Document:

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                                   Exhibit 4.2

                                Series Supplement

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                                                                     EXHIBIT 4.2

                                                     [LETTERHEAD OF CLAYTON UTZ]

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Commonwealth Bank of Australia
ABN 48  123 123 124
The Servicer and a Seller

Homepath Pty Limited
ABN 35 081 986 530
A Seller

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

Perpetual Trustee Company Limited
ABN 42 000 001 007
Trustee

Series  2002-1G Medallion Trust
Series Supplement

                          [LETTERHEAD OF CLAYTON UTZ]

                                     Lawyers
          Levels 23-35 No.1 O'Connell Street Sydney NSW 2000 Australia
            PO Box H3 Australia Square Sydney NSW 1215 DX 370 Sydney
                    Tel + 61 2 9353 4000 Fax + 61 2 9251 7832
                Our ref - 801/784/21697903 Contact - Ben Sandstad

            Sydney o Melbourne o Brisbane o Perth o Canberra o Darwin

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

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<TABLE>
Table of Contents
<S>                                                                                                         <C>
1.  Definitions and interpretation.......................................................................    1

    1.1         Definitions..............................................................................    1
    1.2         Interpretation...........................................................................   34
    1.3         Master Trust Deed Definitions............................................................   36
    1.4         Business Day Convention..................................................................   36
    1.5         Master Trust Deed Inconsistency..........................................................   36
    1.6         Exclusion of Master Trust Deed Definitions and Provisions................................   36
    1.7         Support Facilities.......................................................................   38
    1.8         Security Trust Deed......................................................................   39
    1.9         Nominated Seller and Nominated Servicer..................................................   39
    1.10        Binding on Securityholders and the Residual Unitholder...................................   39
    1.11        Relationship between Trustee and Securityholders.........................................   39
    1.12        Incorporated Definitions and other Transaction Documents and provisions..................   39
    1.13        Indemnity from Homepath..................................................................   39

2.  The CBA Trust........................................................................................   40

    2.1         Constitution of CBA Trust................................................................   40
    2.2         Declaration of Trust for the CBA Trust...................................................   40
    2.3         Name of the CBA Trust....................................................................   40
    2.4         Entitlement of Sellers to the CBA Trust..................................................   40
    2.5         Bare Trust...............................................................................   40
    2.6         Duration of the CBA Trust................................................................   40
    2.7         Early Termination of the CBA Trust.......................................................   40
    2.8         Dealing with CBA Trust Assets............................................................   40
    2.9         Proceeds.................................................................................   41
    2.10        CBA Trust Assets Not Part of Assets of the Series Trust..................................   41
    2.11        Shared Securities........................................................................   41
    2.12        Trustee's Duties.........................................................................   41
    2.13        Substitute Trustee.......................................................................   42
    2.14        Transfer of the CBA Trust Assets to Sellers on termination of CBA Trust..................   42
    2.15        Seller Indemnity.........................................................................   42
    2.16        Limitation of Liability..................................................................   43

3.  Unit in the Series Trust.............................................................................   43

    3.1         Beneficial Interest Represented by a Single Unit.........................................   43
    3.2         Initial Holder of the Residual Unit......................................................   43
    3.3         Registration of CBA as Initial Residual Unitholder.......................................   43
    3.4         Form of Unit Certificate.................................................................   43
    3.5         Form of Unit Transfer....................................................................   43
    3.6         Additional Capital Subscription..........................................................   43
    3.7         No Other Relationship....................................................................   43

4.  Assignment of Mortgage Loan Rights...................................................................   44

    4.1         Approved Financial Assets of the Series Trust............................................   44
    4.2         Sale Notice..............................................................................   44
    4.3         Requirements of Sale Notice..............................................................   44
    4.4         Mortgage Loan Schedule...................................................................   44
    4.5         Sale Notice Constitutes an Offer.........................................................   45
    4.6         Sale Notice Revocable....................................................................   45
    4.7         Acceptance of Offer......................................................................   45
    4.8         Timing of Acceptance.....................................................................   45
    4.9         Seller Not Obliged to Make, and Trustee Not Obliged to Accept,
</TABLE>

                                                                               i

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<TABLE>
<S>                                                                                                         <C>
                Offer....................................................................................   46
    4.10        Can Only Accept all Mortgage Loan Rights in Loan Pool....................................   46
    4.11        Effect of Acceptance.....................................................................   46
    4.12        Sale in Equity Only......................................................................   46
    4.13        Sale Not to Amount to Assumption of Obligations..........................................   46
    4.14        Future Advances..........................................................................   47
    4.15        Future Receivables.......................................................................   47
    4.16        Power to Acquire Mortgage Loans in Arrears...............................................   47
    4.17        Trustee Bound by Priority Agreements.....................................................   47

5.  The Securities.......................................................................................   47

    5.1         Securities divided into Classes..........................................................   47
    5.2         Form, constituent documents and denomination of the Securities...........................   47
    5.3         Trustee must Issue the Notes.............................................................   48
    5.4         Issue of Redraw Bonds....................................................................   48
    5.5         Initial Invested Amount of the Securities................................................   48
    5.6         Interest on the Securities...............................................................   48
    5.7         Redemption of the Securities.............................................................   49
    5.8         Interest on Overdue Interest on the Securities...........................................   49
    5.9         Rounding of Payments on the Securities...................................................   50
    5.10        Securities Rank Equally Except for Special Rights........................................   50
    5.11        Transfer of Securities...................................................................   50

6.  Conditions precedent to acceptance of Sale Notice and issue of Notes.................................   50

    6.1         General Conditions Precedent.............................................................   50
    6.2         Other Conditions Precedent...............................................................   53
    6.3         No Liability for Insufficient Moneys.....................................................   53
    6.4         Manager's Certificate....................................................................   53

7.  Division of Mortgage Loan Rights between the CBA Trust and the Series Trust..........................   54

    7.1         CBA Trust Assets.........................................................................   54
    7.2         Mortgages and First Layer of Collateral Securities.......................................   54
    7.3         Treatment of Shared Securities...........................................................   55
    7.4         Trustee's duties.........................................................................   55
    7.5         Upon Repayment of Mortgage Loan Trustee Holds for CBA Trust..............................   55
    7.6         Application Where 2 Mortgage Loans.......................................................   56
    7.7         Costs....................................................................................   56
    7.8         Alternative Structure....................................................................   56

8.  Determinations by the Manager........................................................................   56

    8.1         Applications and payments on Distribution Dates..........................................   56
    8.2         Insufficient principal to meet Seller Advances...........................................   57
    8.3         Gross Income Shortfall...................................................................   57
    8.4         Insufficient principal to meet Seller Advances and Standby Redraw Facility
                Principal................................................................................   57
    8.5         Netting of Seller Advances and Standby Redraw Facility Advances..........................   58
    8.6         Cash Advance Deposit.....................................................................   58
    8.7         Break Costs and Break Benefits...........................................................   58
    8.8         Interest Rate Swap Provider Deposit......................................................   59

9.  Chargeoffs...........................................................................................   59

    9.1         Allocation of Principal Chargeoffs.......................................................   59
    9.2         Allocation of Principal Chargeoff Reimbursements.........................................   60
</TABLE>

                                                                              ii

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<TABLE>
<S>                                                                                                         <C>
    9.3         Loss Recoveries..........................................................................   60

10. Payments on Distribution Dates by Trustee............................................................   61

    10.1        Payment of Accrued Interest Adjustment on first Distribution Date........................   61
    10.2        Application of the Available Income Amount on each Distribution Date.....................   61
    10.3        Application of the Available Principal Amount on each Distribution Date..................   62
    10.4        Payment of Interest on the Class A-1 Notes...............................................   63
    10.5        Repayment of Principal on the Securities.................................................   63
    10.6        Repayment of Principal on the Class A-1 Notes............................................   64
    10.7        Inability to Comply with Order of Priority...............................................   64
    10.8        No Payment in respect of Obligations ranking Equally or after Class A-1
                Notes if no payment made to Currency Swap Provider.......................................   64
    10.9        Payments in respect of A$ Securities.....................................................   64

11. Net Tax Income of the Series Trust...................................................................   64

    11.1        Net Tax Income of the Series Trust absolutely vested in the Residual
                Unitholder...............................................................................   64
    11.2        Excess Distribution......................................................................   65

12. Early Termination of Swaps...........................................................................   65

    12.1        Early Termination of a Swap..............................................................   65
    12.2        Servicer to Adjust Mortgage Interest Saver Accounts and Mortgage Rates if
                Basis Swap Terminated....................................................................   66
    12.3        Determination of Threshold Rate..........................................................   66
    12.4        Trustee to set Mortgage Rate.............................................................   67

13. Representations and warranties regarding Mortgage Loans..............................................   67

    13.1        Seller's Representations and Warranties..................................................   67
    13.2        Trustee need not Test Warranties.........................................................   69

14. Breach of representations and warranties.............................................................   69

    14.1        Manager or Seller Becomes Aware of Incorrect Representations or Warranties...............   69
    14.2        If Trustee Becomes Aware of Incorrect Representations or Warranties......................   69
    14.3        Remedy of Defaults during Prescribed Period..............................................   70
    14.4        Holding for CBA Trust during Prescribed Period...........................................   70
    14.5        Costs....................................................................................   71
    14.6        Payment..................................................................................   71
    14.7        Limitation on Rights of Trustee During Prescribed Period.................................   71
    14.8        Limit of Seller's Liability for Mortgage Loans...........................................   71
    14.9        CBA's Liability for Damages After Prescribed Period......................................   71
    14.10       Discharge of obligations.................................................................   72
    14.11       Fraud....................................................................................   72
    14.12       Trustee's Reliance.......................................................................   72

15. Seller's general undertakings........................................................................   72

    15.1        General Undertakings.....................................................................   72
    15.2        Seller not bound by Undertaking..........................................................   73
    15.3        Termination of Mortgage Interest Saver Accounts..........................................   74
    15.4        Gross Up for Mortgage Interest Saver Accounts............................................   74

16. Servicing of Mortgage Loan Rights....................................................................   74

    16.1        Appointment of Servicer..................................................................   74
</TABLE>

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<TABLE>
<S>                                                                                                         <C>
    16.2        Obligation to Act as Servicer until Termination of Appointment...........................   74
    16.3        General Servicing Obligation.............................................................   74
    16.4        Power to Service.........................................................................   74
    16.5        Exercise of Discretions..................................................................   75
    16.6        Servicer's Undertaking Regarding Mortgage Loan Rights....................................   75
    16.7        Interest Rates on Mortgage Loans.........................................................   77
    16.8        Release or Substitution of Security......................................................   77
    16.9        Variation or Relaxation of Terms of Mortgage Loans.......................................   77
    16.10       Release of Debt..........................................................................   77
    16.11       Waivers, Releases and Compromises........................................................   78
    16.12       Consent to subsequent Security Interests.................................................   78
    16.13       Consent to Leases etc....................................................................   78
    16.14       Relief under Binding Provision or on Order of Competent Authority........................   78
    16.15       Litigation...............................................................................   79
    16.16       Enforcement Action.......................................................................   79
    16.17       Incurring Additional Expenses............................................................   80
    16.18       Mortgage Insurance and Insurance Policy Claims...........................................   80
    16.19       Insurance Policy Proceeds................................................................   80
    16.20       Seller Advances..........................................................................   80
    16.21       Restrictions on Seller Advances..........................................................   81
    16.22       Servicer's Actions Binding on Trustee....................................................   81
    16.23       Servicer to Pay its Own Expenses.........................................................   82
    16.24       Servicer to transmit information to Manager..............................................   82
    16.25       Proposed amendments to Servicing Guidelines..............................................   82
    16.26       Further Servicer Undertakings............................................................   82
    16.27       Servicer holding Assets of the Series Trust..............................................   85
    16.28       Servicer's Power to Delegate.............................................................   85
    16.29       Servicer May Replace or Suspend Attorneys................................................   85
    16.30       Servicer Remains Liable..................................................................   85

17. Servicer's responsibilities and indemnities..........................................................   85

    17.1        Not Liable Where Action Unlawful.........................................................   85
    17.2        Limitation on Servicer's Responsibility..................................................   86
    17.3        Servicer's Liability.....................................................................   86

18. Servicer Default and retirement of Servicer..........................................................   87

    18.1        Servicer Default.........................................................................   87
    18.2        Retirement of Servicer...................................................................   88
    18.3        Notice to Securityholders................................................................   88
    18.4        Removal of Servicer......................................................................   88
    18.5        Retirement of Servicer...................................................................   88
    18.6        When appointment of Substitute Servicer effective........................................   88
    18.7        Trustee to Act as Servicer...............................................................   88
    18.8        Trustee May Give Discharges..............................................................   89
    18.9        Servicer May Accept Payment..............................................................   89
    18.10       Servicer and Manager to Provide Full Co-operation........................................   89
    18.11       Indemnity................................................................................   89
    18.12       No Liability for Servicer Default........................................................   89

19. Remuneration of Manager, Trustee, Servicer and Security Trustee......................................   89

    19.1        Management Fee...........................................................................   89
    19.2        Arranging Fee............................................................................   89
    19.3        Trustee's Fee............................................................................   90
    19.4        Servicer's Fee...........................................................................   90
    19.5        Security Trustee's Fees and Expenses.....................................................   90
    19.6        Goods and Services Tax..................................................................    90
</TABLE>

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<TABLE>
<S>                                                                                                        <C>
    19.7        Adjustments to fees.....................................................................    90

20. Manager Default.....................................................................................    92

21. Representations and warranties......................................................................    93

    21.1        General Representations and Warranties by the Seller and the Servicer...................    93
    21.2        Repetition of Representations and Warranties............................................    94

22. Collections Account and investment..................................................................    94

    22.1        Collections Account.....................................................................    94
    22.2        Initial Collections Account.............................................................    94
    22.3        Replacement of Collections Account......................................................    95
    22.4        Deposits into Collections Account within 5 Business Days................................    95
    22.5        While Collections Account with Commonwealth Bank........................................    95
    22.6        Withdrawals from Collections Accounts...................................................    96
    22.7        All Transactions through Collections Account............................................    96
    22.8        Title to and Control of Collections Account.............................................    96
    22.9        No Deductions by Servicer...............................................................    96
    22.10       Prepayments under Liquidity Facility....................................................    96
    22.11       Servicer May Retain Income from Collections.............................................    97
    22.12       Bank Account Taxes......................................................................    97
    22.13       Opening of additional accounts where Collections Account is with an
                Eligible Depository.....................................................................    97

23. Clean-up and extinguishment.........................................................................    98

    23.1        Notification of Trigger Event by Manager to CBA.........................................    98
    23.2        Response by CBA.........................................................................    98
    23.3        Determination of Clean-Up Settlement Date...............................................    98
    23.4        Clean-Up Settlement Price...............................................................    98
    23.5        Payment of Clean-Up Settlement Price....................................................    99
    23.6        Effect of Payment of Clean-Up Settlement Price..........................................    99
    23.7        Costs...................................................................................    99
    23.8        Alternative Structure...................................................................   100
    23.9        Alternative Funding Arrangements to Permit Redemption...................................   100

24. Perfection of Title.................................................................................   100

    24.1        Perfection of Title Event...............................................................   100
    24.2        Declaration of Perfection of Title Event................................................   101
    24.3        Perfection of Title.....................................................................   101
    24.4        Trustee to lodge Caveats................................................................   101
    24.5        Trustee to hold Legal Title or lodge Caveats............................................   101
    24.6        Powers of Attorney......................................................................   102
    24.7        Other Loans.............................................................................   102
    24.8        Indemnity...............................................................................   102

25. Servicer as Custodian of the Mortgage Loan documents................................................   102

    25.1        Servicer as Custodian...................................................................   102
    25.2        Application of the Balance of this Clause...............................................   102
    25.3        Servicer's Covenants as Custodian.......................................................   102
    25.4        Servicer's Update of Computer Diskette..................................................   103
    25.5        Servicer's Indemnity in respect of Incorrect Information on Computer
                Diskette................................................................................   103
    25.6        Document Custody Audit Report...........................................................   103
    25.7        Details of Document Custody Audit Report................................................   103
    25.8        Document Custody Audit Report...........................................................   104
    25.9        Timing of Document Custody Audit Reports................................................   105
</TABLE>

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<TABLE>
<S> <C>                                                                                                    <C>
    25.10       Adverse Document Custody Audit Report...................................................   105
    25.11       Document Transfer Event.................................................................   105
    25.12       Failure to comply with clause 25.11.....................................................   105
    25.13       Emergency Document transfer.............................................................   106
    25.14       Exceptions to Transfer..................................................................   106
    25.15       Indemnity by the Servicer...............................................................   107
    25.16       Trustee to co-operate with Servicer.....................................................   107
    25.17       Specific performance....................................................................   107
    25.18       Trustee's Duty While Holding Mortgage Documents.........................................   107
    25.19       Reappointment of Servicer as Custodian..................................................   107

26. Termination of the Series Trust.....................................................................   107

    26.1        Potential Termination Events............................................................   107
    26.2        Determination of Termination Payment Date...............................................   108
    26.3        Realisation of Assets...................................................................   108
    26.4        Conditions of Sale During 180 days......................................................   109
    26.5        Right of Refusal to Seller..............................................................   109
    26.6        Sale at Lower Price.....................................................................   109
    26.7        Conditions of Sale After 180 days.......................................................   110
    26.8        Further Conditions of Sale After 180 days...............................................   110
    26.9        Procedures Pending Winding-Up...........................................................   110
    26.10       Costs on Winding-up of the Series Trust.................................................   111
    26.11       Calculation of Final Distributions......................................................   111
    26.12       Final Distributions.....................................................................   111
    26.13       Insufficient Funds......................................................................   111
    26.14       Excess Funds............................................................................   111
    26.15       Distribution to Residual Unitholder in Specie...........................................   111
    26.16       Terms of In Specie Distributions........................................................   112

27. General.............................................................................................   112

    27.1        Required Credit Rating..................................................................   112
    27.2        Distribution of information.............................................................   112
    27.3        Electronic Reporting of Pool Performance Data...........................................   112
    27.4        Claim for Damages.......................................................................   112
    27.5        Allocation of Damages...................................................................   113
    27.6        Additional Expenses.....................................................................   113
    27.7        Form of Transfers and Certificates......................................................   113
    27.8        Incur Costs Without Approval............................................................   113
    27.9        Adverse Effect..........................................................................   113
    27.10       Notification to Rating Agencies of Redemption of Securities.............................   114
    27.11       Further Support Facilities..............................................................   114
    27.12       Supplementary Trustee Powers............................................................   114
    27.13       Trustee's power to delegate.............................................................   115

28. Limitation of Trustee's duties......................................................................   115

    28.1        Trustee May Rely........................................................................   115
    28.2        No Duty to Investigate..................................................................   115
    28.3        Trustee not Liable......................................................................   115

29. Trustee's limitation of liability...................................................................   116

    29.1        Limitation on Trustee's liability.......................................................   116
    29.2        Claims against Trustee..................................................................   116
    29.3        Breach of trust.........................................................................   116
    29.4        Acts or Omissions.......................................................................   116
    29.5        No obligation...........................................................................   116
    29.6        CBA Trust...............................................................................   116
</TABLE>

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<TABLE>
<S> <C>                                                                                                    <C>
30. Consumer Credit Code................................................................................   117

    30.1        Breach of Consumer Credit Code..........................................................   117
    30.2        Right of Indemnity - Consumer Credit Code...............................................   117

31. Notices.............................................................................................   118

    31.1        Method of Delivery......................................................................   118
    31.2        Deemed Receipt..........................................................................   118
    31.3        Notice to Investors.....................................................................   118

32. Confidentiality.....................................................................................   119

    32.1        General Restriction.....................................................................   119
    32.2        Exceptions..............................................................................   119

33. Miscellaneous.......................................................................................   119

    33.1        Amendments..............................................................................   119
    33.2        Governing Law...........................................................................   120
    33.3        Jurisdiction............................................................................   120
    33.4        Notify Rating Agencies..................................................................   120
    33.5        Severability of Provisions..............................................................   120
    33.6        Counterparts............................................................................   120
    33.7        No Revocation of Power of Attorney......................................................   120
    33.8        Certifications..........................................................................   120
    33.9        Payments................................................................................   121
    33.10       Waiver..................................................................................   121
    33.11       Entire Understanding....................................................................   121
    33.12       Survival of Indemnities.................................................................   121
    33.13       Successors and Assigns..................................................................   121
    33.14       Moratorium Legislation..................................................................   121
    33.15       Privacy.................................................................................   121
</TABLE>

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<TABLE>
<S>                                                                                                             <C>
Schedule 1 Form of Sale Notice..................................................................................123

Schedule 2 Forms of Power of Attorney (other than for Queensland and Western Australia).........................124

Schedule 3 Form of Power of Attorney (For Queensland)...........................................................129

Schedule 4 Form of Power of Attorney (for Western Australia)....................................................133

Schedule 5 Eligibility Criteria.................................................................................137

Schedule 6 Form of Security Certificate A$  Securities..........................................................138

Schedule 7 Form of Security Transfer............................................................................140

Schedule 8 Quarterly Certificate................................................................................144

Schedule 9 Form of Residual Unit Certificate....................................................................154

Schedule 10 Stepdown Percentage.................................................................................156

Schedule 11 - Part A Form of Custodian Power of Attorney (for States other than Queensland and
            Western Australia)..................................................................................159

Schedule 11 - Part B Form of Custodian Power of Attorney (for Queensland).......................................163

Schedule 11 - Part C Form of Custodian Power of Attorney (for Western Australia)................................167
</TABLE>

                                                                            viii

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This Series Supplement made at Sydney on 7 February 2002

Parties        Commonwealth Bank of Australia, ABN 48 123 123 124, of Level 1,
               48 Martin Place, Sydney (hereinafter included in the expressions
               the "Sellers" and the "Servicer")

               Homepath Pty Limited, ABN 35 081 986 530, of Level 6, 48 Martin
               Place, Sydney, Australia (hereinafter included in the expression
               the "Sellers")

               Securitisation Advisory Services Pty. Limited, ABN 88 064 133
               946, of Level 6, 48 Martin Place, Sydney, Australia (hereinafter
               included in the expression the "Manager")

               Perpetual Trustee Company Limited, ABN 42 000 001 007, of Level
               3, 39 Hunter Street, Sydney, Australia (hereinafter included in
               the expression the "Trustee")

Recitals

A.   This Deed relates to the Series 2002-1G Medallion Trust.

B.   In accordance with the Master Trust Deed, this Deed includes, amongst other
     things, the terms upon which:

     (i)   the Trustee may purchase Mortgage Loans from each of the Sellers;

     (ii)  the Trustee may issue Securities to fund such purchase; and

     (iii) the Trustee appoints the Servicer to service such Mortgage Loans (if
           purchased by the Trustee).

C.   This Deed also provides for the establishment of the CBA Trust.

D.   The Trustee has agreed to act as trustee of the CBA Trust on the terms and
     conditions of this Deed and the Master Trust Deed.

The parties agree

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

1.   Definitions and interpretation

1.1  Definitions

     In this Deed, unless the contrary intention appears:

     "A$" and "Australian dollars" means the lawful currency for the time being
     of the Commonwealth of Australia.

     "A$ Class A-1 Interest Amount" in relation to a Distribution Date and the
     Accrual Period ending on that Distribution Date means an amount calculated
     as follows:

                          CA1IA = ACS1IA x CA1IR x N
                                                  ----
                                                  365

     where:

     CA1IA   =   the A$ Class A-1 Interest Amount for the Accrual Period;

                                                                               1

<PAGE>

ACA1IA  =   the A$ Equivalent of the aggregate Invested Amounts of the Class A-1
            Notes at the close of business on the first day of the Accrual
            Period;

CA1IR   =   the A$ Class A-1 Interest Rate for the Accrual Period; and

N       =   the number of days in the Accrual Period.

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

     "A$ Class A-1 Interest Rate" in relation to an Accrual Period means the
     aggregate of:

     (a)  the Bank Bill Rate for that Accrual Period; and

     (b)  the A$ Class A-1 Margin.

     "A$ Class A-1 Margin" has the same meaning as the "Spread" specified in
     paragraph 5.2 of the confirmation for each Class A-1 Currency Swap.

     "A$ Class A-1 Principal Amount" in relation to a Distribution Date means
     the amount referred to in clause 10.5(b)(i) in relation to that
     Distribution Date.

     "A$ Class A-1 Unpaid Interest Amount" in relation to a Distribution Date
     means the aggregate of:

     (a)  any A$ Class A-1 Interest Amounts remaining unpaid pursuant to clause
          10.2(k) from prior Distribution Dates; and

     (b)  interest on the A$ Class A-1 Interest Amounts referred to in paragraph
          (a) at the A$ Class A-1 Interest Rate applicable from time to time
          from the date that that A$ Class A-1 Interest Amount first became
          payable under clause 10.2(k) until (but not including) the date
          actually paid under clause 10.2(k).

     "A$ Equivalent" in relation to an amount which is calculated, determined or
     expressed in US$ or which includes a component determined or expressed in
     US$ means that US$ amount or US$ component (as the case may be) multiplied
     by the A$ Exchange Rate.

     "A$ Exchange Rate" means the "A$ Exchange Rate" specified in paragraph 7 of
     the confirmation for each Class A-1 Currency Swap.

     "A$ Security" means, as the context requires, a Class A-2 Note, a Class B
     Note, a Redraw Bond or all of the foregoing.

     "Accrual Period" means initially the period commencing on (and including)
     the Closing Date and ending on (but excluding) the first Distribution Date
     and, thereafter, is each successive period starting on (and including) a
     Distribution Date and ending on (but excluding) the next Distribution Date.
     The final Accrual Period ends on (but excludes) the Termination Payment
     Date and commences on (and includes) the Distribution Date immediately
     preceding the Termination Payment Date.

     "Accrued Interest Adjustment" in relation to a Mortgage Loan means the
     amount of interest accrued on that Mortgage Loan for, and any fees in
     relation to the Mortgage Loan falling due for payment during, the period
     commencing on (and including) the Monthly Anniversary Date for that
     Mortgage Loan immediately prior to the Cut-Off Date and ending on (but
     excluding)

                                                                               2

<PAGE>

     the Closing Date and any accrued interest and fees due but unpaid in
     relation to the Mortgage Loan prior to that Monthly Anniversary Date.

     "Adverse Document Custody Audit Report" means a Document Custody Audit
     Report in which the overall custodial performance of the Servicer is graded
     D in accordance with the grading system referred to in clause 25.8.

     "Adverse Effect" means any event which (determined by the Manager unless
     otherwise expressly specified in this Deed or any other Transaction
     Document) materially and adversely affects the amount of any payment due to
     be made to any Securityholder or materially and adversely affects the
     timing of such a payment.

     "Agency Agreement" means the Agency Agreement to be dated on or about the
     Closing Date and made between the Trustee, the Manager, The Bank of New
     York, New York Branch (as the initial US Dollar Note Trustee, Principal
     Paying Agent, Agent Bank and US Dollar Note Registrar) and The Bank of New
     York, London Branch (as the initial additional Paying Agent).

     "Agent Bank" has the same meaning as in the Agency Agreement.

     "Arranging Fee" means the fee payable to the Manager on each Distribution
     Date calculated in accordance with clause 19.2.

     "Available Income Amount" in relation to a Determination Date and the
     immediately following Distribution Date means the aggregate of:

     (a)  the Preliminary Income Amount as at that Determination Date;

     (b)  any Liquidity Facility Advance due to be made to meet a Gross Income
          Shortfall on that Distribution Date;

     (c)  any Principal Draw due to be made on that Distribution Date; and

     (d)  any other amounts received by the Trustee from a Support Facility
          Provider under a Support Facility on or prior to that Distribution
          Date which the Manager determines should be included in the Available
          Income Amount (other than any amounts already included in paragraphs
          (a), (b) or (c)).

     "Available Principal Amount" in relation to a Determination Date and the
     immediately following Distribution Date means an amount calculated as
     follows:

                                 APA = PPA + PDR

     where:

     APA  =  the Available Principal Amount as at that Determination Date;

     PPA  =  the Preliminary Principal Amount as at that Determination Date; and

     PDR  =  the Principal Draw Reimbursement as at that Determination Date.

     "Average Delinquent Percentage" in relation to a Determination Date means
     the amount (expressed as a percentage) calculated as follows:

                                    ADP= SDP
                                         ---
                                         12

     where:

                                                                               3

<PAGE>

ADP     =   the Average Delinquent Percentage; and

SDP     =   the sum of the Delinquent Percentages for the 12 Collection Periods
            immediately preceding or ending (as the case may be) on that
            Determination Date,

     provided that if on that Determination Date there has not yet been 12
     Collection Periods the Average Delinquent Percentage in relation to that
     Determination Date means the amount (expressed as a percentage) calculated
     as follows:

                                ADP= SDP
                                     ---
                                      N

     where:

ADP     =   the Average Delinquent Percentage;

SDP     =   the sum of the Delinquent Percentages for all of the Collection
            Periods preceding or ending (as the case may be) on that
            Determination Date; and

N       =   the number of Collection Periods preceding that Determination Date.

