Document:

<PAGE>

[ALLEN ALLEN & HEMSLEY LOGO OMITTED]

INVESTMENT MANAGEMENT AGREEMENT
-------------------------------------------------------------

INTERSTAR SECURITIES (AUSTRALIA) PTY LIMITED

PERPETUAL TRUSTEES VICTORIA LIMITED

INTERSTAR SECURITIES (AUSTRALIA) PTY LIMITED

Interstar Millennium Trusts

ALLEN ALLEN & HEMSLEY
The Chifley Tower
2 Chifley Square
Sydney  NSW  2000
Australia
Tel  61  2 9230 4000
Fax  61  2 9230 5333

(C) Copyright Allen Allen & Hemsley 2000

<PAGE>

                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
--------------------------------------------------------------------------------

TABLE OF CONTENTS

1.       DEFINITIONS AND INTERPRETATION                                      1

         1.1      Definitions                                                1

         1.2      Interpretation                                             3

         1.3      Liability of Trustee limited to its right of indemnity     3

         1.4      Series Notice                                              3

2.       APPOINTMENT OF SERVICER                                             3

         2.1      Appointment                                                3

         2.2      General duties and standard of care                        3

         2.3      Powers                                                     4

         2.4      Records                                                    4

         2.5      Servicer's power to delegate                               4

         2.6      Servicer's power to appoint advisers                       5

3.       CUSTODY                                                             5

4.       UNDERTAKINGS                                                        6

         4.1      Servicing Undertakings                                     6

5.       REPORT BY SERVICER                                                  9

6.       SERVICER FEES                                                       9

         6.1      Fee                                                        9

         6.2      Expenses of Servicer                                       9

7.       TERMINATION                                                        10

         7.1      Expiry of Term                                            10

         7.2      Servicer Transfer Event                                   10

         7.3      Resignation                                               10

         7.4      Upon termination or resignation                           10

         7.5      Survival                                                  11

         7.6      Release of outgoing Servicer                              11

         7.7      New Servicer to execute deed                              11

--------------------------------------------------------------------------------
                                                                        Page (i)

<PAGE>
                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
--------------------------------------------------------------------------------

         7.8      Settlement and discharge                                  11

8.       INDEMNITY                                                          12

         8.1      Indemnity                                                 12

         8.2      Limitation of liability                                   12

         8.3      No liability for acts of certain persons                  12

         8.4      No liability for loss etc                                 12

         8.5      Method of claiming under indemnity                        13

         8.6      Time of Payment                                           13

9.       REPRESENTATIONS AND WARRANTIES                                     13

         9.1      Representations and Warranties                            13

         9.2      Reliance                                                  13

         9.3      Survival of Representations and Indemnities               13

10.      ADMINISTRATIVE PROVISIONS                                          14

         10.1     Notices                                                   14

         10.2     Governing Law and Jurisdiction                            15

         10.3     Assignment                                                15

         10.4     Amendment                                                 15

         10.5     Severability clause                                       16

         10.6     Costs and Expenses                                        16

         10.7     Waivers:  Remedies Cumulative                             16

         10.8     Give effect                                               16

ANNEXURE                                                                    19

--------------------------------------------------------------------------------
                                                                       Page (ii)
<PAGE>

                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
--------------------------------------------------------------------------------

DATE
----------

PARTIES
----------

       1.     INTERSTAR SECURITIES (AUSTRALIA) PTY LIMITED (ACN 087 271 109) of
              367 Collins Street, Melbourne, Victoria (in this capacity, the
              SERVICER);

       2.     PERPETUAL TRUSTEES VICTORIA LIMITED (ACN 004 027 258) of Level 4,
              333 Collins Street, Melbourne, Victoria in its capacity as trustee
              of each Relevant Trust (in this capacity, the TRUSTEE); and

       3.     INTERSTAR SECURITIES (AUSTRALIA) PTY LIMITED (ACN 087 271 109) of
              367 Collins Street, Melbourne, Victoria (the TRUST MANAGER).

RECITALS
----------
              The Trustee wants to retain the services of the Servicer to manage
              the Loans in relation to certain Trusts.
--------------------------------------------------------------------------------

IT IS AGREED as follows.

1.       DEFINITIONS AND INTERPRETATION
--------------------------------------------------------------------------------

1.1      DEFINITIONS

         In this agreement, terms defined in the Master Trust Deed or a Series
         Notice in relation to a Relevant Trust have the same meaning and the
         following definitions apply unless a different meaning is given in a
         Series Note in relation to a Relevant Trust or the context otherwise
         requires.

         ELIGIBLE SERVICER means any suitably qualified person whose appointment
         by the Trustee as Servicer under this agreement will not materially
         affect the rating assigned to the Notes (as confirmed by the Designated
         Rating Agencies).

         GENERAL INSURANCE POLICY means, in relation to a Loan, an insurance
         contract for land and building insurance with respect to the property
         secured by the relevant Loan Security, including fire insurance, taken
         out with an insurer which:

         (a)      is registered by the Insurance & Superannuation Commission
                  under the Insurance Act 1974 (Commonwealth); and

         (b)      has been approved by the Trust Manager.

         LAW means any statute, rule, regulation, ordinance, order or decree of
         any Government Agency, and includes any Consumer Credit Legislation and
         any applicable code of banking practice.

--------------------------------------------------------------------------------
                                                                          Page 1
<PAGE>
                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
--------------------------------------------------------------------------------

         MASTER TRUST DEED means the Master Trust Deed between the Trustee and
         the Trust Manager dated on or about the date of this agreement.

         LOAN, in relation to a Relevant Trust, has the meaning in the Master
         Trust Deed (as amended by the Series Notice for that Relevant Trust),
         but relates only to Loans held by the Trustee under that Relevant
         Trust.

         LOAN SECURITIES, in relation to a Relevant Trust, has the meaning in
         the Master Trust Deed (as amended by the Series Notice for that
         Relevant Trust), but relates only to Loan Securities held by the
         Trustee under that Relevant Trust.

         RELEVANT TRUST means a Trust in relation to which the Servicer has been
         appointed, and has agreed to act, as Servicer under clause 2.1 and a
         Series Notice.

         SERVICES means the services provided or to be provided by the Servicer
         under this agreement.

         SERVICER TRANSFER EVENT means the occurrence of any of the following:

         (a)      an Insolvency Event occurs with respect to the Servicer;

         (b)      the Servicer fails to pay any amount in accordance with any
                  Transaction Document within 5 Business Days of receipt of a
                  notice to do so from either the Trustee or Trust Manager;

         (c)      the Servicer fails to comply with any of its other obligations
                  under any Transaction Document and such action has had, or, if
                  continued will have, an Adverse Effect (as determined by the
                  Trustee) and the Servicer does not remedy that failure within
                  30 days after the Servicer becomes aware of that failure by
                  receipt of a notice from either the Trustee or the Trust
                  Manager;

         (d)      any representation, warranty or certification made by the
                  Servicer is incorrect when made and is not waived by the
                  Trustee or remedied to the Trustee's reasonable satisfaction
                  within 90 days after notice from the Trustee, and the Trustee
                  determines that breach would have an Adverse Effect; or

         (e)      if it is unlawful for the Servicer to perform the Services.

         SERVICER'S REPORT means any report of the Servicer referred to in
         clause 5.

         TERM means the period from the date of this agreement until the earlier
         of:

         (a)      the date on which this agreement is terminated pursuant to
                  clause 7.2;

         (b)      the date which is one month after the Notes in relation to
                  each Relevant Trust have been redeemed in full in accordance
                  with the Transaction Documents and the Trustee ceases to have
                  any obligations to any Creditor in relation to any Relevant
                  Trust, and the Trustee and the Trust Manager notify the
                  Servicer that the Term has expired;

         (c)      the date on which the Trustee replaces the Servicer with an
                  Eligible Servicer; and

--------------------------------------------------------------------------------
                                                                          Page 2

<PAGE>
                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
--------------------------------------------------------------------------------

         (d)      the date on which the Servicer is replaced after resigning
                  under clause 7.3.

1.2      INTERPRETATION

         The provisions of clause 1.2 of the Master Trust Deed apply to this
         agreement, as if set out in full, and on the basis that a reference to
         THIS DEED is a reference to THIS AGREEMENT.

1.3      LIABILITY OF TRUSTEE LIMITED TO ITS RIGHT OF INDEMNITY

         Clause 32.16 of the Master Trust Deed is incorporated into this
         agreement as if set out in full, except that any reference to DEED is
         replaced by a reference to AGREEMENT and any reference to TRUST refers
         to each Relevant Trust.

1.4      SERIES NOTICE

         This agreement is subject to the Series Notice for each Relevant Trust.
         In case of any inconsistency, the relevant Series Notice will prevail
         in relation to that Relevant Trust only.

2.       APPOINTMENT OF SERVICER
--------------------------------------------------------------------------------

2.1      APPOINTMENT

         The Trustee appoints the Servicer to perform the Services for each
         Relevant Trust during the Term. By executing a Series Notice, the
         Servicer will be taken to have accepted that appointment, and agreed to
         perform the Services in relation to that Relevant Trust in accordance
         with this agreement.

