to any arrangement ancillary or
                  related to this Agreement including, without limitation, any
                  swap or derivative agreement entered into by the Liquidity
                  Facility Provider in connection with or in order to fund any
                  Advances. 18.3 PAYMENT ON DISTRIBUTION DATE

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

--------------------------------------------------------------------------------
19.      MISCELLANEOUS

19.1     STAMP DUTIES

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

                                                                              20
<PAGE>

         (b)      (TRUSTEE MUST INDEMNIFY): Subject to clause 15, the Trustee
                  will indemnify and keep indemnified the Liquidity Facility
                  Provider against any loss or liability incurred or suffered by
                  it as a result of the delay or failure by the Trustee to pay
                  such Taxes.

19.2     WAIVER

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

19.3     WRITTEN WAIVER, CONSENT AND APPROVAL

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

19.4     SEVERABILITY

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

19.5     SURVIVAL OF INDEMNITIES

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

19.6     SUCCESSORS AND ASSIGNS

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

19.7     MORATORIUM LEGISLATION

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

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

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

         are hereby expressly waived, negatived and excluded.

                                                                              21
<PAGE>

19.8     AMENDMENTS

         The parties to this Agreement may only amend this Agreement in
         accordance with clause 33.1(b) of the Series Supplement.

19.9     GOVERNING LAW

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

19.10    JURISDICTION

         Each of the parties irrevocably and unconditionally:

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

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

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

19.11    COUNTERPARTS

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

                                                                              22
<PAGE>

SCHEDULE

FORM OF DRAWDOWN NOTICE

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

Attention:              Head of Securitisation

From:                   Perpetual Trustee Company Limited ABN 42 000 001 007

[Date]

In our capacity as trustee of the Series Trust, we hereby irrevocably request a
Drawing on the Drawdown Date specified below for an amount equal to the
Liquidity Amount specified below in accordance with clause 4 of the Liquidity
Facility Agreement dated [ ] between ourselves, Commonwealth Bank of Australia
and Securitisation Advisory Services Pty. Limited ABN 88 064 133 946 as amended,
novated or supplemented from time to time (the "LIQUIDITY FACILITY AGREEMENT"):

(a)         Drawdown Date                                      [               ]

(b)         Liquidity Amount                                 A$[               ]

(c)         Calculation of Liquidity Amount                    [               ]

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

SIGNED on behalf of PERPETUAL
TRUSTEE COMPANY LIMITED as
trustee of the Medallion Trust Series 2003-1G by:

.....................................................
(Authorised Officer)

.....................................................
(Name)

.....................................................
(Title)

                                                                              23
<PAGE>

EXECUTED as an agreement.

SIGNED for and on behalf of
COMMONWEALTH BANK OF AUSTRALIA
ABN 48 123 123 124, by Timothy
See its Attorney under a Power
of Attorney dated 27/11/1997 and            /s/ Timothy See
who declares that he or she has         ----------------------------------------
not received any notice of the          Signature of Attorney
revocation of such Power of
Attorney in the presence of:
                                                Timothy See
                                        ----------------------------------------
                                        Name of Attorney in full

  /s/  Gwenneth O'Shea
---------------------------------------
Signature of Witness

       Gwenneth O'Shea
---------------------------------------
Name of Witness in full

SIGNED for and on behalf of
PERPETUAL TRUSTEE COMPANY
LIMITED ABN 42 000 001 007, by
Elizabeth Kench its Attorney
under a Power of Attorney dated             /s/ Elizabeth Kench
05/03/2003 and who declares that        ----------------------------------------
he or she has not received any          Signature of Attorney
notice of the revocation of such
Power of Attorney in the
presence of:                                    Elizabeth Kench
                                        ----------------------------------------
                                        Name of Attorney in full

  /s/ Richard Lovell
---------------------------------------
Signature of Witness

      Richard Lovell
---------------------------------------
Name of Witness in full

                                                                              24
<PAGE>

SIGNED for and on behalf of
SECURITISATION ADVISORY SERVICES
PTY. LIMITED ABN 88 064 133 946,
by Timothy See its Attorney
under a Power of Attorney dated            /s/ Timothy See
03/03/2003 and who declares that        ----------------------------------------
he or she has not received any          Signature of Attorney
notice of the revocation of such
Power of Attorney in the
presence of:                                   Timothy See
                                        ----------------------------------------
                                        Name of Attorney in full

  /s/ Gwenneth O'Shea
---------------------------------------
Signature of Witness

      Gwenneth O'Shea
---------------------------------------
Name of Witness in full

                                                                              25<PAGE>

                                                              [CLAYTON UTZ LOGO]
--------------------------------------------------------------------------------

COMMONWEALTH BANK OF AUSTRALIA
ABN 48 123 123 124
Party A

PERPETUAL TRUSTEE COMPANY LIMITED
ABN 42 000 001 007
Party B

SECURITISATION ADVISORY SERVICES PTY. LIMITED
ABN 88 064 133 946
Manager

MEDALLION TRUST SERIES 2003-1G
ISDA MASTER AGREEMENT
(INTEREST RATE SWAP AGREEMENT)

                                      CLAYTON UTZ
                                       LAWYERS
             Levels 23-35 No 1 O'Connell Street Sydney NSW 2000 Australia PO Box
               H3 Australia Square Sydney NSW 1215 DX 370 Sydney
                      Tel + 61 2 9353 4000 Fax + 61 2 9251 7832
                  OUR REF - 801/784/21723929 CONTACT - BEN SANDSTAD

              SYDNEY O MELBOURNE O BRISBANE O PERTH O CANBERRA O DARWIN

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

<PAGE>

                                    SCHEDULE

                                     TO THE

                                MASTER AGREEMENT

                        DATED AS OF 5 MARCH 2003 BETWEEN

                  SECURITISATION ADVISORY SERVICES PTY. LIMITED
                               ABN 88 064 133 946
                                   ("MANAGER")

                                       AND

                         COMMONWEALTH BANK OF AUSTRALIA
                               ABN 48 123 123 124
                                   ("PARTY A")

                                       AND

                        PERPETUAL TRUSTEE COMPANY LIMITED
                               ABN 42 000 001 007
                AS TRUSTEE OF THE MEDALLION TRUST SERIES 2003-1G
                                   ("PARTY B")

PART 1.     TERMINATION PROVISIONS

(a)         "SPECIFIED ENTITY" in relation to

            (i)         Party A, is not applicable; and

            (ii)        Party B, is not applicable.