     "Bank Bill Rate" in relation to an Accrual Period means the rate appearing
     at approximately 10.00 am Sydney time on the Rate Set Date for that Accrual
     Period on the Reuters Screen page "BBSW" as being the average of the mean
     buying and selling rates appearing on that page for a bill of exchange
     having a tenor of three months. If:

     (a)  on the first day of an Accrual Period fewer than 4 banks are quoted on
          the Reuters Screen page "BBSW"; or

     (b)  for any other reason the rate for that day cannot be determined in
          accordance with the foregoing procedures, then the "Bank Bill Rate"
          means such rate as is specified by the Manager having regard to
          comparable indices then available. Notwithstanding the foregoing, the
          Bank Bill Rate for the initial Accrual Period will be determined by
          straight line interpolation between the Bank Bill Rate determined as
          above for a bill of exchange having a tenor of 2 months and the Bank
          Bill Rate determined as above for a bill of exchange having a tenor of
          3 months.

     "Basis Swap" has the same meaning as in the Interest Rate Swap Agreement.

     "Binding Provision" means any provision of the Code of Banking Practice
     released by the Australian Bankers' Association on 3 November 1993, any
     other code or arrangement binding on a Seller or the Servicer and any laws
     applicable to banks or other lenders in the business of making retail home
     loans.

     "Borrower" in relation to a Mortgage Loan means the person or persons to
     whom a loan or other financial accommodation has been provided under the
     corresponding Mortgage Loan and includes, where the context requires, the
     mortgagor under the corresponding Mortgage.

     "Break Benefits" in relation to a Determination Date means the total break
     benefits paid by or on behalf of the Trustee during the Collection Period
     ending on that Determination Date to a Borrower in relation to a Mortgage
     Loan which is then part of the Assets of the Series Trust arising from the
     early termination of that Mortgage Loan or the early termination of a fixed
     interest rate period under that Mortgage Loan.

     "Break Costs" in relation to a Determination Date means the total break
     costs, or amounts in respect of break costs, received by or on behalf of
     the Trustee during the Collection Period

                                                                               4

<PAGE>

     ending on that Determination Date from a Borrower, GEMI, GEMICO, PMI or any
     other person in relation to a Mortgage Loan which is then part of the
     Assets of the Series Trust (or was immediately prior to its Liquidation
     Date or the date that it was assigned under a Mortgage Insurance Policy, an
     Asset of the Series Trust) arising from the early termination of that
     Mortgage Loan or the early termination of a fixed interest rate period
     under that Mortgage Loan.

     "Business Day" means any day on which banks are open for business in
     Sydney, New York City and London, other than a Saturday, a Sunday or a
     public holiday in Sydney, New York City or London.

     "Call Date" has the same meaning as in the US Dollar Note Conditions.

     "Cash Advance Deposit" has the same meaning as in the Liquidity Facility
     Agreement.

     "Caveat" in relation to a Mortgage forming part of the Assets of the Series
     Trust or in relation to a Shared Security means a land titles office caveat
     in registrable form which, upon registration, is effective to protect the
     Trustee's interest as equitable assignee of the relevant Seller's interest
     in that Mortgage or, in the case of a Shared Security, is effective to
     protect that Seller's interest as beneficiary of the CBA Trust in that
     Shared Security.

     "Caveat and Transfer Details" in relation to each Mortgage forming part of
     the Assets of the Series Trust means such details as may be required by the
     relevant land titles office in order to lodge and obtain registration of
     Caveat and/or Mortgage Transfers.

     "CBA" means Commonwealth Bank of Australia, ABN 48 123 123 124.

     "CBA Trust" means each of the trusts constituted in favour of the Sellers
     pursuant to clause 2.1 and all references to "CBA Trust" shall mean each or
     both such trusts (as the context may require).

     "CBA Trust Assets" means all assets and property, real and personal
     (including choses in action and other rights), tangible and intangible,
     present or future, held by the Trustee as trustee of the CBA Trust from
     time to time and, in relation to a Seller, means:

     (a)  the $100 paid to the Trustee on behalf of that Seller pursuant to
          clause 2.1;

     (b)  each CBA Trust Asset assigned by that Seller to the Trustee;

     (c)  any proceeds of the foregoing which are CBA Trust Assets; and

     (d)  any other CBA Trust Asset determined by the Manager, and notified to
          the Trustee, to be a CBA Trust Asset in relation to that Seller.

     "Certificate of Title" in relation to a Mortgaged Property means the
     certificate of title or other documents evidencing title to that Mortgaged
     Property (including, if applicable, the documents forming any abstract of
     that title) or where the certificate of title or other documents have been
     cancelled due to the computerisation of the register, any original
     registration confirmation, notification or statement which the relevant
     Seller has in its files.

     "Charge" has the same meaning as in the Security Trust Deed.

     "Class A-1 Chargeoff Percentage" in relation to a Determination Date means
     the amount (expressed as a percentage) calculated as follows:

                     CA1CP =             CA1SA
                             ---------------------------
                             CA1SA + CA2SA + RBSA + SRFP

     where:

                                                                               5

<PAGE>

<TABLE>
<S>         <C>
CA1CP   =   the Class A-1 Chargeoff Percentage in relation to that Determination Date;

CA1SA   =   the A$ Equivalent of the aggregate Stated Amounts of the Class A-1 Notes on
            that Determination Date;

CA2SA   =   the aggregate Stated Amounts of the Class A-2 Notes on that Determination
            Date;

RBSA    =   the aggregate Stated Amount of the Redraw Bonds on that Determination Date;
            and

SRFP    =   the Standby Redraw Facility Principal on that Determination Date.
</TABLE>

     "Class A-1 Currency Swap" means the transactions defined as such in each
     Currency Swap Agreement.

     "Class A-1 Interest Amount" has the same meaning as in the US Dollar Note
     Conditions.

     "Class A-1 Interest Payment" in relation to a Distribution Date means each
     US$ Class A-1 Interest Payment (as that term is defined in the relevant
     Currency Swap Agreement) paid or payable (as the case may be) by the
     relevant Currency Swap Provider to or at the direction of the Trustee on
     that Distribution Date in accordance with the relevant Class A-1 Currency
     Swap.

     "Class A-1 Noteholder" has the same meaning as in the US Dollar Note
     Conditions.

     "Class A-1 Notes" has the same meaning as in the US Dollar Note Conditions.

     "Class A-1 Percentage" in relation to a Determination Date means the amount
     (expressed as a percentage) calculated as follows:

                          CA1CP =      CA1SA
                                   -------------
                                   CA1SA + CA2SA

     where:

<TABLE>
<S>         <C>
CA1P    =   the Class A-1 Percentage;

CA1SA   =   the A$ Equivalent of the aggregate Stated Amount of the Class A-1 Notes on
            that Determination Date; and

CA2SA   =   the aggregate Stated Amount of the Class A-2 Notes on that Determination Date.
</TABLE>

     "Class A-1 Unpaid Interest Amount" has the same meaning as in the US Dollar
     Note Conditions.

     "Class A-2 Chargeoff Percentage" in relation to a Determination Date means
     the amount (expressed as a percentage) calculated as follows:

                      CA2CP =             CA2SA
                              ---------------------------
                              CA1SA + CA2SA + RBSA + SRFP

                                                                               6

<PAGE>

     where:

<TABLE>
<S>         <C>
CA2CP   =   the Class A-2 Chargeoff Percentage in relation to that Determination Date;

CA1SA   =   the A$ Equivalent of the aggregate Stated Amounts of the Class A-1 Notes on
            that Determination Date;

CA2SA   =   the aggregate Stated Amounts of the Class A-2 Notes on that Determination
            Date;

RBSA    =   the aggregate Stated Amount of the Redraw Bonds on that Determination Date;
            and

SRFP    =   the Standby Redraw Facility Principal on that Determination Date.
</TABLE>

     "Class A-2 Note" means a Class A-2 Tranche 1 Note or a Class A-2 Tranche 2
     Note.

     "Class A-2 Noteholder" means a Class A-2 Tranche 1 Noteholder or a Class
     A-2 Tranche 2 Noteholder.

     "Class A-2 Percentage" in relation to a Distribution Date means 100% less
     the Class A-1 Percentage for the Determination Date immediately preceding
     that Distribution Date.

     "Class A-2 Tranche 1 Note" means a debt security issued by the Trustee, in
     its capacity as trustee of the Series Trust, pursuant to the provisions of
     this Deed and the Dealer Agreement and forming part of the Class of
     Securities described in clause 5.1(e) as Class A-2 Tranche 1 Notes.

     "Class A-2 Tranche 1 Noteholder" means at any time the person recorded at
     that time in the Register as the holder of a Class A-2 Tranche 1 Note.

     "Class A-2 Tranche 2 Note" means a debt security issued by the Trustee, in
     its capacity as trustee of the Series Trust, pursuant to the provisions of
     this Deed and the Dealer Agreement and forming part of the Class of
     Securities described in clause 5.1(f) as Class A-2 Tranche 2 Notes.

     "Class A-2 Tranche 2 Noteholder" means at any time the person recorded at
     that time in the Register as the holder of a Class A-2 Tranche 2 Note.

     "Class A Note" means, as the context requires, a Class A-1 Note, a Class
     A-2 Note or both.

     "Class A Noteholder" means, as the context requires, a Class A-1
     Noteholder, a Class A-2 Noteholder or both.

     "Class A Percentage" in relation to a Determination Date means the amount
     (expressed as a percentage) calculated as follows:

                                CAP = SAA
                                      ---
                                      NSA

     where:

<TABLE>
<S>         <C>
CAP     =   the Class A Percentage;

SAA     =   the aggregate of the A$ Equivalent of the Stated Amounts for the Class
            A-1 Notes and the Stated Amounts for the Class A-2 Notes on that
            Determination Date; and
</TABLE>

                                                                               7

<PAGE>

<TABLE>
<S>         <C>
NSA     =   the aggregate of the A$ Equivalent of the Stated Amounts for the Class
            A-1 Notes and the Stated Amounts for the Class A-2 Notes and the Class
            B Notes, on that Determination Date.
</TABLE>

     "Class A Principal Distribution" in relation to a Distribution Date means
     the amount calculated as follows:

                      CAPD = CASPA + CAUPA + (SDP x CBUPA)

     where:

<TABLE>
<S>         <C>
CAPD    =   the Class A Principal Distribution;
CASPA   =   the Class A Scheduled Principal Amount on the immediately preceding
            Determination Date;

CAUPA   =   the Class A Unscheduled Principal Amount on the immediately preceding
            Determination Date;

SDP     =   the Stepdown Percentage on the immediately preceding Determination Date; and

CBUPA       = the Class B Unscheduled Principal Amount
            on the immediately preceding Determination
            Date.
</TABLE>

     "Class A Scheduled Principal Amount" in relation to a Determination Date
     means the amount calculated as follows:

                               CASPA = CAP x NSPA

     where:

     CASPA   =   the Class A Scheduled Principal Amount;

     CAP     =   the Class A Percentage on that Determination Date; and

     NSPA    =   the Net Scheduled Principal Amount on that Determination Date.

     "Class A Unscheduled Principal Amount" in relation to a Determination Date
     means the amount calculated as follows:

                               CAUPA = CAP x NUPA

     where:

     CAUPA   =  the Class A Unscheduled Principal Amount;

     CAP     =  the Class A Percentage on that Determination Date; and

     NUPA    =  the Net Unscheduled Principal Amount on that Determination Date.

     "Class B Available Support" in relation to a Determination Date means an
     amount (expressed as a percentage) calculated as follows:

                                CBAS =      SAB
                                         --------
                                         ASA+SRFL

     where:

     CBAS    =   the Class B Available Support;

                                                                               8

<PAGE>

<TABLE>
<S>         <C>
SAB     =   the aggregate Stated Amount for the Class B Notes on that Determination Date;

ASA     =   the aggregate of the A$ Equivalent of the Stated Amounts of the Class A-1
            Notes, and the Stated Amounts for the A$ Securities, on that Determination
            Date; and

SRFL    =   the Standby Redraw Facility Limit on that Determination Date.
</TABLE>

     "Class B Note" means a debt security issued by the Trustee, in its capacity
     as trustee of the Series Trust, pursuant to the provisions of this Deed and
     the Dealer Agreement and forming part of the Class of Securities described
     in clause 5.1(c) as Class B Notes.

     "Class B Noteholder" means at any time the person recorded at that time in
     the Register as the holder of a Class B Note.

     "Class B Percentage" in relation to a Determination Date means 100% less
     the Class A Percentage for that Determination Date.

     "Class B Required Support" in relation to a Determination Date means the
     amount (expressed as a percentage) calculated as follows:

                                   CBRS = IIA
                                          ----
                                          AIIA

     where:

     CBRS   =  the Class B Required Support;

     IIA    =  the aggregate Initial Invested Amount for the Class B Notes; and

     AIIA   =  the aggregate of the A$ Equivalent of the
               Initial Invested Amounts of the Class A-1
               Notes, and the Initial Invested Amounts for
               the A$ Securities, on that Determination
               Date.

     "Class B Unscheduled Principal Amount" in relation to a Determination Date
     means the amount calculated as follows:

                               CBUPA = CBP x NUPA

     where:

     CBUPA  =   the Class B Unscheduled Principal Amount;

     CBP    =   the Class B Percentage on that Determination Date; and

     NUPA   =   the Net Unscheduled Principal Amount on that Determination Date.

     "Clean-up Settlement Date" means the Distribution Date determined in
     accordance with clause 23.3.

     "Clean-up Settlement Price" means the amount calculated in accordance with
     clause 23.4.

     "Closing Date" means the date specified by a Seller to the Trustee and the
     Manager in a Sale Notice (if any) to be the Closing Date (or such other
     date as the Manager may notify the Trustee and that Seller in accordance
     with that Sale Notice).

     "Collateral Security" means in respect of a Mortgage Loan:

                                                                               9

<PAGE>

     (a)  any:

          (i)  Security Interest; or

          (ii) guarantee, indemnity or other assurance,

          which secures or otherwise provides for the repayment or payment of
          the Mortgage Loan or an Other Loan but does not include the Mortgage
          relating to the Mortgage Loan; or

     (b)  any Mortgage Insurance Policy or Insurance Policy in respect of the
          Mortgage relating to the Mortgage Loan or the Land secured by the
          Mortgage relating to the Mortgage Loan.

     A Collateral Security referred to in paragraph (a) may be given under the
     same document that evidences the Mortgage Loan or the Other Loan to which
     that Collateral Security relates.

     "Collection Period" means:

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

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

     "Collections" means Finance Charge Collections, Other Income Amounts,
     Mortgage Insurance Income Proceeds, Principal Collections and Other
     Principal Amounts.

     "Collections Account" means the account established and maintained pursuant
     to clause 22.1 or any new account established as the Collections Account
     under clause 22.3.

     "Competent Authority" means a court, tribunal, authority, ombudsman or
     other entity whose decisions, findings, orders, judgment or determinations
     (howsoever reached) are binding on a Seller or the Servicer.

     "Consideration" means the aggregate Mortgage Loan Principal of the Mortgage
     Loans assigned to the Trustee as at the Cut-Off Date.

     "Consumer Credit Code" means, as applicable, the Consumer Credit Code set
     out in the Appendix to the Consumer Credit (Queensland) Act 1995 as in
     force or applied as a law of any jurisdiction in Australia as amended by
     the Consumer Credit (Queensland) Amendment Act 1998, the provisions of the
     Code set out in the Appendix to the Consumer Credit (Western Australia) Act
     1996 or the provisions of the Code set out in the Appendix to the Consumer
     Credit (Tasmania) Act 1996.

     "Corporations Act" means the Corporations Act 2001 (Cth).

     "Currency Swap Agreement" means each of two ISDA Master Agreements between
     the initial Currency Swap Providers, the Trustee and the Manager, together
     with a schedule and a credit support annex and a confirmation relating
     respectively thereto and includes any substitute agreement in place of an
     existing Currency Swap Agreement.

     "Currency Swap Provider" means initially each of Deutsche Bank AG, New York
     Branch and CBA and includes any other person that subsequently enters into
     a Currency Swap Agreement with the Trustee and the Manager.

     "Custodian" means CBA.

                                                                              10

<PAGE>

     "Cut-Off Date" means the date specified by a Seller as such in a Sale
     Notice (or such other date as the Manager may notify the Trustee and that
     Seller in accordance with that Sale Notice).

     "Dealer Agreement" means the Dealer Agreement dated on or about the date of
     this Deed between the Trustee, the Manager, CBA (as lead manager) and the
     other institutions named therein (as managers) and pursuant to which the
     lead manager and such other managers agree to subscribe for or procure
     subscriptions for the Class A-2 Notes and Class B Notes.

     "Deed of Appointment and Indemnity" means the Deed of Appointment and
     Indemnity dated on or about the date of this Deed between the Trustee and
     CBA pursuant to which CBA, for itself and Homepath, agrees to indemnify the
     Trustee on the terms and subject to the conditions set out in that deed.

     "Delinquent Percentage" in relation to a Collection Period means the amount
     (expressed as a percentage) calculated as follows:

                                DP = DMLP
                                     ----
                                     AMLP

     where:

<TABLE>
<S>         <C>
DP      =   the Delinquent Percentage;

DMLP    =   the aggregate Mortgage Loan Principal on the last day of that Collection
            Period in relation to Mortgage Loans which are then part of the Assets of
            the Series Trust and in relation to which a payment due from the
            Borrower has been in arrears (on that day)by more than 60 days; and

AMLP    =   the aggregate Mortgage Loan Principal on the last day of that Collection
            Period in relation to Mortgage Loans which are then part of the Assets of
            the Series Trust.
</TABLE>

     "Depository" means each organisation registered as a clearing agency
     pursuant to section 17A of the United States Securities Exchange Act of
     1934 that agrees with the Manager and the Trustee to hold Class A-1 Notes
     (directly or through a nominee) and initially means The Depository Trust
     Company.

     "Determination Date" means the first day of the calendar month in which
     each Distribution Date occurs. The first Determination Date is 1 April
     2002.

     "Distribution Date" means the 17th day of each April, July, October and
     January (or if such a day is not a Business Day, the next Business Day).
     The first Distribution Date is 17 April 2002 (or if that day is not a
     Business Day, the next Business Day).

     "Document Custody Audit Report" means a report by the Auditor of the Series
     Trust in accordance with clause 25. "Document Transfer Event" means each of
     the events referred to in clause 25.11.

     "Eligible Depository" means a financial institution which has assigned to
     it short term credit ratings equal to or higher than (as the case may be)
     A-1 by S&P, P-1 by Moody's and F1 by Fitch and includes the Servicer to the
     extent that:

     (a)  it is rated in this manner; or

     (b)  the Rating Agencies confirm that the rating of the Servicer at a lower
          level will not result in a reduction, qualification or withdrawal of
          the ratings given by the Rating Agencies to the Securities.

                                                                              11

<PAGE>

     "Eligible Deposit Account" means an account with an Eligible Depository.

     "Eligibility Criteria" has the meaning set out in Schedule 5.

     "Excess Distribution" in relation to a Distribution Date means the amount
     (if any) payable to the Residual Unitholder on that Distribution Date
     pursuant to clause 10.2(p).

     "Expenses" means all amounts relating to the Series Trust referred to in
     clause 16.11 of the Master Trust Deed and includes (without limiting the
     generality of the foregoing and without double counting) the aggregate of:

     (a)  any reasonable Property Protection Expenses or Mortgage Enforcement
          Expenses incurred by the Servicer in connection with the management,
          maintenance or sale of any Mortgaged Property or in the enforcement of
          any Mortgage Documents;

     (b)  the cost of registering any Caveats or Mortgage Transfers in relation
          to Mortgages forming part of the Assets of the Series Trust, to the
          extent not reimbursed by a Seller in accordance with this Deed;

     (c)  any reasonable fees, charges and moneys payable to any consultant
          appointed by the Trustee, the Manager or the Servicer and all
          disbursements, expenses, duties and outgoings properly chargeable in
          respect of such consultant;

     (d)  subject to clause 8.7, any Break Benefits;

     (e)  the Security Trustee's Expenses; and

     (f)  any amount received by the Trustee or the Servicer on or after the
          Cut-Off Date in respect of a Mortgage Loan forming part of the Assets
          of the Series Trust, related Mortgage or related First Layer of
          Collateral Security which the Servicer, pursuant to a decision,
          finding, order, judgment or determination of a Competent Authority or
          pursuant to a Binding Provision or based on advice from its legal
          advisers (either internal or external), has repaid to the liquidator
          or the trustee-in-bankruptcy (as the case may be) of a Borrower or the
          grantor of a First Layer of Collateral Security as a result of the
          insolvency or bankruptcy (as the case may be) of the Borrower or the
          grantor of the First Layer of Collateral Security,

     but does not include any amount referred to in clauses 10.2(a)-(g)
     (inclusive) and (i)-(p) (inclusive), 10.3, 10.4, 10.5 or 10.6.

     "Fair Market Value" in relation to a Mortgage Loan means the fair market
     value for that Mortgage Loan determined by CBA's external auditors and
     which value reflects the performing or non-performing status (as determined
     by the Servicer) of that Mortgage Loan and any benefit which the intended
     purchaser will have in respect of that Mortgage Loan under any relevant
     Support Facility.

     "Finance Charge Collections" in relation to a Collection Period means the
     aggregate of the following amounts (without double counting) received by or
     on behalf of the Trustee during that Collection Period in respect of the
     Mortgage Loans then forming part of the Assets of the Series Trust:

     (a)  all amounts received under or in respect of the Mortgage Loans
          (including Liquidation Proceeds) in respect of interest, fees,
          Government Charges or other amounts due under the Mortgage Loans (less
          reversals made during the period in respect of interest or other
          charges in relation to any of the accounts where the original debit
          entry (or part thereof) was in error) but excluding principal and any
          insurance premiums and related charges payable to the relevant Seller;

                                                                              12

<PAGE>

     (b)  all amounts of interest received under or in respect of the Mortgage
          Loans and the Mortgage Loan Rights to the extent that the obligations
          to pay such amounts are discharged by the exercise during that
          Collection Period of a right of set-off or right to combine accounts;
          and

     (c)  subject to clause 8.7, any Break Costs,

     but does not include any Mortgage Insurance Income Proceeds or Other Income
     Amounts.

     "First Layer of Collateral Securities" in relation to a Mortgage Loan
     means:

     (a)  the Collateral Securities (other than any Mortgage Insurance Policy
          relating to that Mortgage Loan or any related Insurance Policies) from
          time to time appearing in the records of the relevant Seller in
          relation to that Mortgage Loan to be intended as security for that
          Mortgage Loan;

     (b)  any Mortgage Insurance Policy relating to that Mortgage Loan; and

     (c)  any related Insurance Policies,

     notwithstanding that by their terms the Collateral Securities (other than
     the Mortgage Insurance Policies or any Insurance Policies) may also secure
     other liabilities to that Seller.

     "Fitch" means Fitch Australia Pty Limited, ABN 93 081 339 184, and its
     successors and assigns.

     "Fixed Rate Swap" has the same meaning as in the Interest Rate Swap
     Agreement.

     "GEMI" means GE Mortgage Insurance Pty Ltd, ABN 61 071 466 334.

     "GEMICO" means GE Capital Mortgage Insurance Corporation (Australia) Pty
     Ltd, ABN 52 081 488 440.

     "Government Charges" means any amount debited to the accounts established
     in the Servicer's records for the Mortgage Loans representing financial
     institutions duty, bank accounts debits tax or similar tax or duty imposed
     by any Governmental Agency.

     "Gross Income Shortfall" in relation to a Determination Date means the
     amount (if any) by which the Required Income Amount for that Determination
     Date exceeds the Preliminary Income Amount for that Determination Date.

     "Gross Unscheduled Principal Amount" in relation to a Determination Date
     means the amount calculated as follows:

                      GUPA = OPA + PCOR + RBA + SRFA + PDR

     where:

<TABLE>
<S>         <C>
GUPA    =   the Gross Unscheduled Principal Amount;

OPA     =   the Other Principal Amounts on that Determination Date;

PCOR    =   the Principal Chargeoff Reimbursement on that Determination Date;

RBA     =   the Redraw Bond Amount on that Determination Date;

SRFA    =   the Standby Redraw Facility Advance to be made on the immediately following
            Distribution Date; and

PDR     =   the Principal Draw Reimbursement as at that Determination Date.
</TABLE>

                                                                              13

<PAGE>

     "GST" means the goods and services tax imposed pursuant to the GST Act.

     "GST Act" means A New Tax System (Goods and Services Tax) Act, 1999.

     "Hedge Provider" means an Interest Rate Swap Provider or a Currency Swap
     Provider.

     "Homepath" means Homepath Pty Limited, ABN 35 081 986 530.

          "Income Loss" in relation to a Mortgage Loan, means on the Liquidation
          Date for that Mortgage Loan, the aggregate of:

     (a)  all interest payable in respect of that Mortgage Loan up to and
          including the Liquidation Date calculated at the Mortgage Rate and
          otherwise in accordance with the Mortgage Documents, whether or not
          such interest has been capitalised;

     (b)  all fees and other charges of any type whatsoever payable in respect
          of that Mortgage Loan up to and including the Liquidation Date in
          accordance with the Mortgage Documents, whether or not such fees and
          other charges have been capitalised; and

     (c)  any Property Protection Expenses and Mortgage Enforcement Expenses
          incurred in connection with that Mortgage Loan up to and including the
          Liquidation Date,

     less:

     (d)  any Liquidation Proceeds received in respect of that Mortgage Loan up
          to and including the Liquidation Date in respect of that Mortgage Loan
          provided that Liquidation Proceeds will only be included in this
          paragraph (d) to the extent that the resulting Income Loss is zero or
          a positive number.

     "Initial Invested Amount" in relation to a Class A-1 Note has the meaning
     given to it in clause 5.5(a) and in relation to an A$ Security has the
     meaning given to it in clause 5.5(b).

     "Insurance Policy" means any insurance policy (whether present or future)
     under which the improvements on the Land the subject of a Mortgage or a
     Collateral Security are insured against destruction or damage by events
     which include fire.

     "Insurance Proceeds" means the proceeds paid by an insurer pursuant to any
     Insurance Policy.

     "Interest Amount" in relation to an A$ Security and an Accrual Period means
     the aggregate interest accrued on that A$ Security during that Accrual
     Period pursuant to clause 5.6(b).

     "Interest Rate" in relation to an A$ Security and an Accrual Period means
     the aggregate of:

     (a)  the Bank Bill Rate for that Accrual Period; and

     (b)  the Issue Margin for that A$ Security.

     "Interest Rate Basis Cap" has the same meaning as in the Interest Rate Swap
     Agreement.

     "Interest Rate Swap Agreement" means an agreement in the form of an amended
     ISDA Master Agreement dated on or about the date of this Deed between the
     Trustee, the Manager and the initial Interest Rate Swap Provider which
     provides for each of:

     (a)  the Fixed Rate Swap;

     (b)  the Basis Swap; and

     (c)  the Interest Rate Basis Cap,

                                                                              14

<PAGE>

     and includes any substitute agreement in place of an existing Interest Rate
     Swap Agreement.

     "Interest Rate Swap Provider" means initially CBA and includes any other
     person that subsequently enters into an Interest Rate Swap Agreement with
     the Trustee and the Manager.

     "Interest Rate Swap Provider Deposit" means any amount deposited by the
     Interest Rate Swap Provider in the Collections Account or any other account
     held by the Trustee as trustee of the Series Trust by way of prepayment of
     the Interest Rate Swap Provider's payment obligations under the Interest
     Rate Swap Agreement.

     "Invested Amount" in relation to:

     (a)  a Class A-1 Note at any time has the same meaning as in the US Dollar
          Note Conditions; and

     (b)  an A$ Security at any time means the Initial Invested Amount of that
          A$ Security less the aggregate of all amounts previously paid in
          relation to that A$ Security on account of principal pursuant to
          clause 10.5.

     "Issue Date" in relation to a Security means the day on which the Security
     is issued by the Trustee.

     "Issue Margin" in relation to:

     (a)  a Class A-2 Tranche 1 Note, a Class A-2 Tranche 2 Note and a Class B
          Note means, subject to the following:

          (i)  in the case of a Class A-2 Tranche 1 Note or Class A-2 Tranche 2
               Note, for the period from, and including, the Closing Date to
               (but excluding) the Call Date and, in the case of a Class B Note,
               to (but excluding) the date on which the Class B Note ceases to
               accrue interest in accordance with clause 5.6(b), the margins
               expressed as a percentage per annum applying in relation,
               respectively, to each Class A-2 Tranche 1 Note, each Class A-2
               Tranche 2 Note and each Class B Note determined in accordance
               with the Dealer Agreement and advised by the Manager to the
               Trustee; and

          (ii) in respect of a Class A-2 Note only, for the period from, and
               including, the Call Date to (but excluding) the date on which the
               Class A-2 Note ceases to accrue interest in accordance with
               clause 5.6(b), double the margin referred to in paragraph (i) in
               relation to that Class A-2 Note,

          provided that if on or after the Call Date the Trustee, at the
          direction of the Manager, proposes to exercise its option to redeem
          the Securities at their Stated Amount in accordance with Condition 7.3
          of the US Dollar Note Conditions on a Distribution Date but is unable
          to do so because, following a meeting of Securityholders convened
          under the provisions of the Security Trust Deed by the Manager for
          this purpose, the Securityholders have not approved by an
          Extraordinary Resolution the redemption of the Securities at their
          Stated Amount, then the Issue Margin in relation to each Class A-2
          Note from, and including that Distribution Date to, but excluding, the
          date on which the Class A-2 Note ceases to accrue interest in
          accordance with clause 5.6(b) will be the margin in relation to the
          Class A-2 Notes referred to in sub-paragraph (a)(i) above; and

     (b)  a Redraw Bond means the margin expressed as a percentage per annum
          applying to the Redraw Bond determined in accordance with a Dealer
          Agreement (as defined in the Master Trust Deed) in relation to those
          Redraw Bonds and advised by the Manager to the Trustee.