2.2      GENERAL DUTIES AND STANDARD OF CARE

         (a)      The Servicer will act as the servicer, administrator and
                  manager of the Loans.

         (b)      In servicing and managing the Loans, the Servicer will:

                  (i)      service and manage the Loans (or ensure that the
                           Loans are serviced and managed by third parties as
                           appointed by the Servicer from time to time):

                           (A)      to the highest standard of accepted
                                    servicing practice of prudent mortgage
                                    lending and investment management
                                    institutions;

                           (B)      exercising a high degree of skill and care
                                    in respect thereof; and

                           (C)      in compliance with all relevant legislation;
                                    and

                  (ii)     not do any act, matter or thing that may adversely
                           affect the rating of any Notes then issued by the
                           Trustee of the Relevant Trust.

--------------------------------------------------------------------------------
                                                                          Page 3

<PAGE>
                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
--------------------------------------------------------------------------------

2.3      POWERS

         Subject to this agreement, the Servicer has the express power, among
         other things, to the extent such action will not cause an Adverse
         Effect or cause breach of any Transaction Document in respect of a
         Relevant Trust:

         (a)      to waive any fees which may be collected in the ordinary
                  course of servicing the Loans or arrange the rescheduling of
                  interest due and unpaid following a default under any Loans;

         (b)      in its discretion, to waive any right in respect of any Loans
                  and Loan Securities in the ordinary course of servicing the
                  Loans and Loan Securities (including in accordance with its
                  normal collection procedures);

         (c)      to grant an extension of maturity beyond 30 years from the
                  date any Loan that relates to a Mortgage was made, when
                  required to do so by Law or a Government Agency. The
                  restriction on granting extensions that will have an Adverse
                  Effect will not apply where the extension is required by Law
                  or a Government Agency.; and

         (d)      to require any law firm preparing documents in relation to a
                  Loan or a Loan Security to use the pro forma documents in the
                  annexure or such other documents which will not have an
                  Adverse Effect in respect of the Relevant Trust.

2.4      RECORDS

         The Servicer will keep or cause to be kept proper separate accounting
         records and files of the Loans and Loan Securities in relation to each
         Relevant Trust and provide, collect and maintain such information as
         the Servicer may from time to time in writing be reasonably required to
         provide, collect or maintain in respect of those Loans and Loan
         Securities in order to provide the Services and perform its obligations
         under this Agreement. Such accounting records and files will be kept at
         the office of the Servicer or such other place as approved by the
         Trustee in writing and will be open to the inspection of the Trustee
         and/or the authorised agents of the Trustee. The Servicer will allow
         such persons to take copies of any such accounting records and files.

2.5      SERVICER'S POWER TO DELEGATE

         Without in any way affecting the generality of the above, the Servicer
         may in carrying out and performing its duties and obligations contained
         in this agreement:

         (a)      (DELEGATE TO EMPLOYEES) delegate to any of its officers and
                  employees all Services (whether or not requiring or involving
                  the Servicer's judgment or discretion);

         (b)      (APPOINT ATTORNEYS OR SUBCONTRACT) appoint any person to be
                  its attorney or agent or delegate to or subcontract with any
                  person for such purposes and with such powers, authorities and
                  discretions (not exceeding those vested in the Servicer) as
                  the Servicer thinks fit with:

--------------------------------------------------------------------------------
                                                                          Page 4

<PAGE>
                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
--------------------------------------------------------------------------------

                  (i)      power for the attorney or agent to sub-delegate any
                           such powers, authorities or discretions;

                  (ii)     power to authorise the issue in the name of the
                           Servicer of documents bearing facsimile signatures of
                           the Servicer or of the attorney, agent or delegate
                           (either with or without proper manuscript signatures
                           of their officers);

                  (iii)    provisions for the protection and convenience of
                           those dealing with any such attorney, agent or
                           delegate as they may think fit; and

         (c)      (SUSPEND AGENTS AND SUB-AGENTS) supersede or suspend any such
                  attorney, agent or delegate for such cause or reason as the
                  Servicer may in its sole discretion think sufficient with or
                  without assigning any cause or reason and either absolutely or
                  for such time as it may think proper,

         but despite any delegation or appointment under the above paragraphs of
         this clause, the Servicer will remain liable for the performance of the
         Services in accordance with this agreement and for the acts or
         omissions of any officer, employee, attorney, agent, delegate,
         sub-delegate or sub-agent and will be solely responsible for the fees
         and expenses of such officer, employee, attorney, agent, delegate,
         sub-delegate or sub-agent.

2.6      SERVICER'S POWER TO APPOINT ADVISERS

         In accordance with its ordinary course of business, the Servicer may
         appoint and engage and act upon the opinion, advice or information
         obtained from any valuers, solicitors, barristers, accountants,
         surveyors, property managers, real estate agents, contractors,
         qualified advisers and such other persons as may be necessary, usual or
         desirable for the purpose of enabling the Servicer properly to exercise
         and perform its duties and obligations under this agreement.

3.       CUSTODY
--------------------------------------------------------------------------------

         (a)      The Servicer shall not have the right to possession of any
                  Relevant Documents relating to a Relevant Trust except with
                  the consent of the Trustee of that Relevant Trust.

         (b)      The Servicer shall in no way deal with any Relevant Documents
                  relating to a Relevant Trust unless directed by the Trustee of
                  that Relevant Trust or with that Trustee's prior consent.

         (c)      All Relevant Documents relating to the Authorised Investments
                  in relation to a Relevant Trust shall be promptly deposited
                  with the Trustee which shall retain them in safe custody. The
                  Trustee will have no liability as custodian of those documents
                  (except as otherwise provided in the Transaction Documents in
                  relation to the Relevant Trust).

--------------------------------------------------------------------------------
                                                                          Page 5

<PAGE>
                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
--------------------------------------------------------------------------------

         (d)      Notwithstanding paragraphs (a) to (c), the Servicer shall have
                  access to any documents in order to provide the Services and
                  perform its obligations under this Agreement.

4.       UNDERTAKINGS
--------------------------------------------------------------------------------

4.1      SERVICING UNDERTAKINGS

         The Servicer undertakes that at all times during the Term it will:

         (a)      (NOTICE OF DEFAULT) give notice in writing to the Trustee and
                  the Designated Rating Agency of it becoming aware of the
                  occurrence of any Servicer Transfer Event;

         (b)      (COMPLIANCE WITH LAW)

                  (i)      maintain in effect all qualifications, consents,
                           licenses, permits, approvals, exemptions, filings and
                           registrations as may be required under any applicable
                           law in order properly to service the Loans and Loan
                           Securities and to perform or comply with its
                           obligations under this agreement; and

                  (ii)     comply with all Laws in connection with servicing the
                           Loans and Loan Securities;

         (c)      (DEFAULT) upon becoming aware that any default has occurred in
                  respect of any Loan:

                  (i)      promptly notify the Mortgage Insurer of that default
                           in accordance with the provisions of the relevant
                           Mortgage Insurance Policy;

                  (ii)     subject to obtaining the prior consent of the
                           Mortgage Insurer, promptly take such action as the
                           Servicer considers necessary in relation to such
                           default, including:

                           (A)      serving any notice of default upon the
                                    Obligor or any other party;

                           (B)      instituting and conducting legal proceedings
                                    against the Obligor or any other party; and

                           (C)      taking all necessary steps and engaging all
                                    necessary persons to sell the Subject
                                    Property pursuant to the exercise of the
                                    power of sale authorised by the relevant
                                    Loan Security; and

                  (iii)    otherwise enforce the Loan and Loan Security in
                           accordance with the directions and requirements of
                           the Mortgage Insurer;

         (d)      (INSURANCE POLICIES)

                  (i)      enter into:

                           (A)      Mortgage Insurance Policies; and

                           (B)      General Insurance Policies,

--------------------------------------------------------------------------------
                                                                          Page 6

<PAGE>
                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
--------------------------------------------------------------------------------

                           for and on behalf of and in the name of the Trustee
                           and/or the mortgagee of a Loan Security whenever
                           required to do so, and ensure that the Trustee's
                           and/or mortgagee's interest is duly noted and/or
                           endorsed upon all such contracts;

                  (ii)     ensure by its conduct that no Mortgage Insurance
                           Policy or General Insurance Policy in relation to the
                           Loans and Loan Securities become invalid,
                           unenforceable or lapse; and

                  (iii)    not commit, or allow or cause to be committed, any
                           act or omission whereby any Mortgage Insurance Policy
                           or General Insurance Policy may be rendered void or
                           voidable at the option of the insurer.

         (e)      (NO SECURITY INTERESTS) not consent to the creation or
                  existence of any Security Interest in favour of a third party
                  in relation to any Mortgaged Property in connection with a
                  Loan and the Loan Security (other than as contemplated by the
                  relevant Transaction Documents):

                  (i)      without limiting sub-paragraph (e)(ii), unless
                           priority arrangements are entered into with that
                           third party under which the third party acknowledges
                           that the Loan and Loan Security rank ahead in
                           priority to the third party Security Interest on
                           enforcement for an amount not less than the Unpaid
                           Balance of the Loan plus such other amount as the
                           Servicer determines in accordance with its ordinary
                           course of business; or

                  (ii)     which would rank before or pari passu with the
                           relevant Loan and Loan Security;

         (f)      (VARY TERMS) not agree to any variation, amendment or
                  modification of any of the terms and conditions of any Loan or
                  Loan Security or do any act, matter or thing which could
                  constitute a diminution, restriction, waiver or modification
                  of the Trustee's rights under that Loan or Loan Security
                  without the Trustee's prior written consent.