(b)         "SPECIFIED TRANSACTION" means - not applicable.
<TABLE>
<S>        <C>         <C>                                                                   <C>

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

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

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

                        Section 5(a)(ii)         Section 5(a)(v)         Section 5(a)(viii)     Section 5(b)(iv)
                        Section 5(a)(iii)        Section 5(a)(vi)        Section 5(b)(ii)
                        Section 5(a)(iv)         Section 5(a)(vii)       Section 5(b)(iii)
</TABLE>

(d)         The "AUTOMATIC EARLY TERMINATION" provisions of Section 6(a) will
            not apply.

(e)         PAYMENTS ON EARLY TERMINATION.  For the purpose of Section 6(e)
            of this Agreement:

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

                        B.          in respect of the Fixed Rate Swap and the
                                    Interest Rate Basis Cap, Market
                                    Quotation will apply;
                                                                               i
<PAGE>

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

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

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

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

(f)         "TERMINATION CURRENCY" means Australian dollars.

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

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

PART 2.     TAX REPRESENTATIONS

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

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

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

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

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

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

(b)         PAYEE REPRESENTATIONS. For the purpose of Section 3(f) of this
            Agreement, Party A will and Party B will make the following
            representation:

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

                                                                              ii
<PAGE>

PART 3.     AGREEMENT TO DELIVER DOCUMENTS

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

(a)         TAX FORMS, DOCUMENTS OR CERTIFICATES TO BE DELIVERED ARE:

<TABLE>
<CAPTION>
PARTY REQUIRED TO         FORM/DOCUMENT/CERTIFICATE                    DATE BY WHICH TO BE DELIVERED
DELIVER DOCUMENT
<S>                      <C>                                           <C>
Party A and Party B     Any document or certificate reasonably         On the earlier of (a) learning that such
                        required or reasonably requested by a          document or certificate is required and
                        party in connection with its obligations       (b) as soon as reasonably practicable
                        to make a payment under this Agreement         following a request by a party.
                        which would enable that party to make the
                        payment free from any deduction or
                        withholding for or on account of Tax or
                        which would reduce the rate at which
                        deduction or withholding for or on account
                        of Tax is applied to that payment.
</TABLE>

(b)         OTHER DOCUMENTS TO BE DELIVERED ARE:
<TABLE>
<CAPTION>

PARTY REQUIRED TO       FORM/DOCUMENT/CERTIFICATE            DATE BY WHICH TO BE DELIVERED        COVERED BY SECTION
DELIVER DOCUMENT                                                                                  3(d) REPRESENTATION
<S>                    <C>                                   <C>                                  <C>
Party A                 A certificate from Party A (or, if   On execution and delivery of any             Yes
                        available, Party A's current         Confirmation unless that
                        authorised signature book)           certificate has already been
                        specifying the names, title and      supplied for that purpose and
                        specimen signatures of the           remains true and in effect and
                        Authorised Officers of Party A.      when the list is updated or upon
                                                             request.

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

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

</TABLE>

                                                                             iii
<PAGE>

For the purposes of this paragraph (b) a copy of a document is taken to be
certified by the Manager if an Authorised Officer of the Manager or legal
counsel for the Manager has certified it to be a true and complete copy of the
document of which it purports to be a copy.

PART 4.     MISCELLANEOUS

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

            Address for notices or communications to PARTY A:

                  Address:         Commonwealth Bank of Australia
                                   Level 1
                                   48 Martin Place
                                   Sydney NSW 2000
                                   AUSTRALIA

                  Attention:       Manager, Securitisation

                  Facsimile No.:   612 9378 2481

            Address for notices or communications to PARTY B:

                  Address:         Perpetual Trustee Company Limited
                                   Level 7
                                   9 Castlereagh Street
                                   Sydney NSW 2000
                                   AUSTRALIA

                  Attention:       Manager, Securitisation Services

                  Facsimile No.:   612 9221 7870

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

                  Address:         Securitisation Advisory Services Pty. Limited
                                   Level 6
                                   48 Martin Place
                                   Sydney NSW 2000
                                   AUSTRALIA

                  Attention:       Manager, Securitisation

                  Facsimile No.:   612 9378 2481

(b)         PROCESS AGENT. For the purpose of Section 13(c) of this Agreement:

            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 A is not a Multibranch Party.

            Party B is not a Multibranch Party.

                                                                              iv
<PAGE>

(e)         CALCULATION AGENT. The Calculation Agent is the Manager.

(f)         CREDIT SUPPORT DOCUMENT. Details of any Credit Support Document:

            (i)         in relation to Party A:  Nil;

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

(g)         CREDIT SUPPORT PROVIDER.

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

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

(h)         GOVERNING LAW. This Agreement will be governed by and construed
            in accordance with the laws in force in the State of New South Wales
            and Section 13(b)(i) is deleted and replaced by the following:

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

(i)         NETTING OF PAYMENTS. Subparagraph (ii) of Section 2(c) of this
            Agreement will apply in respect of the following groups of
            Transactions:

            Group 1 - all Transactions being swaps

            Group 2 - all Transactions being interest rate options

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

PART 5.     OTHER PROVISIONS.