                                                                              15

<PAGE>

     "Land" means:

     (a)  land (including tenements and hereditaments corporeal and incorporeal
          and every estate and interest in it whether vested or contingent,
          freehold or Crown leasehold, the term of which lease is expressed to
          expire not earlier than 5 years after the maturity of the relevant
          Mortgage, and whether at law or in equity) wherever situated and
          including any fixtures to land; and

     (b)  any parcel and any lot, common property and land comprising a parcel
          within the meaning of the Strata Titles Act 1973 (New South Wales) or
          the Community Land Development Act, 1989 (New South Wales) or any
          equivalent legislation in any other Australian jurisdiction.

     "Liquidated Mortgage Loan" means a Mortgage Loan with respect to which a
     Material Default has occurred and with respect to which the Servicer has
     determined that all Liquidation Proceeds likely to be recoverable have been
     recovered, having regard to:

     (a)  any enforcement of the relevant Mortgage Documents;

     (b)  any sale of the relevant Mortgaged Property;

     (c)  any proceeds paid on the compulsory acquisition of the relevant
          Mortgaged Property by any Governmental Agency;

     (d)  any Insurance Proceeds paid or payable under any relevant Insurance
          Policy;

     (e)  any payments received from any relevant Borrower; and

     (f)  such other matters as the Servicer reasonably determines to be
          relevant.

     "Liquidation Date" in relation to a Mortgage Loan means the date on which
     such Mortgage Loan becomes a Liquidated Mortgage Loan.

     "Liquidation Proceeds" in relation to a Mortgage Loan means the amount
     received by or on behalf of the Trustee in connection with the liquidation
     of such Mortgage Loan including, without limitation:

     (a)  proceeds arising from the enforcement of the relevant Mortgage and
          sale of the relevant Mortgaged Property;

     (b)  proceeds arising from the enforcement of the relevant Mortgage
          Documents;

     (c)  Insurance Proceeds under any relevant Insurance Policy; and

     (d)  proceeds arising from any resumption or compulsory acquisition of the
          relevant Mortgaged Property by any Governmental Agency,

     but  does not include:

     (e)  any amount required pursuant to the terms of any relevant Mortgage
          Document or any law to be paid to the Borrower, including any person
          having an interest in the Mortgaged Property as a mortgagee;

     (f)  if the Trustee is a party to a Fixed Rate Swap, any Break Costs;

     (g)  any Mortgage Insurance Income Proceeds; and

     (h)  any Mortgage Insurance Principal Proceeds.

                                                                              16

<PAGE>

     "Liquidity Facility" means a liquidity facility made available by a
     Liquidity Facility Provider to the Trustee pursuant to the Liquidity
     Facility Agreement.

     "Liquidity Facility Advance" in relation to a Distribution Date means the
     amount to be advanced to the Trustee on that Distribution Date under the
     Liquidity Facility.

     "Liquidity Facility Agreement" means the Liquidity Facility Agreement dated
     on or about the date of this Deed between the Trustee, the Manager and the
     initial Liquidity Facility Provider and includes any substitute liquidity
     facility agreement entered into by the Trustee as trustee of the Series
     Trust in place of an existing Liquidity Facility Agreement.

     "Liquidity Facility Commitment Fee" means in relation to a Determination
     Date and the immediately following Distribution Date, the commitment fee
     payable to the Liquidity Facility Provider on that Distribution Date
     pursuant to the Liquidity Facility Agreement.

     "Liquidity Facility Interest" in relation to a Distribution Date means the
     interest due on that Distribution Date pursuant to the terms of a Liquidity
     Facility Agreement.

     "Liquidity Facility Principal" in relation to a Determination Date and the
     immediately following Distribution Date means the aggregate of all
     Liquidity Facility Advances outstanding under the Liquidity Facility
     Agreement at that Determination Date.

     "Liquidity Facility Provider" means initially CBA and each other person who
     may from time to time provide a Liquidity Facility.

     "Loan Agreement" means, with respect to a Mortgage Loan, any agreement,
     schedule, terms and conditions, letter, application, approval or other
     document (other than the relevant Mortgage) relating to the provision of
     financial accommodation by the relevant Seller to the Borrower in
     connection with that Mortgage Loan.

     "Loan Files" in relation to a Mortgage Loan means such books, records,
     paper and electronic files (whether originals or copies) relating to that
     Mortgage Loan (other than the Mortgage Documents) which the Servicer has in
     its custody.

     "Loan to Value Ratio" in relation to a Mortgage Loan means the amount
     (expressed as a percentage) calculated as follows:

                                       L
                                       -
                                       V

     where:

<TABLE>
<S>         <C>
L       =   the amount of that Mortgage Loan outstanding as at the date of
            determination or if at the date of determination that Mortgage Loan has
            not been made, the amount of the then proposed Mortgage Loan; and

V       =   the aggregate value of the Land subject to any Mortgage recorded as securing
            that Mortgage Loan, as determined in accordance with the then
            Servicing Standards.
</TABLE>

     "Loss Recovery" in relation to a Liquidated Mortgage Loan means all amounts
     received by or on behalf of the Trustee in respect of that Liquidated
     Mortgage Loan after the relevant Liquidation Date.

     "Management Fee" means the fee payable to the Manager on each Distribution
     Date in accordance with clause 19.1.

     "Manager" means Securitisation Advisory Services Pty. Limited, ABN 88 064
     133 946 or if Securitisation Advisory Services Pty. Limited retires or is
     removed as Manager of the Series

                                                                              17

<PAGE>

     Trusts (as defined in the Master Trust Deed), any then Substitute Manager
     and includes the Trustee when acting as the Manager of the Series Trusts
     (as defined in the Master Trust Deed) in accordance with the terms of the
     Master Trust Deed.

     "Master Trust Deed" means the Master Trust Deed dated 8 October 1997
     between the Manager and the Trustee, as amended.

     "Material Default" in relation to a Mortgage Loan means:

     (a)  a failure by the Borrower (as recognised by the Servicer's system) to
          pay on the due date any amount due pursuant to the corresponding Loan
          Agreement (including any amount not previously paid which remains
          outstanding) where the failure continues, without remedy, for a period
          of 60 days from the due date for the payment of such amount under the
          relevant Loan Agreement; or

     (b)  an event of default, howsoever described, (other than an event of
          default referred to in paragraph (a)) occurs under any relevant
          Mortgage Document where the event of default continues unremedied for
          60 days (or such shorter period as the Servicer may determine is
          appropriate in relation to a specific event of default) unless the
          Servicer reasonably determines that such event of default is of a
          minor or technical nature and will not result in an Adverse Effect.

     "Monthly Anniversary Date" in relation to a Mortgage Loan means the date on
     which interest is debited to the Borrower's Mortgage Loan account by the
     Servicer pursuant to the relevant Loan Agreement.

     "Moody's" means Moody's Investors Service Inc. and its successors and
     assigns.

     "Mortgage" in relation to a Mortgage Loan means each registered mortgage
     over Land situated in any State or Territory of Australia and appearing on
     the relevant Seller's records as securing, amongst other things, the
     repayment of that Mortgage Loan and the payment of interest and all other
     moneys in respect of that Mortgage Loan notwithstanding that by its terms
     the mortgage may secure other liabilities to that Seller. If, at any time
     after the date of the corresponding Sale Notice, a mortgage is substituted,
     or added as security, for an existing Mortgage, then with effect from the
     date of such addition or substitution the definition of "Mortgage" will
     mean the substituted mortgage or include the additional mortgage, as the
     case may be.

     "Mortgage Documents" in relation to a Mortgage Loan means:

     (a)  the Loan Agreement (if other than the Mortgage) relating to that
          Mortgage Loan;

     (b)  the original or duplicate Mortgage documents in relation to that
          Mortgage Loan (including any document evidencing any substituted or
          additional Mortgage);

     (c)  the Certificate of Title or other indicia of title (if any) in respect
          of the Land the subject of the Mortgage in relation to that Mortgage
          Loan;

     (d)  the original or duplicate of the First Layer of Collateral Securities
          documents (other than the Insurance Policies) in relation to that
          Mortgage Loan;

     (e)  any Insurance Policy (or certificate of currency for the Insurance
          Policy) held by the relevant Seller in respect of the Mortgage or the
          First Layer of Collateral Securities in relation to that Mortgage
          Loan;

     (f)  any deed of priority or its equivalent in writing entered into in
          connection with the Mortgage or the First Layer of Collateral
          Securities in relation to that Mortgage Loan;

                                                                              18

<PAGE>

     (g)  all other documents required to evidence the relevant Seller's or the
          Trustee's interest in the above Land, the above Mortgage and the above
          First Layer of Collateral Securities; and

     (h)  any amendment or replacement of or to any of the foregoing such
          documents which is entered into, and under which rights arise, whether
          before or after the Cut-Off Date.

     "Mortgage Enforcement Expenses" means all costs and expenses properly
     incurred by the Servicer, a Seller or the Trustee (other than their
     respective internal administrative costs) in connection with the
     enforcement of any Mortgage Loan forming part of the Assets of the Series
     Trust, the related Mortgage or the related First Layer of Collateral
     Securities or the recovery of any amounts owing under the Mortgage Loan
     including, without limitation:

     (a)  legal costs and disbursements (including those of in-house counsel)
          charged at the usual commercial rates of the relevant legal services
          provider;

     (b)  costs in connection with the entering into of possession or the sale
          of any property secured by any related Mortgage or First Layer of
          Collateral Securities and any real estate or auctioneer's fees and
          expenses; and

     (c)  any Tax in connection with the sale of the relevant Mortgaged
          Property,

     provided that Mortgage Enforcement Expenses will not include Property
     Protection Expenses or Restoration Expenses.

     "Mortgage Insurance Income Proceeds" in relation to a Determination Date
     means all amounts received by the Trustee pursuant to any Mortgage
     Insurance Policy in relation to any Mortgage Loan then forming part of the
     Assets of the Series Trust which the Manager determines should be accounted
     for on that Determination Date in respect of an Income Loss.

     "Mortgage Insurance Policy" means:

     (a)  the PMI Mortgage Insurance Policy; and

     (b)  any primary mortgage insurance policy granted by GEMI and/or GEMICO in
          force in respect of a Mortgage Loan, an Other Loan, a Mortgage or a
          Collateral Security which forms part of the Assets of the Series
          Trust.

     "Mortgage Insurance Principal Proceeds" in relation to a Determination Date
     means all amounts received by the Trustee pursuant to any Mortgage
     Insurance Policy in relation to any Mortgage Loan then forming part of the
     Assets of the Series Trust which the Manager determines should be accounted
     for on that Determination Date in respect of a Principal Loss.

     "Mortgage Interest Saver Account" means a deposit account maintained by a
     Borrower with CBA under which interest that would otherwise be earned in
     respect of the account is off-set (to the extent thereof) against interest
     that would otherwise be payable on a Mortgage Loan provided by CBA to the
     Borrower.

     "Mortgage Loan" means each mortgage loan assigned or to be assigned (as the
     case may be) to the Trustee and referred to in a Sale Notice (if issued),
     and in relation to a Seller, means a Mortgage Loan assigned to the Trustee
     by that Seller.

     "Mortgage Loan Principal" at any time in relation to a Mortgage Loan means
     the principal outstanding at that time in respect of that Mortgage Loan.

     "Mortgage Loan Rights" means each of the items (together with all rights,
     title and interest in each of those items) referred to in clause 4.5
     assigned, or which may be assigned, as the case

                                                                              19

<PAGE>

     may be, in accordance with this Deed to the Trustee as trustee of the
     Series Trust or the CBA Trust.

     "Mortgage Loan System" means the electronic and manual reporting database
     and record keeping system used by the Servicer to monitor Mortgage Loans,
     as updated and amended from time to time.

     "Mortgage Rate" in relation to a Mortgage Loan means the rate of interest
     payable on the corresponding Mortgage Loan Principal, as such rate may be
     varied from time to time in accordance with the relevant Mortgage Documents
     or any laws.

     "Mortgage Receivables" in relation to a Mortgage Loan means all moneys,
     present and future, actual or contingent, owing at any time in respect of
     or in connection with that Mortgage Loan under the corresponding Mortgage
     Documents, including all principal, interest, reimbursable costs and
     expenses and any other amounts incurred by or payable to the relevant
     Seller (including any payments made by that Seller on behalf of the
     Borrower in relation to that Mortgage Loan) irrespective of whether:

     (a)  such amounts become due and payable before or after the Cut-Off Date;
          and

     (b)  such amounts relate to advances made or other financial accommodation
          provided by that Seller to the Borrower before or after the Cut-Off
          Date.

     "Mortgage Transfer" in relation to a Mortgage means a duly executed land
     titles office transfer which, upon registration, is effective to transfer
     the legal title to the Mortgage to the Trustee.

     "Mortgaged Property" in relation to a Mortgage means the Land and all other
     property mortgaged under that Mortgage.

     "Net Break Payment" in relation to a Determination Date means the amount
     calculated as follows:

                                  NBP = BC - BB

     where:

     NBP     =   the Net Break Payment;

     BC      =   the Break Costs in relation to that Determination Date; and

     BB      =   the Break Benefits in relation to that Determination Date,

     provided that there will only be a Net Break Payment if the result of the
     above calculation is greater than zero.

     "Net Break Receipt" in relation to a Determination Date means the amount
     calculated as follows:

                                  NBR = BB - BC

     where:

     NBR     =   the Net Break Receipt;

     BB      =   the Break Benefits in relation to that Determination Date; and

     BC      =   the Break Costs in relation to that Determination Date,

                                                                              20

<PAGE>

     provided that there will only be a Net Break Receipt if the result of the
     above calculation is greater than zero.

     "Net Income Shortfall" in relation to a Determination Date means the Gross
     Income Shortfall on that Determination Date less any Liquidity Facility
     Advance to be made on the immediately following Distribution Date.

     "Net Scheduled Principal Amount" in relation to a Determination Date means
     the amount calculated as follows:

                                NSPA = PC - NUPD

     where:

     NSPA = the Net Scheduled Principal Amount;

     PC   = the Principal Collections for the Collection Period ending on that
            Determination Date; and

     NUPD = the Net Unscheduled Principal Deduction for that Determination Date,

     provided that there will only be a Net Scheduled Principal Amount if the
     result of the above calculation is greater than zero.

     "Net Unscheduled Principal Amount" in relation to a Determination Date
     means the amount calculated as follows:

                       NUPA = GUPA - SA - SRFP - RBD - PD

     where:

<TABLE>
<S>         <C>
NUPA    =   the Net Unscheduled Principal Amount;

GUPA    =   the Gross Unscheduled Principal Amount on that Determination Date;

SA      =   the Seller Advances outstanding on that Determination Date;

SRFP    =   the Standby Redraw Facility Principal on that Determination Date;

RBD     =   the amount (if any) to be paid with respect to the Redraw Bonds pursuant to
            clause 10.5(a) on the immediately following Distribution Date; and

PD      =   the Principal Draw (if any) on that Determination Date,
</TABLE>

     provided that there will only be a Net Unscheduled Principal Amount if the
     result of the above calculation is greater than zero.

     "Net Unscheduled Principal Deduction" in relation to a Determination Date
     means the amount calculated as follows:

                       NUPD = SA + SRFP + RBD + PD - GUPA

     where:

     NUPD  =  the Net Unscheduled Principal Deduction;

     GUPA  =  the Gross Unscheduled Principal Amount on that Determination Date;

     SA    =  the Seller Advances outstanding on that Determination Date;

                                                                              21

<PAGE>

<TABLE>
<S>         <C>
SRFP    =   the Standby Redraw Facility Principal on that Determination Date;

RBD     =   the amount (if any) to be paid with respect to the Redraw Bonds pursuant to
            clause 10.5(a) on the following immediately Distribution Date; and

PD      =   the Principal Draw (if any) on that Determination Date,
</TABLE>

     provided that there will only be a Net Unscheduled Principal Deduction if
     the result of the above calculation is greater than zero.

     "Note" means, as the context requires, a Class A Note, a Class B Note or
     both.

     "Noteholder" means, as the context requires, a Class A-1 Noteholder, a
     Class A-2 Noteholder, a Class B Noteholder or any combination of the
     foregoing.

     "Other Income Amounts" in respect of a Determination Date and a Collection
     Period ending on that Determination Date means the aggregate of:

     (a)  any amounts received by the Trustee during the Collection Period
          pursuant to clauses 14 and 16 which represent amounts in respect of
          accrued but unpaid interest and fees on the Mortgage Loans;

     (b)  any amounts received by the Trustee during the Collection Period
          pursuant to clause 26.3 which represent amounts in respect of interest
          and fees on the Mortgage Loans;

     (c)  any damages received by the Trustee in the Collection Period (other
          than pursuant to clauses 14 and 16) and allocated by the Manager as
          Other Income Amounts in accordance with clause 27.5;

     (d)  subject to clause 22.12, interest and other investment income earned
          and received on moneys standing to the credit of the Collections
          Account during the Collection Period (other than interest earned on
          the Collections Account during the Collection Period in respect of the
          Cash Advance Deposit as calculated in accordance with clause 8.6 or
          the Interest Rate Swap Provider Deposit as calculated in accordance
          with clause 8.8) and any amounts representing interest paid by the
          Servicer pursuant to clause 22.5 in respect of that Collection Period;

     (e)  interest and other investment income earned and received on Authorised
          Short-Term Investments during the Collection Period (other than
          interest attributable to the Interest Rate Swap Provider Deposit
          calculated in accordance with clause 8.8);

     (f)  subject to clause 9.3, any other receipts in the nature of income (as
          determined by the Manager) which have been received by the
          Determination Date in respect of the Collection Period; and

     (g)  any amount of input tax credits (as defined in the GST Act) received
          by the Trustee in the Collection Period in respect of the Series
          Trust,

     in each case which have not previously been applied in accordance with this
     Deed.

     "Other Loans" in relation to a Mortgage Loan means all loans, credit and
     financial accommodation of whatever nature (other than that Mortgage Loan)
     the payment or repayment of which is secured by a Mortgage, or by a
     Collateral Security, which also secures that Mortgage Loan or another Other
     Loan in relation to that Mortgage Loan.

     "Other Principal Amounts" in relation to a Determination Date and the
     Collection Period ending on that Determination Date means the aggregate of:

                                                                              22

<PAGE>

     (a)  any Mortgage Insurance Principal Proceeds in respect of that
          Determination Date;

     (b)  the aggregate Liquidation Proceeds in respect of the Mortgage Loans
          received during that Collection Period other than Liquidation Proceeds
          included in Finance Charge Collections for that Collection Period;

     (c)  the Principal Prepayments with respect to that Collection Period;

     (d)  any amounts received by the Trustee during that Collection Period
          pursuant to clauses 14 and 16 which represent amounts in respect of
          principal on the Mortgage Loans;

     (e)  any amounts received by the Trustee during that Collection Period
          pursuant to clause 26.3 which represent amounts in respect of
          principal on the Mortgage Loans;

     (f)  any damages received by the Trustee during that Collection Period
          (other than pursuant to clauses 14 and 16) and allocated by the
          Manager as Other Principal Amounts in accordance with clause 27.5;

     (g)  in the case of the first Determination Date, the amount (if any) by
          which the Subscription Proceeds exceed the Consideration;

     (h)  any amount remaining unpaid on the immediately previous Distribution
          Date as a result of the application of clause 5.9 in respect of
          principal; and

     (i)  any other receipts in the nature of principal (as determined by the
          Manager) which have been received by that Determination Date in
          respect of that Collection Period,

     in each case which have not previously been applied in accordance with this
     Deed.

     "Paying Agent" has the same meaning as in the Agency Agreement.

     "Penalty Payment" means:

     (a)  the amount of any liability (including, without limitation, any civil
          or criminal penalty) which the Trustee is liable for under the
          Consumer Credit Code;

     (b)  any other liability payable by the Trustee, or legal costs or other
          expenses payable or incurred by the Trustee, in relation to such
          liability;

     (c)  any amount which the Trustee agrees to pay (with the consent of the
          Servicer) to a debtor or other person in settlement of any application
          for an order under Part 6 of the Consumer Credit Code; and

     (d)  any legal costs or other costs and expenses payable or incurred by the
          Trustee in relation to that application,

     to the extent to which a person can be indemnified for that liability,
     money or amount under the Consumer Credit Code.

     "Perfection of Title Event" means each event referred to in clause 24.1.

     "Personal Information" has the same meaning as in the Privacy Act.

     "PMI" means PMI Mortgage Insurance Ltd, ABN 70 000 511 071.

     "PMI Mortgage Insurance Policy" means the policy issued by PMI in relation
     to some of the Mortgage Loans from time to time forming part of the Assets
     of the Series Trust pursuant to the Lenders' Mortgage Insurance Provisions
     dated on or about the date of this Deed between PMI, the Trustee and the
     Sellers.

                                                                              23

<PAGE>

     "Pool Factor" in relation to a Security at any given time means the amount
     (expressed as a percentage to 7 decimal places) calculated as follows:

                                  PF = A
                                       -
                                       B

     where:

     PF      =   the Pool Factor in relation to that Security;

     A       =   the Stated Amount for that Security as at that time; and

     B       =   the Initial Invested Amount for that Security.

     "Pool Performance Data" means performance data in respect of the Securities
     on a Determination Date consisting of prepayment rates, arrears data and
     default data in respect of Mortgage Loans then forming part of the Assets
     of the Series Trust, the Pool Factor at the last Determination Date and the
     Pool Factor on the present Determination Date, the principal outstanding on
     the Securities, the Interest Rates in respect of the A$ Securities, the
     Class A-1 Interest Rate (as defined in the US Dollar Note Conditions) for
     the Class A-1 Notes and such other information as the Manager may consider
     necessary from time to time.

     "Potential Termination Event" means:

     (a)  as a result of the introduction, imposition or variation of any law it
          is unlawful for the Trustee, and would also be unlawful for any new
          Trustee, to carry out any of its obligations under this Deed, the
          Master Trust Deed (in so far as it relates to the Series Trust), the
          US Dollar Note Trust Deed, the Class A-1 Notes or the Security Trust
          Deed; or

     (b)  this Deed, the Master Trust Deed (in so far as it relates to the
          Series Trust) the US Dollar Note Trust Deed, the Class A-1 Notes or
          the Security Trust Deed is or has become void, illegal, unenforceable
          or of limited force and effect.

     "Powers of Attorney" means the powers of attorney referred to in clause
     6.1(n).

     "Preliminary Income Amount" in relation to a Determination Date means the
     amount calculated as follows:

                              PIA = FCC + MIIP + OI

     where:

<TABLE>
<S>         <C>
PIA     =   the Preliminary Income Amount for that Determination Date;

FCC     =   the Finance Charge Collections for the Collection Period ending on that
            Determination Date;

MIIP    =   the aggregate Mortgage Insurance Income Proceeds for that Determination Date;
            and

OI      =   any Other Income Amounts in respect of the
            Collection Period ending on that
            Determination Date and which has not
            previously been applied in accordance with
            this Deed.
</TABLE>

     "Preliminary Principal Amount" in relation to a Determination Date and the
     immediately following Distribution Date means an amount calculated as
     follows:

                       PPA = PC + PCOR + OPA + RBA + SRFA

                                                                              24

<PAGE>

     where:

     PPA  = the Preliminary Principal Amount as at that Determination Date;

     PC   = the Principal Collections for the Collection Period ending on that
            Determination Date;

     PCOR = the Principal Chargeoff Reimbursement as at that Determination Date;

     OPA  = the Other Principal Amounts as at that Determination Date;

     RBA  = the Redraw Bond Amount as at that Determination Date; and

     SRFA = the Standby Redraw Facility Advance on the
            immediately following Distribution Date.

     "Prescribed Period" in relation to a Mortgage Loan means the period of 120
     days (including the last day of that period) commencing on the Closing Date
     or such longer period as may be agreed between the Australian Prudential
     Regulation Authority, the Trustee, the relevant Seller and the Manager.

     "Principal Chargeoff" in relation to a Determination Date means an amount
     calculated as follows:

                              PCO = PL - MIPP - PD

     where:

<TABLE>
<S>         <C>
PCO     =   the Principal Chargeoff as at that Determination Date;

PL      =   the total of the Principal Loss on each Mortgage Loan for which the Manager
            determines a Principal Loss should be accounted for on that Determination
            Date (provided that the Manager must not account for a Principal Loss on a
            Mortgage Loan until the Servicer reasonably believes that no further amounts
            in respect of the Mortgage Loan constituting Mortgage Insurance Principal
            Proceeds or damages under clauses 14 and 16 which are to be treated as Other
            Principal Amounts will be received);

MIPP    =   the total Mortgage Insurance Principal Proceeds with respect to such Mortgage
            Loans as at that Determination Date; and

PD      =   any damages received by the Trustee from CBA under clause 14 or from CBA
            or the Servicer under clause 16 in respect of such Mortgage Loans
            which are determined to be Other Principal Amounts in accordance with
            clause 27.5.
</TABLE>

     "Principal Chargeoff Reimbursement" in relation to a Determination Date and
     the Collection Period ending on that Determination Date means an amount
     calculated as follows:

                             PCOR = PIA - RIA - PDR

     where:

     PCOR = the Principal Chargeoff Reimbursement as at that Determination Date;

     PIA  = the Preliminary Income Amount as at that Determination Date;

     RIA  = the Required Income Amount as at that Determination Date; and

     PDR  = the Principal Draw Reimbursement as at that Determination Date,

                                                                              25

<PAGE>

     provided that there will only be a Principal Chargeoff Reimbursement if the
     result of the above calculation is greater than zero and provided further
     that where the result of the above calculation exceeds the Unreimbursed
     Principal Chargeoffs as at the immediately previous Determination Date plus
     the Principal Chargeoffs calculated as at the current Determination Date,
     the Principal Chargeoff Reimbursement will equal such amount.

     "Principal Collections" in relation to a Collection Period means the
     aggregate of the following amounts (without double counting) received by or
     on behalf of the Trustee during that Collection Period in respect of the
     Mortgage Loans then forming part of the Assets of the Series Trust:

     (a)  all amounts received under or in respect of the Mortgage Loans in
          respect of principal (less reversals made during the period in respect
          of interest or other charges in relation to any of the accounts where
          the original debit entry (or part thereof) was in error); and

     (b)  all amounts of principal payable under or in respect of the Mortgage
          Loans and the Mortgage Loan Rights to the extent that the obligations
          to pay such amounts are discharged by the exercise during that
          Collection Period of a right of set-off or right to combine accounts,

     but does not include the Preliminary Income Amount or Other Principal
     Amounts in relation to that Determination Date.

     "Principal Draw" in relation to a Determination Date means the amount equal
     to the lesser of the Net Income Shortfall as at that Determination Date and
     the Principal Draw Available as at that Determination Date.

     "Principal Draw Available" in relation to a Determination Date means the
     amount calculated as follows:

                                 PDA - PPA - SAP

     where:

<TABLE>
<S>         <C>
PDA     =   the Principal Draw Available as at that Determination Date;

PPA     =   the Preliminary Principal Amount as at that Determination Date; and

SAP     =   the principal allocated to repay Seller Advances on the immediately following
            Distribution Date in accordance with clause 10.3(a),
</TABLE>

     provided that if the Available Principal Amount for that Determination Date
     is insufficient to repay the Seller Advances in full in accordance with
     clause 10.3(a), the Principal Draw Available will be zero.

     "Principal Draw Reimbursement" in relation to a Determination Date and the
     Collection Period ending on that Determination Date means an amount
     calculated as follows:

                                 PDR = PIA - RIA

     where:

<TABLE>
<S>         <C>
PDR     =   the Principal Draw Reimbursement as at that Determination Date;

PIA     =   the Preliminary Income Amount as at such that Determination Date; and

RIA     =   the Required Income Amount as at that Determination Date,
</TABLE>

                                                                              26

<PAGE>

     provided that there will only be a Principal Draw Reimbursement if the
     result of the above calculation is greater than zero and provided further
     that where the result of the above calculation exceeds the Unreimbursed
     Principal Draws as at the immediately previous Determination Date, the
     Principal Draw Reimbursement will equal the Unreimbursed Principal Draws as
     at the immediately previous Determination Date.

     "Principal Loss" in relation to a Mortgage Loan and a Liquidation Date
     means an amount calculated as follows:

                             PL = MLP + RE - BC - LP

     where:

<TABLE>
<S>         <C>
PL      =   the Principal Loss as at that Liquidation Date;

MLP     =   the Mortgage Loan Principal as at that Liquidation Date;

RE      =   the Restoration Expenses reasonably and necessarily incurred up to and
            including that Liquidation Date;

BC      =   the Break Costs as at that Liquidation Date provided that Break Costs
            will only be included in the calculation of Principal Loss if the Trustee is
            then a party to a Fixed Rate Swap; and

LP      =   any Liquidation Proceeds received up to and including that Liquidation Date
            provided that for the purposes of this paragraph Liquidation Proceeds will
            not include any Liquidation Proceeds which have been applied against an
            Income Loss or are to be applied against an Income Loss on that Liquidation
            Date,
</TABLE>

     provided that there will only be such a Principal Loss if the result of the
     above calculation is greater than zero.

     "Principal Paying Agent" has the same meaning as in the Agency Agreement.

     "Principal Prepayments" in relation to a Collection Period means all
     amounts received by or on behalf of the Trustee during that Collection
     Period under or in respect of the Mortgage Loans then forming part of the
     Assets of the Series Trust in respect of principal prepayments made by or
     on behalf of the Borrower in relation to that Mortgage Loan (less reversals
     made during the period in respect of interest or other charges in relation
     to any of the accounts where the original debit entry (or part thereof) was
     in error) to the extent that the amount exceeds the then scheduled monthly
     instalment of principal that would be payable under that Mortgage Loan
     (including previous unpaid instalments of principal) during that Collection
     Period.