         (g)      (OTHER MISCELLANEOUS THINGS) procure the stamping and
                  registration of all Relevant Documents for each Relevant Trust
                  (including documents which became Relevant Documents)
                  following any amendment, consolidation or other action, and in
                  the case of any registration of any Mortgage that registration
                  will result in the Mortgage having the ranking referred to in
                  the relevant eligibility criteria in the Series Notice. In
                  relation to any Mortgage that is not registered at the
                  relevant Closing Date, the Servicer will procure that it is
                  lodged for registration not later than 30 days after that
                  Closing Date;

         (h)      (SETTING THE INVESTMENT RATE) set the Investment Rate in
                  respect of any Relevant Trust as 0.25% higher than the
                  percentage rate of return on the Purchased Loans, and taking
                  into account the percentage rate of return being earned on
                  other Authorised Investments, which it determines will be
                  necessary to ensure that the Trustee has sufficient cash
                  available at all times to enable the Trustee to pay all
                  payments of

--------------------------------------------------------------------------------
                                                                          Page 7

<PAGE>
                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
--------------------------------------------------------------------------------

                  Interest in respect of the Relevant Trust and otherwise comply
                  with all of the Trustee's duties and obligations under the
                  relevant Transactions Documents as and when they fall due,
                  including payment of any Approved Seller's Fee as and when it
                  falls due.

         (i)      (NOTIFICATION) notify:

                  (i)      the Trustee and the Trust Manager of any event which
                           it reasonably believes is likely to have an Adverse
                           Effect promptly after becoming aware of such event;
                           and

                  (ii)     the Trust Manager of anything else which the Trust
                           Manager reasonably requires regarding any proposed
                           modification to the terms of any Loan or Loan
                           Security;

         (j)      (PROVIDE INFORMATION AND ACCESS ON REQUEST) provide
                  information reasonably requested by the Trustee or the Trust
                  Manager, with respect to all matters relating to each Relevant
                  Trust and the assets of the relevant Trust, and the Trustee or
                  the Trust Manager believes reasonably necessary for it to
                  perform its obligations under the relevant Transaction
                  Documents, and upon reasonable notice and at reasonable times
                  permit the Trustee to inspect the Data Base in relation to
                  each Relevant Trust and the Relevant Documents;

         (k)      (COMPLY WITH OTHER OBLIGATIONS) comply with all its
                  obligations under any Transaction Document to which it is a
                  party;

         (l)      (PAY TAXES) subject to receiving payment from, or being
                  reimbursed by, the relevant Obligor or being indemnified by
                  the Trustee, pay all Taxes that relate to the Services (other
                  than any Tax on the income of a Trust) or ensure those Taxes
                  are paid or where such Taxes are incurred due to the default
                  or breach of duty by the Servicer;

         (m)      (NOT CLAIM) not claim any Security Interest over any Asset
                  (other than in accordance with the relevant Transaction
                  Documents);

         (n)      (COMPLY WITH SERIES NOTICE) comply with any undertaking
                  specified as an additional Servicer undertaking in a relevant
                  Series Notice, including providing the Trust Manager with any
                  information referred to in that Series Notice;

         (o)      (ACCOUNT TO TRUSTEE) regularly account to the Trustee in such
                  manner as prescribed by the Trustee from time to time;

         (p)      (ENFORCE LOANS) enforce the Trustee's rights pursuant to or in
                  connection with the Loans in accordance with the directions of
                  the Trustee in that regard and ensure prompt compliance by the
                  Obligor under each Loan;

         (q)      (ACT AS DIRECTED BY TRUSTEE) take all or any necessary steps
                  which the Trustee may direct the Servicer to take to ensure
                  that the Trustee's rights pursuant to or in connection with
                  the Loans are in no way diminished, restricted or modified;

--------------------------------------------------------------------------------
                                                                          Page 8

<PAGE>
                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
--------------------------------------------------------------------------------

         (r)      (PERFORMING OR NON-PERFORMING LOANS) determine whether Loans
                  are performing or non-performing as required by the Master
                  Trust Deed and the Series Notice for the Relevant Trust; and

         (s)      (COLLECT MONEYS) arrange to collect all moneys paid or payable
                  under the Loans and Loan Securities and pay them into the
                  relevant Collection Account.

5.       REPORT BY SERVICER
--------------------------------------------------------------------------------

         On or before each date which is 3 Business Days before each Payment
         Date for each Relevant Trust, if so requested by the Trust Manager, the
         Servicer will prepare and submit to the Trust Manager a report and
         provide such other information as the Trust Manager reasonably requires
         to prepare its report (if any) under clause 17.16 of the Master Trust
         Deed.

6.       SERVICER FEES
--------------------------------------------------------------------------------

6.1      FEE

         The Trustee will in accordance with, and subject to, the relevant
         Series Notice (where the Series Notice so specifies) pay to the
         Servicer a fee for providing its services under this agreement in
         relation to each Trust.

6.2      EXPENSES OF SERVICER

         (a)      The Trustee will reimburse the Servicer for all legal and
                  selling expenses relating to the enforcement and recovery of
                  the Loans, including legal expenses, valuations, premiums on
                  force - placed insurance policies where the relevant Obligor
                  has cancelled or let lapse an insurance policy, rates and
                  taxes, any amount repaid to a liquidator or trustee in
                  bankruptcy under any applicable law, binding code, order or
                  decision of a court, tribunal or the like or based on the
                  advice of the Servicer's legal advisers, and other reasonable
                  amounts which the Servicer reasonably spends or incurs in
                  relation to the enforcement or sale, provided that where the
                  consent of an insurer under a Mortgage Insurance Policy is
                  required in order for an expense to be reimbursable by that
                  insurer, the Servicer will only be reimbursed where it has
                  obtained that consent.

         (b)      The Servicer will invoice the Trustee 3 Business Days before
                  each Payment Date in relation to each Relevant Trust for the
                  costs and expenses under paragraph (a), and will provide
                  reasonable details and supporting documentation in relation to
                  amounts to be reimbursed.

         (c)      This reimbursement will be in accordance with the relevant
                  Series Notice.

         (d)      Except as provided in this clause, the Servicer will be
                  responsible for all other costs and expenses of servicing the
                  Loans.

--------------------------------------------------------------------------------
                                                                          Page 9

<PAGE>
                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
--------------------------------------------------------------------------------

7.       TERMINATION
--------------------------------------------------------------------------------

7.1      EXPIRY OF TERM

         This agreement will continue until the expiry of the Term.

7.2      SERVICER TRANSFER EVENT

         If the Trustee has actual knowledge of the occurrence of a Servicer
         Transfer Event, the Trustee will terminate this agreement with
         immediate effect. The Trustee will promptly give notice of that
         termination to the Trust Manager, the Servicer and the Designated
         Rating Agency.

7.3      RESIGNATION

         (a)      The Servicer shall not resign without first giving 3 months'
                  notice to the Designated Rating Agency, the Trust Manager
                  (where the Servicer is not the Trust Manager) and the Trustee.
                  The Trust Manager (where the Servicer is not the Trust
                  Manager) and the Trustee shall use reasonable endeavours to
                  procure the appointment of a replacement Servicer which is an
                  Eligible Servicer. The Servicer shall assist the Trust Manager
                  (where the Servicer is not the Trust Manager) and the Trustee
                  in procuring such appointment if requested.

         (b)      When a notice under paragraph (a) is given, the Trustee and
                  the Trust Manager (where the Servicer is not the Trust
                  Manager) shall be entitled to appoint some other person to be
                  the Servicer of the relevant Trust provided that person is an
                  Eligible Servicer.

         (c)      Subject to paragraph (d) below, until a replacement Servicer
                  is appointed under paragraph (b) above, the Servicer must
                  continue to act as Servicer and shall be entitled to the fee
                  payable under clause 6 while so acting.

         (d)      If an Eligible Servicer is not appointed by the expiry of the
                  3 month notice period given under paragraph (a) above, the
                  Trust Manager (or if the retiring Servicer is the Trust
                  Manager, the Trustee) must itself act as Servicer and shall be
                  entitled to the fee payable under clause 6 (if any) while so
                  acting.

7.4      UPON TERMINATION OR RESIGNATION

         Where:

         (a)      the Trustee has terminated this agreement in accordance with
                  the provisions of clause 7.2; or

         (b)      the Servicer has resigned in accordance with clause 7.3,

         each of the following applies.