(1)         PAYMENTS:  In Section 2:

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

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

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

                        "Unless specified otherwise in this Agreement, payments
                        under this Agreement will be made by 10.00am on the due
                        date for value on that date in the place of the account
                        specified in the relevant Confirmation or otherwise
                        pursuant to this Agreement, in freely transferable
                        funds, free of any set-off, counterclaim, deduction or
                        withholding (except as expressly provided in this
                        Agreement) and in the manner customary for payment in
                        the required currency.".

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

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

                                                                               v
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(2)         REPRESENTATIONS:  In Section 3:

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

                        "(including in the case of a party being an ADI (as that
                        term is defined in the Banking Act, 1959 (Cth)), Section
                        86 of the Reserve Bank Act, 1969 (Cth) and section
                        13A(3) of the Banking Act, 1959 (Cth))."

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

                        (i)         NON-RELIANCE. It is acting for its own
                                    account (in the case of Party B, as trustee
                                    of the Series Trust), and it has made its
                                    own independent

                                                                              vi
<PAGE>

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

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

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

            (c)         After "Section 3(f)" in line 2 insert ",3(g), 3(h) and
                        3(i)".

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

                        "(g)        SERIES TRUST: By Party B, in respect of
                                    Party B only:

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

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

                                    (iii)       NO PROCEEDINGS TO REMOVE. No
                                                notice has been given to it and
                                                to its knowledge no resolution
                                                has been passed, or direction or
                                                notice has been given, removing
                                                it as trustee of the Series
                                                Trust.

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

                                                (A)        enter into this
                                                           Agreement and the
                                                           Credit Support
                                                           Documents in its
                                                           capacity as trustee
                                                           of the Series Trust;
                                                           and

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

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

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

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

(3)         FAILURE TO PAY OR DELIVER: In Section 5(a)(i) delete the words
            "third Local" where they appear in line 3 and replace them with the
            word "tenth".

(4)         TERMINATION:  In Section 6:

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

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

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

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

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

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

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

(5)         FACSIMILE TRANSMISSION:  In Section 12:

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

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

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

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

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

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

                                                                            viii
<PAGE>

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

            (a)         MASTER TRUST DEED AND SERIES SUPPLEMENT: Subject to Part
                        5(6)(h) of this Schedule, unless otherwise defined in
                        this Agreement, words and phrases defined in the Master
                        Trust Deed or the Series Supplement have the same
                        meaning in this Agreement. Where there is any
                        inconsistency in a definition between this Agreement (on
                        the one hand) and the Master Trust Deed or the Series
                        Supplement (on the other hand), this Agreement prevails.
                        Subject to Part 5(6)(h) of this Schedule, where there is
                        any inconsistency in a definition between the Master
                        Trust Deed and the Series Supplement, the Series
                        Supplement prevails over the Master Trust Deed in
                        respect of the Series Trust. Where words or phrases used
                        but not defined in this Agreement are defined in the
                        Master Trust Deed in relation to a Series Trust (as
                        defined in the Master Trust Deed) and/or an Other Trust
                        such words or phrases are to be construed in this
                        Agreement, where necessary, as being used only in
                        relation to the Series Trust (as defined in the Series
                        Supplement) and/or the CBA Trust, as the context
                        requires.

            (b)         TRUSTEE CAPACITY:

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

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

            (c)         DEFINITIONS:  in Section 14:

                        (i)         replace the definitions of "AFFECTED
                                    TRANSACTIONS" and "LOCAL BUSINESS DAY" with
                                    the following:

                                    ""AFFECTED TRANSACTIONS" means, with respect
                                    to a Termination Event:

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

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

                                    ""LOCAL BUSINESS DAY" has the same meaning
                                    as "BUSINESS DAY"."; and

                        (ii)        insert the following new definitions:

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

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

                                    "BASIS SWAP ADMINISTERED RATE" means, in
                                    relation to a Distribution

                                                                              ix
<PAGE>

                                    Date, the amount determined in accordance
                                    with the following calculation and expressed
                                    as a percentage:

<TABLE>
<S>                                 <C>    <C>                          <C>     <C>

                                           (SII x         BSA         ) + VIE
                                                 ---------------------
                                                  FRSA + OFRSA + BSA            365
                                    BSAR = ---------------------------------- x ---
                                                          BSA                    n
</TABLE>

                                    where:

                                    BSAR  =     the Basis Swap Administered Rate
                                                for that Distribution Date;

                                    SII   =     the Short-Term Investment Income
                                                in relation to that Distribution
                                                Date;

                                    FRSA  =     the Fixed Rate Swap Amount for
                                                the Calculation Period ending
                                                immediately before that
                                                Distribution Date;

                                    OFRSA =     the Other Fixed Rate Swap
                                                Amount for the Calculation
                                                Period ending immediately before
                                                that Distribution Date;

                                    BSA   =     the Basis Swap Amount for the
                                                Calculation Period ending
                                                immediately before that
                                                Distribution Date;

                                    VIE   =     the Variable Interest Earned in
                                                relation to that Distribution
                                                Date; and

                                    n     =     the number of days in the Swap
                                                Collection Period immediately
                                                preceding that Distribution
                                                Date.

                                    "BASIS SWAP" means the Transaction entered
                                    into between Party A, Party B and the
                                    Manager on the terms specified in the form
                                    of the Confirmation set out in Annexure 1
                                    (or as otherwise agreed between Party A,
                                    Party B and the Manager).

                                    "BASIS SWAP AMOUNT" in relation to a
                                    Calculation Period means the aggregate
                                    Amounts Outstanding in relation to all
                                    Mortgage Loans being charged a variable rate
                                    as at the opening of business on the
                                    Determination Date falling within the
                                    preceding Calculation Period.

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

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

                                    "END DATE" means the date on which a
                                    Mortgage Loan is to cease being charged
                                    interest at a fixed rate.