     "Priority Agreement" means any agreement between a Seller and a subsequent
     mortgagee of Land the subject of a Mortgage or Collateral Security:

     (a)  under which that Seller and the subsequent mortgagee agree to a
          ranking of their respective securities over the said Land which
          provides for that Seller's security to be a first ranking security to
          an agreed amount and the subsequent mortgagee's security to be a
          second ranking security; and

     (b)  whose sole subject matter is the agreement as to ranking referred to
          in (a) above and matters ordinarily incidental thereto.

     "Privacy Act" means the Privacy Act 1988 (Commonwealth).

     "Property Protection Expenses" in relation to a Mortgage Loan means the
     aggregate amount of any costs or expenses actually paid or incurred by the
     Servicer, the relevant Seller or the

                                                                              27

<PAGE>

     Trustee in connection with the maintenance, preservation and protection of
     the corresponding Mortgaged Property in its existing state of repair at its
     existing value, including, without limitation:

     (a)  any real estate property Taxes, statutory charges or other outgoings
          payable in connection with the corresponding Mortgaged Property; and

     (b)  any insurance premiums payable under any Insurance Policy with respect
          to the corresponding Mortgaged Property,

     provided that Property Protection Expenses will not include any Mortgage
     Enforcement Expenses or any Restoration Expenses.

     "Quarterly Certificate" means the certificate prepared on each
     Determination Date by the Manager pursuant to clause 27.2(a) substantially
     in the form set out in Schedule 8 (or in such other form as is from time to
     time agreed between the Manager and the Trustee).

     "Rate Set Date" in relation to an Accrual Period means the first day of
     that Accrual Period.

     "Rating Affirmation Notice" in relation to an event or circumstances means
     a notice in writing from each Rating Agency confirming that the event or
     circumstances, as applicable, will not result in a reduction, qualification
     or withdrawal of the ratings then assigned by that Rating Agency to the
     Securities.

     "Rating Agencies" means S&P, Moody's and Fitch.

     "Redraw Bond" means a debt security issued by the Trustee, in its capacity
     as trustee of the Series Trust, in accordance with clause 5.4 and forming
     part of the Class of Securities described in clause 5.1(d) as Redraw Bonds.

     "Redraw Bond Amount" in relation to a Determination Date means the proceeds
     (if any) received by the Trustee from any issue of Redraw Bonds on that
     Determination Date or during the Collection Period ending on that
     Determination Date (but excluding the immediately preceding Determination
     Date).

     "Redraw Bond Chargeoff Percentage" in relation to a Determination Date
     means the amount (expressed as a percentage) calculated as follows:

                      RBCP =             RBSA
                             ---------------------------
                             CA1SA + CA2SA + RBSA + SRPF

     where:

<TABLE>
<S>         <C>
RBCP    =   the Redraw Bond Chargeoff Percentage in relation to that Determination Date;

CA1SA   =   the A$ Equivalent of the aggregate Stated Amounts of the Class A-1 Notes on
            that Determination Date;

CA2SA   =   the aggregate Stated Amounts of the Class A-2 Notes on that Determination
            Date;

RBSA    =   the aggregate Stated Amount of the Redraw Bonds on that Determination Date;
            and

SRFP    =   the Standby Redraw Facility Principal on that Determination Date.
</TABLE>

                                                                              28

<PAGE>

     "Redraw Bond Principal Limit" means A$50 million or such other amount from
     time to time agreed between the Rating Agencies and the Manager and
     notified by the Manager to the Trustee.

     "Redraw Bondholder" means at any time the person recorded at that time in
     the Register as the holder of a Redraw Bond.

     "Relevant Party" means each party to a Transaction Document other than the
     Trustee.

     "Relevant Mortgage Documents" has the meaning given to it in clause 25.1.

     "Required Credit Rating" has the meaning specified in clause 27.1.

     "Required Income Amount" in relation to a Determination Date means the
     aggregate of the amounts referred to in clauses 10.2(a)-(l) inclusive for
     the immediately following Distribution Date provided that, in respect only
     of the first Determination Date, the total amount payable by the Trustee to
     the Sellers under clause 10.1 will be included in the Required Income
     Amount.

     "Residual Unit" means the single unit in the Series Trust referred to in
     clause 3.1.

     "Residual Unitholder" means initially CBA and, thereafter, the person from
     time to time appearing in the Register as the holder of the Residual Unit.

     "Restoration Expenses" in relation to a Mortgage Loan means the aggregate
     amount of any costs or expenses actually paid or incurred by the Servicer,
     a Seller or the Trustee in connection with the restoration of the
     corresponding Mortgaged Property including, without limitation, any costs
     or expenses:

     (a)  in restoring the corresponding relevant Mortgaged Property to its
          condition as at the date on which that Mortgage Loan was made to the
          Borrower; and

     (b)  in connection with the reduction, elimination or clean-up of any
          environmental hazard relating to the corresponding Mortgaged Property,

     provided that Restoration Expenses will be calculated without reference to
     the fact that the amount expended was paid from the Servicer's, that
     Seller's or the Trustee's own funds or from Insurance Proceeds or from any
     other source whatsoever and provided further that Restoration Expenses will
     not include any Property Protection Expenses or Mortgage Enforcement
     Expenses.

     "S&P" means Standard & Poor's (Australia) Pty. Ltd., ABN 62 007 324 852 and
     its successors and assigns.

     "Sale Notice" means a notice from a Seller to the Trustee in or
     substantially in the form of Schedule 1 (or in such other form as may be
     agreed between the relevant Seller, the Manager and the Trustee).

     "Scheduled Balance" in relation to a Mortgage Loan means the amount that
     would be owing on that Mortgage Loan at the date of determination if the
     Borrower had made, prior to that date, the minimum payments required under
     that Mortgage Loan.

     "Scheduled Maturity Date" means the Distribution Date occurring on 17 April
     2033 (or if this is not a Business Day, on the next succeeding Business
     Day).

     "Second Layer of Collateral Securities" in relation to a Mortgage Loan
     means all Collateral Securities in respect of that Mortgage Loan which do
     not constitute the First Layer of Collateral Securities for that Mortgage
     Loan.

     "Secured Creditor" has the same meaning as in the Security Trust Deed.

                                                                              29

<PAGE>

     "Securities Act" means the United States Securities Act of 1933 as amended.

     "Security" means as the context requires a Class A-1 Note, an A$ Security
     or both.

     "Securityholder" means a Noteholder or a Redraw Bondholder or both, as the
     context may require.

     "Security Register" means the system which is used by a Seller to record
     Security Interests granted to that Seller to secure the repayment of a
     Mortgage Loan originated by that Seller.

     "Security Trust Deed" means the Security Trust Deed dated on or about the
     date of this Deed between the Trustee, the Manager, the US Dollar Note
     Trustee and the Security Trustee.

     "Security Trustee" means the person who is for the time being the security
     trustee under the Security Trust Deed.

     "Security Trustee's Expenses" means the costs and fees to be reimbursed to
     the Security Trustee on each Distribution Date in accordance with clause
     19.5(b).

     "Security Trustee's Fee" means the fee payable to the Security Trustee on
     each Distribution Date in accordance with clause 19.5(a).

     "Seller Advance" means an advance made by a Seller to a Borrower pursuant
     to clause 16.20(c) or clause 16.21(c) on or after the Cut-Off Date which
     appears in the records of the Servicer or on the Security Register as
     secured by a Mortgage which also secures a Mortgage Loan, and a reference
     to "Seller Advances" is a reference to all Seller Advances made by either
     Seller.

     "Series Trust" means the trust known as the Series 2002-1G Medallion Trust
     established pursuant to this Deed and the Master Trust Deed.

     "Servicer" means CBA or if CBA is removed or retires as Servicer, any then
     Substitute Servicer, and includes the Trustee when acting as Servicer in
     accordance with clause 18.7.

     "Servicer Default" means the occurrence of any event specified in clause
     18.1.

     "Servicer's Fee" means the remuneration payable to the Servicer pursuant to
     clause 19.4.

     "Servicing Guidelines" means the relevant written guidelines, policies and
     procedures established by the Servicer for servicing mortgage loans
     recorded on the Mortgage Loan System, including the Mortgage Loans, as
     amended or updated in writing from time to time.

     "Servicing Standards" at any given time means the relevant standards and
     practices set out in the then Servicing Guidelines and, to the extent that
     a servicing function is not covered by the Servicing Guidelines, the
     standards and practices of a prudent lender in the business of making
     retail home loans.

     "Servicing Transfer" means the appointment of a new Servicer in accordance
     with clause 18.

     "Settlement Date" in relation to a Mortgage Loan means the date on which an
     agreement between the relevant Seller and a Borrower for the making of that
     Mortgage Loan was made.

     "Shared Security" means any Security Interest, guarantee, indemnity or
     other form of assurance that by its terms secures both (on the one hand)
     the payment or repayment of any Mortgage Loan forming or to form part of
     the Assets of the Series Trust and (on the other hand) any Other Loan
     forming or to form part of the CBA Trust Assets.

     "Specified Rating" means a long term debt rating by S&P of BBB, by Moody's
     of Baa2 and by Fitch of BBB.

                                                                              30

<PAGE>

     "Standby Redraw Chargeoff Percentage" in relation to a Determination Date
     means the amount (expressed as a percentage) calculated as follows:

                      SCRF =              SRFP
                             ---------------------------
                             CA1SA + CA2SA + RBSA + SRPF

     where:

<TABLE>
<S>         <C>
SRCP    =   the Standby Redraw Chargeoff Percentage in relation to that Determination
            Date;

CA1SA   =   the A$ Equivalent of the aggregate Stated Amounts of the Class A-1 Notes on
            that Determination Date;

CA2SA   =   the aggregate Stated Amounts of the Class A-2 Notes on that Determination
            Date;

RBSA    =   the aggregate Stated Amounts of the Redraw Bonds on that Determination Date;
            and

SRFP    =   the Standby Redraw Facility Principal on that Determination Date.
</TABLE>

     "Standby Redraw Facility" means a standby redraw facility made available by
     the Standby Redraw Facility Provider to the Trustee pursuant to the Standby
     Redraw Facility Agreement.

     "Standby Redraw Facility Advance" in relation to a Distribution Date means
     the amount to be drawn down by the Trustee under a Standby Redraw Facility
     on that Distribution Date.

     "Standby Redraw Facility Agreement" means the Standby Redraw Facility
     Agreement dated on or about the date of this Deed between the Trustee, the
     Manager and the Standby Redraw Facility Provider and includes any
     substitute standby redraw facility agreement entered into by the Trustee as
     trustee of the Series Trust in place of an existing Standby Redraw Facility
     Agreement.

     "Standby Redraw Facility Commitment Fee" means in relation to a
     Determination Date and the immediately following Distribution Date, the
     commitment fee payable to the Standby Redraw Facility Provider on that
     Distribution Date pursuant to the Standby Redraw Facility Agreement.

     "Standby Redraw Facility Interest" in relation to a Distribution Date means
     the interest due on that Distribution Date pursuant to the terms of a
     Standby Redraw Facility Agreement.

     "Standby Redraw Facility Limit" means the Facility Limit from time to time
     as defined in the Standby Redraw Facility Agreement.

     "Standby Redraw Facility Principal" has the same meaning as in the Standby
     Redraw Facility Agreement.

     "Standby Redraw Facility Provider" means initially CBA and each other
     person who may from time to time provide a Standby Redraw Facility.

     "Stated Amount" in relation to:

     (a)  a Class A-1 Note at any given time has the same meaning as in the US
          Dollar Note Conditions; and

     (b)  an A$ Security at any given time means the Initial Invested Amount of
          that A$ Security at that time less the sum of the following at that
          time:

                                                                              31

<PAGE>

          (i)  the aggregate of all amounts previously paid in relation to that
               A$ Security on account of principal pursuant to clause 10.3(d);
               and

          (ii) the aggregate of all then Unreimbursed Principal Chargeoffs in
               relation to that A$ Security.

     "Stepdown Percentage" in relation to a Determination Date means the
     percentage calculated in accordance with Schedule 10 for that Determination
     Date.

     "Subscription Amount" in relation to the Residual Unit at any time means
     the aggregate of:

     (a)  the amount of $100 paid by the Manager to the Trustee upon the
          constitution of the Series Trust pursuant to clause 3.3 of the Master
          Trust Deed; and

     (b)  the additional amounts, if any, previously paid by the Residual
          Unitholder to, or at the direction of, the Trustee pursuant to clause
          3.6,

     less the aggregate of all amounts previously applied towards the reduction
     of the Subscription Amount pursuant to clauses 10.3(e) or 11.2(b)(ii).

     "Subscription Proceeds" means the amounts paid or to be paid by the
     underwriters for the Class A-1 Notes under the Underwriting Agreement
     (converted into A$ pursuant to the Class A-1 Currency Swaps) and the
     amounts paid by the subscribers for the Class A-2 Notes and the Class B
     Notes under the Dealer Agreement, without taking into account in reduction
     of such amounts any fees or other amounts paid to such underwriters by or
     on behalf of the Trustee.

     "Substitute Servicer" means at any given time the entity then appointed as
     Servicer under clause 18.6.

     "Support Facilities" means the agreements or arrangements referred to in
     clause 1.7 or such other agreement or arrangement which the Trustee and the
     Manager agree is a Support Facility for the purposes of this Deed.

     "Support Facility Provider" means the person or persons providing any
     applicable Support Facility to the Trustee as trustee of the Series Trust.

     "Swap" means, as the context requires, the Basis Swap, the Fixed Rate Swap,
     the Class A-1 Currency Swap or all or any of the foregoing.

     "Termination Date" means the earliest of the following dates:

     (a)  the date which is 80 years after the date of the constitution of the
          Series Trust in accordance with this Deed and the Master Trust Deed;

     (b)  the date that the Trustee becomes obliged pursuant to clause 26.1(d)
          to liquidate the Assets of the Series Trust following the occurrence
          of a Potential Termination Event;

     (c)  if Securities have been issued by the Trustee, the date appointed by
          the Manager as the Termination Date by notice in writing to the
          Trustee, which must not be a date prior to the earlier of the
          following:

          (i)  the date that all Securities have been redeemed in full; or

          (ii) if an Event of Default (as defined in the Security Trust Deed)
               occurs and the Charge is enforced, the date of the final
               distribution by the Security Trustee under the Security Trust
               Deed; and

                                                                              32

<PAGE>

     (d)  if no Securities have been issued by the Trustee, the date appointed
          by the Manager as the Termination Date by notice in writing to the
          Trustee.

     "Termination Payment Date" means the date declared by the Trustee to be the
     Termination Payment Date of the Series Trust pursuant to clause 26.2
     (subject to any substitution of another date as the Termination Payment
     Date in accordance with that clause).

     "Threshold Rate" means, at any time, the minimum rate of interest that must
     be set on all Mortgage Loans (where permitted by the terms of the Mortgage
     Loan and corresponding Loan Agreement) which will be sufficient (assuming
     that all relevant parties comply with their obligations at all times under
     the Transaction Documents and the Mortgage Documents), when aggregated with
     the income produced by the rate of interest on all other Mortgage Loans and
     the income from Short-Term Authorised Investments, to ensure that the
     Trustee will have available to it sufficient Finance Charge Collections and
     Other Income Amounts to enable it to comply with its obligations under the
     Transaction Documents as they fall due.

     "Trustee" means Perpetual Trustee Company Limited, ABN 42 000 001 007 or if
     Perpetual Trustee Company Limited retires or is removed as trustee of the
     Series Trusts (as defined in the Master Trust Deed) and the CBA Trust, any
     then Substitute Trustee and includes the Manager when acting as the Trustee
     in accordance with the terms of the Master Trust Deed.

     "Trustee's Fee" means the fee payable to the Trustee on each Distribution
     Date calculated in accordance with clause 19.3.

     "Underwriting Agreement" means the Underwriting Agreement dated after the
     date of this Deed between the Trustee, the Manager, CBA and Deutsche Banc
     Alex. Brown Inc. as representative for the Underwriters named therein
     pursuant to which, subject to the terms and conditions contained therein,
     the Trustee will agree to issue, and each of the Underwriters named therein
     will severally agree to subscribe for, the Class A-1 Notes.

     "Unpaid Interest Amount" in relation to an A$ Security and a Distribution
     Date means the aggregate of any Interest Amounts in relation to that A$
     Security remaining unpaid from previous Distribution Dates and any interest
     accrued but remaining unpaid on that A$ Security as at that Distribution
     Date pursuant to clause 5.8(b).

     "Unreimbursed Principal Chargeoffs" in relation to:

     (a)  a Class A-1 Note at any time has the same meaning as in the US Dollar
          Note Conditions; and

     (b)  an A$ Security and the Standby Redraw Facility Principal at any time
          means the aggregate of the Principal Chargeoffs up to and including
          that time allocated to the A$ Security or the Standby Redraw Facility
          Principal (as the case may be) in accordance with clause 9.1 less the
          aggregate of the Principal Chargeoff Reimbursements prior to that time
          allocated to the A$ Security or the Standby Redraw Facility Principal
          (as the case may be) in accordance with clause 9.2.

     "Unreimbursed Principal Draws" in relation to a Determination Date means
     the aggregate of the Principal Draws allocated in accordance with clause
     10.3(b) less the aggregate of the Principal Draw Reimbursement allocated in
     accordance with clause 10.2(n) up to and including that Determination Date.

     "US$" and "US dollars" means the lawful currency for the time being of the
     United States of America.

     "US Dollar Note Conditions" means the terms and conditions of the Class A-1
     Notes as annexed to the Class A-1 Notes.

     "US Dollar Note Registrar" has the same meaning as in the Agency Agreement.

                                                                              33

<PAGE>

     "US Dollar Note Trust Deed" means the US Dollar Note Trust Deed to be dated
     on or about the Closing Date and made between the Trustee, the Manager and
     the US Dollar Note Trustee.

     "US Dollar Note Trustee" means The Bank of New York, New York Branch or, if
     The Bank of New York is removed or retires as the trustee for the Class A-1
     Noteholders, any person appointed from time to time in its place in
     accordance with the US Dollar Note Trust Deed.

     "US$ Equivalent" in relation to an amount which is calculated, determined
     or expressed in A$ or which includes a component determined or expressed in
     A$ means the A$ amount or A$ component (as the case may be) multiplied by
     the US$ Exchange Rate.

     "US$ Exchange Rate" means "US$ Exchange Rate" specified in paragraph 7 of
     the confirmation for each Class A-1 Currency Swap.

     "Waiver of Set-Off" in relation to a Mortgage Loan means a provision, in
     the related Mortgage or Loan Agreement or otherwise, by which, inter alia,
     the Borrower agrees to make all payments in respect of that Mortgage Loan
     without set-off or counterclaim unless prohibited by law.

1.2  Interpretation

     In this Deed, unless the contrary intention appears:

     (a)  a reference to this Deed includes the Recitals and the Schedules;

     (b)  a reference to a statute, ordinance, code or other law includes
          regulations and other instruments under it and consolidations,
          amendments, re-enactments or replacements of any of them;

     (c)  a reference to a section of a statute, ordinance, code or other law
          includes any consolidation, amendment, re-enactment or replacement of
          that section;

     (d)  the singular includes the plural and vice versa and words denoting a
          gender include all other genders;

     (e)  the word "person" includes an individual, a body politic, a
          corporation and a statutory or other authority or association
          (incorporated or unincorporated);

     (f)  a reference to a person includes a reference to the person's
          executors, administrators, successors, substitutes (including, without
          limitation, persons taking by novation) and assigns;

     (g)  the word "corporation" means any body corporate wherever formed or
          incorporated including, without limiting the generality of the
          foregoing, any public authority or any instrumentality of the Crown;

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

     (i)  a reference to any thing (including, without limitation, any amount)
          is a reference to the whole or any part of it and a reference to a
          group of persons is a reference to any one or more of them;

     (j)  if an act prescribed under this Deed to be done by a party on or by a
          given day is done after 5.30 p.m. on that day, it is to be taken to be
          done on the following day;

     (k)  references to time are to Sydney time;

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     (l)  the expression "certified" by a corporation or person means certified
          in writing by 2 Authorised Officers of the Corporation or by that
          person respectively and "certify" and like expressions will be
          construed accordingly;

     (m)  a reference to extinguish includes a reference to rights and interests
          being surrendered and released;

     (n)  a reference to a "month" is to a calendar month;

     (o)  the expression "owing" includes amounts that are owing whether such
          amounts are liquidated or not or are contingent or presently accrued
          or due and includes all rights sounding in damages only;

     (p)  a reference to "wilful default" in relation to the Trustee, the
          Manager or the Servicer means, subject to clause 1.2(q), any wilful
          failure to comply, or wilful breach, by the Trustee, the Manager or
          the Servicer (as the case may be) of any of its obligations under any
          Transaction Document, other than a failure or breach which:

          (i)   A.   arises as a result of a breach of a Transaction Document by
                     a person other than the Trustee, the Manager or the
                     Servicer (as the case may be) or other than any person
                     referred to in clause 1.2(q) in relation to the Trustee,
                     the Manager or the Servicer (as the case may be); and

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

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

          (iii) is in accordance with a proper instruction or direction of:

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

                B.   the Investors given at a meeting (or deemed meeting)
                     convened under the Master Trust Deed;

     (q)  a reference to the "fraud", "negligence" or "wilful default" of the
          Trustee, the Manager or the Servicer means the fraud, negligence or
          wilful default of the Trustee, the Manager or the Servicer (as the
          case may be) and of its officers, employees, agents or any other
          person where the Trustee, the Manager or the Servicer (as the case may
          be) is liable for the acts or omissions of such other person under the
          terms of any Transaction Document;

     (r)  subject to clause 31.2, each party will only be considered to have
          knowledge or awareness of, or notice of, a thing or grounds to believe
          anything by virtue of the officers of that party (or any Related Body
          Corporate of that party) having day to day responsibility for the
          administration or management of that party's (or a Related Body
          Corporate of that party's) obligations in relation to the Series Trust
          or the CBA Trust, having actual knowledge, actual awareness or actual
          notice of that thing, or grounds or reason to believe that thing (and
          similar references will be interpreted in this way). In addition,
          notice, knowledge or awareness of a Servicer Default, Manager Default,
          Trustee Default or Perfection of Title Event means notice, knowledge
          or awareness of the occurrence of the events or circumstances

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          constituting the Servicer Default, Manager Default, Trustee Default or
          Perfection of Title Event (as the case may be);

     (s)  subject to clause 1.12 a reference to this Deed, the Master Trust Deed
          or any other deed, Agreement, document or instrument includes
          respectively this Deed, the Master Trust Deed or such other deed,
          Agreement, document or instrument as amended, novated, supplemented or
          replaced from time to time;

     (t)  a reference to the enforcement of the Charge means that the Security
          Trustee appoints (or the Voting Secured Creditors as contemplated by
          clause 8.4 of the Security Trust Deed appoint) a Receiver over any
          Charged Property, or takes possession of any Charged Property,
          pursuant to the Security Trust Deed (expressions used in this clause
          which are not defined in this Deed have the same meanings as in the
          Security Trust Deed);

     (u)  a reference to a clause or a Schedule is a reference to a clause or a
          Schedule of this Deed; and

     (v)  headings are inserted for convenience and do not affect the
          interpretation of this Deed.

1.3  Master Trust Deed Definitions

     Subject to clause 1.12 unless defined in this Deed, words and phrases
     defined in the Master Trust Deed have the same meaning in this Deed. Where
     there is any inconsistency in a definition between this Deed and the Master
     Trust Deed, this Deed prevails. Where words or phrases used in this Deed
     are defined in the Master Trust Deed in relation to a Series Trust (as
     defined as the Master Trust Deed) and/or an Other Trust such words or
     phrases are to be construed, where necessary, as being used only in
     relation to the Series Trust (as defined in this Deed) and/or the CBA
     Trust, as the context requires.

1.4  Business Day Convention

     (a)  (Next Business Day): When the date on or by which any act, matter or
          thing is to be done is not a Business Day, the act, matter or thing
          must (unless expressly provided otherwise) be done on the next
          Business Day.

     (b)  (Determination Dates): Clause 1.4(a) does not apply to any act, matter
          or thing to be done on a Determination Date.

1.5  Master Trust Deed Inconsistency

     In accordance with clause 1.3 of the Master Trust Deed the provisions
     contained in this Deed apply only in relation to the Series Trust. If there
     is any conflict between the provisions of this Deed and the provisions of
     the Master Trust Deed, the provisions contained in this Deed prevail over
     the provisions of the Master Trust Deed in respect of the Series Trust.
     Without limiting the generality of the foregoing, the provisions of the
     Transaction Documents (other than the Master Trust Deed) insofar as they
     apply to the Securities (as defined herein) prevail over any inconsistent
     provision in the Master Trust Deed that would otherwise apply to such
     Securities.

1.6  Exclusion of Master Trust Deed Definitions and Provisions

     (a)  (Variation of Terms): For the purposes of the Master Trust Deed (in so
          far as it applies to the Series Trust):

          (i)  "Transaction Document" means each of the following documents:

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               A.   the Master Trust Deed (in so far as it applies to the Series
                    Trust);

               B.   this Deed;

               C.   each document specified in clause 1.7 as a Support Facility;

               D.   the Security Trust Deed;

               E.   the Dealer Agreement;

               F.   the Underwriting Agreement;

               G.   the US Dollar Note Trust Deed;

               H.   the Class A-1 Notes;

               I.   the Agency Agreement; and

               J.   any other document which is agreed by the Manager and the
                    Trustee to be a Transaction Document in relation to the
                    Series Trust;

          (ii)  a "Security" has the same meaning as in this Deed; and

          (iii) a "Securityholder" has the same meaning in this Deed.

     (b)  (Meeting procedures): The procedures for convening a meeting of the
          Securityholders or the Class A-1 Noteholders for the purposes of
          clause 26 of the Master Trust Deed, in so far as those procedures
          apply to the Securityholders or the Class A-1 Noteholders (as the
          context requires), are varied as follows:

          (i)   if the Class A-1 Noteholders are included within the, or are the
                only, Relevant Investors for the purposes of a meeting under
                clause 26 of the Master Trust Deed:

                A.   any notice of a meeting given or required to be given to
                     the Class A-1 Noteholders must also be given to the US
                     Dollar Note Trustee;

                B.   any notice given to Class A-1 Noteholders of a meeting
                     under clause 26 of the Master Trust Deed must be given in
                     accordance with Condition 11.1 of the US Dollar Note
                     Conditions (in lieu of notice pursuant to clause 26.2(e) of
                     the Master Trust Deed); and

                C.   a meeting under clause 26 of the Master Trust Deed at which
                     the US Dollar Note Trustee is the only Relevant Investor
                     pursuant to clause 1.6(b)(ii) must not, unless otherwise
                     agreed by the US Dollar Note Trustee, be held until the US
                     Dollar Note Trustee has had the opportunity of seeking and
                     obtaining directions from the Class A-1 Noteholders
                     regarding how the US Dollar Note Trustee is to vote at the
                     meeting;

          (ii)  the Relevant Investors in relation to the Class A-1 Notes, for
                the purposes of clause 26 of the Master Trust Deed, means the US
                Dollar Note Trustee alone, acting on behalf of the Class A-1
                Noteholders under the US Dollar Note Trust Deed or, if the US
                Dollar Note Trustee has become bound to take steps and/or to
                proceed under the US Dollar Note

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<PAGE>

                Trust Deed and fails to do so within a reasonable time and such
                failure is continuing, the Class A-1 Noteholders;

          (iii) if the US Dollar Note Trustee is the only Relevant Investor in

                relation to the Class A-1 Notes pursuant to clause 1.6(b)(ii),
                it will be regarded as a Representative holding or representing
                all of the Class A-1 Notes for the purposes of determining
                whether a quorum is present at such meeting, for determining the
                votes to which the US Dollar Note Trustee is entitled to cast at
                such meeting and any other relevant matter relating to such
                meeting;

          (iv)  if the Class A-1 Noteholders become entitled to attend a meeting
                of Relevant Investors pursuant to clause 1.6(b)(ii), the
                evidence of the entitlement of such Class A-1 Noteholders to
                attend such meeting and to vote thereat, and any other relevant
                matters, will be determined in accordance with the provisions of
                the US Dollar Note Trust Deed and the Agency Agreement, with
                such amendments as determined by the Trustee to be necessary;
                and

          (v)   if at a particular time the US Dollar Note Trustee is or would
                be the only Relevant Investor in respect of a meeting under
                clause 26 of the Master Trust Deed, notwithstanding any other
                provision of the Master Trust Deed the requirement to convene
                such a meeting and put such issue to such meeting will be
                satisfied if directions are sought from the US Dollar Note
                Trustee on the particular issue that would otherwise be put to
                such meeting. Upon such a direction being given by the US Dollar
                Note Trustee, a meeting of the Relevant Investors will be
                regarded as having been duly called, convened and held and the
                direction will be regarded as properly passed as an
                Extraordinary Resolution of such meeting.

     (c)  (Master Trust Deed Provisions): The following provisions of the Master
          Trust Deed will not apply to the Class A-1 Notes or the Class A-1
          Noteholders: clauses 5.1(d), 6, 8.1, 9, 10, 23.1 and 24.4.