         (c)      The Servicer will, as soon as practicable, deliver any
                  Relevant Documents in its possession to the Trustee, or as it
                  directs. If the Servicer has not done so within 10 Business
                  Days (or such longer

--------------------------------------------------------------------------------
                                                                         Page 10

<PAGE>
                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
--------------------------------------------------------------------------------

                  period as the Trustee permits) the Trustee will enter any
                  premises where the Relevant Documents are kept, take
                  possession of and remove the Relevant Documents. The Servicer
                  will assist in doing so. If the Trustee does not have
                  possession of the Relevant Documents within the specified
                  period of 10 Business Days it will, to the extent that it has
                  information available to it to do so, lodge caveats in
                  relation to the Loans and Loan Securities for which it does
                  not hold the Relevant Documents.

         (d)      The Servicer will promptly transfer at its own cost to the
                  Trustee or as the Trustee directs the relevant information
                  held or maintained by the Servicer in relation to this
                  agreement, the Loans or Loan Securities.

         (e)      The Trustee may appoint any other person to perform all or
                  part of the obligations the Servicer has undertaken to perform
                  under this agreement or to service any of the Loans.

7.5      SURVIVAL

         The obligations of the Servicer under clause 7 survive the termination
         of this agreement.

7.6      RELEASE OF OUTGOING SERVICER

         Except as provided in clause 7.5, upon retirement or removal and
         provided there has been payment to the Trustee of all sums due to it by
         the outgoing Servicer under this deed at that date, the outgoing
         Servicer will be released from all further obligations under this deed
         but no release under this clause will extend to any existing or
         antecedent fraud, negligence or wilful default on the part of the
         outgoing Servicer or its officers, employees, agents or delegates.

7.7      NEW SERVICER TO EXECUTE DEED

         (a)      A new Servicer will execute a deed in such form as the Trustee
                  may reasonably require under which the new Servicer will
                  undertake to the Trustee and other relevant parties to be
                  bound by all the covenants on the part of the Servicer under
                  the Transaction Documents from the date of execution of the
                  new deed on the same terms contained in the Transaction
                  Documents.

         (b)      On and from the date of execution of the new deed, the new
                  Servicer will and may afterwards exercise all the powers,
                  enjoy all the rights and will be subject to all the duties and
                  obligations of the Servicer under the Transaction Documents as
                  fully as though the new Servicer had been originally named as
                  a party to it.

7.8      SETTLEMENT AND DISCHARGE

         The Trustee will settle with the outgoing Servicer the amount of any
         sums payable by the outgoing Servicer to the Trustee or by the Trustee
         to the outgoing Servicer and will give to or accept from the outgoing
         Servicer a discharge in respect of those sums which will be conclusive
         and binding as

--------------------------------------------------------------------------------
                                                                         Page 11

<PAGE>
                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
--------------------------------------------------------------------------------

         between the Trustee, the outgoing Servicer, the new Servicer, the Trust
         Manager, the Beneficiaries and the Noteholders.

8.       INDEMNITY
--------------------------------------------------------------------------------

8.1      INDEMNITY

         Subject to the succeeding provisions of this clause, the Servicer fully
         indemnifies the Trustee from and against any expense, loss, damage or
         liability which the Trustee may incur as a consequence of a Servicer
         Transfer Event, or a failure by the Servicer to perform its duties
         under this agreement, including a failure to deliver the Relevant
         Documents to the Trustee when it is required to do so in accordance
         with this agreement.

8.2      LIMITATION OF LIABILITY

         The Servicer is not liable:

         (a)      in connection with anything done by it in good faith in
                  reliance upon any document, form or list provided by or on
                  behalf of the Trustee except when it has actual knowledge, or
                  ought reasonably know, that the document, form or list is not
                  genuine;

         (b)      if it fails to do anything because it is prevented or hindered
                  from doing it by any Law; or

         (c)      subject to the Corporations Law, if a person (other than a
                  delegate or agent of the Servicer) fails to carry out an
                  agreement with the Trustee or the Servicer in connection with
                  the Services (except when the failure is due to the Servicer's
                  own fraud, negligence or wilful default).

8.3      NO LIABILITY FOR ACTS OF CERTAIN PERSONS

         If the Servicer relies in good faith on an opinion, advice, information
         or statement given to it, by a person the Servicer is not liable for
         any misconduct, mistake, oversight, error of judgment, forgetfulness or
         want of prudence on the part of that person, except:

         (a)      when the person is not independent from the Servicer;

         (b)      it would not be reasonable to rely upon the opinion, advice,
                  information or statement from the person who gives it; or

         (c)      where that person is a delegate or agent of the Servicer.

         A person will be regarded as independent notwithstanding that the
         person acts or has acted as adviser to the Servicer so long as separate
         instructions are given by the Servicer to that person.

8.4      NO LIABILITY FOR LOSS ETC

         The Servicer is not liable:

         (a)      for any loss, cost, liability or expense arising out of the
                  exercise or non-exercise of a discretion by the Trustee or the
                  Trust Manager or

--------------------------------------------------------------------------------
                                                                         Page 12

<PAGE>
                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
--------------------------------------------------------------------------------

                  the act or omission of the Trustee or the Trust Manager except
                  to the extent that it is caused by the Servicer's own fraud,
                  negligence or wilful default; or

         (b)      for any loss, cost, liability or expense caused by its failure
                  to check any information, document, form or list supplied or
                  purported to be supplied to it by the Trustee or the Trust
                  Manager except to the extent that the loss is caused by the
                  Servicer's own fraud, negligence or wilful default.

         This exclusion does not apply in relation to the acts or omissions of
         the Trust Manager for so long as the Servicer is the Trust Manager.

8.5      METHOD OF CLAIMING UNDER INDEMNITY

         The Servicer will not be obliged to pay any indemnity under this
         agreement, unless:

         (a)      the Trustee first establishes that there has been a breach;

         (b)      the indemnity claimed represents no more than the loss
                  incurred; and

         (c)      the Trustee first gives the Servicer a written notice
                  specifying:

                  (i)      the quantum of the claim; and

                  (ii)     the basis of the claim.

8.6      TIME OF PAYMENT

         The Servicer will pay any amount it is required to pay under this
         clause within 7 Business Days of receipt of notice under clause 8.5.

9.       REPRESENTATIONS AND WARRANTIES
--------------------------------------------------------------------------------

9.1      REPRESENTATIONS AND WARRANTIES

         The Servicer makes the representations and warranties in clause 31 of
         the Master Trust Deed in relation to itself for the benefit of the
         Trustee.

9.2      RELIANCE

         The Servicer acknowledges that the Trustee has entered into this
         agreement in reliance on the representations and warranties in clause
         9.1.

9.3      SURVIVAL OF REPRESENTATIONS AND INDEMNITIES

                  (a)      All representations and warranties in a Transaction
                           Document survive the execution and delivery of the
                           Transaction Documents.

                  (b)      Each indemnity in this agreement:

                           (i)      is a continuing obligation;

                           (ii)     is a separate and independent obligation;
                                    and

                           (iii)    survives termination or discharge of this
                                    agreement.

--------------------------------------------------------------------------------
                                                                         Page 13

<PAGE>

                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
--------------------------------------------------------------------------------

10.      ADMINISTRATIVE PROVISIONS
--------------------------------------------------------------------------------

10.1     NOTICES

         (a)      (METHOD OF DELIVERY) Subject to paragraph (d) any notice,
                  request, certificate, approval, demand, consent or other
                  communication to be given under this deed must:

                  (i)      except in the case of communications by email, be in
                           writing and signed by an Authorised Signatory of the
                           party giving the same; and

                  (ii)     be:

                           (A)      left at the address of the addressee;

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

                           (C)      by facsimile to the facsimile number of the
                                    addressee; or

                           (D)      sent by email by an Authorised Signatory of
                                    the party giving the same to the addressee's
                                    specified email address.

         (b)      (ADDRESS FOR NOTICES) The address and facsimile number of a
                  party is the address and facsimile number notified by that
                  party to the other parties from time to time.

         (c)      (DEEMED RECEIPT) A notice, request, certificate, demand,
                  consent or other communication under this deed is deemed to
                  have been received:

                  (i)      where delivered in person, upon receipt;

                  (ii)     where sent by post, on the third (seventh if outside
                           Australia) day after posting;

                  (iii)    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; and

                  (iv)     where sent by email, on the date that the email is
                           received.

                  However, if the time of deemed receipt of any notice is not
                  before 5.30 pm local time 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.

         (d)      (EMAIL) A notice, request, certificate, approval, demand,
                  consent or other communication to be given under this deed may
                  only be given by email where the recipient has agreed that
                  that communication, or communications of that type, may be
                  given by email.

--------------------------------------------------------------------------------
                                                                         Page 14

<PAGE>
                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
--------------------------------------------------------------------------------

10.2     GOVERNING LAW AND JURISDICTION

         This agreement is governed by the laws of New South Wales. Each of the
         Servicer, the Trust Manager and the Trustee submits to the
         non-exclusive jurisdiction of courts exercising jurisdiction there.

10.3     ASSIGNMENT

         No party may assign, novate, transfer or otherwise deal with its
         obligations under this agreement other than in accordance with the
         provisions of the Master Trust Deed or the Series Notice of the
         Relevant Trust.