                                    "FIXED INTEREST EARNED" in relation to a
                                    Distribution Date, and the Swap Collection
                                    Period ending immediately prior to that
                                    Distribution Date, means the aggregate of:

                                    (a)         all debit entries made during
                                                that Swap Collection Period to

                                                                               x
<PAGE>

                                                the accounts established in the
                                                Servicer's records for the
                                                Mortgage Loans forming part of
                                                the Assets of the Series Trust
                                                representing interest charged at
                                                a fixed rate (plus any interest
                                                off-set benefits in respect of
                                                Mortgage Interest Saver Accounts
                                                which represents amounts which,
                                                if not for the terms of the
                                                Mortgage Interest Saver
                                                Accounts, would have been so
                                                debited during that Swap
                                                Collection Period to those
                                                accounts to the extent paid by
                                                CBA pursuant to clause 15.4 of
                                                the Series Supplement and
                                                deposited to the Collections
                                                Account prior to that
                                                Distribution Date); and

                                    (b)         the aggregate, as at the close
                                                of business on the last day of
                                                that Swap Collection Period, of
                                                all accrued but not charged
                                                fixed rate interest on the
                                                Mortgage Loans forming part of
                                                the Assets of the Series Trust
                                                less the aggregate, as at the
                                                opening of business on the first
                                                day of that Swap Collection
                                                Period, of all accrued but not
                                                charged fixed rate interest on
                                                the Mortgage Loans forming part
                                                of the Assets of the Series
                                                Trust.

                                    "FIXED SWAP ADMINISTERED RATE" means in
                                    relation to a Distribution Date, the amount
                                    determined in accordance with the following
                                    calculation and expressed as a percentage:

<TABLE>
<S>                                 <C>    <C>                          <C>     <C>

                                           (SII x     FRSA + OFRSA    ) + FIE
                                                 ---------------------
                                                  FRSA + OFRSA + BSA            365
                                    FSAR = ---------------------------------- x ---
                                                         FRSA                    n
</TABLE>

                                    where:

                                    FSAR  =     the Fixed Swap Administered Rate
                                                for that Distribution Date;

                                    SII   =     the Short Term Investment Income
                                                in relation to that Distribution
                                                Date;

                                    FRSA  =     the Fixed Rate Swap Amount for
                                                the Calculation Period ending
                                                immediately before that
                                                Distribution Date; and

                                    OFRSA =     the Other Fixed Rate Swap
                                                Amount for the Calculation
                                                Period ending immediately before
                                                that Distribution Date;

                                    BSA   =     the Basis Swap Amount for the
                                                Calculation Period ending
                                                immediately before that
                                                Distribution Date;

                                    FIE   =     the Fixed Interest Earned in
                                                relation to that Distribution
                                                Date; and

                                    n     =     the number of days in the Swap
                                                Collection Period immediately
                                                preceding that Distribution
                                                Date.

                                    "FIXED RATE PREPAYMENT BALANCE" means the
                                    amount then standing to the credit of the
                                    Eligible Account in respect of prepayments
                                    by Party A pursuant to Sections 17(a)(iii),
                                    (b)(i), (e)(i) or (g) and which has not been
                                    utilised pursuant to Section 2(f)(i) or
                                    repaid to Party A pursuant to Sections
                                    17(e)(ii) or (h).

                                    "FIXED RATE SWAP AMOUNT" in relation to a
                                    Calculation Period means:

                                                                              xi
<PAGE>

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

                                    (b)         less the Other Fixed Rate Swap
                                                Amount in relation to that
                                                Calculation Period.

                                    "FIXED RATE SWAP" means the Transaction
                                    entered into between Party A, Party B and
                                    the Manager on the terms specified in the
                                    form of the Confirmation set out in Annexure
                                    2 (or as otherwise agreed between Party A,
                                    Party B and the Manager) and each
                                    Transaction entered into pursuant to Section
                                    16.

                                    "INTEREST RATE BASIS CAP" means the interest
                                    rate cap, if any, entered into between Party
                                    A, Party B and the Manager on or prior to
                                    the Closing Date.

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

                                    "OTHER FIXED RATE SWAP AMOUNT" in relation
                                    to a Calculation Period means the aggregate
                                    Amounts Outstanding as at the opening of
                                    business on the Determination Date falling
                                    within the preceding Calculation Period in
                                    respect of each Mortgage Loan where a
                                    further Fixed Rate Swap has been entered
                                    into, and is then current, to hedge the
                                    interest rate risk in respect of the
                                    Mortgage Loan pursuant to Section 16(b).

                                    "OUTSTANDING INTEREST RATE SWAP PREPAYMENT
                                    AMOUNT" means the sum of the then Basis
                                    Prepayment Balance and the then Fixed Rate
                                    Prepayment Balance.

                                    "PRESCRIBED RATINGS" means:

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

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

                                    "SERIES SUPPLEMENT" means the Series
                                    Supplement dated on or about the date of
                                    this Agreement between Party A, Homepath Pty
                                    Limited ABN 35 081 986 530, Party B and the
                                    Manager.

                                    "SERIES TRUST" means the Medallion Trust
                                    Series 2003-1G constituted by the Master
                                    Trust Deed and the Series Supplement.

                                    "SHORT-TERM INVESTMENT INCOME" in relation
                                    to a Distribution Date means interest and
                                    other income received by the Trustee during
                                    the Swap Collection Period immediately
                                    preceding that Distribution Date in respect
                                    of:

                                                                             xii
<PAGE>

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

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

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

                                    "SWAP COLLECTION PERIOD" means:

                                    (a)         with respect to the first
                                                Determination Date, the period
                                                commencing on (and including)
                                                the Closing Date and ending on
                                                (but excluding) that
                                                Determination Date; and

                                    (b)         with respect to each subsequent
                                                Determination Date, the period
                                                commencing on (and including)
                                                the previous Determination Date
                                                and ending on (but excluding)
                                                that Determination Date.