     (d)  (Rights of Investors): Nothing in clause 7.1(i) of the Master Trust
          Deed limits any right of Class A-1 Noteholders under the US Dollar
          Note Trust Deed to compel the Trustee, the Manager or the US Dollar
          Note Trustee to comply with their respective obligations under the US
          Dollar Note Trust Deed.

     (e)  (Clause 16.10(a)): Clause 16.10(a) of the Master Trust Deed will not
          apply in relation to the Series Trust.

1.7  Support Facilities

     The Series Trust has the following Support Facilities:

     (a)  (Currency Swap Agreements): each Currency Swap Agreement (which is
          also a Hedge Agreement of the Series Trust for the purposes of the
          Master Trust Deed);

     (b)  (Interest Rate Swap Agreement): each Interest Rate Swap Agreement
          (which is also a Hedge Agreement of the Series Trust for the purposes
          of the Master Trust Deed);

     (c)  (Liquidity and Standby Redraw Facilities): each Liquidity Facility and
          the Standby Redraw Facility (which are each also Liquidity Facilities
          of the Series Trust for the purposes of the Master Trust Deed); and

     (d)  (Mortgage Insurance Policies): the Mortgage Insurance Policies (which
          are also Credit Enhancements of the Series Trust for the purposes of
          the Master Trust Deed).

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1.8  Security Trust Deed

     The obligations of the Trustee under the Securities (amongst other things)
     will be secured to the Securityholders (among others) by the Security Trust
     Deed which is a Security Trust Deed relating to the Series Trust for the
     purposes of the Master Trust Deed.

1.9  Nominated Seller and Nominated Servicer

     For the purposes of the Master Trust Deed, the Nominated Seller in relation
     to the Series Trust is each of the Sellers (namely CBA and Homepath) and
     the Nominated Servicer in relation to the Series Trust for the purposes of
     the Master Trust Deed is the Servicer.

1.10 Binding on Securityholders and the Residual Unitholder

     This Deed is binding on each Securityholder and the Residual Unitholder as
     if each was originally a party to this Deed.

1.11 Relationship between Trustee and Securityholders

     The obligations of the Trustee to the Securityholders expressed in this
     Deed or the Master Trust Deed, in so far as the Master Trust Deed relates
     to the Series Trust, are contractual obligations only and do not create any
     relationship of trustee or fiduciary between the Trustee and the
     Securityholders.

1.12 Incorporated Definitions and other Transaction Documents and provisions

     Where in this Deed a word or expression is defined by reference to its
     meaning in another Transaction Document or there is a reference to another
     Transaction Document or to a provision of another Transaction Document, any
     amendment to the meaning of that word or expression or to that other
     Transaction Document or provision (as the case may be) will be of no effect
     for the purposes of this Deed unless and until the amendment is consented
     to by the parties to this Deed (construed in the absence of clause 1.10).

1.13 Indemnity from Homepath

     (a)  (Transaction Documents): Homepath acknowledges that certain
          representations, warranties, undertakings and indemnities are given by
          CBA under the Transaction Documents in relation to:

          (i)   Assets of the Series Trust (including Mortgage Loans) that were
                assigned to the Trustee by Homepath; and

          (ii)  Mortgage Loans (and related Mortgage Loan Rights, including
                without limitation, security granted by the Borrower) which are
                or may be legally owned by Homepath; and

          (iii) actions or potential activities of Homepath (including breaches
                by Homepath of the Transaction Documents),

          and Homepath indemnifies CBA against all loss, costs, damages, charges
          and expenses incurred by CBA in relation to the matters referred to in
          (i)-(iii) above;

     (b)  (Deed of Appointment): Homepath acknowledges that certain
          representations, warranties, undertakings and indemnities are given by
          CBA under the Deed of Appointment and Indemnity in relation to and on
          behalf of Homepath and Homepath indemnifies CBA against all loss,
          costs, damages, charges and expenses incurred by CBA in relation to
          the matters referred to in that Deed of Appointment and Indemnity.

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2.   The CBA Trust

2.1  Constitution of CBA Trust

     The CBA Trust is constituted upon:

     (a)  (Execution of this Deed): the execution of this Deed by the Trustee,
          the Manager, the Servicer and each Seller; and

     (b)  (Payment of $100): the payment of the sum of $100 by or on behalf of
          each Seller to the Trustee (the receipt of which the Trustee
          acknowledges by executing this Deed).

2.2  Declaration of Trust for the CBA Trust

     The Trustee declares that it will hold all the right, title and interest
     in, to and under the $200 referred to in clause 2.1(b) and any further CBA
     Trust Asset on trust for the relevant Seller in relation to those CBA Trust
     Assets in accordance with this clause 2 and subject to the trusts and other
     terms and conditions of this Deed.

2.3  Name of the CBA Trust

     The CBA Trust will be known as the "CBA Series 2002-1 Trust" or such other
     name from time to time agreed between the Trustee and the Sellers (subject
     to any approvals required by law).

2.4  Entitlement of Sellers to the CBA Trust

     The beneficial interest in the CBA Trust is vested absolutely in the
     Sellers, in accordance with clause 2.2.

2.5  Bare Trust

     The Trustee holds each CBA Trust Asset in relation to a Seller on bare
     trust for that Seller in accordance with clause 2.2.

2.6  Duration of the CBA Trust

     The CBA Trust commences on the date of its constitution as referred to in
     this Deed and ends on its Termination Date (as if every reference in the
     definition of this term in clause 1.1 of the Master Trust Deed to a Series
     Trust was to the CBA Trust).

2.7  Early Termination of the CBA Trust

     Immediately upon the termination of the Series Trust, the Sellers must
     notify the Trustee that the CBA Trust is to be terminated. Upon receipt of
     that notice, the Trustee must promptly terminate the CBA Trust.

2.8  Dealing with CBA Trust Assets

     Subject to the terms of this Deed:

     (a)  (Sellers may deal with CBA Trust Assets): each Seller is entitled to
          deal with the CBA Trust Assets in relation to that Seller in its
          absolute discretion; and

     (b)  (Trustee may only deal with CBA Trust Assets as directed by relevant
          Seller):

          (i)  the Trustee must not deal with the CBA Trust Assets in relation
               to a Seller other than in accordance with directions given by
               that Seller from time to time; and

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<PAGE>

          (ii) the Trustee must act in accordance with any direction given to it
               by the Seller in respect of the CBA Trust Assets in relation to
               that Seller,

     save that, in either case, the Trustee is not obliged to act in accordance
     with the directions of a Seller where to do so would be illegal or result
     in the Trustee's exposure to a risk of personal liability where the Trustee
     is not satisfied, in its absolute discretion, that the Seller will be able
     to reimburse the Trustee in accordance with clause 2.15.

2.9  Proceeds

     (a)  (Seller may retain proceeds): A Seller may retain any proceeds
          received by it from the CBA Trust Assets in relation to it.

     (b)  (Trustee must pay proceeds to Seller): Subject to clause 7.3(d)(i),
          the Trustee must immediately pay to the relevant Seller (or otherwise
          pay as that Seller directs) any proceeds the Trustee receives in
          respect of the CBA Trust Assets in relation to that Seller.

     (c)  (Seller's receipt good discharge): The receipt of amounts by a Seller
          pursuant to clauses 2.9(a) and (b) constitutes a good discharge to the
          Trustee.

2.10 CBA Trust Assets Not Part of Assets of the Series Trust

     (a)  (CBA Trust Assets not part of the Series Trust): The Trustee's right,
          title and interest in the CBA Trust Assets do not form part of the
          Assets of the Series Trust.

     (b)  (Trustee must account for CBA Trust Assets): The Trustee must account
          for the CBA Trust Assets and each of the trusts established pursuant
          to clause 2.5 separately from one another and each such trust
          separately from the Assets of the Series Trust.

     (c)  (Liabilities): The Trustee must not apply the Assets of the Series
          Trust to meet any liabilities of the CBA Trust (or either of the two
          trusts comprised therein) and the Trustee must not apply the CBA Trust
          Assets to meet any Liabilities of the Series Trust.

     (d)  (No co-mingling): The Trustee must not co-mingle any money held by the
          Trustee in respect of the Series Trust with any money held by the
          Trustee in respect of the CBA Trust (or either of the two trusts
          comprised therein) (and vice versa).

2.11 Shared Securities

     (a)  (Not sell etc. Shared Securities): The Trustee must not, and the
          Manager must not direct the Trustee to, sell, transfer or grant any
          Security Interest over any Shared Security which is held by it partly
          as trustee for the Series Trust and partly by it as trustee for the
          CBA Trust without notifying the relevant transferee or holder of the
          Security Interest of the existence of the interest of the relevant
          Seller as beneficiary of the CBA Trust in that Shared Security.

     (b)  (Power to lodge Caveats): Each Seller has the power to lodge a Caveat
          over any Shared Security in which it has an interest where the Trustee
          has sold, transferred or granted any Security Interest or that Seller
          reasonably believes that the Trustee will sell, transfer or grant any
          Security Interest over any such Shared Security in breach of clause
          2.11(a).

2.12 Trustee's Duties

     The Trustee owes no fiduciary or other duties to the Sellers in respect of
     the CBA Trust Assets other than pursuant to clauses 2.8, 2.9(b), 2.10 and
     7.3 and, in any event, is not liable in any

                                                                              41

<PAGE>

     manner whatsoever to a Seller for any loss to the CBA Trust Assets in
     relation to that Seller as a result of acting on the direction of that
     Seller or for not acting as a result of that Seller failing to give any
     direction to the Trustee or for otherwise acting in accordance with this
     Deed.

2.13 Substitute Trustee

     (a)  (Substitute Trustee): Any Substitute Trustee (other than the Manager
          when acting as Trustee) must be approved by each Seller which approval
          is not to be unreasonably withheld or delayed.

     (b)  (Retirement or removal of the Trustee from the CBA Trust): The
          provisions of clause 19 of the Master Trust Deed apply with necessary
          modifications to the CBA Trust as if every reference in such clause
          to:

          (i)  a Series Trust or the Series Trusts included a reference to the
               CBA Trust; and

          (ii) as if every reference to the "Manager" was a reference to both
               Sellers.

     (c)  (CBA Trust Assets to Vest in Substitute Trustee): Upon the retirement
          or removal of the Trustee as trustee of the Series Trust in accordance
          with the Master Trust Deed, the Trustee must vest the CBA Trust
          Assets, or cause them to be vested, in the Substitute Trustee and must
          deliver to the Substitute Trustee (or to the Manager if it is acting
          as Trustee) all books, documents, records and other property
          whatsoever in its possession (if any) relating to the CBA Trust. The
          costs and expenses of this are to be paid by the Sellers.

2.14 Transfer of the CBA Trust Assets to Sellers on termination of CBA Trust

          On the termination of the CBA Trust, the Trustee is deemed to offer to
          immediately transfer the CBA Trust Assets in relation to a Seller to
          that Seller (so that each Seller is deemed to receive an offer to
          accept an assignment or other transfer of the CBA Trust Assets in
          relation to that Seller). A Seller can accept such offer only by an
          Authorised Officer of that Seller accepting such offer orally
          (including by way of telephone) communicated to an Authorised Officer
          of the Trustee. The Trustee must execute and deliver to a Seller such
          instruments as that Seller reasonably requests to vest in that Seller
          all right, title and interest of the Trustee in the CBA Trust Assets
          in relation to that Seller.

2.15 Seller Indemnity

     (a)  (CBA Trust): Subject to clause 2.15(b), but without limiting any
          indemnity to which the Trustee is otherwise entitled at general law,
          the Sellers (jointly and severally) unconditionally and irrevocably
          indemnify the Trustee in respect of, and agree to pay within 5
          Business Days of receipt of a written demand from the Trustee:

          (i)   any liability incurred by the Trustee as a result of the Trustee
                complying with any directions by either Seller in accordance
                with clause 2.8 or not acting as a result of a Seller failing to
                give any direction to the Trustee;

          (ii)  any liability incurred by the Trustee in connection with the
                transfer of any CBA Trust Asset to either Seller (including, but
                not limited to, stamp duties and Taxes payable in connection
                with such transfer); and

          (iii) all other costs, charges, Taxes, expenses and liabilities
                incurred by the Trustee in respect of the CBA Trust in
                accordance with this clause 2, clause 7.5, clause 7.7, clause
                7.8 or clause 14.4.

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<PAGE>

     (b)  (Limitation of Seller indemnity): A Seller's obligations under clause
          2.15(a) to indemnify and reimburse the Trustee do not apply to the
          extent that such liabilities, costs, charges, Taxes, stamp duties or
          expenses arise as a result of the Trustee's negligence, fraud or
          wilful default.

2.16 Limitation of Liability

     The Trustee enters into this Deed in its capacity as trustee of the CBA
     Trust (in addition to entering into this Deed in its capacity as trustee of
     the Series Trust). A liability arising under or in connection with this
     Deed and the CBA Trust is limited to and can be enforced against the
     Trustee only to the extent to which it can be satisfied out of the CBA
     Trust Assets out of which the Trustee is actually indemnified for the
     liability. This clause will not apply to any obligation or liability of the
     Trustee in respect of the CBA Trust to the extent that it is not satisfied
     because, under this Deed or by operation of law, there is a reduction in
     the extent of the Trustee's indemnification out of the CBA Trust Assets as
     a result of the Trustee's fraud, negligence or wilful default.

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

3.   Unit in the Series Trust

3.1  Beneficial Interest Represented by a Single Unit

     The beneficial interest in the Series Trust is represented by a single unit
     to be known as the Residual Unit.

3.2  Initial Holder of the Residual Unit

     The initial holder of the Residual Unit in the Series Trust is CBA.

3.3  Registration of CBA as Initial Residual Unitholder

     Immediately upon the execution of this Deed, the Trustee must enter CBA
     into the Register as the initial Residual Unitholder in the Series Trust
     and must issue to CBA a Unit Certificate in respect of such Residual Unit.

3.4  Form of Unit Certificate

     The initial form of the Unit Certificate for the Residual Unit is as set
     out in Schedule 9.

3.5  Form of Unit Transfer

     The form of the Unit Transfer for the Residual Unit may be agreed from time
     to time between the then Residual Unitholder, the Manager and the Trustee
     (acting reasonably).

3.6  Additional Capital Subscription

     The Residual Unitholder may, on or prior to the Closing Date, invest
     amounts by way of an increase in the capital of the Series Trust
     represented by the Residual Unit by paying such amounts to the Trustee or
     as the Trustee, upon the written instruction of the Manager, directs.

3.7  No Other Relationship

     Nothing in this Deed constitutes either the Trustee, the Manager or the
     Servicer as the agent of the Residual Unitholder nor creates any
     relationship between the Residual Unitholder on the one hand and the
     Manager (other than as Manager), the Servicer (other than as Servicer) or
     the Trustee (other than as Trustee) on the other.

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

4.   Assignment of Mortgage Loan Rights

4.1  Approved Financial Assets of the Series Trust

     The nature of the Approved Financial Assets that may be acquired by the
     Trustee for the purposes of the Master Trust Deed are Mortgage Loan Rights.

4.2  Sale Notice

     If a Seller wishes to offer to assign to the Trustee, on the terms of this
     Deed, its right, title and interest in any Mortgage Loan Rights, that
     Seller is only entitled to do so by giving to the Trustee (with a copy to
     the Manager) a Sale Notice in relation to those Mortgage Loan Rights 5
     Business Days (or such other period as that Seller has agreed with the
     Trustee and the Manager) before the date specified in the Sale Notice as
     the Closing Date.

4.3  Requirements of Sale Notice

     A Sale Notice must:

     (a)  (State that it is a Sale Notice): state that it is a Sale Notice
          pursuant to clause 4.2 and that it relates to the Series Trust;

     (b)  (Timing): not be issued:

          (i)  until at least 1 Business Day after the Series Trust has been
               constituted; or

          (ii) after the Termination Date in respect of the Series Trust;

     (c)  (Be delivered): be delivered to the Trustee and copied to the Manager;

     (d)  (Schedule of Mortgage Loans): be accompanied by a schedule of the
          Mortgage Loans offered to be assigned to the Trustee that contains the
          information required by clause 4.4;

     (e)  (Closing Date): state the proposed Closing Date (which, unless
          otherwise agreed by the Trustee in writing, must be at least 5
          Business Days after the date of the receipt by the Trustee of the Sale
          Notice);

     (f)  (Cut-Off Date): state the Cut-Off Date (which, unless otherwise agreed
          by the Trustee in writing, must be at least 10 Business Days before
          the Closing Date); and

     (g)  (Authorised Officer): be signed by an Authorised Officer of the
          relevant Seller.

4.4  Mortgage Loan Schedule

     The schedule required by clause 4.3(d) to accompany the Sale Notice must
     contain the following details in respect of each Mortgage Loan as at the
     commencement of business on the Cut-Off Date:

     (a)  (Name and address): the name and address of the Borrower under the
          Mortgage Loan (as recorded in the relevant Seller's records in
          accordance with the Servicing Standards) and the address of the
          property secured by each Mortgage;

     (b)  (Account number): the account number of the Mortgage Loan;

     (c)  (Amount outstanding): the principal amount outstanding, and accrued
          interest, under the Mortgage Loan; and

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     (d)  (LVR): the Loan to Value Ratio of the Mortgage Loan.

4.5  Sale Notice Constitutes an Offer

     A Sale Notice constitutes an offer by the relevant Seller to assign to the
     Trustee with effect from the commencement of business on the Cut-Off Date
     and subject to the terms of this Deed and the Master Trust Deed that
     Seller's entire right, title and interest in, to and under the following:

     (a)  (Mortgage Loans): each Mortgage Loan identified in the schedule
          accompanying the Sale Notice;

     (b)  (Other Loans): all Other Loans in existence from time to time in
          relation to the above Mortgage Loans;

     (c)  (Mortgages): all Mortgages in existence from time to time in relation
          to the above Mortgage Loans;

     (d)  (Collateral Securities): all Collateral Securities in existence from
          time to time in relation to the above Mortgage Loans;

     (e)  (Mortgage Insurance Policy): all Mortgage Insurance Policies as at the
          commencement of business on the Cut-Off Date (other than the PMI
          Mortgage Insurance Policy);

     (f)  (Mortgage Receivables): all Mortgage Receivables in existence from
          time to time in relation to the above Mortgage Loans; and

     (g)  (Mortgage Documents): all Mortgage Documents in existence from time to
          time in relation to the above Mortgage Loans.

4.6  Sale Notice Revocable

     A Sale Notice is revocable by the Seller that issued that Sale Notice by
     notice received by the Trustee (and copied to the Manager) prior to the
     close of business (Sydney time) 4 Business Days before the proposed Closing
     Date. If no such notice is received by the Trustee and the Manager by that
     time, that Sale Notice is then irrevocable.

4.7  Acceptance of Offer

     The offer contained in a Sale Notice may be accepted by the Trustee only in
     accordance with this clause 4.

4.8  Timing of Acceptance

     (a)  (Means of acceptance): The Trustee will, if so directed by the Manager
          in writing, accept the offer contained in a Sale Notice at any time
          after 10.00 a.m. and before 3.30 p.m. (or between such other times as
          may be agreed by the Trustee and the relevant Seller) on the Closing
          Date by, and only by, the Trustee paying, or causing payment of, the
          Consideration to the relevant Seller in cleared and immediately
          available funds.

     (b)  (No further acts required): The Trustee is not required to do any
          further act, matter or thing to accept the offer contained in that
          Sale Notice.

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4.9  Seller Not Obliged to Make, and Trustee Not Obliged to Accept, Offer

     Notwithstanding satisfaction of all relevant conditions precedent or any
     negotiations undertaken between a Seller and the Trustee prior to any
     acceptance by the Trustee of the offer contained in a Sale Notice:

     (a)  (Seller not obliged to make offer): that Seller is not obliged to
          issue that Sale Notice and the Trustee is not obliged to accept the
          offer contained in that Sale Notice and no contract for the sale or
          purchase of any Mortgage Loan Rights will arise unless and until the
          Trustee accepts the offer contained in that Sale Notice in accordance
          with this clause 4; and

     (b)  (Trustee acquires no rights until offer irrevocable): the Trustee
          acquires no rights against that Seller or the Servicer in respect of
          the Mortgage Loan Rights specified in that Sale Notice until such time
          as that Sale Notice (if issued) becomes irrevocable.

4.10 Can Only Accept all Mortgage Loan Rights in Loan Pool

     The offer contained in a Sale Notice may only be accepted in relation to
     all the Mortgage Loan Rights specified in that Sale Notice.

4.11 Effect of Acceptance

     Acceptance, in accordance with this Deed, of the offer contained in a Sale
     Notice constitutes an immediate assignment with effect from the
     commencement of business on the Cut-Off Date of the relevant Seller's
     entire right, title and interest in the Mortgage Loan Rights specified in
     that Sale Notice. The Trustee's right, title and interest in such Mortgage
     Loan Rights is at all times subject to the terms of this Deed and the
     Master Trust Deed.

4.12 Sale in Equity Only

     (a)  (Assignment in equity): An assignment of Mortgage Loan Rights in
          accordance with this Deed takes effect initially in equity only.

     (b)  (Trustee must not communicate, disclose or perfect title): The Trustee
          must not:

          (i)   take any steps to perfect its legal title to the Mortgage Loan
                Rights;

          (ii)  give any notice to, or communicate in any other way with, a
                Borrower or the provider of any Collateral Security; or

          (iii) disseminate or disclose any information in respect of the
                assignment of the Mortgage Loan Rights,

          except in accordance with the terms of this Deed.

4.13 Sale Not to Amount to Assumption of Obligations

     An assignment of Mortgage Loan Rights in accordance with this Deed, and the
     acceptance of a Sale Notice, does not constitute an assumption by the
     Trustee, the Servicer, the Manager or any Securityholder of any obligation
     of the relevant Seller or any other person pursuant to, or in connection
     with, the Mortgage Loan Rights or any other obligation of that Seller to
     the Borrower or any other party pursuant to, or in connection with, the
     corresponding Mortgage Documents.

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4.14 Future Advances

     Without limiting the generality of clause 4.13, a Seller retains the
     obligation to make such further advances or provide such other financial
     accommodation as that Seller was required to make under the terms of the
     relevant Mortgage Loan prior to the Cut-Off Date for that Mortgage Loan.

4.15 Future Receivables

     Without limiting the effect of any assignment of any Mortgage Loan
     occurring on the Trustee accepting a Sale Notice but subject to clauses
     4.13 and 4.14, a Seller's right, title and interest in respect of any
     Mortgage Loan Rights arising, and any Mortgage Documents entered into, on
     or after the Cut-Off Date, form part of the rights assigned to the Trustee
     (to be held subject to the terms of the Master Trust Deed and this Deed)
     and, immediately following creation (including, without limitation,
     Mortgage Loan Rights created by the making of any further advance or the
     provision of any financial accommodation under the terms of a Mortgage
     Loan), vest in the Trustee in accordance with the assignment of that
     Mortgage Loan pursuant to this Deed.

4.16 Power to Acquire Mortgage Loans in Arrears

     In accordance with clause 16.4(v) of the Master Trust Deed, the parties
     expressly agree that the Trustee has the power to acquire Mortgage Loans as
     Assets of the Series Trust notwithstanding that payments due from Borrowers
     under such Mortgage Loans are in arrears as at the date of their
     acquisition by the Trustee.

4.17 Trustee Bound by Priority Agreements

     Where a Seller has entered into a Priority Agreement with a subsequent
     mortgagee of Land the subject of a Mortgage or Collateral Security assigned
     to the Trustee under clause 4.11 the Trustee agrees for the benefit of any
     such subsequent mortgagee to be bound by the provisions of any such
     Priority Agreement.

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5.   The Securities

5.1  Securities divided into Classes

     The Securities are divided into four Classes as follows:

     (a)  the Class A-1 Notes;

     (b)  the Class A-2 Notes;

     (c)  the Class B Notes; and

     (d)  the Redraw Bonds,

     with the Class A-2 Notes being further divided into two sub-classes as
     follows:

     (e)  the Class A-2 Tranche 1 Notes; and

     (f)  the Class A-2 Tranche 2 Notes.

5.2  Form, constituent documents and denomination of the Securities

     (a)  (Class A-1 Note): The Class A-1 Notes will be in registered form,
          without coupons; upon issue, will be represented by 1 or more Class
          A-1 Book Entry Notes (as defined in the US Dollar Note Trust Deed)
          (and interests in such Class A-1 Book Entry Notes may be exchanged for
          Class A-1 Definitive Notes (as defined in the US Dollar Note Trust
          Deed) in the circumstances set out in clause 3.4(a) of the

                                                                              47

<PAGE>

          US Dollar Note Trust Deed); will be constituted, issued and
          authenticated pursuant to the US Dollar Note Trust Deed and will be
          denominated in US dollars.

     (b)  (A$ Securities): The A$ Securities will, upon issue, be in the form of
          registered debt securities, will be constituted pursuant to the Master
          Trust Deed and this Deed and will be denominated in Australian
          dollars.

5.3  Trustee must Issue the Notes

     Subject to the satisfaction of all conditions precedent in respect thereof
     in the Transaction Documents, the Trustee on the Closing Date must issue:

     (a)  (Class A-1 Notes): the Class A-1 Notes in accordance with the US
          Dollar Note Trust Deed and the Underwriting Agreement; and

     (b)  (Class A-2 and B Notes): the Class A-2 Notes and the Class B Notes in
          accordance with this Deed and the Dealer Agreement.

5.4  Issue of Redraw Bonds

     If the Trustee receives:

     (a)  (Notice under Clause 8.4): a notice from the Manager pursuant to
          clause 8.4; and

     (b)  (No downgrade): a Rating Affirmation Notice from each Rating Agency in
          relation to the proposed issue of Redraw Bonds,

     the Trustee must issue Redraw Bonds up to the amount specified in the
     notice on the date for issue of the Redraw Bonds referred to in the notice.

5.5  Initial Invested Amount of the Securities

     (a)  (Class A-1 Notes): Each Class A-1 Note on its issue will have an
          Initial Invested Amount as set out on the face of that Class A-1 Note
          and will be issued at par value.

     (b)  (A$ Securities): Each A$ Security on its issue will have an Initial
          Invested Amount of A$100,000 and will be issued at par value.

5.6  Interest on the Securities

     (a)  (Class A-1 Notes): Each Class A-1 Note will accrue interest, and such
          interest will be payable, in accordance with the US Dollar Note
          Conditions.

     (b)  (A$ Securities):

          (i)  Each A$ Security will accrue interest from (and including) its
               Issue Date and will cease to accrue interest from (and including)
               the earlier of:

               A.   the date on which the Stated Amount of the A$ Security is
                    reduced to zero and all accrued interest in respect of the
                    A$ Security is paid in full; and

               B.   the date on which the A$ Security is deemed to be repaid in
                    accordance with clause 5.7(b)(iv).

          (ii)  The period that an A$ Security accrues interest in accordance
                with clause 5.6(b)(i) will be divided into periods (each
                included within the definition of an "Accrual Period"). The
                first such period for an A$ Security will commence on (and
                include) the Issue Date for that A$ Security and will

                                                                              48

<PAGE>

                end on (but will not include) the next Distribution Date. Each
                succeeding such period will be equal to each corresponding
                Accrual Period. The final such period for an A$ Security will
                end on (but will not include) the date on which interest ceases
                to accrue on the A$ Security pursuant to clause 5.6(b)(i).

          (iii) Interest on each A$ Security for each of its Accrual Periods
                will accrue on a daily basis at the product of the Interest Rate
                applicable to that A$ Security and the Invested Amount of the A$
                Security at the close of business on the first day of that
                Accrual Period and will be calculated on a daily basis and based
                on a 365 day year.

          (iv)  Interest so calculated on an A$ Security will, subject to this
                Deed, be payable in arrears on each Distribution Date.

5.7  Redemption of the Securities

     (a)  (Class A-1 Notes): The Class A-1 Notes will be redeemed or deemed to
          be redeemed) in accordance with the US Dollar Note Conditions.

     (b)  (A$ Securities):

          (i)   Unless previously redeemed in full, the Trustee will, subject to
                this Deed, redeem each A$ Security at its then Stated Amount,
                together with all accrued but unpaid interest, on the Scheduled
                Maturity Date.

          (ii)  Subject to clauses 5.7(b)(iii) and (iv), on each Distribution
                Date referred to in clause 10.5, an A$ Security will be redeemed
                (either in whole or in part as the context requires) to the
                extent that any moneys are applied by the Trustee pursuant to
                clause 10.5 to that A$ Security.

          (iii) Unless previously redeemed in full, the Trustee must redeem all,
                but not some only, of the A$ Securities, when required to do so
                in accordance with, and for the amount required under,
                Conditions 7.3 and 7.4 of the US Dollar Note Conditions.

          (iv)  Upon a final distribution being made in respect of an A$
                Security under clause 26.12 of this Deed or clause 13.1 of the
                Security Trust Deed, each A$ Security will thereupon be deemed
                to be redeemed and discharged in full and any obligation to pay
                any accrued but unpaid interest and any then unpaid, Stated
                Amount, Invested Amount or any other amounts in relation to the
                A$ Security will be extinguished in full.

          (v)   Subject to clause 5.7(b)(iii), no amount of principal will be
                repaid in respect of an A$ Security in excess of the Stated
               A mount of that A$ Security.

5.8  Interest on Overdue Interest on the Securities

     (a)  (Class A-1 Notes): If interest is not paid in respect of a Class A-1
          Note on the date when due and payable in accordance with the US Dollar
          Note Conditions, the unpaid interest will in turn bear interest in
          accordance with the US Dollar Note Conditions.