10.4     AMENDMENT

         (a)      Subject to paragraphs (b) and (c), the parties may by an
                  agreement in writing make any variation, amendment or addition
                  to this agreement which they think proper having regard to all
                  the circumstances of the case subject to:

                  (i)      the Designated Rating Agency confirming that the
                           variation, amendment or addition will not affect the
                           credit rating of any Notes in relation to the
                           Relevant Trust, and

                  (ii)     the Trust Manager certifying to the Trustee that, in
                           the Trust Manager's opinion, the variation, amendment
                           or addition will not materially and adversely affect
                           the rights of any relevant Noteholder,

                  and after the execution of any such agreement this Agreement
                  shall be construed and take effect as varied, amended or added
                  to.

         (b)      Where a Designated Rating Agency indicates that such
                  variation, amendment or addition will adversely affect the
                  credit rating of all Notes or, if in the Trust Manager's
                  opinion, the rights of all Noteholders would be materially and
                  adversely affected by such variation amendment or addition
                  then the variation, amendment or addition may only be effected
                  by Extraordinary Resolution of all Noteholders.

         (c)      Where a Designated Rating Agency indicates that such
                  variation, amendment or addition will adversely affect the
                  credit rating of Notes in only one or some (but not all) of
                  the Classes of Notes or, if in the Trust Manager's opinion,
                  the rights of Noteholders in only one or some (but not all) of
                  the Classes of Notes would be materially and adversely
                  affected by such variation, amendment or addition then the
                  variation, amendment or addition may only be effected by
                  Extraordinary Resolution of Noteholders of that Class or those
                  Classes of Notes.

         (d)      The Trust Manager shall give the Designated Rating Agency at
                  least five Business Days' notice prior to:

                  (i)      the parties effecting any variation, amendment or
                           addition to this agreement pursuant to paragraph (a);
                           or

--------------------------------------------------------------------------------
                                                                         Page 15

<PAGE>
                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
--------------------------------------------------------------------------------

                  (ii)     the date upon which a meeting of Noteholders is to be
                           held which will consider a resolution involving any
                           such variation, amendment or addition,

                  and upon any such variation, amendment or addition being
                  effected then the Trust Manager shall notify the Designated
                  Rating Agency.

10.5     SEVERABILITY CLAUSE

         Any provisions of any Transaction Document which are prohibited or
         unenforceable in any jurisdiction are ineffective to the extent of the
         prohibition or unenforceability. That does not invalidate the remaining
         provisions of that Transaction Document nor affect the validity or
         enforceability of that provision in any other jurisdiction.

10.6     COSTS AND EXPENSES

         (a)      (TRUSTEE'S COSTS AND EXPENSES) On demand the Servicer will
                  reimburse the Trustee for the reasonable expenses of the
                  Trustee (as applicable) in relation to any enforcement of this
                  agreement against the Servicer or the Trust Manager including
                  in each case legal costs and expenses at the usual commercial
                  rates of the legal services provider and each party will bear
                  their own costs (other than legal costs) relating to the
                  preparation execution and completion of this agreement.

         (b)      (STAMP DUTY) The Servicer will pay all stamp and registration
                  Taxes (including fines and penalties) which may be payable or
                  determined to be payable in relation to the execution,
                  delivery, performance or enforcement of this agreement.

         (c)      (SERVICES COSTS AND EXPENSES) In accordance with the Series
                  Notice, the Trustee will reimburse the Servicer for the
                  reasonable expenses of the Servicer in relation to any
                  enforcement of this agreement including in each case legal
                  costs and expenses charged at the usual commercial rates of
                  the legal services provider.

10.7     WAIVERS: REMEDIES CUMULATIVE

         (a)      No failure on the part of a party to exercise and no delay in
                  exercising any right, power or remedy under any Transaction
                  Document operates as a waiver. Nor does any single or partial
                  exercise of any right, power or remedy preclude any other or
                  further exercise of that or any other right, power or remedy.

         (b)      The rights, powers and remedies provided to the Trustee in the
                  Transaction Documents are in addition to any right, power or
                  remedy provided by law.

10.8     GIVE EFFECT

         Each party will sign, execute, do and perform all such other documents,
         instruments, writings, acts, matters and things as may be necessary or
         desirable to give effect to this agreement.

--------------------------------------------------------------------------------
                                                                         Page 16

<PAGE>
                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
--------------------------------------------------------------------------------

EXECUTED in Sydney.

Each attorney executing this agreement states that he has no notice of
revocation or suspension of his power of attorney.

SERVICER

SIGNED on behalf of             )
INTERSTAR SECURITIES            )
(AUSTRALIA) PTY LIMITED         )
by its attorney                 )
in the presence of:             )

                                    --------------------------------------------
                                    Signature

---------------------------------   --------------------------------------------
Witness                             Print name

---------------------------------
Print name

TRUSTEE

SIGNED on behalf of             )
PERPETUAL TRUSTEES              )
VICTORIA LIMITED                )
by its attorney                 )
in the presence of:             )

                                    --------------------------------------------
                                    Signature

---------------------------------   --------------------------------------------
Witness                             Print name

---------------------------------
Print name

--------------------------------------------------------------------------------
                                                                         Page 17

<PAGE>
                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
--------------------------------------------------------------------------------

TRUST MANAGER

SIGNED on behalf of             )
INTERSTAR SECURITIES            )
(AUSTRALIA) PTY LIMITED         )
by its attorney                 )
in the presence of:             )

                                    --------------------------------------------
                                    Signature

---------------------------------   --------------------------------------------
Witness                             Print name

---------------------------------
Print name

--------------------------------------------------------------------------------
                                                                         Page 18

<PAGE>
                                                                    Allen Allen
INVESTMENT MANAGEMENT AGREEMENT                                      & Hemsley
--------------------------------------------------------------------------------

ANNEXURE

PRO FORMA DOCUMENTS FOR LOANS AND LOAN SECURITIES

--------------------------------------------------------------------------------
                                                                         Page 19<PAGE>

           BACKUP SERVICER AGREEMENT
           ------------------------------------------------------------------

           Perpetual Trustees Victoria Ltd (PERPETUAL)
           Zurich Capital Markets Australia Structured Finance Pty Ltd (ZCMA)
           Interstar Securities (Australia) Pty Ltd (INTERSTAR)

                                      MINTERELLISON
                                      ------------------------------------------
                                                                  L A W Y E R S

                                      RIALTO TOWERS, 525 COLLINS STREET,
                                      MELBOURNE  VIC  3000, DX 204 MELBOURNE
                                      TEL: +61 3 8608 2000 FAX: +61 3 8608 1000
                                      www.minterellison.com

<PAGE>

BACKUP SERVICER AGREEMENT

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

DETAILS                                                                      3

AGREED TERMS                                                                 4

1.  DEFINED TERMS & INTERPRETATION                                           4

2.  APPOINTMENT OF ZCMA                                                      7

3.  ZCMA TO OBSERVE PROVISIONS                                               8

4.  INTERSTAR AND PERPETUAL TO PROVIDE ACCOUNTS ETC TO ZCMA                  8

5.  RETIREMENT OF ZCMA                                                       9

6.  REMOVAL OF ZCMA AS MANAGER                                               9

7.  INFORMATION ETC TO BE PROVIDED TO ZCMA PRIOR TO DATE OF APPOINTMENT      9

8.  BACKUP SERVICER STANDBY FEE                                              9

9.  BACKUP SERVICER FEE                                                     10

10. TERMINATION OF THIS AGREEMENT                                           10

11. POWER OF ATTORNEY                                                       10

12. NOTICES                                                                 10

13. CONFIDENTIALITY                                                         11

14. SEVERABILITY                                                            12

15. AMENDMENT TO THIS AGREEMENT                                             12

16. APPROPRIATE LAW                                                         12

17. MISCELLANEOUS                                                           12

18. PERPETUAL'S LIMITATION OF LIABILITY                                     12

SIGNING PAGE                                                                14

--------------------------------------------------------------------------------
                                              Backup Servicer Agreement | page 2

<PAGE>

DETAILS
--------------------------------------------------------------------------------

DATE

PARTIES

Name                  PERPETUAL TRUSTEES VICTORIA LTD ACN 004 027 258
Short form name       PERPETUAL
Notice details        Level 47 9 Castlereagh Street, Sydney
                      Facsimile (02) 9229 9009
                      Attention: Securitisation National Manager

Name                  ZURICH CAPITAL MARKETS AUSTRALIA STRUCTURED FINANCE
                      PTY LTD ACN 095 300 500
Short form name       ZCMA
Notice details        Level 47, 2 Park Street, Sydney, New South Wales
                      Facsimile (02) 9033 3263
                      Attention: Managing Director, Structured Finance and
                      Senior Financial Officer

Name                  INTERSTAR SECURITIES (AUSTRALIA) PTY LTD ACN 087 271 109
Short form name       INTERSTAR
Notice details        Level 28, 367 Collins Street, Melbourne
                      Facsimile (03) 9621 2368
                      Attention: The Managing Director

BACKGROUND

A   Perpetual is the trustee of each Trust.

B   Perpetual, KPMG and Interstar have previously entered into the KPMG Backup
    Servicer Agreement.

C   The parties have agreed that, if Perpetual is entitled to remove
    Interstar as Manager or Servicer in respect of a Trust, it shall
    (subject to this agreement) appoint ZCMA as a replacement in lieu of
    KPMG under the KPMG Backup Servicer Agreement.