                                    "VARIABLE INTEREST EARNED" in relation to a
                                    Distribution Date, and the Swap Collection
                                    Period ending immediately prior to that
                                    Distribution Date, means the aggregate of:

                                    (a)         all debit entries made during
                                                that Swap Collection Period to
                                                the accounts established in the
                                                Servicer's records for the
                                                Mortgage Loans forming part of
                                                the Assets of the Series Trust
                                                representing interest charged at
                                                a variable rate (plus any
                                                interest off-set benefits in
                                                respect of Mortgage Interest
                                                Saver Accounts which represents
                                                amounts which, if not for the
                                                terms of the Mortgage Interest
                                                Saver Accounts, would have been
                                                so debited during that Swap
                                                Collection Period to those
                                                accounts to the extent paid by
                                                CBA pursuant to clause 15.4 of
                                                the Series Supplement and
                                                deposited to the Collections
                                                Account prior to that
                                                Distribution Date); and

                                    (b)        the aggregate, as at the close of
                                               business on the last day of that
                                               Swap Collection Period, of all
                                               accrued but not charged variable
                                               rate interest on the Mortgage
                                               Loans forming part of the Assets
                                               of the Series Trust less the
                                               aggregate, as at the opening of
                                               business on the first day of that
                                               Swap Collection Period, of all
                                               accrued but not charged variable
                                               rate interest on the Mortgage
                                               Loans forming part of the Assets
                                               of the Series Trust.

                                    "WEIGHTED MARGIN" in relation to a
                                    Distribution Date means the amount,
                                    expressed as a percentage, determined by the
                                    following calculation:

     (CA1        )   (CA2       )   ( CB      )   ( RB      )  ( SR      )
WM = (--- x CA1M ) + (--- x CA2M) + (--- x CBM) + (--- x RBM) +(--- x SRM)
     (TSA        )   (TSA       )   (TSA      )   (TSA      )  (TSA      )

                                                                            xiii
<PAGE>

                                    where:

                                    WM   =      the Weighted Margin;

                                    CA1  =      the A$ Equivalent of the
                                                aggregate Stated Amounts of the
                                                Class A-1 Notes on the
                                                Determination Date immediately
                                                preceding that Distribution
                                                Date;

                                    CA1M =      the Spread specified in
                                                paragraph 5.2 of the
                                                confirmations for the Class A-1
                                                Currency Swap on that
                                                Distribution Date;

                                    CA2  =      the aggregate of the Stated
                                                Amounts of the Class A-2 Notes
                                                on the Determination Date
                                                immediately preceding that
                                                Distribution Date;

                                    CA2M =      the Issue Margin in respect of
                                                the Class A-2 Notes during the
                                                Accrual Period ending
                                                immediately prior to that
                                                Distribution Date;

                                    CB   =      the aggregate of the Stated
                                                Amounts of the Class B Notes on
                                                the Determination Date
                                                immediately preceding that
                                                Distribution Date;

                                    CBA  =      the Issue Margin in respect of
                                                the Class B Notes;

                                    RB   =      the aggregate of the Stated
                                                Amounts of the Redraw Bonds on
                                                the Determination Date
                                                immediately preceding that
                                                Distribution Date;

                                    RBM  =      the weighted average of the
                                                Issue Margins in respect of the
                                                Redraw Bonds outstanding on the
                                                Determination Date immediately
                                                prior to that Distribution Date
                                                during the Accrual Period ending
                                                immediately prior to that
                                                Distribution Date (based on the
                                                Stated Amounts of those Redraw
                                                Bonds);

                                    SR   =      the Standby Redraw Facility
                                                Principal on the Determination
                                                Date immediately preceding that
                                                Distribution Date;

                                    SRM  =      the Drawdown Margin as defined
                                                in the Standby Redraw Facility
                                                Agreement; and

                                    TSA  =      the sum of CA1, CA2, CB, RB and
                                                SR.".

            (d)         INTERPRETATION:

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

                        (ii)        a reference to "WILFUL DEFAULT" in relation
                                    to Party B means, subject to Part
                                    5(6)(d)(iii) of this Schedule, any wilful
                                    failure by Party B to comply with, or wilful
                                    breach by Party B of, any of its obligations
                                    under any Transaction Document, other than a
                                    failure or breach which:

                                    A.          1)         arises as a result of
                                                           a breach of a
                                                           Transaction Document
                                                           by a person other
                                                           than Party B or other
                                                           than any other person
                                                           referred to in Part
                                                           5(6)(d)(iii) of this
                                                           Schedule; and

                                                2)         the performance of
                                                           the action (the
                                                           non-
                                                                             xiv

<PAGE>

                                                           performance of which
                                                           gave rise to such
                                                           breach) is a
                                                           precondition to Party
                                                           B performing the said
                                                           obligation;

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

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

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

                                                2)         the Investors given
                                                           at a meeting convened
                                                           under the Master
                                                           Trust Deed;

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

                        (iv)        a reference to "NEITHER PARTY" will be
                                    construed as a reference to "NO party"; and

                        (v)         a reference to "OTHER PARTY" will be
                                    construed as a reference to "OTHER PARTIES".

            (e)         ISDA DEFINITIONS: The 2000 ISDA Definitions (as
                        published by the International Swaps and Derivatives
                        Association, Inc ("ISDA")) (the "2000 ISDA DEFINITIONS")
                        as at the date of this Agreement are incorporated into
                        this Agreement and each Confirmation.

            (f)         INCONSISTENCY: Subject to Part 5(6)(a) of this Schedule,
                        unless specified otherwise, in the event of any
                        inconsistency between any two or more of the following
                        documents in respect of a Transaction they will take
                        precedence over each other in the following order in
                        respect of that Transaction:

                        (i)         any Confirmation;
                        (ii)        the Series Supplement;
                        (iii)       the Master Trust Deed;
                        (iv)        this Agreement; and
                        (v)         the 2000 ISDA Definitions.