     (b)  (A$ Securities): If interest is not paid in respect of an A$ Security
          on the date when due and payable in accordance with this Deed (but
          without regard to any limitation herein contained) that unpaid
          interest will in turn bear interest at the Interest Rate from time to
          time applicable on that A$ Security until (but excluding)

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<PAGE>

          the date on which the unpaid interest, and interest on it, is paid in
          accordance with clause 10.2.

5.9  Rounding of Payments on the Securities

     (a)  (Class A-1 Notes): All payments in respect of the Class A-1 Notes will
          be rounded in accordance with the US Dollar Note Conditions.

     (b)  (A$ Securities): All payments in respect of the A$ Securities will be
          rounded down to the nearest cent.

5.10 Securities Rank Equally Except for Special Rights

     The Securities enjoy the same rights, entitlements, benefits and
     restrictions, except as expressly provided in this Deed, the Master Trust
     Deed, the US Dollar Note Trust Deed, the Class A-1 Notes and the Security
     Trust Deed.

5.11 Transfer of Securities

     (a)  (Master Trust Deed): Clause 10.4(a) of the Master Trust Deed does not
          apply to the Securities.

     (b)  (Transfer of A$ Securities in accordance with Corporations Act): A
          Securityholder is only entitled to transfer an A$ Security if the
          offer of the A$ Security for sale, or the invitation to purchase the
          A$ Security, to the proposed transferee by the Securityholder is an
          offer or invitation that does not need disclosure to investors under
          Part 6D.2 of Chapter 6 of the Corporations Act and otherwise complies
          with the Corporations Act.

     (c)  (Regulation S): An A$ Security may not be offered or sold within the
          United States of America or to, or for the account or benefit of, US
          persons except in accordance with Regulation S under the Securities
          Act or pursuant to an exemption from the registration requirements of
          the Securities Act. Terms used in this clause 5.11(c) have the meaning
          given to them by Regulation S under the Securities Act.

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6.   Conditions precedent to acceptance of Sale Notice and issue of Notes

6.1  General Conditions Precedent

     The Trustee must receive each of the following documents before it can
     accept the offer contained in any Sale Notice (if issued) or issue the
     Notes:

     (a)  (Standby Redraw Facility): an executed original counterpart of the
          Standby Redraw Facility Agreement together with a letter from the
          Standby Redraw Facility Provider confirming that all conditions
          precedent to the Standby Redraw Facility have been received in a form
          and substance satisfactory to it;

     (b)  (Liquidity Facility): an executed original counterpart of the
          Liquidity Facility Agreement, together with a letter from the
          Liquidity Facility Provider confirming that all conditions precedent
          to the Liquidity Facility have been received by it in form and
          substance satisfactory to it;

     (c)  (Interest Rate Swap Agreement): an executed original counterpart of
          the Interest Rate Swap Agreement together with a letter from the
          Interest Rate Swap Provider confirming that all conditions precedent
          to the Interest Rate Swap Agreement have been received in form and
          substance satisfactory to it;

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<PAGE>

     (d)  (Currency Swap Agreements): an executed original counterpart of each
          initial Currency Swap Agreement, together with a letter from each
          initial Currency Swap Provider confirming that all conditions
          precedent to its Currency Swap Agreement have been received by it in
          form and substance satisfactory to it.

     (e)  (Security Trust Deed): an executed original counterpart of the
          Security Trust Deed;

     (f)  (US Dollar Note Trust Deed): an executed original counterpart of the
          US Dollar Note Trust Deed;

     (g)  (Agency Agreement): an executed original counterpart of the Agency
          Agreement;

     (h)  (Dealer Agreement and Underwriting Agreement): an executed original
          counterpart of the Dealer Agreement and the Underwriting Agreement;

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

     (j)  (Computer diskette): a computer diskette from each Seller in a form
          agreed between that Seller and the Trustee containing in relation to
          the Mortgage Loans the subject of that Seller's Sale Notice:

          (i)   a list of all of the offices at which the Mortgage Documents
                relating to the Mortgage Loans are retained, showing the street
                address and telephone number of the relevant office;

          (ii)  the surname and address of the Borrower under each Mortgage
                Loan;

          (iii) the account number of each Mortgage Loan;

          (iv)  the street address of the Land which is the subject of the
                Mortgage relating to each Mortgage Loan; and

          (v)   such other information in respect of the Mortgage Loans as is
                agreed between that Seller and the Trustee;

     (k)  (Letter explaining identification methodology): a letter from each
          Seller which explains (in a manner satisfactory to the Trustee) how
          the security packages containing the Mortgage Documents are marked or
          segregated so as to enable the Trustee to identify those security
          packages when at the premises of the Servicer where the security
          packages are stored;

     (l)  (Seller letter): a letter (copied to the Rating Agencies) from each
          Seller which, in a manner satisfactory to the Trustee, explains how
          the Mortgage Loans are marked on the Mortgage Loan System so that
          those Mortgage Loans, if necessary, can be separately identified by
          the Trustee;

     (m)  (Confirmation from Rating Agencies): confirmation from each of the
          Rating Agencies that the Class A Notes have been assigned a
          provisional rating of AAA (in the case of S&P), Aaa (in the case of
          Moody's) and AAA in the case of Fitch and the Class B Notes have been
          assigned a provisional rating of AA (in the case of S&P) and AA (in
          the case of Fitch);

                                                                              51

<PAGE>

     (n)  (Powers of attorney):

          (i)   10 originals of a power of attorney from each Seller in favour
                of the Trustee substantially in the form contained in Schedule 2
                or in such other form or such other number of copies as is
                required to enable registration of such power of attorney in
                each State and Territory of Australia in which registration is
                necessary or desirable (other than Queensland or Western
                Australia);

          (ii)  2 originals of a power of attorney from each Seller in favour of
                the Trustee substantially in the form contained in Schedule 3 or
                in such other form as is required to enable registration of such
                power of attorney in Queensland;

          (iii) 2 originals of a power of attorney from each Seller in favour of
                the Trustee substantially in the form contained in Schedule 4 or
                in such other form as is required to enable registration of such
                power of attorney in Western Australia; and

          (iv)  2 originals of each power of attorney referred to in Schedule 11
                from Homepath in favour of the Servicer in its role as Custodian
                substantially in the form contained in Parts A, B and C of
                Schedule 11 respectively (or such other form as the Servicer may
                reasonably require in relation to its custodial duties under
                this Deed);

     (o)  (Authorised Officers): a certificate setting out in full the name and
          specimen signature of each Authorised Officer of the Manager, the
          Servicer and each Seller;

     (p)  (Legal opinions): legal opinions from:

          (i)   Clayton Utz:

                A.   as to, amongst other things, the validity and
                     enforceability of the obligations of each Seller, the
                     initial Servicer and the initial Manager under the
                     Transaction Documents, or those parts of the Transaction
                     Documents, expressed to be governed by Australian law;

                B.   as to the tax and stamp duty implications of the Series
                     Trust and the transactions contemplated by the Transaction
                     Documents; and

          (ii)  Mallesons Stephen Jaques as to the validity and enforceability
                of the obligations of the Trustee and the Security Trustee under
                the Transaction Documents;

          (iii) Hickson Wisewoulds as to the validity and enforceability of the
                obligations of PMI under the PMI Mortgage Insurance Policy;

          (iv)  Mayer, Brown, Rowe & Maw as to, amongst other things, the
                validity and enforceability of the obligations of each Seller
                and the Manager under the Transaction Documents, or those parts
                of the Transaction Documents, expressed to be governed by the
                laws of the State of New York;

          (v)   Emmet, Marvin & Martin, LLP as to due execution by The Bank of
                New York of the Transaction Documents to which The Bank of New
                York is a party; and

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<PAGE>

          (vi)  internal counsel of Deutsche Bank AG, New York Branch as to the
                due execution by Deutsche Bank AG, New York Branch of the
                Currency Swap Agreements.

     (q)  (Direction from the Manager): a written direction from the Manager for
          the Trustee to accept the Sale Notice and to issue the Notes.

6.2  Other Conditions Precedent

     Without limiting the generality of clauses 4.9 and 6.1, the Trustee must
     not accept the offer contained in any Sale Notice (if issued) and must not
     issue any Notes unless it is satisfied that the form and content of that
     Sale Notice complies with this Deed.

6.3  No Liability for Insufficient Moneys

     If on the Closing Date the Trustee has not received each of the documents
     specified in clause 6.1 or the condition specified in clause 6.2 is not
     fulfilled:

     (a)  (No acceptance): the Trustee must not accept the offer contained in
          any Sale Notice (if issued);

     (b)  (No issue): the Trustee must not issue any Notes and must refund the
          Subscription Proceeds (if any) received by it to the relevant
          subscribers entitled to such Subscription Proceeds; and

     (c)  (No liability): none of the Trustee, the Manager, the Servicer or the
          Sellers will have any obligation or liability to any person as a
          result of not issuing the Notes.

6.4  Manager's Certificate

     The Manager must not issue a direction to the Trustee pursuant to clause
     6.1(q) unless the Manager:

     (a)  (Compliance with Securities Laws): is satisfied that any offer for the
          issue, or any invitation to apply for the issue, of:

          (i)   the Class A-2 Notes and the Class B Notes:

                A.   is an offer of securities for issue, or is an invitation to
                     apply for the issue of securities, which does not need
                     disclosure to investors under Part 6D.2 of Chapter 6 of the
                     Corporations Act; and

                B.   is made pursuant to an exemption from, or is not subject
                     to, the registration requirements of the Securities Act;
                     and

          (ii)  the Class A-1 Notes complies with:

                A.   the Financial Services and Markets Act, 2000 (United
                     Kingdom), all regulations made under or in relation to that
                     Act and the Public Offers of Securities Regulations 1995 as
                     amended; and

                B.   the Securities Act, all regulations made thereunder and all
                     other laws or regulations of any jurisdiction of the United
                     States of America regulating the offer or the issue of, or
                     the subscription for, the Class A-1 Notes.

                                                                              53

<PAGE>

          The Manager on becoming satisfied as to the above matters is entitled
          to rely conclusively, unless it has actual knowledge to the contrary,
          on, amongst other things, legal opinions or other advice issued to
          this effect to it or any representation or undertaking made to this
          effect in the applicable Dealer Agreement or Underwriting Agreement;

     (b)  (No breach by Seller of representations): is not actually aware that
          any representation or warranty made or taken to be made by a Seller in
          any Transaction Document in respect of the Series Trust is incorrect
          in any material respect on the Cut-Off Date as if repeated on that
          Cut-Off Date with reference to facts and circumstances then
          subsisting;

     (c)  (Breach of obligations by Seller): is not actually aware that a Seller
          is in breach in any material respect of any of its obligations under
          this Deed (unless that breach has been remedied to the satisfaction of
          the Manager);

     (d)  (Insolvency Event for Seller): is not actually aware that an
          Insolvency Event has occurred in relation to a Seller (unless that
          event has been remedied to the satisfaction of the Manager); and

     (e)  (Other conditions precedent): is satisfied that such other conditions
          precedent to the issue of the Notes and the acceptance by the Trustee
          of the offer contained in any Sale Notice as are specified in the
          Transaction Documents have been met.

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7.   Division of Mortgage Loan Rights between the CBA Trust and the Series Trust

7.1  CBA Trust Assets

     The Trustee will hold as trustee of the CBA Trust all its right, title and
     interest in:

     (a)  (Other Loans): the Other Loans;

     (b)  (Balance of Mortgages etc.): the balance of the Mortgages, the
          Mortgage Documents, the First Layer of Collateral Securities and the
          Mortgage Receivables referred to in clause 7.2(b); and

     (c)  (Second Layer of Collateral Securities): the Second Layer of
          Collateral Securities,

     which are assigned to the Trustee by a Seller.

7.2  Mortgages and First Layer of Collateral Securities

     (a)  (The Series Trust): The Trustee will hold as trustee of the Series
          Trust all its right, title and interest in so much of any Mortgage
          Loan, Mortgage, the First Layer of Collateral Securities, the Mortgage
          Receivables and the Mortgage Documents for each Mortgage Loan assigned
          to the Trustee (including, without limitation, the proceeds of
          enforcement of such in relation to the Mortgage Loan ) as is necessary
          to enable the full and final repayment of all amounts owing with
          respect to the Mortgage Loan.

     (b)  (The CBA Trust): The Trustee will hold as trustee for the CBA Trust
          the balance (if any) of its right, title and interest in any Mortgage
          Loan, Mortgage, First Layer of the Collateral Securities, Mortgage
          Receivables and Mortgage Documents referred to in clause 7.2(a).

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<PAGE>

7.3  Treatment of Shared Securities

     If:

     (a)  (Mortgage Loans in Series Trust): a Mortgage Loan forms part of the
          Assets of the Series Trust;

     (b)  (Other Loans in CBA Trust): an Other Loan forms part of the CBA Trust
          Assets; and

     (c)  (Collateral Security secures both): a Collateral Security which is
          part of the First Layer of Collateral Securities or a Mortgage which
          secures the Mortgage Loan also secures the Other Loan,

     then:

     (d)  (If Seller is Servicer): where the relevant Seller in relation to the
          Mortgage Loan is the Servicer, the Servicer is entitled to enforce
          that Collateral Security or Mortgage (as the case may be) upon a
          default occurring in respect of the Other Loan provided that the
          enforcement proceeds are paid to the Trustee. Upon receipt of such
          proceeds the Trustee must:

          (i)   treat as Collections the amount of such proceeds as is equal to
                all amounts outstanding under the relevant Mortgage Loan; and

          (ii)  pay the excess (if any) of such proceeds to that Seller (as
                beneficiary of the CBA Trust) in respect of amounts outstanding
                under the Other Loan; or

     (e)  (If Seller is not Servicer): where the relevant Seller in relation to
          a Mortgage Loan is not the Servicer, the Servicer must enforce that
          Collateral Security or Mortgage (as the case may be) upon receipt of a
          direction to do so from that Seller (as beneficiary of the CBA Trust)
          which states that the relevant Other Loan is in default. Upon receipt
          of the enforcement proceeds in respect of that Collateral Security or
          Mortgage (as the case may be) the Servicer must pay to the Trustee all
          such proceeds and the Trustee must:

          (i)   treat as Collections the amount of such proceeds as is equal to
                all amounts outstanding under the relevant Mortgage Loan; and

          (ii)  pay the excess (if any) of such proceeds to that Seller (as
                beneficiary of the CBA Trust) in respect of amounts outstanding
                under the Other Loan.

7.4  Trustee's duties

     Subject to clauses 2.8(b), 2.9(b), 2.10 and 7.3, the Trustee is not
     required to take any action in respect of an Other Loan or the Second Layer
     of Collateral Securities or the balance of the Trustee's right, title and
     interest in any Mortgage, First Layer of Collateral Securities and Mortgage
     Receivables referred to in clause 7.2(b).

7.5  Upon Repayment of Mortgage Loan Trustee Holds for CBA Trust

     Subject to clause 7.6, if a Mortgage Loan has been repaid in full or is
     treated as having been repaid in full pursuant to clause 16.20(b), and the
     Mortgage Loan is not discharged, then, from the date of repayment or
     treated repayment in full of the Mortgage Loan, automatically by virtue of
     this Deed, and without the necessity for any further act or instrument or
     other thing to be done or brought into existence:

     (a)  (Title Not Perfected): if the Trustee has not perfected its legal
          title to the Mortgage

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          Loan, the Trustee's entire right, title and interest in the Mortgage
          Loan and in the Mortgage Loan Rights in relation to the Mortgage Loan
          then forming part of the Assets of the Series Trust will be
          extinguished in favour of the relevant Seller with respect to the
          Mortgage Loan with immediate effect; or

     (b)  (Title Perfected): if the Trustee has perfected its legal title to the
          Mortgage Loan, the Trustee will hold the benefit of its right, title
          and interest in and to:

          (i)   the Mortgage Loan;

          (ii)  any Mortgages, and the First Layer of Collateral Securities,
                held in respect of that Mortgage Loan;

          (iii) any Mortgage Documents held in relation to that Mortgage Loan;
                and

          (iv)  the Mortgage Receivables held in relation to that Mortgage Loan,

          as trustee of the CBA Trust.

7.6  Application Where 2 Mortgage Loans

     If the Mortgages, First Layer of Collateral Securities, Mortgage Documents,
     and Mortgage Receivables referred to in clause 7.5 apply to more than one
     Mortgage Loan forming part of the Assets of the Series Trust, the holding
     of the Trustee's interest in such as trustee of the CBA Trust occurs only
     upon repayment in full of all such Mortgage Loans secured by such
     Mortgages, First Layer of Collateral Securities, Mortgage Documents and
     Mortgage Receivables.

7.7  Costs

     Each Seller must pay to, or reimburse, the Trustee immediately on demand
     for all costs and expenses including, without limitation, all legal costs
     charged at the usual commercial rates of the relevant legal services
     provider and any stamp duty and registration fees arising out of, or
     necessarily incurred in connection with, the Trustee coming to hold its
     right, title and interest in any Mortgage Loan Rights as part of the CBA
     Trust Assets in relation to that Seller for the CBA Trust in accordance
     with clause 7.5.

7.8  Alternative Structure

     The Trustee must co-operate with a Seller in transferring or holding the
     relevant assets set out in clause 7.5 in any reasonable way other than as
     set out in this clause 7 if to do so would materially reduce the liability
     of that Seller to reimburse the Trustee for any of the costs and expenses
     set out in clause 7.7 and provided that any proposal pursuant to this
     clause is permitted in law and does not result in the Trustee being exposed
     to the risk of personal liability unless the Trustee is satisfied, in its
     absolute discretion, that that Seller will be able to indemnify the Trustee
     in respect of such risk in accordance with clause 2.15(a).

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8.   Determinations by the Manager

8.1  Applications and payments on Distribution Dates

     Prior to each Distribution Date, based on information provided by the
     Servicer, the Manager must make all necessary determinations to enable the
     Trustee to make the payments or allocations to be made by the Trustee on
     that Distribution Date pursuant to this Deed (including, for the first
     Distribution Date, the aggregate of the Accrued Interest Adjustment) and
     must give to the Trustee a written direction by 11 am (Sydney time) on the
     Business Day prior to each Distribution Date in relation to the payments
     and allocations to be made on that Distribution Date in accordance with
     this Deed.

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8.2  Insufficient principal to meet Seller Advances

     (a)  (Manager must prepare standby redraw notice): If on a Determination
          Date the Manager determines that the amount by which the aggregate of
          the Principal Collections, the Principal Draw Reimbursement, the
          Principal Chargeoff Reimbursement and the Other Principal Amounts for
          the Collection Period then ended exceeds any Net Income Shortfall on
          that Determination Date is insufficient to meet in full the Seller
          Advances referred to in clause 10.3(a), the Manager must prepare and
          forward to the Trustee no later than the close of business 3 Business
          Days prior to the immediately following Distribution Date a drawdown
          notice under and in accordance with the Standby Redraw Facility
          Agreement requesting a drawing under the Standby Redraw Facility for
          an amount equal to the lesser of the shortfall and the amount which is
          available for drawing under the Standby Redraw Facility (which notice
          must also specify the calculations used in determining the drawing so
          requested).

     (b)  (Trustee must execute and serve standby redraw notice): If the Trustee
          receives a drawdown notice from the Manager pursuant to clause 8.2(a),
          the Trustee must promptly sign and serve the drawdown notice on the
          Standby Redraw Facility Provider pursuant to the Standby Redraw
          Facility Agreement requesting a drawing on the immediately following
          Distribution Date.

8.3  Gross Income Shortfall

     (a)  (Manager must prepare liquidity notice): If on a Determination Date
          there is a Gross Income Shortfall, the Manager must prepare and
          forward to the Trustee no later than the close of business 3 Business
          Days prior to the immediately following Distribution Date a notice
          under and in accordance with the Liquidity Facility Agreement
          requesting a drawing under the Liquidity Facility for an amount equal
          to the lesser of the Gross Income Shortfall and the amount which is
          available for drawing under the Liquidity Facility (which notice must
          also specify the calculations used in determining the drawing so
          requested).

     (b)  (Trustee must execute and deliver liquidity notice): If the Trustee
          receives a notice from the Manager pursuant to clause 8.3(a) then the
          Trustee must immediately sign and serve the drawdown notice on the
          Liquidity Facility Provider pursuant to the Liquidity Facility
          Agreement requesting a drawing on the immediately following
          Distribution Date.

8.4  Insufficient principal to meet Seller Advances and Standby Redraw Facility
     Principal

     If, in respect of a Determination Date, the Manager considers that the
     aggregate of:

     (a)  (Principal Collections): the amount by which the aggregate of the
          Principal Collections, the Principal Draw Reimbursement, the Principal
          Chargeoff Reimbursement and the Other Principal Amounts for the
          Collection Period ending on that Determination Date exceeds any Net
          Income Shortfall on that Determination Date; and

     (b)  (Standby Redraw Facility Advance): the Standby Redraw Facility Advance
          (if any) to be made on the immediately following Distribution Date,

     as estimated by the Manager are likely to be insufficient to meet in full
     under clause 10.3 the aggregate of:

     (c)  (Seller Advances): the Seller Advances; and

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     (d)  (Standby Redraw Facility Principal): the Standby Redraw Facility
          Principal,

     that the Manager estimates will be outstanding on that Determination Date,
     the Manager may prepare and forward to the Trustee a notice directing the
     Trustee to issue Redraw Bonds for a principal amount and on an issue date
     (which must be no earlier than 5 Business Days from the date of receipt of
     the notice by the Trustee) specified in the notice. The Manager must not
     issue such a notice to the Trustee if the Manager considers that the Stated
     Amount of the Redraw Bonds at the immediately following Distribution Date
     (after including the proposed issue of Redraw Bonds and taking into account
     any expected repayments of principal on the Redraw Bonds pursuant to clause
     10.5) will exceed the Redraw Bond Principal Limit.

8.5  Netting of Seller Advances and Standby Redraw Facility Advances

     If whilst the Standby Redraw Facility Provider is CBA, the Standby Redraw
     Facility Provider makes a Standby Redraw Facility Advance on a Distribution
     Date by way of a book entry in its records pursuant to clause 4.6 of the
     Standby Redraw Facility Agreement:

     (a)  (Standby Redraw Facility Advance to be taken into account): the amount
          of the Standby Redraw Facility Advance will be taken into account for
          the purpose of the calculations to be made hereunder on that
          Distribution Date and the immediately previous Determination Date; and

     (b)  (CBA's Seller Advances Reduced): the amount of the then outstanding
          Seller Advances made by CBA will be reduced by the amount of such book
          entry on that Distribution Date, without the Trustee needing to make
          the corresponding payment under clause 10.3(a).

8.6  Cash Advance Deposit

     On each Determination Date the Manager will determine the amount (if any)
     that has been received in the Collection Period just ended in respect of
     interest that has been earned on the Collections Account and which is
     attributable to the Cash Advance Deposit (if any) deposited in the
     Collections Account and will instruct the Trustee to pay such interest to
     the Liquidity Facility Provider on the immediately following Distribution
     Date.

8.7  Break Costs and Break Benefits

     (a)  (Application of Clause): If the Trustee is party to a Fixed Rate Swap:

          (i)   this clause 8.7 will apply (but otherwise shall be of no
                effect); and

          (ii)  Break Costs will not be included in the definition of Finance
                Charge Collections (except as set out in clauses 8.7(c) and (d))
                and Break Benefits will not be included in the definition of
                Expenses.

     (b)  (Payment of Break Benefits): The Servicer must pay any Break Benefits
          payable to Borrowers during a Collection Period from the Finance
          Charge Collections received during that Collection Period and not yet
          deposited by the Servicer in the Collections Account in accordance
          with clause 22. If the Finance Charge Collections held by the Servicer
          and not deposited in the Collections Account are insufficient to pay
          any Break Benefits due to be paid to a Borrower, the Servicer must
          direct the Trustee, and upon such direction the Trustee must pay to
          the Borrower, such Break Benefits from the Finance Charge Collections
          in the Collections Account received during that Collection Period to
          the extent of the shortfall.

     (c)  (Net Break Payment): If there is a Net Break Payment on a
          Determination Date, the Trustee must:

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          (i)   pay the Break Costs in relation to the immediately preceding
                Collection Period to the extent of the Net Break Payment to the
                Interest Rate Swap Provider on the immediately following
                Distribution Date in accordance with the Interest Rate Swap
                Agreement; and

          (ii)  treat the balance of the Break Costs in relation to the
                immediately preceding Collection Period as Finance Charge
                Collections in relation to that Collection Period.

     (d)  (Net Break Receipt): If there is a Net Break Receipt on a
          Determination Date, the Trustee must:

          (i)   treat the Break Costs in relation to the immediately preceding
                Collection Period as Finance Charge Collections in relation to
                that Collection Period; and

          (ii)  treat any amount received from the Interest Rate Swap Provider
                on the immediately following Distribution Date in respect of the
                Net Break Receipt in accordance with the Interest Rate Swap
                Agreement as an Available Income Amount with respect to that
                Distribution Date.

     (e)  (Manager to Determine): The Manager must determine on each
          Determination Date the Net Break Payment or Net Break Receipt, as the
          case may be, and must direct the Trustee as to the payments to be made
          by the Trustee, if any, in accordance with this clause 8.7.

8.8  Interest Rate Swap Provider Deposit

     On each Determination Date the Manager will determine the amount (if any)
     that has been received in the Collection Period just ended in respect of
     interest that has been earned on the Collections Account or any other
     account held by the Trustee as trustee of the Series Trust and which is
     attributable to the Interest Rate Swap Provider Deposit (if any) deposited
     in the Collections Account or that other account and will instruct the
     Trustee to pay such interest to the Interest Rate Swap Provider on the
     immediately following Distribution Date.

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9.   Chargeoffs

9.1  Allocation of Principal Chargeoffs

     If there is a Principal Chargeoff on a Determination Date prior to the
     enforcement of the Charge, it will be allocated in the following order:

     (a)  (Class B Notes): first, amongst the Class B Notes equally in reduction
          of the Stated Amount of the Class B Notes until the Stated Amount of
          the Class B Notes is reduced to zero; and

     (b)  (Other Securities and Standby Redraw Facility Provider): secondly, any
          balance of the Principal Chargeoff remaining after the application of
          clause 9.1(a) will be allocated as follows:

          (i)   the Class A-1 Chargeoff Percentage of such balance rateably
                amongst the Class A-1 Notes according to the Stated Amount of
                each Class A-1 Note;

          (ii)  the Class A-2 Chargeoff Percentage of such balance rateably
                amongst the Class A-2 Notes according to the Stated Amount of
                each Class A-2 Note;

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          (iii) the Redraw Bond Chargeoff Percentage of such balance rateably
                amongst the Redraw Bonds according to the Stated Amount of each
                Redraw Bond; and

          (iv)  the Standby Redraw Chargeoff Percentage of such balance to the
                Standby Redraw Facility Principal,

          in reduction, respectively, of the Stated Amount of the Class A-1
          Notes (in accordance with the US Dollar Note Conditions), the Stated
          Amount of the Class A-2 Notes and the Redraw Bonds and the Standby
          Redraw Facility Principal, until such Stated Amounts and the Standby
          Redraw Facility Principal are reduced to zero.

     A reduction in the Stated Amount of a Security and the Standby Redraw
     Facility Principal in accordance with the foregoing will take effect on the
     immediately following Distribution Date by the amount so allocated.

9.2  Allocation of Principal Chargeoff Reimbursements

     If there is a Principal Chargeoff Reimbursement on a Determination Date,
     then it will be allocated in the following order:

     (a)  (Class A Notes, Redraw Bonds and Standby Redraw Facility Provider):
          first, pro-rata (according to, in the case of the Class A-1 Notes, the
          A$ Equivalent of the aggregate Unreimbursed Principal Chargeoffs on
          that Determination Date, in the case of the Class A-2 Notes and the
          Redraw Bonds, their respective aggregate Unreimbursed Principal
          Chargeoffs on that Determination Date and, in the case of the Standby
          Redraw Facility Principal, its Unreimbursed Principal Chargeoffs on
          that Determination Date) as follows:

          (i)   rateably amongst the Class A-1 Notes according to the
                Unreimbursed Principal Chargeoff of each Class A-1 Note;

          (ii)  rateably amongst the Class A-2 Notes according to the
                Unreimbursed Principal Chargeoff of each Class A-2 Note;

          (iii) rateably amongst the Redraw Bonds according to the Unreimbursed
                Principal Chargeoff of each Redraw Bond; and

          (iv) the Standby Redraw Facility Principal,

          in reduction of, respectively, the amount of the Unreimbursed
          Principal Chargeoffs on the Class A-1 Notes (in accordance with the US
          Dollar Note Conditions) and the Unreimbursed Principal Chargeoffs on
          the Class A-2 Notes, the Redraw Bonds and the Standby Redraw Facility
          Principal, until such Unreimbursed Principal Chargeoffs are reduced to
          zero; and

     (b)  secondly, equally amongst the Class B Notes until the amount of
          Unreimbursed Chargeoffs on the Class B Notes are reduced to zero.

     A reduction of an Unreimbursed Principal Chargeoff in accordance with the
     foregoing will take effect on the immediately following Distribution Date
     by the amount so allocated.

9.3  Loss Recoveries

     If the Servicer receives or collects any Loss Recoveries in respect of a
     Mortgage Loan for which payment has already been received by or on behalf
     of the Trustee from a Support Facility Provider, then the Servicer must pay
     such amount to the relevant Support Facility Provider pursuant to the
     relevant Support Facility. Where the Trustee is entitled to retain any

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     such Loss Recoveries pursuant to such Support Facility, or receives any
     Loss Recoveries from the Support Facility Provider, then such amounts will
     be included in Other Income Amounts.