--------------------------------------------------------------------------------
                                              Backup Servicer Agreement | page 3

<PAGE>

AGREED TERMS
--------------------------------------------------------------------------------

1.       DEFINED TERMS & INTERPRETATION

1.1      DEFINED TERMS
         In this document the following definitions apply unless there is
         something in the subject or context inconsistent therewith:

         APPROVED CREDIT RATING AGENCY means each credit rating agency which has
         issued a credit rating in relation to a Mortgage Backed Security.

         BACKUP SERVICER FEE means the fee payable to ZCMA during the period of
         appointment in relation to a Trust and being:

         (a)     such fee as agreed upon between ZCMA and Interstar from time to
                 time and notified by Interstar to Perpetual provided that, in
                 no case, shall such fee exceed the Manager's Fee which would
                 otherwise be payable in relation to that trust during the
                 period of appointment; or

         (b)     if no fee is agreed upon as referred to in paragraph (a) - the
                 Manager's Fee payable in relation to that Trust during a period
                 of appointment.

         BACKUP SERVICER STANDBY FEE means:

         (a)     A$1.00 per annum; or

         (b)     such other fee as agreed upon from time to time between ZCMA
                 and Interstar and notified by Interstar to Perpetual.

         BUSINESS DAY means any day, other than a Saturday, Sunday or public
         holiday in Victoria or New South Wales, on which Banks are open for
         business in both Melbourne and Sydney.

         DATE OF APPOINTMENT means, in respect of a Trust, the date upon which
         Perpetual appoints ZCMA as Manager or Servicer in respect of that Trust
         under this agreement.

         DISTRIBUTION DATE means, in relation to a Trust, any 'Distribution
         Date' or 'Payment Date' (as defined in the Trust Deed establishing that
         Trust) or other date on which income of that trust is required to be
         distributed.

         FUTURE TRUST means any trust or arrangement which:

         (a)     establishes a mortgage backed securities program in respect of
                 which Perpetual is the trustee or custodian and Interstar is
                 the Manager; and

        (b)      Perpetual, Interstar and ZCMA declare in writing to be a
                 'Future Trust' for the purposes of this agreement.

         INSOLVENCY EVENT in relation to ZCMA means the happening of any of the
         following events:

         (a)     an administrator of ZCMA is appointed;

         (b)     except for the purpose of a solvent reconstruction or
                 amalgamation:

                 (i)     an application or an order is made, proceedings are
                         commenced, a resolution is passed or proposed in a
                         notice of meeting or an application to a court or other
                         steps (other than frivolous or vexatious applications,
                         proceedings, notices and steps) are taken for:

--------------------------------------------------------------------------------
                                              Backup Servicer Agreement | page 4

<PAGE>

                         (A)  the winding up, dissolution or administration of
                              ZCMA; or

                         (B)  ZCMA entering into an arrangement, compromise or
                              composition with or assignment for the benefit of
                              its creditors or a class of them; or

                 (ii)    ZCMA ceases, suspends or threatens to cease or
                         suspend the conduct of all or substantially all of
                         its business or disposes of or threatens to dispose
                         of substantially all of its assets; or

         (c)     ZCMA is, or under applicable legislation is taken to be, unable
                 to pay its debts (other than as the result of a failure to pay
                 a debt or claim the subject of a good faith dispute) or stops
                 or suspends or threatens to stop or suspend payment of all or a
                 class of its debts);

         (d)      a receiver, receiver and manager or administrator is appointed
                  (by ZCMA or by any other person) to all or substantially all
                  of the assets and undertaking of ZCMA or any part thereof; or

         (e)      anything analogous to an event referred to in paragraphs (a)
                  to (d) (inclusive) or having substantially similar effect,
                  occurs with respect to ZCMA.

         INTERSTAR RD25 MASTER TRUST means the Trust as established under the
         Interstar RD25 Master Trust Deed.

         INTERSTAR RD25 MASTER TRUST DEED means the Deed dated 19 June 1997 made
         between Perpetual and ISS.

         INVESTMENT MANAGEMENT AGREEMENT means:

         (a)      in relation to the Interstar RD25 Master Trust, the Investment
                  Management Agreement dated 19 June 1997 between Interstar and
                  Perpetual;

         (b)      in relation to any Millennium Trust, the Investment Management
                  Agreement dated 3 December 1999 between Interstar and
                  Perpetual; and

         (c)      in relation to a Future Trust, any agreement which Perpetual,
                  Interstar and ZCMA agree in writing to be an 'Investment
                  Management Agreement' for the purposes of this agreement.

         KPMG means KPMG Corporate Finance (Aust) Pty Ltd.

         KPMG BACKUP SERVICER AGREEMENT means the Agreement dated 19 May 1999
         made between Perpetual, Interstar Securities Pty Ltd, KPMG and
         Interstar.

         MANAGER means 'the Manager' or 'Trust Manager' for the time being under
         a Trust Deed (as each such term is defined in the relevant Trust Deed).

         MANAGER'S FEE means, in relation to a Trust:

         (a)      the 'Manager's Fee' or 'Trust Manager's Fee' which is payable
                  from time to time under the Trust Deed establishing that
                  Trust; and

         (b)      any distribution on any 'Residual Income Unit' (as defined in
                  the relevant Trust Deed), or other beneficial interest in any
                  income, of that Trust.

         MILLENNIUM TRUST means any trust constituted under or on the terms of
         the Millennium Trust Deed and agreed by ZCMA and Interstar to be a
         'Millennium Trust' for the purposes of this agreement, and includes:

         (a)      the Millennium Series 1999-1 Trust;

         (b)      the Millennium Series 2000-1 Trust;

         (c)      the Millennium Series 2000-2 Trust;

--------------------------------------------------------------------------------
                                              Backup Servicer Agreement | page 5

<PAGE>

         (d)      the Millennium Series 2000-3E Trust;

         (e)      the Millennium Series 2000-4P Trust;

         (f)      the Millennium Series 2000-5 Trust;

         (g)      the Millennium Series 2001-1C Trust;

         (h)      the Millennium Series 2001-2 Trust;

         (i)      the Millennium Series 2001-3 Trust; and

         (j)      each Warehouse Trust.

         MILLENNIUM TRUST DEED means the Master Trust Deed dated 2 December 1999
         between Interstar and Perpetual.

         MORTGAGE BACKED SECURITY means any unit, note or other security or
         financial instrument which has been issued or provided under any Trust
         Deed.

         NOTE means any 'Note' as defined in the Millennium Trust Deed.

         NOTICE OF CREATION OF TRUST means each Notice of Creation of Trust (as
         defined in the Millennium Trust Deed) creating a Millennium Trust.

         PERIOD OF APPOINTMENT means, in respect of ZCMA's appointment as
         Servicer or Manager for a Trust, the period commencing on and including
         the relevant Date of Appointment in respect of that appointment for
         that Trust and expiring on and including the date upon which ZCMA is
         removed or retires as the Manager or Servicer (as the case may be) of
         that Trust, or this agreement is terminated under clause 10.

         PERSON includes a company, a body corporate, firm or body of persons.

         SERVICER means, in relation to a Trust, the person appointed under the
         Investment Management Agreement for that Trust to act as servicer
         (however so called) in relation to assets of that Trust.

         SERIES NOTICE means each Series Notice (as defined in the Millennium
         Trust Deed) relating to a Millennium Trust.

         SERVICING FEE means, in relation to a Trust, any servicing fee payable
         to the Servicer for that Trust under the relevant Investment Management
         Agreement.

         SERVICER means, in relation to a Trust, the person appointed under the
         Investment Management Agreement for that Trust to act as servicer
         (however called) in relation to assets of that Trust.

         TRUST means any of the following:

         (a)      the Interstar RD25 Master Trust;

         (b)      the Millennium Trusts; or

         (c)      a Future Trust.

         TRUST DEED means any of the following:

         (a)      the Interstar RD25 Master Trust Deed;

         (b)      the Millennium Trust Deed;

         (c)      a Notice of Creation of Trust; or

         (d)      the deed or agreement establishing a Future Trust.

         WAREHOUSE TRUST means any trust or arrangement which Perpetual,
         Interstar and ZCMA declare in writing to be a 'Warehouse Trust' for the
         purposes of this agreement.

--------------------------------------------------------------------------------
                                              Backup Servicer Agreement | page 6

<PAGE>

1.2      Words importing the singular number include the plural and vice versa.

1.3      The masculine gender includes the feminine and neuter genders and the
         neuter gender includes masculine and feminine genders.

1.4      The headings of this agreement shall not affect the construction
         thereof.

2.       APPOINTMENT OF ZCMA

2.1      The parties agree that if Interstar retires or is removed as Manager or
         Servicer or both of a Trust, Perpetual must (subject to clause 2.5)
         promptly notify ZCMA of that retirement or removal and offer that
         appointment to ZCMA.

2.2      If ZCMA receives a notice under clause 2.1, it must within 5 Business
         Days of receipt of that notice advise Perpetual whether:

         (a)      it accepts that appointment; or

         (b)      it does not accept that appointment,

         as Manager, Servicer or both (as the case may be) in respect of the
         relevant Trust. If a notice under clause 2.1 relates to the removal of
         Interstar as both Manager and Servicer of a Trust, ZCMA may accept
         appointment as either or both Manager and Servicer of that Trust, in
         its absolute discretion. ZCMA is not obliged to accept an appointment
         offered to it by Perpetual under clause 2.1.