            (g)         SWAP TRANSACTION: Any reference to a:

                        (i)         "SWAP TRANSACTION" in the 2000 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 2000 ISDA Definitions.

            (h)         INCORPORATED DEFINITIONS AND OTHER TRANSACTION DOCUMENTS
                        AND PROVISIONS: Where in this Agreement a word or
                        expression is defined by reference to its meaning in
                        another Transaction Document or there is a reference to
                        another
                                                                              xv
<PAGE>

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

            (i)         CLASS A-2 NOTES MAY NOT BE ISSUED: If Class A-2 Notes
                        are not issued on the Closing Date, this Agreement is to
                        be construed on the basis that the Class A-2 Notes do
                        not exist and, without limiting the foregoing:

                        (i)         references to the Notes, Class A Notes,
                                    Securities and related expressions will not
                                    include any Class A-2 Notes;

                        (ii)        the Class A-1 Notes will be the only Class A
                                    Notes and references to the Class A-1 Notes
                                    or the Class A Notes are to be interpreted
                                    accordingly; and

                        (iii)       the Stated Amounts and Issue Margin of Class
                                    A-2 Notes will be zero for the purposes of
                                    any calculations.

(7)         LIMITATION OF LIABILITY:  Insert the following Section 15, after
            Section 14:

            "15.        Party B's Limitation of Liability

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

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

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

            (d)         (ACTS OR OMISSIONS): It is acknowledged that the
                        Relevant Parties are responsible under the Transaction
                        Documents for performing a variety of obligations
                        relating to the Series Trust. No act or omission of
                        Party B (including any related failure to satisfy its
                        obligations or any breach of a representation or
                        warranty under this Agreement) will be considered
                        fraudulent, negligent or a wilful default of Party B for
                        the purpose of paragraph (c) of this Section 15 to the
                        extent to which the act or omission was caused or
                        contributed to by any Relevant Person or any other
                        person
                                                                             xvi
<PAGE>

                        appointed by Party B under any Transaction Document
                        (other than a person whose acts or omissions Party B is
                        liable for in accordance with any Transaction Document)
                        to fulfil its obligations relating to the Series Trust
                        or by any other act or omission of a Relevant Party or
                        any other such person.

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

(8)         QUARTERLY SWAP STATEMENT: Prior to each Distribution Date the
            Manager will prepare and deliver to Party A and Party B a quarterly
            payment notice containing the information specified in Annexure 3 of
            this Agreement.

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

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

(11)        PROCEDURES FOR ENTERING INTO TRANSACTIONS:

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

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

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

(13)        RECORDED CONVERSATIONS: Each party:

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

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

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

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

(14)        FURTHER FIXED RATE SWAPS AND DOWNGRADING OF PARTY A:  Insert the
            following new Sections 16, 17, 18 and 19 after Section 15:

            "16.        FURTHER FIXED RATE SWAPS

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

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

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

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

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

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

                        The Spread applicable to the Floating Amounts, if any,
                        in respect of each Fixed Rate Swap entered into
                        following a Conversion shall be the Weighted Margin in
                        respect of the relevant Distribution Date plus 0.71% per
                        annum.

            17.         RATINGS DOWNGRADE OF PARTY A - FIXED RATE SWAPS: If, as
                        a result of the reduction or withdrawal of its credit
                        rating by a Rating Agency, Party A does not have the
                        Prescribed Rating in relation to the Fixed Rate Swaps,
                        Party A must:

                        (a)         (MOODY'S): where it ceases to have the
                                    Prescribed Ratings from Moody's in relation
                                    to the Fixed Rate Swap:

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

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

                                    (or such greater period as is agreed to in
                                    writing by Moody's), at its cost alone and
                                    at its election:

                                    (iii)       lodge in an Eligible Account as
                                                a prepayment of its obligations
                                                in respect of the Fixed Rate
                                                Swaps an amount equal to the
                                                Fixed Rate Prepayment Amount as
                                                defined in Section 17(c);

                                    (iv)       enter into an agreement novating
                                               its rights and obligations under
                                               this Agreement in respect of the
                                               Fixed Rate Swaps to a replacement
                                               counterparty acceptable to the
                                               Manager and which the Rating
                                               Agencies confirm in writing will
                                               not result in a reduction,
                                               qualification or withdrawal of
                                               the credit ratings then assigned
                                               by them to the Securities; or

                                    (v)        enter into such other
                                               arrangements in respect of all
                                               Fixed Rate Swaps which are
                                               satisfactory to the Manager and
                                               which the Rating Agencies confirm
                                               in writing will not result in a
                                               reduction, qualification or
                                               withdrawal of the credit ratings
                                               then assigned by them to the
                                               Securities; and

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

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

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

                        (c)         (FIXED RATE PREPAYMENT AMOUNT): For the
                                    purposes of this Section 17 the Fixed Rate
                                    Prepayment Amount will be an amount equal to
                                    the greater of the following:

                                    (i)         where Party A does not have the
                                                Prescribed Rating in respect
                                                                             xix
<PAGE>

of
                                                the Fixed Rate Swap from
                                                Moody's, an amount acceptable to
                                                Moody's and sufficient to
                                                maintain the credit ratings
                                                assigned to the Securities by
                                                Moody's immediately prior to the
                                                review of Party A's credit
                                                rating; and

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

                                                A.         zero;

                                                B.         CR;

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

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

                                                Where:

                                                                CR = MM + V

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

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

                                                                              xx
<PAGE>

--------------------------------------------------------------------------------
WHERE THE PERIOD            WHERE THE PERIOD            WHERE THE PERIOD
BETWEEN THE DATE OF         BETWEEN THE DATE OF         BETWEEN THE DATE OF
RECALCULATION AND THE       RECALCULATION AND THE       RECALCULATION AND THE
WEIGHTED AVERAGE OF         WEIGHTED AVERAGE OF         WEIGHTED AVERAGE OF
THE MATURITY DATES OF       THE MATURITY DATES OF       THE MATURITY DATES OF
THE THEN FIXED RATE         THE THEN FIXED RATE         THE THEN FIXED RATE
PERIODS IN RESPECT OF       PERIODS IN RESPECT OF       PERIODS IN RESPECT OF
MORTGAGE LOANS              MORTGAGE LOANS              MORTGAGE LOANS
FORMING PART OF THE         FORMING PART OF THE         FORMING PART OF THE
ASSETS OF THE SERIES        ASSETS OF THE SERIES        ASSETS OF THE SERIES
TRUST WHICH ARE             TRUST WHICH ARE             TRUST WHICH ARE
CHARGED A FIXED RATE        CHARGED A FIXED RATE OF     CHARGED A FIXED RATE OF
OF INTEREST                 INTEREST IS GREATER THAN    INTEREST IS GREATER THAN
IS LESS THAN                5 YEARS AND LESS THAN       10 YEARS
OR EQUAL TO 5 YEARS         OR EQUAL TO 10 YEARS
--------------------------------------------------------------------------------
1.5                         3.15                        6
--------------------------------------------------------------------------------

                        (d)         (MARK TO MARKET VALUE): Party A must
                                    calculate the mark-to-market value of the
                                    Fixed Rate Swaps by obtaining 2 bids from
                                    counterparties with the Prescribed Ratings
                                    willing to provide the Fixed Rate Swaps in
                                    the absence of Party A. The mark-to-market
                                    value may be a positive or a negative
                                    amount. A bid has a negative value if the
                                    payment to be made is from the counterparty
                                    to Party A and has a positive value if the
                                    payment to be made is from Party A to the
                                    counterparty. The mark-to-market value is
                                    the higher of the bids (on the basis that
                                    any bid of a positive value is higher than
                                    any bid of a negative value).

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

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

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

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

                        (g)         (UTILISATION): If the Fixed Rate Prepayment
                                    Balance is applied towards an amount payable
                                    by Party A in accordance with Section
                                    2(f)(i) Party A must within 3 Business Days
                                    make an additional prepayment in
                                                                             xxi
<PAGE>

                                    accordance with Section 17(a)(iii) or (b)(i)
                                    equal to the amount so applied.

                        (h)         (REPAYMENT): If Party A regains the
                                    Prescribed Rating in respect of the Fixed
                                    Rate Swaps Party B must, upon the direction
                                    of the Manager, repay to Party A the then
                                    Fixed Rate Prepayment Balance.

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

            18.         DOWNGRADING OF PARTY A - BASIS SWAP

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

                        (a)         (30 BUSINESS DAYS): within 30 Business Days
                                    of Party A ceasing to have the Prescribed
                                    Rating if and while Party A has a short term
                                    credit rating of at least P-1 by Moody's; or

                        (b)         (5 BUSINESS DAYS): otherwise, and if sooner,
                                    within 5 Business Days of Party A ceasing to
                                    have a short term credit rating of at least
                                    P-1 by Moody's;

                        (or such greater period as is agreed to in writing by
                        Moody's) (the "POSTING PERIOD"), at its cost alone and
                        at its election:

                        (c)         (PREPAYMENT):

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

                                    (ii)        on each of the following
                                                Distribution Dates, pay to Party
                                                B as a prepayment of its
                                                obligations under the Basis Swap
                                                for the Calculation Period
                                                commencing on each such
                                                Distribution Date, the net
                                                amount (if any) that is expected
                                                to be due by Party A to Party B
                                                at the end of that Calculation
                                                Period less the then Basis
                                                Prepayment Balance at the end of
                                                that Distribution Date,

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

                        (d)         (OTHER ARRANGEMENTS): enter into some other
                                    arrangement satisfactory to the Manager and
                                    Party B which the Rating Agencies confirm
                                    will not result in a reduction,
                                    qualification or withdrawal of the credit
                                    ratings then assigned by them to the
                                    Securities.

                        A prepayment on the first day of any Calculation Period
                        by Party A under Section 18(c) will constitute a
                        prepayment of Party A's payment obligations (to the

                                                                            xxii
<PAGE>

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

            19.         SECURITIES REPAID

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

(15)        TRANSFER:

            Section 7 is replaced with:

            "7.         ESSENTIAL TERM: TRANSFER

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

            (b)         Nothing in this Section 7:

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

                        (ii)        restricts a novation of the interests and
                                    obligations of a party in or under this
                                    Agreement (including any Transaction)
                                    including, but not limited to, for the
                                    purposes of giving effect to a transfer
                                    under Section 6(b)(ii);

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

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

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

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

(16)        KNOWLEDGE OR AWARENESS

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

(18)        INTEREST RATE BASIS CAP

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

(19)        AMENDMENT TO THIS AGREEMENT

            The parties to this Agreement may only amend this Agreement in
            accordance with clause 33.1(b) of the Series Supplement.

                                                                            xxiv
<PAGE>

ANNEXURE 1
FORM OF CONFIRMATION FOR BASIS SWAP - MEDALLION TRUST SERIES 2003-1G

                   [COMMONWEALTH BANK OF AUSTRALIA LETTERHEAD]

[DATE]

<TABLE>
<CAPTION>
<S>     <C>                                                   <C>
TO:      Perpetual Trustee Company Limited                    Securitisation Advisory Services Pty. Limited
         ABN 42 000 001 007                                   ABN 88 064 133 946
         as trustee of the Series Trust                       Level 6
         Level 7                                              48 Martin Place
         9 Castlereagh Street                                 SYDNEY  NSW  2000
         SYDNEY   NSW   2000
                                                              Attention:  Manager, Securitisation
         Attention:  Manager, Securitisation Services
</TABLE>

SWAP CONFIRMATION - BASIS SWAP

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

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

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

OUR REFERENCE:                      [         ]