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10.  Payments on Distribution Dates by Trustee

10.1 Payment of Accrued Interest Adjustment on first Distribution Date

     On the first Distribution Date, the Trustee must, in accordance with the
     directions given to it by the Manager pursuant to clause 8.1, pay from the
     Collections Account to each Seller the aggregate of the Accrued Interest
     Adjustment for all Mortgage Loans then forming part of the Assets of the
     Series Trust and which were assigned to the Trustee by that Seller. Such
     aggregate sum will, for the purposes of making the determinations pursuant
     to clause 8.1 on the first Determination Date, be deducted by the Manager
     from the Available Income Amount in respect of the first Distribution Date.

10.2 Application of the Available Income Amount on each Distribution Date

     On each Distribution Date prior to the enforcement of the Charge, the
     Trustee must, in accordance with the directions given by the Manager
     pursuant to clause 8.1, apply the Available Income Amount in respect of
     that Distribution Date in making the following allocations, and the
     following payments from the Collections Account, in the following order of
     priority:

     (a)  (Taxes): first, in or towards payment of or provision for Taxes in
          relation to the Series Trust (including Government Charges paid by the
          Servicer on behalf of the Trustee);

     (b)  (Trustee's Fee): secondly, in or towards payment to the Trustee of the
          Trustee's Fee due on that Distribution Date;

     (c)  (Security Trustee's Fee): thirdly, in or towards payment to the
          Security Trustee of the Security Trustee's Fee due on that
          Distribution Date;

     (d)  (Management Fee): fourthly, in or towards payment to the Manager of
          the Management Fee due on that Distribution Date;

     (e)  (Servicer's Fee): fifthly, in or towards payment to the Servicer of
          the Servicer's Fee due on that Distribution Date;

     (f)  (Liquidity Facility Commitment Fee): sixthly, in or towards payment to
          the Liquidity Facility Provider of the Liquidity Facility Commitment
          Fee due on that Distribution Date;

     (g)  (Support Facilities): seventhly, in or towards payment rateably of any
          net amounts due to a Support Facility Provider under a Support
          Facility on that Distribution Date, but excluding any amounts
          specified in paragraph (f) above, paragraphs (i), (j) and (k)(i) &
          (iv) below and clauses 9.3 and 10.3(c);

     (h)  (Expenses): eighthly, in or towards payment of or provision for all
          Expenses in respect of the Accrual Period ending on that Distribution
          Date;

     (i)  (Standby Redraw Facility Commitment Fee): ninthly, in or towards
          payment to the Standby Redraw Facility Provider of the Standby Redraw
          Facility Commitment Fee due on that Distribution Date;

     (j)  (Liquidity Facility Advance): tenthly, in or towards repayment to the
          Liquidity Facility Provider of any outstanding Liquidity Facility
          Advance made on or prior to the immediately previous Distribution
          Date;

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     (k)  (Class A Note, Redraw Bond and Standby Redraw Facility Interest):
          eleventhly, subject to clause 10.8, in payment rateably as follows:

          (i)   to the Currency Swap Providers in accordance with clause 10.4 of
                the A$ Class A-1 Interest Amounts, and any A$ Class A-1 Unpaid
                Interest Amounts, in relation to that Distribution Date;

          (ii)  rateably, according to the sum of the Interest Amounts for the
                Accrual Period ending on that Distribution Date, and the Unpaid
                Interest Amounts (if any), for each Class A-2 Note, amongst the
                Class A-2 Notes of the aggregate of the Interest Amounts in
                relation to the Class A-2 Notes for the Accrual Period ending on
                that Distribution Date and any then Unpaid Interest Amounts in
                relation to the Class A-2 Notes;

          (iii) rateably, according to the sum of the Interest Amounts for the
                Accrual Period ending on that Distribution Date, and the Unpaid
                Interest Amounts (if any), for each Redraw Bond, amongst the
                Redraw Bonds of the aggregate of the Interest Amounts in
                relation to the Redraw Bonds for the Accrual Period ending on
                that Distribution Date and any then Unpaid Interest Amounts in
                relation to the Redraw Bonds; and

          (iv)  to the Standby Redraw Facility Provider of the aggregate of the
                Standby Redraw Facility Interest (if any) due on that
                Distribution Date and any Standby Redraw Facility Interest
                remaining unpaid from prior Distribution Dates;

          (l)  (Class B Interest): twelfthly, subject to clause 10.8, in payment
               equally amongst the Class B Notes of the aggregate of the
               Interest Amounts in relation to the Class B Notes for the Accrual
               Period ending on that Distribution Date and any then Unpaid
               Interest Amounts in relation to the Class B Notes;

     (m)  (Principal Draw Reimbursement): thirteenthly, subject to clause 10.8,
          the amount of any Principal Draw Reimbursement for the immediately
          preceding Determination Date is to be allocated to the Available
          Principal Amount to be paid in accordance with clause 10.3;

     (n)  (Principal Chargeoff Reimbursement): fourteenthly, subject to clause
          10.8, the amount of the Principal Chargeoff Reimbursement for the
          immediately preceding Determination Date is to be allocated to the
          Available Principal Amount to be paid in accordance with clause 10.3;

     (o)  (Arranging Fee): fifthteenthly, subject to clause 10.8, in payment to
          the Manager of the Arranging Fee due on that Distribution Date and any
          Arranging Fee outstanding from any prior Distribution Date; and

     (p)  (Distribution): sixthteenthly, subject to clause 10.8, the balance in
          payment to the Residual Unitholder, to be dealt with, and held by, the
          Residual Unitholder pursuant to clause 11.1.

     The obligations of the Trustee to make any payment or allocation under each
     of the above paragraphs is limited in each case to the balance of the
     Available Income Amount (if any) available after application in accordance
     with the preceding paragraph or paragraphs.

10.3 Application of the Available Principal Amount on each Distribution Date

     On each Distribution Date prior to the enforcement of the Charge, the
     Trustee must in accordance with the directions given by the Manager
     pursuant to clause 8.1, apply the Available Principal Amount in respect of
     that Distribution Date in making the following

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     allocations and the following payments from the Collections Account, in the
     following order of priority:

     (a)  (Seller Advances): first, subject to clause 8.5, in or towards
          repayment rateably to each Seller on the next Distribution Date of any
          Seller Advances made by that Seller during or prior to the Collection
          Period just ended and which have not previously been repaid in
          accordance with this clause 10.3(a);

     (b)  (Principal Draws): secondly, to be applied as a Principal Draw in
          relation to the immediately preceding Determination Date and allocated
          to the Available Income Amount to be paid in accordance with clause
          10.2;

     (c)  (Standby Redraw Facility Principal): thirdly, in or towards repayment
          to the Standby Redraw Facility Provider of any Standby Redraw Facility
          Principal;

     (d)  (Securityholders): fourthly, subject to clause 10.8, in accordance
          with clause 10.5; and

     (e)  (Residual Unitholder): fifthly, subject to clause 10.8, the balance
          (if any) to the Residual Unitholder.

     The obligations of the Trustee to make any payment under each of the above
     paragraphs is limited in each case to the balance of the Available
     Principal Amount (if any) available after application in accordance with
     the previous paragraph or paragraphs.

10.4 Payment of Interest on the Class A-1 Notes

     On each Distribution Date that any amount is payable to a Currency Swap
     Provider pursuant to clause 10.2(k)(i), the Trustee must comply with
     Condition 6.9 of the US Dollar Note Conditions in relation to that Currency
     Swap Provider.

10.5 Repayment of Principal on the Securities

     On each Distribution Date, prior to the enforcement of the Charge, the
     Trustee must pay the amount available for distribution on that Distribution
     Date in accordance with clause 10.3(d) in the following order:

     (a)  (Redraw Bonds): first, amongst the Redraw Bonds (if any) as a
          repayment of principal on the Redraw Bonds in the following order:

          (i)   first, equally amongst those Redraw Bonds with the earliest
                Issue Date until the Stated Amount of those Redraw Bonds is
                reduced to zero;

          (ii)  secondly, equally amongst those Redraw Bonds with the next
                earliest Issue Date (if any) until the Stated Amount of those
                Redraw Bonds is reduced to zero; and

          (iii) subsequently, equally amongst each subsequent group of Redraw
                Bonds (if any) with the same Issue Date until the Stated Amount
                of those Redraw Bonds is reduced to zero on the basis that a
                Redraw Bond will not be entitled to any payment in respect of
                principal under this clause 10.5 until the Stated Amount of all
                Redraw Bonds with an earlier Issue Date than that Redraw Bond
                has been reduced to zero;

     (b)  (Class A Notes): secondly, subject to clause 10.8, the lesser of the
          balance (if any) of the amount available for distribution and the
          Class A Principal Distribution for that Distribution Date (such lesser
          amount being the "Class A Available Principal Distribution") rateably
          as follows:

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          (i)   the Class A-1 Percentage of the Class A Available Principal
                Distribution to the Currency Swap Providers in accordance with
                clause 10.6; and

          (ii)  the Class A-2 Percentage of the Class A Available Principal
                Distribution amongst the Class A-2 Notes in the following order:

                A.   first, equally amongst the Class A-2 Tranche 1 Notes; and

                B.   secondly, equally amongst the Class A-2 Tranche 2 Notes,

          until the Stated Amount of the Class A Notes is reduced to zero; and

     (c)  (Class B Notes): thirdly, subject to clause 10.8, the balance (if any)
          of the amount available for distribution under this clause 10.5
          equally amongst the Class B Notes until the Stated Amount of the Class
          B Notes is reduced to zero.

10.6 Repayment of Principal on the Class A-1 Notes

     On each Distribution Date that any amount is payable to a Currency Swap
     Provider pursuant to clause 10.5(b)(i), the Trustee must comply with
     Condition 7.2 of the US Dollar Note Conditions in relation to that Currency
     Swap Provider.

10.7 Inability to Comply with Order of Priority

     The inability of the Trustee or the Manager to comply with any order of
     priority of payment specified in this Deed due to any law relating to the
     rights of creditors generally or specifically does not constitute a Trustee
     Default or a Manager Default and does not entitle any Securityholder or the
     Residual Unitholder to take any action against the Trustee or the Manager.
     Nothing in clause 8 or this clause 10 requires the Trustee or the Manager
     to breach any Transaction Document or to fail to comply with any applicable
     law.

10.8 No Payment in respect of Obligations ranking Equally or after Class A-1
     Notes if no payment made to Currency Swap Provider

     If on a given Distribution Date for whatever reason payment is not made in
     full to a Currency Swap Provider in accordance with clauses 10.2(k)(i) and
     10.5(b)(i), the Trustee must not make any payment or allocation (as the
     case may be) pursuant to clauses 10.2(k)-(p) (inclusive), 10.3(d) & (e) or
     10.5(b) & (c) on that Distribution Date or thereafter until and unless all
     amounts outstanding under clauses 10.2(k)(i) and 10.5(b)(i) are paid to the
     Currency Swap Provider (or other arrangements are entered into) that
     enables all amounts of interest and principal due in respect of the Class
     A-1 Notes to be paid or repaid to the Class A-1 Noteholders in full in US
     dollars in accordance with the US Dollar Note Conditions.

10.9 Payments in respect of A$ Securities

     All payments in respect of an A$ Security on a Distribution Date referred
     to in this Deed must be made to the person recorded in the Register as the
     holder of that A$ Security as at close of business on the Business Day
     immediately preceding that Distribution Date.

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11.  Net Tax Income of the Series Trust

11.1 Net Tax Income of the Series Trust absolutely vested in the Residual
     Unitholder

     The Net Tax Income of the Series Trust for each Financial Year will be
     absolutely vested in the Residual Unitholder and the Residual Unitholder
     will have an absolute vested interest in the Net Tax Income of the Series
     Trust for that Financial Year. To the extent that such balance has not
     actually been paid to the Residual Unitholder pursuant to clause 10.2(p)
     during that

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     Financial Year, it will constitute an amount payable by the Trustee to the
     Residual Unitholder to be satisfied only from Excess Distributions
     otherwise payable to the Residual Unitholder in accordance with clause
     10.2(p) on the Distribution Dates following the close of the Financial
     Year. If in the last Financial Year of the Series Trust, such amount (if
     any) in respect of the previous Financial Year has not been satisfied from
     the Excess Distributions otherwise payable to the Residual Unitholder in
     accordance with clause 10.2(p) on the Distribution Dates in the last
     Financial Year, the shortfall, plus any such amount for the last Financial
     Year, will be satisfied in full from, and only by, the payment of the
     excess funds (if any) by the Trustee to the Residual Unitholder pursuant to
     clause 26.15.

11.2 Excess Distribution

     (a)  (Deposit with the Residual Unitholder): A payment to the Residual
          Unitholder of the Excess Distribution pursuant to clause 10.2(p) will
          be held by the Residual Unitholder as a deposit by the Trustee with
          the Residual Unitholder and will be dealt with in accordance with this
          clause 11.2.

     (b)  (Application towards Net Tax Income): At the end of each Financial
          Year, the Residual Unitholder will, and will be entitled to, deduct
          from so much of the deposit standing to the credit of the Trustee
          pursuant to clause 11.2(a)

          (i)  first, the Net Tax Income of the Series Trust for that Financial
               Year absolutely vested in the Residual Unitholder for that
               Financial Year pursuant to clause 11.1

          (ii) secondly, an amount not exceeding the then Subscription Amount
               notified by the Manager to the Trustee and the Residual
               Unitholder that the Residual Unitholder is entitled to deduct as
               a return of capital in the Series Trust represented by the
               Residual Unit.

          To the extent that there is any surplus in the amount so deposited
          over the aggregated Net Tax Income vested pursuant to clause
          11.2(b)(i) or paid as a return of capital pursuant to clause
          11.2(b)(ii), in a Financial Year, after the capital in the Series
          Trust has been reduced, the surplus will be dealt with in accordance
          with this clause 11.2(b) in the succeeding Financial Year.

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12.  Early Termination of Swaps

12.1 Early Termination of a Swap

     If at any time a Fixed Rate Swap terminates prior to its scheduled
     termination date, or the Basis Swap terminates, in each case whilst there
     are Securities which have not then been redeemed (or deemed to be redeemed)
     in full or the Class A-1 Currency Swap terminates whilst there are Class
     A-1 Notes which have not then been redeemed (or deemed to be redeemed) in
     full, the Manager and the Trustee must:

     (a)  (Enter into Replacement Swap): (in the case of the Trustee, to the
          extent that the Manager has made appropriate arrangements to ensure
          that it is practicable) enter into one or more swaps which replace the
          terminated Swap on terms and with a counterparty in respect of which
          each Rating Agency issues a Rating Affirmation Notice and, in the case
          of the Manager, use all reasonable endeavours to make appropriate
          arrangements to ensure that it is practicable for the Trustee to enter
          into one or more such swaps not later than 5 Business Days after it
          becomes aware of the termination of such terminated Swap;

     (b)  (Termination of Basis Swap): in the case of a termination of the Basis
          Swap (but without limiting the operation of paragraphs (a) and (c) in
          relation to the

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          termination of the Basis Swap), as soon as the Trustee becomes
          actually aware of the termination, direct the Servicer to ensure
          compliance with clause 12.2; or

     (c)  (Other Arrangements): enter into such other arrangements in respect of
          which each Rating Agency issues a Rating Affirmation Notice.

12.2 Servicer to Adjust Mortgage Interest Saver Accounts and Mortgage Rates if
     Basis Swap Terminated

     If at any time a Basis Swap terminates whilst there are any Securities
     which have not been redeemed (or deemed to be redeemed) in full and it is
     directed by the Manager and the Trustee pursuant to clause 12.1(b) to
     comply with this clause 12.2, the Servicer must, in respect of each Accrual
     Period commencing thereafter until the date on which clause 12.1(a) or (c)
     may be implemented:

     (a)  (Reduce Mortgage Interest Saver Accounts): reduce, except as may be
          provided by applicable laws (including the Consumer Credit Code), any
          Binding Provision and any Competent Authority, the rates at which the
          interest off-set benefits under the Mortgage Interest Saver Accounts
          are calculated to rates which produce an amount of income at least
          equal to the lesser of:

          (i)  the aggregate amount of income that would be produced if the
               rates at which the interest off-set benefits under the Mortgage
               Interest Saver Accounts are calculated were reduced to zero; and

          (ii) the amount of income which is sufficient, when aggregated with
               the amount of income produced by the rate of interest on the
               Mortgage Loans, and the income from Authorised Short-Term
               Investments, then forming part of the Assets of the Series Trust
               to ensure that the Trustee will have available to it sufficient
               Finance Charge Collections and Other Income Amounts to enable it
               to comply with its obligations under the Transaction Documents as
               they fall due; and

     (b)  (Set Threshold Rate): if the amount of income produced pursuant to
          clause 12.2(a) is not sufficient, when aggregated with the amount of
          income produced by the rate of interest payable on the Mortgage Loans,
          and the income from Authorised Short-Term Investments, then forming
          part of the Assets of the Series Trust to ensure that the Trustee will
          have sufficient Finance Charge Collections and Other Income Amounts to
          enable it to meet its obligations under the Transaction Documents as
          they fall due, ensure, except as may be provided by applicable law
          (including the Consumer Credit Code), any Binding Provision and any
          Competent Authority, that the weighted average Mortgage Rate
          applicable to the Mortgage Loans forming part of the Assets of the
          Series Trust on each Rate Set Date is not lower than the Threshold
          Rate determined by the Manager on that Rate Set Date pursuant to
          clause 12.3 and will promptly notify the Borrower in relation to each
          Mortgage Loan of any change where required in accordance with the
          relevant Mortgage or Loan Agreement.

12.3 Determination of Threshold Rate

     While clause 12.2(b) applies, the Manager will, on each Rate Set Date,
     determine the Threshold Rate for the Accrual Period commencing on that Rate
     Set Date and:

     (a)  (Notify Servicer): in the case of Mortgage Loans the assignment of
          which to the Trustee has not been perfected by the giving of notice to
          the relevant Borrower, promptly notify on that date the Servicer of
          such rate; and

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     (b)  (Notify Trustee and Servicer): in the case of Mortgage Loans the
          assignment of which has been so perfected, promptly notify on that
          date the Trustee and the Servicer of such rate.

12.4 Trustee to set Mortgage Rate

     If:

     (a)  (Servicer Default): a failure by the Servicer to comply with clause
          12.2 results in the occurrence of the Servicer Default referred to in
          clause 18.1(f); and

     (b)  (No Substitute Servicer Appointed): a Substitute Servicer is not
          appointed immediately pursuant to clause 18 of this Deed,

          the Manager must immediately direct the Trustee (in its capacity as
          Substitute Servicer pursuant to clause 18 of this Deed), and the
          Trustee must as soon as practicable thereafter comply with such
          direction, to adjust or maintain the Mortgage Rate (as the case may
          be) in accordance with clause 12.2 until such time as a Substitute
          Servicer is appointed in accordance with the Trust Deed.

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13.  Representations and warranties regarding Mortgage Loans

13.1 Seller's Representations and Warranties

     As at the Cut-Off Date, CBA represents and warrants, for itself and for
     Homepath, to the Trustee in respect of each Mortgage Loan that:

     (a)  (Mortgage complied with laws): at the time that the relevant Seller
          entered into the Mortgage relating to the Mortgage Loan, the Mortgage
          complied in all material respects with applicable laws (including
          applicable Consumer Credit Code laws);

     (b)  (Good faith): at the time that the relevant Seller entered into the
          Mortgage Loan, it did so in good faith;

     (c)  (Ordinary course of business): at the time that the relevant Seller
          entered into the Mortgage Loan, the Mortgage Loan was originated in
          the ordinary course of that Seller's business and since that time that
          Seller has dealt with that Mortgage Loan in accordance with the
          Servicing Guidelines and the Servicing Standards;

     (d)  (First ranking security): at the time that the relevant Seller entered
          into the Mortgage Loan, all necessary steps were taken in respect of a
          Mortgage created in connection with the Mortgage Loan so that the
          Mortgage complied with the legal requirements applicable at that time
          to ensure that the Mortgage was a first-ranking mortgage (subject to
          any statutory charges, any prior charges of a body corporate, service
          company or equivalent, whether registered or otherwise, and any other
          prior Security Interests which do not prevent the Mortgage from being
          considered to be a first-ranking mortgage in accordance with the
          Servicing Standards) secured over Land in the jurisdiction in which
          the relevant Land is located subject to stamping and registration of
          the relevant Mortgage in due course;

     (e)  (Priority arrangements): where there is a second or other mortgage in
          existence over Land the subject of a Mortgage in relation to the
          Mortgage Loan and the relevant Seller is not the mortgagee of that
          second or other mortgage, that Seller has ensured (by way of a
          priority agreement with the subsequent mortgagee or otherwise) that
          the Mortgage will rank ahead in priority to the second or other
          mortgage on enforcement for an amount not less than the principal
          amount (plus accrued but unpaid interest) outstanding on the Mortgage
          Loan plus such extra amount determined in accordance with the
          Servicing Guidelines;

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     (f)  (Borrower not insolvent): at the time that the Mortgage Loan was
          approved, the relevant Seller had not received any notice of the
          insolvency or the bankruptcy of the corresponding Borrowers or that
          the corresponding Borrowers did not have the legal capacity to enter
          into the corresponding Mortgage;

     (g)  (Seller sole legal and beneficial owner): the relevant Seller is the
          sole legal and beneficial owner of the Mortgage Loan and the related
          Mortgages and First Layer of Collateral Securities (other than the
          Insurance Policies) and to its knowledge, subject to clause 13.1(d),
          no prior ranking Security Interest exists in relation to its right,
          title and interest in that Mortgage Loan and the related Mortgages and
          First Layer of Collateral Securities;

     (h)  (Due stamping): each of the Mortgage Documents (other than the
          Insurance Policies in respect of Land) relating to the Mortgage Loan
          which is required to be stamped with stamp duty has been duly stamped;

     (i)  (Mortgage Loan not discharged): the Mortgage Loan has not been
          satisfied, cancelled, discharged or rescinded and the property
          relating to each relevant Mortgage has not been released from the
          security of that Mortgage;

     (j)  (Holds all documents necessary to enforce): the relevant Seller holds,
          in accordance with the Servicing Standards, all documents which,
          pursuant to the Servicing Standards, it should hold to enforce the
          provisions of, and the security created by, the corresponding Mortgage
          and the First Layer of Collateral Securities;

     (k)  (Terms unqualified): other than the relevant Mortgage Documents, there
          are no documents entered into between the relevant Seller and the
          Borrower or any other relevant party in relation to the Mortgage Loan
          which would qualify or vary the terms of the Mortgage Loan except as
          permitted by the Servicing Standards (including any variations of a
          Mortgage Loan which may be made by notice to the Borrower from that
          Seller) and except in relation to CBA, any documentation relating to
          any corresponding Mortgage Interest Saver Account;

     (l)  (No notice of Security Interests): other than in respect of priorities
          granted by statute, the relevant Seller has not received notice from
          any person that it claims to have a Security Interest ranking in
          priority to or equal with the Security Interest held by that Seller
          and constituted by any corresponding Mortgage;

     (m)  (LVR not exceeded): the relevant Seller is not aware of any
          restrictive covenants, licences or leases existing in respect of
          freehold Land the subject of any corresponding Mortgage which would
          reduce the value of the Mortgage over such Land such that the Loan to
          Value Ratio determined as at the Cut-Off Date in respect of the
          Mortgage Loan would exceed 95% (but retaining for this purpose the
          original "V" for the Mortgage Loan under the definition of "Loan to
          Value Ratio" in clause 1.1);

     (n)  (Mortgage Insurance Policies): the Mortgage Loan is, or will be on and
          from the Closing Date, insured under a Mortgage Insurance Policy;

     (o)  (Support Facility requirements): the relevant Seller has complied with
          all material requirements of each Support Facility relating to the
          Mortgage Loan, except as otherwise permitted by the corresponding
          Support Facility Provider;

     (p)  (All licences and consents): the relevant Seller holds all consents,
          licences, approvals, authorisations and exemptions from any
          Governmental Agency required as at the Cut-Off Date for, or in
          connection with, performance and enforceability in respect of the
          Mortgage Loan which, in accordance with the Servicing Standards, it
          should hold in relation to the Mortgage Loan as at the Cut-Off Date;

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     (q)  (Eligibility criteria): the Mortgage Loan complies with the
          Eligibility Criteria as at the Cut-Off Date;

     (r)  (Interest rate may be varied): except in respect of a Mortgage Loan
          subject to a fixed rate of interest (or a rate of interest which can
          be converted into a fixed rate of interest or a fixed margin relative
          to a benchmark) and except as may be provided by applicable laws
          (including the Consumer Credit Code), any Binding Provision or any
          Competent Authority or as may be provided in the corresponding
          Mortgage Documents, the interest rate payable on the Mortgage Loan is
          not subject to any limitation and no consent, additional memoranda or
          other writing is required from the relevant Borrower to give effect to
          a change in the interest rate payable on the Mortgage Loan and,
          subject to the foregoing, any change in the interest rate may be set
          at the sole discretion of the Servicer and is effective no later than
          when notice is given to the Borrower in accordance with the terms of
          the relevant Mortgage Loan;

     (s)  (Seller entitled to Sell): the relevant Seller is lawfully entitled to
          sell and assign its interests in the corresponding Mortgage Loan
          Rights and to transfer valid and beneficial title to the Trustee free
          from all Security Interests (other than as described in clause
          13.1(d));

     (t)  (No preference): it is not aware of anything in relation to the sale
          of the Mortgage Loan Rights to the Trustee which might cause a court
          to hold that the sale constitutes an under-value transfer, a
          fraudulent conveyance or a voidable preference under any law relating
          to insolvency;

     (u)  (No breach): the sale, transfer and assignment of the relevant
          Seller's interest in the Mortgage Loan Rights will not constitute a
          breach of its obligations or a default under any Security Interest
          binding on that Seller or its property; and

     (v)  (Waiver of Set-Off): the terms of the Loan Agreement relating to the
          Mortgage Loan require payments in respect of the Mortgage Loan to be
          made to the Seller free of set-off, unless prohibited by law.

13.2 Trustee need not Test Warranties

     The Trustee is under no obligation to test the truth of any warranty or
     representation in clause 13.1 and is entitled to accept them conclusively
     at all times (unless it is actually aware of any breach).

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14.  Breach of representations and warranties

14.1 Manager or Seller Becomes Aware of Incorrect Representations or Warranties

     If the Manager or a Seller becomes actually aware that a material
     representation or warranty made pursuant to clause 13.1 was incorrect when
     given in respect of a Mortgage Loan assigned to the Trustee in accordance
     with this Deed it must give notice to the other parties to this Deed
     accompanied by sufficient details to identify the relevant Mortgage Loan,
     and the reason the representation or warranty is incorrect, within 5
     Business Days of the Manager or that Seller (as the case may be) becoming
     so actually aware. Neither the Manager nor the Sellers are under any
     ongoing obligation whatsoever to conduct any investigation in any manner
     whatsoever to determine if a representation or warranty made pursuant to
     clause 13.1 is incorrect when given in respect of a Mortgage Loan.

14.2 If Trustee Becomes Aware of Incorrect Representations or Warranties

     If the Trustee becomes actually aware that a material representation or
     warranty made pursuant to clause 13.1 was incorrect when given in respect
     of a Mortgage Loan assigned to the Trustee

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     in accordance with this Deed, it must give notice to the Manager and the
     Sellers, accompanied by sufficient details to identify the relevant
     Mortgage Loan and the Trustee's reasons for believing that the
     representation or warranty is incorrect, within 5 Business Days of becoming
     so aware. The Trustee is under no obligation whatsoever to conduct any
     investigation in any manner whatsoever to determine if a representation or
     warranty made pursuant to clause 13.1 is incorrect when given in respect of
     a Mortgage Loan.

14.3 Remedy of Defaults during Prescribed Period

     If   with respect to any Mortgage Loan:

     (a)  (Representation or warranty incorrect): any representation or warranty
          made by CBA pursuant to clause 13.1 is incorrect when given; and

     (b)  (Notice given under clause 14.1 or 14.2):

          (i)  the Manager or a Seller gives a notice to the Trustee pursuant to
               clause 14.1; or

          (ii) the Sellers receive a notice from the Trustee (pursuant to clause
               14.2),

          in either case, not later than 5 Business Days prior to the last day
          of the Prescribed Period in relation to that Mortgage Loan, then, if
          that breach is not remedied to the satisfaction of the Trustee within
          5 Business Days of the Seller or the Manager giving or receiving the
          notice (as the case may be), the Mortgage Loan Rights to which that
          Mortgage Loan relates will be held by the Trustee in accordance with
          the terms of clause 14.4.

14.4 Holding for CBA Trust during Prescribed Period

     If, in relation to a Mortgage Loan during its Prescribed Period, any breach
     referred to in a notice pursuant to clause 14.3 is not remedied within the
     period specified in clause 14.3, then, on the expiry of the time period for
     remedying the breach specified in clause 14.3 automatically by virtue of
     this Deed, and without the necessity for any further act or instrument or
     other thing being done or brought into existence:

     (a)  (Title Not Perfected): if the Trustee has not perfected its legal
          title to the Mortgage Loan, the Trustee's entire right, title and
          interest in the Mortgage Loan and in the Mortgage Loan Rights in
          relation to that Mortgage Loan then forming part of the Assets of the
          Series Trust will be extinguished in favour of the relevant Seller
          with respect to the Mortgage Loan with immediate effect; or

     (b)  (Title Perfected): if the Trustee has perfected its legal title to the
          Mortgage Loan, the Trustee will hold the benefit of it right, title
          and interest in and to:

          (i)   the Mortgage Loan;

          (ii)  any Mortgages, and the First Layer of Collateral Securities,
                held in respect of that Mortgage Loan;

          (iii) any Mortgage Documents held in relation to that Mortgage Loan;
                and

          (iv)  the Mortgage Receivables held in relation to that Mortgage Loan,

          as trustee of the CBA Trust.