2.3      If ZCMA advises Perpetual under clause 2.2(b) that it does not accept
         appointment as Manager and/or Servicer in respect of the relevant
         Trust, Perpetual may (subject to the relevant Trust Deed and other
         documents relating to the relevant Trust) appoint any other person as
         Manager and/or Servicer in respect of the relevant Trust (including
         KPMG under the KPMG Backup Servicer Agreement).

2.4      If ZCMA advises Perpetual under clause 2.2(a) that it accepts
         appointment as Manager and/or Servicer in respect of the relevant
         Trust, then ZCMA will act as the Manager and/or Servicer (as the case
         may be) of that Trust for the period from the Date of Appointment for
         that Trust until the date upon which ZCMA retires or is removed as the
         Manager and/or Servicer (as the case may be) in accordance with this
         agreement.

2.5      Perpetual must not appoint ZCMA as the new Manager and/or Servicer of a
         Trust unless:

         (a)     where that Trust has an Approved Credit Rating Agency, each
                 such Approved Credit Rating Agency has confirmed in writing to
                 Perpetual that such appointment will not have an adverse
                 effect upon the credit rating issued by that Approved Credit
                 Rating Agency in relation to any Mortgage Backed Securities
                 issued by that Trust; or

         (b)     where that Trust is a Warehouse Trust, the appointment would
                 not cause an event of default or acceleration or termination
                 event (however called) under or in relation to any relevant
                 financial accommodation (actual or contingent) provided to the
                 Trustee as trustee of that Trust;

         (c)     in the case of an appointment of ZCMA as Manager, Perpetual is
                 of the opinion that:

                 (i)      the appointment of ZCMA as Manager will not
                          materially prejudice the interests of the holders of
                          Mortgage Backed Securities issued by that Trust; and

                 (ii)     ZCMA is a suitably qualified party to act as Manager.

--------------------------------------------------------------------------------
                                              Backup Servicer Agreement | page 7

<PAGE>

2.6      Notwithstanding the Trust Deed, Series Notice or Investment Management
         Agreement for a Trust, if ZCMA is appointed as Manager or Servicer of
         that Trust, ZCMA may delegate all or any of its obligations as Manager
         or Servicer (as the case may be) to any person, provided that ZCMA will
         remain liable for the acts and omissions of such delegates.

2.7      In consideration of Perpetual entering into this agreement, ZCMA agrees
         to pay Perpetual a once only fee of $200.

3.       ZCMA TO OBSERVE PROVISIONS

3.1      Upon the appointment of ZCMA as:

         (a)     Manager of a Trust, ZCMA shall be bound by and observe and
                 administer the rights, obligations and discretions conferred on
                 the Manager under the Trust Deed and, if relevant, the Series
                 Notice for that Trust as if ZCMA was named in that Trust Deed
                 and, if relevant, Series Notice as the original Manager and was
                 a party to that Trust Deed and, if relevant, Series Notice in
                 lieu of Interstar; or

         (b)     Servicer of a Trust, ZCMA shall be bound by and observe and
                 administer the rights, obligations and discretions conferred on
                 the Servicer under any Investment Management Agreement relating
                 to that Trust as if ZCMA was named in that Investment
                 Management Agreement as the original Servicer and was a party
                 to that Investment Management Agreement in lieu of Interstar.

3.2      In the case of the appointment of ZCMA as:

         (a)      Manager under:

                  (i)     the Interstar RD25 Master Trust, ZCMA shall execute
                          any deed as required under clause 24(7) of the
                          Interstar RD25 Master Trust Deed; and

                  (ii)     the Millennium Trusts, ZCMA shall execute any deed as
                           required under clause 19.8 of the Millennium Trust
                           Deed; or

         (b)      Servicer for a Trust, ZCMA shall execute any deed or agreement
                  required under the relevant Investment Management Agreement to
                  effect that appointment,

         in each case at Interstar's cost or, failing payment by Interstar, at
         the Trustee's cost (in its capacity as trustee of the relevant Trust,
         and not in its personal capacity).

4.       INTERSTAR AND PERPETUAL TO PROVIDE ACCOUNTS ETC TO ZCMA

         Upon the appointment of ZCMA as Manager and/or Servicer of a Trust:

         (a)     Interstar shall immediately provide to ZCMA all accounts,
                 books, documents, records or other property whatsoever relating
                 to that Trust which are in Interstar's possession or control
                 and ZCMA shall be authorised to enter upon the premises of
                 Interstar for the purpose of inspecting or collecting such
                 accounts, books, documents or records and other property; and

         (b)     Perpetual shall promptly arrange for the preparation of and
                 provide to ZCMA such accounts or information in relation to
                 that Trust as reasonably required by ZCMA which are in
                 possession or control of Perpetual to enable ZCMA to fulfil its
                 duties, obligations and discretions as Manager and/or Servicer
                 (as the case may be) of that Trust.

--------------------------------------------------------------------------------
                                              Backup Servicer Agreement | page 8

<PAGE>

5.       RETIREMENT OF ZCMA

         ZCMA may retire as Manager and/or Servicer of a Trust at any time in
         accordance with the relevant Trust Deed, Series Notice or Investment
         Management Agreement for that Trust (as the case may be).

6.       REMOVAL OF ZCMA AS MANAGER

         The Trustee may only remove ZCMA as Manager of a Trust in accordance
         with those provisions of the Trust Deed or that Trust which entitle
         Perpetual to remove a Manager.

7.       INFORMATION ETC TO BE PROVIDED TO ZCMA PRIOR TO DATE OF APPOINTMENT

         Prior to the Date of Appointment in respect of a Trust, Interstar
         shall:

         (a)     promptly provide to ZCMA all information (including copies of
                 all books, records and accounts) in relation to that Trust as
                 reasonably required by ZCMA from time to time to assist ZCMA in
                 becoming or remaining familiar with the systems, procedures and
                 management of that Trust;

         (b)     upon reasonable notice, make all senior management staff of
                 Interstar available for interview by ZCMA on matters associated
                 with systems, procedures and management of that Trust; and

         (c)     include ZCMA or an officer of ZCMA as an authorised signatory
                 to obtain access to any safety deposit facility of Interstar in
                 which backup computer data files in relation to that Trust are
                 stored.

8.       BACKUP SERVICER STANDBY FEE

8.1      In consideration of ZCMA agreeing to make itself available to act as
         Manager and/or Servicer of each Trust, Interstar shall, during the
         period prior to the Date of Appointment in relation to a Trust, pay to
         ZCMA the Backup Servicer Standby Fee applicable for that Trust.

8.2      The Backup Servicer Standby Fee shall be due and payable by Interstar
         to ZCMA on 31 December in each year or at such other times as agreed
         upon from time to time between Interstar and ZCMA and notified to
         Perpetual.

8.3      In the event of Interstar failing to pay to ZCMA a Backup Servicer
         Standby Fee for a Trust on the due date for payment then, subject to
         ZCMA giving written notice to Perpetual:

         (a)      that the Backup Servicer Standby Fee has not been paid on the
                  due date; and

         (b)      of the amount of the outstanding Backup Servicer Standby Fee,

         Perpetual shall deduct such outstanding amount from the next Manager's
         Fee otherwise payable to Interstar in respect of that Trust and pay
         that outstanding amount to ZCMA.

8.4      In the event of ZCMA having been appointed as Manager and/or Servicer
         to only one or more (but not all) of the Trusts then ZCMA shall still
         be entitled to receive a Backup Servicer Standby Fee in relation to the
         Trust or Trusts in respect of which ZCMA has not yet been appointed as
         a Manager (as the case may be).

--------------------------------------------------------------------------------
                                              Backup Servicer Agreement | page 9

<PAGE>

9.       BACKUP SERVICER FEE

         In consideration of ZCMA acting as:

         (a)     Manager of a Trust during the Period of Appointment in respect
                 of that Trust, Perpetual shall, on each Distribution Date for
                 that Trust, pay the amount of the Backup Servicer Fee then
                 payable to ZCMA in respect of that Trust by way of deducting
                 that amount from the Manager's Fee payable on that Distribution
                 Date; and

         (b)     Servicer of a Trust, Perpetual shall pay the Servicer Fee for
                 that Trust to ZCMA.

10.      TERMINATION OF THIS AGREEMENT

         (a)     This agreement may be terminated at any time prior to the Date
                 of Appointment for any Trust by ZCMA giving written notice to
                 that effect to Interstar and Perpetual.

         (b)     On termination of this agreement:

                 (i)     Interstar shall pay any outstanding Backup Servicer
                         Standby Fee to ZCMA for the period until the date of
                         termination; and

                 (ii)    on the date of termination, ZCMA shall return to
                         Perpetual and Interstar all books, records, accounts
                         and other information of whatever nature held by ZCMA
                         in relation to the Trust.