TRADE DATE:                         [         ]

EFFECTIVE DATE:                     [         ]

TERMINATION DATE:                   Means the earlier of:

                                    (a)         the Step-Up Date but only if :

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

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

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

                                    (c)         the Termination Date for the
                                                Series Trust,

                                    subject to the Following Business Day
                                    Convention

NOTIONAL AMOUNT:                    With respect to each Calculation Period
                                    means the Basis Swap Amount for that
                                    Calculation Period

FLOATING ADMINISTERED RATE
AMOUNTS:

     Floating Administered Rate     Party B
     Payer:

     Floating Administered Rate     Each Distribution Date
     Payer Payment Dates:

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

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

FLOATING BBSW WEIGHTED RATE
AMOUNTS:

     Floating BBSW Rate Payer:      Party A

     Floating BBSW Rate Payer       Each Distribution Date
     Payment Dates:

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

     Spread:                        Weighted Margin in respect of the relevant
                                    Distribution Date plus 0.71% per annum

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

BUSINESS DAY:                       Sydney

BUSINESS DAY CONVENTION:            Following

CALCULATION AGENT:                  The Manager

OTHER PROVISIONS:                   For the purposes of the Agreement, the
                                    Transaction to which this Confirmation
                                    relates is the Basis Swap

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

Executed documents will follow by mail.

                                                                            xxvi
<PAGE>

Yours sincerely

SIGNED for and on behalf of PERPETUAL           SIGNED for and on behalf of
TRUSTEE COMPANY LIMITED ABN 42 000              COMMONWEALTH BANK OF AUSTRALIA
001 007, as trustee of the Medallion Trust      ABN 48 123 123 124
Series 2003-1G

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

Name:   _______________________________         Name:  _________________________

Title:  _______________________________         Title: _________________________

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

By:         _______________________________
            (Authorised Officer)

Name:       _______________________________

Title:      _______________________________

                                                                           xxvii
<PAGE>

ANNEXURE 2
FORM OF CONFIRMATION FOR FIXED RATE SWAPS - MEDALLION TRUST SERIES 2003-1G

                   [COMMONWEALTH BANK OF AUSTRALIA LETTERHEAD]

[DATE]

<TABLE>
<CAPTION>
<S>     <C>                                                   <C>
TO:      Perpetual Trustee Company Limited                    Securitisation Advisory Services Pty. Limited
         ABN 42 000 001 007                                   ABN 88 064 133 946
         as trustee of the Series Trust                       Level 6
         Level 7                                              48 Martin Place
         9 Castlereagh Street                                 SYDNEY  NSW  2000
         SYDNEY   NSW   2000
                                                              Attention:  Manager, Securitisation
         Attention:  Manager, Securitisation Services
</TABLE>

SWAP CONFIRMATION - FIXED RATE SWAP

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

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

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

OUR REFERENCE:                      [         ]

TRADE DATE:                         [         ]

EFFECTIVE DATE:                     [         ]

TERMINATION DATE:                   Means the earlier of:

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

                                    (b)         the Termination Date for the
                                                Series Trust,

                                    subject to the Following Business Day
                                    Convention

NOTIONAL AMOUNT:                    With respect to each Calculation Period
                                    means the Fixed Rate Swap Amount for that
                                    Calculation Period

FIXED AMOUNTS:

     Fixed Rate Payer:              Party B

     Fixed Rate Payer Payment       Each Distribution Date
     Dates:

                                                                          xxviii
<PAGE>

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

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

FLOATING AMOUNTS:

     Floating Rate Payer:           Party A

     Floating Rate Payer Payment    Each Distribution Date
     Dates:

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

     Spread:                        Weighted Margin in respect of the relevant
                                    Distribution Date plus 0.71% per annum

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

BUSINESS DAY:                       Sydney

BUSINESS DAY CONVENTION:            Following

CALCULATION AGENT:                  The Manager

OTHER PROVISIONS:                   For the purposes of the Agreement, the
                                    Transaction to which this Confirmation
                                    relates is the Basis Swap

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

Executed documents will follow by mail.

Yours sincerely

SIGNED for and on behalf of PERPETUAL             SIGNED for and on behalf of
TRUSTEE COMPANY LIMITED ABN 42 000                COMMONWEALTH BANK OF AUSTRALIA
001 007, as trustee of the Medallion Trust Series ABN 48 123 123 124
2003-1G

By:    _______________________________            By:     ______________________
       (Authorised Officer)                               (Authorised Officer)

Name:  _______________________________            Name:   ______________________

Title: _______________________________            Title:  ______________________

                                                                            xxix
<PAGE>

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

By:     _______________________________
        (Authorised Officer)

Name:   _______________________________

Title:  _______________________________

                                                                             xxx
<PAGE>

ANNEXURE 3
QUARTERLY PAYMENT NOTICE - MEDALLION TRUST SERIES 2003-1G

TO:         COMMONWEALTH BANK OF AUSTRALIA ABN 48  123 123 124 ("PARTY A")

AND TO:     PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 000 001 007, as trustee of
            the Series Trust, ("PARTY B")

FROM:       SECURITISATION ADVISORY SERVICES PTY. LIMITED ABN 88 064 133 946
            (the "MANAGER")

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

Determination Date:

The Manager has determined and gives notice of the following:

1.          BASIS SWAP

            (a)        Notional Amount for the current Calculation Period:

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

2.          FIXED RATE SWAP

            (a)        Notional Amount for the current Calculation Period:

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

3.          RATE SET

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

            (b)        Weighted Margin for the current Calculation Period:

4.          NET BREAK RECEIPTS AND PAYMENTS

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

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

5.          NET AMOUNT

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

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

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

                                                                            xxxi
<PAGE>

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

By:         _______________________________
            (Authorised Officer)

Name:       _______________________________

Title:      _______________________________

                                                                           xxxii

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