11.      POWER OF ATTORNEY

11.1     For the purposes of enabling ZCMA more readily to exercise its rights
         and powers under this agreement, Interstar hereby appoints ZCMA and
         each Director and Secretary of ZCMA severally as and to be the true and
         lawful attorney of Interstar and on Interstar's behalf and in
         Interstar's name or otherwise to:

         (a)      execute all such documents; and

         (b)      do all such acts and things,

         as Interstar may be bound hereunder to so execute or do or as may be
         expedient or required by ZCMA for the full exercise of all or any of
         the rights or remedies of ZCMA under this agreement or for achieving
         the objective set out in this agreement or for carrying into effect,
         completing or facilitating anything done or proposed to be done by the
         said attorney hereunder.

11.2     Interstar hereby ratifies and confirms and agrees to ratify and confirm
         whatsoever the said attorney may so execute or do.

11.3     Until this agreement is terminated, the powers conferred by this clause
         shall be irrevocable.

12.      NOTICES

12.1     All notices or other communications required to be given or served upon
         any party hereunder ('Recipient') shall, subject as hereinafter
         provided, be in writing and delivered, transmitted by facsimile or sent
         by registered or certified mail to the following addresses:

--------------------------------------------------------------------------------
                                             Backup Servicer Agreement | page 10

<PAGE>

         (a)      if to Perpetual to it at:

                         Attention:  Securitisation National  Manager

                                     Perpetual Trustees Victoria Ltd

                         Address:    Level 7, 9 Castlereagh StreetSydney  2000

                         Facsimile:  (02) 9229 9009

         (b)      if to Interstar to it at:

                         Attention:  The Managing Director
                                     Interstar Securities (Australia) Pty Ltd

                         Address:    Level 28, 367 Collins Street, Melbourne
                                     3000

                         Facsimile:  (03) 9621 2368

         (c)      if to ZCMA to it at:

                         Attention:  Managing Director, Structured Finance and
                                     Senior Financial Officer

                                     Zurich Capital Markets Australia Structured
                                     Finance Pty Ltd

                         Address:    Level 47, 2 Park Street, Sydney, New South
                                     Wales

                         Facsimile: (02) 9033 3263

         or at such other address or facsimile number or marked for the
         attention of such other person as may from time to time be notified in
         writing by one party to the other.

12.2     Notices given by facsimile shall be deemed to have been served if the
         transmission report states that it was sent in full and without error
         to the facsimile number of the recipient. Any notice forwarded by mail
         shall only be deemed to have been validly given upon the actual receipt
         of that notice by the Recipient.

13.      CONFIDENTIALITY

         ZCMA agrees for itself, its servants and agents (including its legal
         representatives) that the terms and substance of this agreement and all
         matters associated with and relating to this agreement and the Trust
         shall be confidential and not be disclosed to any other Person under
         any circumstances whatsoever without the written consent of Interstar
         first had and obtained save for such disclosure:

         (a)     as may be required by law or any administrative guideline,
                 directive, request or policy whether or not having the force of
                 law, and the observance of which is in accordance with the
                 practice of responsible persons similarly situated;

         (b)     to the legal counsel, auditors, accountants and other
                 professional advisers of ZCMA;

         (c)     to the Australian Taxation Office;

         (d)     in any legal proceedings arising out of or in connection with
                 this agreement; and

         (e)     if the information is generally and publicly available,
                 otherwise than as a result of a failure to observe obligations
                 under this clause 13.

--------------------------------------------------------------------------------
                                             Backup Servicer Agreement | page 11

<PAGE>

14.      SEVERABILITY

         If any provision or provisions of this agreement are held to be
         invalid, illegal or unenforceable for any reason whatsoever including,
         without limitation, any breach or infringement of the Trade Practices
         Act 1974 as amended, then such provision, provisions or part thereof as
         is invalid, illegal or unenforceable shall be severed but the validity,
         legality and enforceability of the remaining provisions shall not in
         any way be effected or impaired thereby and this agreement shall be
         construed without reference to such severed parts or provisions.

15.      AMENDMENT TO THIS AGREEMENT

         Perpetual, Interstar and ZCMA may, by an agreement in writing
         supplemental hereto and with the written consent of each Approved
         Credit Rating Agency, amend, vary or add to this agreement.

16.      APPROPRIATE LAW

         This agreement shall be construed in accordance with and governed by
         the law of the State of Victoria and the parties hereto submit to the
         jurisdiction of the Victorian Courts including all courts of appeal
         therefrom.

17.      MISCELLANEOUS

17.1     Each party hereby undertakes to sign and execute and do and perform all
         such other documents, instruments, writings, acts, matters and things
         as may be necessary or desirable to give effect to this agreement.

17.2     No waiver by any party of any default or strict or literal performance
         of or compliance with any provision or requirement herein contained
         shall be deemed to be a waiver of strict and literal performance of and
         compliance with any other provisions, term, condition or requirement
         herein contained nor to be a waiver of or in any manner a release of
         any party from strict compliance with any provision, term or
         requirement in the future. Nor shall any delay or omission of any party
         to exercise any right hereunder in any matter impair the exercise of
         any right accruing to it thereafter.

17.3     Nothing herein contained shall be deemed or construed by the parties
         hereto or by any other persons creating the relationship of partnership
         or of principal and agent.

17.4     None of the terms and conditions or any act, matter or thing done under
         or by virtue of or in connection with this agreement shall operate as a
         merger of any of the rights and remedies of the parties in or under
         this agreement but such rights and remedies shall, at all times,
         continue in full force an effect.

18.      PERPETUAL'S LIMITATION OF LIABILITY

         (a)     Perpetual enters into this agreement only in its capacity as
                 trustee of each Trust and in no other capacity. A liability
                 arising under or in connection with this agreement is limited
                 to and can be enforced against Perpetual only to the extent to
                 which it can be satisfied out of property of the relevant Trust
                 out of which Perpetual is actually indemnified for the
                 liability. This limitation of Perpetual's liability applies
                 despite any other provision of this agreement and extends to
                 all liabilities and obligations of Perpetual in any way
                 connected with any representation, warranty, conduct, omission,
                 agreement or transaction related to this agreement.

--------------------------------------------------------------------------------
                                             Backup Servicer Agreement | page 12

<PAGE>

         (b)     The parties, other than Perpetual, may not sue Perpetual in any
                 capacity other than as trustee of the relevant Trust, including
                 seek the appointment of a receiver (except in relation to
                 property of the Trust) a liquidator, an administrator or any
                 similar person to Perpetual or prove in any liquidation,
                 administration or arrangement of or affecting Perpetual (except
                 in relation to property of the Trust).

         (c)      The provisions of this clause 18 shall not apply to any
                  obligation or liability of Perpetual to the extent that it is
                  not satisfied because, under the trust deeds establishing the
                  Trusts or by operation of law, there is a reduction in the
                  extent of Perpetual's indemnification out of the assets of the
                  Trusts as a result of Perpetual's fraud, negligence or breach
                  of trust. For these purposes, it is agreed that Perpetual
                  cannot be regarded as being fraudulent, negligent or in breach
                  of trust to the extent to which any failure by Perpetual to
                  satisfy its obligations under this agreement has been caused
                  or contributed to by a failure by the Manager or any other
                  person to fulfil its obligations in relation to the Trusts or
                  any other act or omission of that Manager or any other person.

--------------------------------------------------------------------------------
                                             Backup Servicer Agreement | page 13

<PAGE>

SIGNING PAGE
--------------------------------------------------------------------------------

EXECUTED as an agreement

Signed in my presence of and on behalf of PERPETUAL        )
TRUSTEES VICTORIA LTD by its Attorneys                     )
                                                           )
                                                           )
and                                                        )
                                                           )
                                                           )
who are personally known to me and each of whom declares   )
that he/she has been duly appointed by the Board of        )
Directors of that company as an Attorney of the company    )
for the purposes of the Power of Attorney                  )
dated                                                      )
and he/she has no notice of revocation of his/her powers   )
thereunder                                                 )
                                                           )

------------------------------------
Signature of Witness                      --------------------------------------
                                          Signature of Attorney

------------------------------------
Full name of Witness                      --------------------------------------
                                          Signature of Attorney

THE COMMON SEAL of INTERSTAR SECURITIES (AUSTRALIA) PTY LTD is fixed to this
document in accordance with its constitution in the presence of

                                  <---                                      <---

-----------------------------------   ------------------------------------------
Signature of director                 Signature of director/company secretary
                                      (Please delete as applicable)

-----------------------------------   ------------------------------------------
Name of director (print)              Name of director/company secretary (print)

--------------------------------------------------------------------------------
                                             Backup Servicer Agreement | page 14

<PAGE>

THE COMMON SEAL of ZURICH CAPITAL MARKETS AUSTRALIA STRUCTURED FINANCE PTY LTD
is duly affixed and witnessed by

                                  <---                                      <---

-----------------------------------   ------------------------------------------
Signature of director                 Signature of director/company secretary
                                      (Please delete as applicable)

-----------------------------------   ------------------------------------------
Full name (print)                     Full name (print)

-----------------------------------   ------------------------------------------
Usual address (print)                 Usual address (print)

--------------------------------------------------------------------------------
                                             Backup Servicer Agreement | page 15

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00040-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00040-of-00352.parquet"}]]