     However, the Trustee is entitled to retain for the Series Trust all Finance
     Charge Collections and Principal Collections received by the Trustee
     pursuant to the relevant Mortgage Loan from the Cut-Off Date to the date of
     delivery of the relevant notice in accordance with clause 14.3.

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14.5 Costs

     The Sellers (jointly and severally) must pay to, or reimburse, the Trustee
     for all costs and expenses (including, without limitation, any legal costs
     charged at the usual commercial rates of the relevant legal services
     provider and any stamp duty and registration fees) arising out of or
     necessarily incurred in connection with the holding by the Trustee of
     either Seller's interest in any Mortgage Loan Rights in accordance with
     clause 14.4. Such payment (if any) must be made on the same date as
     payments in respect of the relevant Mortgage Loan must be made pursuant to
     clause 14.6.

14.6 Payment

     Subject to clause 14.8, CBA must pay (or procure payment) to the Trustee,
     in respect of any Mortgage Loan Rights held for the CBA Trust pursuant to
     clause 14.4, within 2 Business Days of the Mortgage Loan Rights becoming so
     held for the CBA Trust an amount equal to the sum of:

     (a)  (Principal Amount): the principal amount outstanding in respect of the
          relevant Mortgage Loan (as recorded on the Mortgage Loan System) as at
          the date of delivery of the relevant notice in accordance with clause
          14.3; and

     (b)  (Accrued interest): the accrued but unpaid interest (as at the date of
          delivery of the relevant notice pursuant to clause 14.3) in respect of
          that Mortgage Loan.

14.7 Limitation on Rights of Trustee During Prescribed Period

     The performance by CBA of its obligations under clause 14.6 is the sole
     remedy available to the Trustee during the relevant Prescribed Period in
     respect of a representation or warranty being incorrect when given by CBA
     pursuant to clause 13.1 in respect of a Mortgage Loan. The Trustee
     expressly acknowledges and agrees that during the Prescribed Period, other
     than pursuant to clause 14.6, it has no remedy against either Seller in
     respect of any representation or warranty being incorrect when given by CBA
     pursuant to clause 13.1 and which the Trustee becomes actually aware of
     prior to the last day on which the notices referred to in clause 14.3(b)
     can be given.

14.8 Limit of Seller's Liability for Mortgage Loans

     Other than the rights of the Trustee pursuant to clause 14.6, neither
     Seller has any liability for any loss or damage caused to the Trustee, any
     Securityholder, any Creditor or any other person in respect of any
     representation or warranty being incorrect when given by CBA pursuant to
     clause 13.1 in respect of a Mortgage Loan in relation to which a notice has
     been received or given pursuant to clause 14.3(b).

14.9 CBA's Liability for Damages After Prescribed Period

     (a)  (CBA to indemnify the Trustee): CBA indemnifies the Trustee (whether
          for its own account or for the account of Securityholders) against any
          costs, damages or loss arising from any representation or warranty
          being incorrect when made by CBA pursuant to clause 13.1 in relation
          to a Mortgage Loan and which is discovered by the Trustee after the
          last day on which a notice under clause 14.3(b) can be given. The
          amount of such costs, damages or loss is to be agreed between the
          Trustee and CBA. Failing such agreement the amount is to be the amount
          determined by CBA's external auditors. The amount cannot exceed the
          principal amount outstanding in respect of the Mortgage Loan (as
          recorded on the Mortgage Loan System) and any accrued but unpaid
          interest and any outstanding fees in respect of the Mortgage Loan
          (calculated at the time of agreement between the Trustee and CBA or
          determination by CBA's external auditors, as the case may be).

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     (b)  (CBA to pay damages within 7 Business Days): CBA must, within 7
          Business Days of agreement or determination (as the case may be)
          pursuant to clause 14.9(a), pay the relevant sum to the Trustee.

     (c)  (Limitation): The Trustee agrees and acknowledges that the Trustee's
          sole remedy against CBA for breach of any representation or warranty
          in clause 13.1 of which the Trustee has actual notice on or after the
          last day on which the notice referred to in clause 14.3(b) can be
          given is pursuant to clause 14.9(a); and

14.10 Discharge of obligations

     The compliance by CBA with its obligations under clause 14.6 or clause 14.9
     (as the case may be) will discharge all obligations of the Sellers with
     respect to any breach of any representation or warranty made in clause
     13.1, regardless, in the case of clause 14.6, of whether such breach is
     specified in the relevant notice referred to in clause 14.3(b) or not.

14.11 Fraud

     If the Trustee is unable to give a notice under clause 14.2 due to the
     fraud, negligence or wilful default on the part of a Seller or any of its
     officers, employees or agents, the Trustee may take such action against
     that Seller as the Trustee will think fit.

14.12 Trustee's Reliance

     CBA acknowledges that the Trustee has relied, and will if it accepts the
     offer contained in a Sale Notice rely, on the representations and
     warranties made or to be made by it pursuant to clause 13.1.

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15.  Seller's general undertakings

15.1 General Undertakings

     Each Seller undertakes to the Trustee and the Manager that, on or after the
     Closing Date it will, in addition to any of its other undertakings under
     this Deed and in respect of those Mortgage Loan Rights which then form part
     of the Assets of the Series Trust, at its own expense:

     (a)  (Execute further instruments): following the occurrence of a
          Perfection of Title Event and the request in writing of the Trustee,
          promptly execute, acknowledge and deliver or cause to be executed,
          acknowledged and delivered such amendments to this Deed and such
          further instruments and take such further action as may be reasonably
          necessary to preserve and protect the interest of the Trustee in and
          the value of the Mortgage Loan Rights and assist and co-operate with
          the Trustee, the Servicer and the Manager in the Trustee obtaining
          legal title to the Mortgage Loan Rights following a Perfection of
          Title Event;

     (b)  (Give notice of adverse claim): following receipt of actual notice of
          a claim by a third party with respect to or a challenge to the sale
          and/or assignment of any Mortgage Loan Right, promptly:

          (i)  give notice in writing of such action or claim to the Trustee
               and, if CBA is not the Servicer, the Servicer;

          (ii) give notice in writing to the third party claimant of the
               Trustee's beneficial ownership of the Mortgage Loan Right, with a
               copy to the Trustee;

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          (iii) give notice in writing to the court (if any) in which such claim
                was filed of the Trustee's interest in the Mortgage Loan, with a
                copy to the Trustee; and

          (iv)  pay to, or reimburse, the Trustee immediately upon demand all
                reasonable costs and expenses, including, without limitation,
                any stamp duty and registration fees, necessarily incurred by
                the Trustee in maintaining its interest in the Mortgage Loan
                Rights or with respect to giving any related notices to any
                Borrower or other party to any Transaction Document;

     (c)  (Assist Servicer:) take such action as the Servicer may from time to
          time reasonably request in connection with the management, maintenance
          and enforcement of the Mortgage Loan Rights;

     (d)  (Give notice of Security Interests): promptly notify the Trustee after
          it becomes aware of the creation or existence of any Security Interest
          in relation to any Mortgage Loan Rights competing with its interest or
          the interest of the Trustee in any Mortgage Loan Rights;

     (e)  (Retain legal title to Mortgage Loan Rights): subject to this Deed, at
          all times ensure that it retains the legal ownership of its Mortgage
          Loan Rights;

     (f)  (Execute documents of extinguishment): execute such documents and
          instruments as will reasonably be requested by the Trustee to effect
          the extinguishment of the Trustee's right, title and interest in a
          Mortgage Loan Right pursuant to this Deed;

     (g)  (Pay costs of extinguishment): pay to, or reimburse, the Trustee
          immediately on demand for all reasonable costs and expenses including,
          without limitation, any stamp duty and registration fees, arising out
          of or necessarily incurred in connection with the extinguishment of
          the Trustee's right, title and interest in a Mortgage Loan Right
          pursuant to this Deed;

     (h)  (Perform obligations): duly and punctually perform each of its
          obligations under each of the Mortgage Documents to which it is a
          party, including any obligation to notify a Borrower of any change in
          interest rates;

     (i)  (Notify breaches): give notice to the Manager and to the Trustee
          promptly upon becoming aware that any representation or warranty made
          by CBA in clause 13.1 was incorrect when made;

     (j)  (Set-off): if a Seller exercises a right of set-off or combination in
          respect of any Mortgage Loan, or if any right of set-off is exercised
          against a Seller in respect of any Mortgage Loan, pay to the Trustee,
          subject to any laws relating to preferences (or the equivalent), the
          amount of, respectively, any benefit accruing to that Seller as a
          result of the exercise of its right of set-off or combination or the
          amount of any right of set-off exercised against that Seller; and

     (k)  (Security Interest): not grant any Security Interest over its
          remaining right, title and interest in any Mortgage Loan Right.

15.2 Seller not bound by Undertaking

     If the Trustee has legal title to a Mortgage Loan Right which has been
     assigned to it, the undertakings of the relevant Seller set out in
     paragraphs (d), (e), (h), (i), (j) and (k) of clause 15.1 cease to apply in
     respect of that Mortgage Loan Right.

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15.3 Termination of Mortgage Interest Saver Accounts

     CBA will, following notice by the Trustee to the relevant Borrowers
     pursuant to clause 24.3(b) after the occurrence of a Perfection of Title
     Event, subject to any contractual notice requirements by which CBA is
     bound, promptly withdraw all interest off-set benefits (if any) that would
     otherwise be available to Borrowers under the terms of their Mortgage
     Interest Saver Accounts.

15.4 Gross Up for Mortgage Interest Saver Accounts

     CBA must pay the Servicer (as part of the Collections to be deposited by
     the Servicer into the Collections Account in accordance with clause 22) any
     amount which would otherwise be received by the Servicer as a Collection to
     the extent that the obligation to pay such amounts is discharged or reduced
     by virtue of the terms of a Mortgage Interest Saver Account. Such payment
     must be made on the day that the relevant amount would otherwise have been
     received.

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16.  Servicing of Mortgage Loan Rights

16.1 Appointment of Servicer

     The Servicer is hereby appointed and agrees to act as the Servicer of the
     Mortgage Loan Rights (with effect on and from the Cut-Off Date) which, from
     time to time, form part of the Assets of the Series Trust, on the terms and
     conditions of this Deed.

16.2 Obligation to Act as Servicer until Termination of Appointment

     The Servicer's duties and obligations contained in this Deed continue until
     the date of the Servicer's retirement or removal as Servicer in accordance
     with this Deed.

16.3 General Servicing Obligation

     The Servicer must ensure that the servicing of the Mortgage Loan Rights
     which from time to time form part of the Assets of the Series Trust
     (including the exercise of the express powers set out in this clause 16)
     is:

     (a)  (In compliance with this clause 16): in compliance with the express
          limitations in this clause 16 (unless the prior written consent of the
          Manager and the Trustee is obtained); and

     (b)  (In accordance with Servicing Standards): to the extent that this
          clause 16 does not provide otherwise, in accordance with the Servicing
          Standards.

16.4 Power to Service

     (a)  (Servicing functions vested in Servicer): The function of servicing
          the Mortgage Loan Rights which at any given time form part of the
          Assets of the Series Trust is vested in the Servicer and it is
          entitled to undertake the servicing of those Mortgage Loan Rights to
          the exclusion of the Trustee (other than when acting as Servicer in
          accordance with clause 18) and the Manager.

     (b)  (Express powers): Without limiting its general powers, the Servicer
          has the express powers set out in this clause 16 in relation to the
          servicing of the Mortgage Loan Rights which at any given time form
          part of the Assets of the Series Trust.

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16.5 Exercise of Discretions

     The Servicer must, in servicing the Mortgage Loan Rights which then form
     part of the Assets of the Series Trust, exercise its power and discretions
     under this Deed, the Servicing Guidelines, and the relevant Mortgage
     Documents to which it is a party in accordance with standards and practices
     suitable for a prudent lender in the business of making retail home loans.

16.6 Servicer's Undertaking Regarding Mortgage Loan Rights

     The Servicer undertakes for the benefit of the Trustee, that it will either
     directly (including by the exercise of its delegated powers under this Deed
     and the Master Trust Deed from the Trustee and the Sellers) or indirectly:

     (a)  (Duly stamp): promptly ensure that any Mortgage Loan Document in
          relation to a Mortgage Loan following any amendment, consolidation,
          supplementation, novation or substitution of a Mortgage, is duly
          stamped (if liable to stamp duty) and duly registered (where
          registration is required) with the relevant land titles office to
          constitute, in the case of a Mortgage, a subsisting first-ranking
          registered mortgage over the relevant property;

     (b)  (Notify breaches of Servicing Guidelines): promptly notify the Trustee
          and the Manager of any material breach of the Servicing Guidelines by
          the Servicer in relation to the servicing of the Mortgage Loan Rights
          then forming part of the Assets of the Series Trust;

     (c)  (Comply with Mortgage Insurance Policies): notwithstanding any other
          provision in this Deed, comply with its material obligations under any
          Mortgage Insurance Policy in respect of Mortgage Loans then forming
          part of the Assets of the Series Trust;

     (d)  (Execute documents): at the Trustee's request (acting on the direction
          of the Manager), execute such further documents and do anything else
          (including, without limitation, executing further powers of attorney
          substantially in the form of Schedules 2, 3 and 4) that the Trustee
          reasonably requires to ensure its ability to register Mortgage
          Transfers and the registration of the Power of Attorney in each
          jurisdiction of Australia;

     (e)  (Upstamp): if a Seller makes any further advance or otherwise provides
          further financial accommodation to a Borrower, ensure that any further
          stamp duty which becomes payable on the relevant Mortgage Documents as
          a result of such further advance or provision of financial
          accommodation is duly paid promptly in accordance with any applicable
          laws;

     (f)  (Make calculations): upon receipt of notice that a Borrower desires to
          repay a Mortgage Loan in full, prepare and make available
          documentation and make such calculations as are necessary to enable
          the repayment of the Mortgage Loan and discharge of the corresponding
          Mortgage and any Collateral Securities (provided that the Servicer is
          not required to discharge a Mortgage or Collateral Securities if they
          also secure another Mortgage Loan or an Other Loan);

     (g)  (Deliver Mortgage Documents and Perform obligations):

          (i)  if a Perfection of Title Event occurs, promptly deliver to the
               Trustee (or procure delivery to the Trustee of) all Mortgage
               Documents not otherwise provided to the Trustee in accordance
               with clause 25 and (subject to any restrictions imposed by any
               law) promptly provide such

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               evidence in its possession or control as may be required by the
               Trustee to support any claim in respect of any Mortgage Loan
               Rights; and

          (ii) duly and punctually perform each of its material obligations
               under this Deed and under each of the Mortgage Documents and the
               Transaction Documents to which it is a party;

     (h)  (Perfection of Title Event): assist and co-operate with the Trustee
          and the Manager in the Trustee obtaining legal title to the Mortgage
          Loan Rights following a Perfection of Title Event;

     (i)  (Write-offs): where any material amount of a Mortgage Loan has been
          written off as uncollectible in accordance with the Servicing
          Guidelines and this Deed and GEMI, GEMICO or PMI, as the case may be,
          has rejected a claim made by the Servicer under the applicable
          Mortgage Insurance Policy, ensure that the documentation relevant to
          that Mortgage Loan is examined to determine whether the
          representations and warranties made pursuant to clause 13.1 in respect
          of that Mortgage Loan were correct at the Cut-Off Date. After such
          examination, the Servicer must notify the Trustee if the
          representations and warranties made pursuant to clause 13.1 were
          incorrect when given in respect of that Mortgage Loan as at the
          Cut-Off Date (and if the Servicer and the relevant Seller in relation
          to the Mortgage Loan are the same person such notice will be deemed to
          be a notice given by that Seller under clause 14.1, and must comply
          with that clause) and if this is the case CBA must, if the
          determination made by the Servicer in this paragraph is made after the
          expiry of the Prescribed Period, pay damages to the Trustee in
          accordance with clause 14.9;

     (j)  (Fixed Rate Swaps): ensure that before the Servicer agrees with a
          Borrower, or allows a Borrower to elect, to vary the rate of interest
          payable under a Mortgage Loan to become a fixed rate for a given
          period, the Trustee and the Manager have entered into (or have
          confirmed that they will enter into) a Fixed Rate Swap for that given
          period in accordance with section 16 of the Interest Rate Swap
          Agreement. Upon the request of the Servicer, the Manager must enter
          into and must direct the Trustee to enter into (and upon such
          direction the Trustee must enter into) a Fixed Rate Swap in accordance
          with section 16 of the Interest Rate Swap Agreement. The maximum term
          of a Fixed Rate Swap entered into pursuant to this clause must not
          exceed 10 years unless each Rating Agency issues a Rating Affirmation
          Notice in respect of such longer period. The Servicer is not in breach
          of this clause 16.6(j) if the Trustee and the Manager fail to enter
          into a Fixed Rate Swap in accordance with a request of the Servicer
          pursuant to this clause 16.6(j); and

     (k)  (Basis Cap): ensure that before the Servicer agrees with a Borrower,
          or allows a Borrower to elect, to cap the variable rate of interest
          payable under a Mortgage Loan for a given period, the Trustee and the
          Manager have entered into (or have confirmed that they will enter into
          ) an Interest Rate Basis Cap for that given period in accordance with
          Part 5(18) of the Schedule to the Interest Rate Swap Agreement. Upon
          the request of the Servicer, the Manager must enter into and must
          direct the Trustee to enter into (and upon such direction the Trustee
          must enter into) an Interest Rate Basis Cap in accordance with such
          Part. The maximum term of an Interest Rate Basis Cap entered into
          pursuant to this clause must not exceed 10 years unless each Rating
          Agency issues a Rating Affirmation Notice in respect of such longer
          period. The Servicer is not in breach of this clause 16.6(k) if the
          Trustee and the Manager fail to enter into an Interest Rate Basis Cap
          in accordance with a request of the Servicer pursuant to this clause
          16.6(k).

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16.7 Interest Rates on Mortgage Loans

     The Servicer must, as part of its function of servicing the Mortgage Loans,
     set the interest rate charged and the monthly instalment to be paid by the
     Borrower on each Mortgage Loan forming part of the Assets of the Series
     Trust. The Servicer must ensure that the monthly instalment to be paid in
     relation to each Mortgage Loan is equal to or greater than the monthly
     interest payable on that Mortgage Loan (but without limiting any right of
     the Borrower to pay less than the monthly instalment, or no monthly
     instalment, where the amount outstanding under the Mortgage Loan is less
     than the Scheduled Balance of the Mortgage Loan). For so long as CBA is the
     Servicer, such interest rate must be the interest rate which the relevant
     Seller charges on the same type of mortgage loan (having regard, among
     other things, to the nature of the Mortgage Loan product and the type of
     borrower) which is recorded on its Mortgage Loan System but which has not
     been assigned to the Trustee, unless this Deed requires the Servicer to
     charge a different interest rate in respect of that Mortgage Loan.

16.8 Release or Substitution of Security

     (a)  (Substitution and release): The Servicer may in relation to a Mortgage
          Loan which is then an Asset of the Series Trust, release or substitute
          any corresponding Mortgage or First Layer of Collateral Security
          provided that this is in accordance with the corresponding any
          Mortgage Insurance Policy and the Servicing Guidelines.

     (b)  (Indemnity): The Servicer indemnifies the Trustee (whether on its own
          account or for the account of the Securityholders of the Series Trust)
          against any costs (including legal costs charged at the usual
          commercial rates of the relevant legal services provider), damages or
          loss it suffers as a result of any release or substitution of any
          Mortgage or First Layer of Collateral Securities which then are Assets
          of the Series Trust not being in accordance with clause 16.8(a). The
          amount of the costs, damages and loss is to be determined by agreement
          between the Trustee and the Servicer or, failing agreement, by the
          Servicer's external auditors. The amount cannot exceed the principal
          amount outstanding in respect of the Mortgage Loan (as recorded on the
          Mortgage Loan System) and any accrued but unpaid interest and any
          outstanding fees in respect of the Mortgage Loan (calculated at the
          time of Agreement between the Trustee and the Servicer or by the
          Servicer's external auditors, as the case may be).

16.9 Variation or Relaxation of Terms of Mortgage Loans

     (a)  (Variations): Subject to clauses 16.9(b) and 16.25, the Servicer may
          vary, extend or relax the time to maturity, the terms of repayment or
          any other term of a Mortgage Loan and its related Mortgage and First
          Layer of Collateral Securities which are then Assets of the Series
          Trust.

     (b)  (Limitations on variations): Except as contemplated by clause 16.14 or
          where a Mortgage Loan is regarded as having been repaid in full as
          provided in clause 16.20(b), the Servicer must not grant any extension
          of the time to maturity of a Mortgage Loan which is then an Asset of
          the Series Trust beyond 30 years from the Settlement Date for the
          Mortgage Loan or allow any reduced monthly payment that would result
          in such an extension.

16.10 Release of Debt

     Subject to clause 16.14, the Servicer may not voluntarily release a
     Borrower from any amount owing in respect of a Mortgage Loan, related
     Mortgage or First Layer of Collateral Security unless that amount has been
     written off by the Servicer, or the Servicer has determined to write-off
     such amount, in either case in accordance with the Servicing Standards.

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16.11 Waivers, Releases and Compromises

     Subject to clauses 16.9 and 16.10, the Servicer may:

     (a)  (Waive breaches): waive any breach under, or compromise, compound or
          settle any claim in respect of; or

     (b)  (Grant releases): release any party from an obligation or claim under,

     a Mortgage Loan which is then an Asset of the Series Trust or any related
     Mortgage or First Layer of Collateral Securities.

16.12 Consent to subsequent Security Interests

     The Servicer may consent to the creation or existence of any Security
     Interest in relation to any Land the subject of a Mortgage which is then an
     Asset of the Series Trust:

     (a)  (Third Parties): in favour of a party, other than the Trustee or a
          Seller, only if by way of a priority agreement or otherwise the
          Servicer ensures that the relevant Mortgage will rank ahead in
          priority to the third party's Security Interest on enforcement for an
          amount not less than the principal amount (plus accrued but unpaid
          interest) outstanding on the Mortgage Loan (as recorded on the
          Mortgage Loan System) plus such extra amount (if any) as is determined
          in accordance with the Servicing Guidelines; or

     (b)  (Trustee or Seller): in favour of the Trustee or a Seller in which
          case the Trustee and that Seller agree that the relevant Mortgage will
          rank ahead in priority to the Trustee's Security Interest or that
          Seller's Security Interest (as the case may be) on enforcement for an
          amount equal to the principal amount (plus accrued but unpaid
          interest) outstanding on the Mortgage Loan (as recorded on the
          Mortgage Loan System) plus such extra amount (if any) as is determined
          in accordance with the Servicing Guidelines. This clause will continue
          to bind the Trustee following its retirement or removal pursuant to
          clause 19 of the Master Trust Deed.

16.13 Consent to Leases etc

     The Servicer may, in accordance with the Servicing Guidelines, consent to
     the creation of any leases, licences or restrictive covenants in respect of
     Land subject to a Mortgage which is then an Asset of the Series Trust.

16.14 Relief under Binding Provision or on Order of Competent Authority

     (a)  (Grant releases etc.): The Servicer may:

          (i)   release a Mortgage or a First Layer of Collateral Security which
                is then an Asset of the Series Trust;

          (ii)  reduce the amount outstanding under, or vary the terms
                (including, without limitation, in relation to repayment) of,
                any Mortgage Loan, related Mortgage or First Layer of Collateral
                Security which is then an Asset of the Series Trust; or

          (iii) grant other relief to a Borrower or the provider of a First
                Layer of Collateral Security which are then Assets of the Series
                Trust,

          when to do so is pursuant to a Binding Provision or an order,
          decision, finding, judgment or determination of a Competent Authority
          or, in the Servicer's opinion, such action would be taken or required
          by a Competent Authority.

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     (b)  (If order or determination results from failure of Servicer): If it is
          determined that the order, decision, finding, judgment or
          determination referred to in clause 16.14(a) was made by the Competent
          Authority as a result of a Seller or the Servicer:

          (i)   breaching any Binding Provision, applicable regulation, statute
                or official directive at the time the Mortgage, the First Layer
                of Collateral Security or the Mortgage Loan was granted or a
                Seller Advance was made in respect of such Mortgage Loan (other
                than a Binding Provision, regulation, statute or official
                directive which provides for relief on equitable or like grounds
                when paragraph (ii) is also not satisfied); or

          (ii)  not acting in accordance with the standards and practices
                suitable for a prudent lender in the business of making retail
                home loans,

          then the Servicer must notify the Trustee of the making of such an
          order, decision, finding, judgment or determination and CBA (on behalf
          of itself and Homepath, where applicable) or the Servicer (as the case
          may be) must pay damages to the Trustee by 10.00 am on the
          Distribution Date next occurring after such notification is given by
          the Servicer. The amount of such damages will be the amount agreed
          between the Trustee (acting on expert advice taken pursuant to clause
          16.6 of the Master Trust Deed, if necessary) and CBA or the Servicer,
          as the case may be (or, failing agreement, by CBA's or the Servicer's
          external auditors) as being sufficient to compensate the Trustee for
          any losses suffered by the Series Trust as a result of the release,
          reduction, variation or relief (as the case may be). The amount cannot
          exceed the principal amount outstanding in respect of the relevant
          Mortgage Loan (as recorded on the Mortgage Loan System) and any
          accrued but unpaid interest and any outstanding fees in respect of the
          Mortgage Loan (calculated in both cases at the time of Agreement
          between the Trustee and CBA or the Servicer or by CBA's or the
          Servicer's external auditors, as the case may be).

16.15 Litigation

     The Servicer may institute litigation in respect of the collection of any
     amount owing under a Mortgage Loan which is then an Asset of the Series
     Trust but is not required to do so or to continue any litigation if the
     Servicer has reasonable grounds for believing, based on advice from its
     legal advisers (either internal or external), that:

     (a)  (Mortgage Loan unenforceable): the Servicer is, or will be, unable to
          enforce the provisions of the Mortgage Loan under which such amount is
          owing; or

     (b)  (Proceedings uneconomical): the likely proceeds from such litigation,
          in light of the expenses in relation to the litigation, do not warrant
          such litigation.

16.16 Enforcement Action

     (a)  (Servicer may take enforcement action): Subject to clause 16.26(u),
          the Servicer may take such action to enforce a Mortgage Loan and any
          related Mortgage or First Layer of Collateral Securities which are
          then Assets of the Series Trust which it determines should be taken.

     (b)  (Servicer must not take or fail to take action in certain
          circumstances): The Servicer must not knowingly take any action, or
          knowingly fail to take any action, if that action or failure to take
          action will interfere with the enforcement by the Servicer or Trustee
          of any Mortgage Loan Rights which are then Assets of the Series Trust
          (unless such action or failure is in accordance with the Servicing
          Standards).

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16.17 Incurring Additional Expenses

     The Servicer may incur any Expenses referred to in paragraph (a) of that
     definition in connection with the management, maintenance or sale of any
     property secured by a Mortgage or a First Layer of Collateral Security
     which are then Assets of the Series Trust and the Trustee must reimburse
     the Servicer for such Expenses, to the extent funds are available for this
     purpose pursuant to clause 10.2(h), on each Distribution Date and, if such
     Expenses are not reimbursed in full on any Distribution Date, must
     reimburse the balance unpaid on each subsequent Distribution Date from the
     funds available for this purpose pursuant to clause 10.2(h) on that
     Distribution Date.

16.18 Mortgage Insurance and Insurance Policy Claims

     The Servicer may, in accordance with the Servicing Standards, compromise,
     compound or settle any claim in respect of any Mortgage Insurance Policy or
     any Insurance Policy which is then an Asset of the Series Trust.

16.19 Insurance Policy Proceeds

     (a)  (Release of insurance proceeds): Proceeds received in respect of an
          Insurance Policy in respect of Land which is then an Asset of the
          Series Trust may be released, on the Trustee's behalf, if:

          (i)  such release of proceeds is conducted in accordance with the
               Servicing Standards; and

          (ii) the proceeds are paid on an invoice-by-invoice basis directly to
               those who are carrying out work to rebuild, reinstate or repair
               the property to which the proceeds relate.

     (b)  (Application of insurance proceeds): Any proceeds referred to in
          clause 16.19(a) which are not released in accordance with that clause
          must be applied in compliance with the Servicing Guidelines to the
          account established in the Servicer's records for the relevant
          Mortgage Loan up to the principal amount outstanding in respect of
          that Mortgage Loan plus accrued but unpaid interest.

     (c)  (Servicing Transfer): If a Servicing Transfer occurs the Servicer must
          immediately pay to the Trustee all proceeds previously retained by it
          under paragraph (a) and not yet released under paragraph (a).

16.20 Seller Advances

     If a Seller makes a further advance to a Borrower and:

     (a)  (Separate account and trusts): that Seller opens a separate account in
          its records in relation to the advance, the advance is considered for
          the purposes of this Deed to be an Other Loan and upon creation, the
          Trustee will automatically by virtue of this Deed, and without the
          necessity for any further act or thing to be done or brought into
          existence, hold the benefit of its right, title and interest in such
          Other Loan for that Seller as trustee of the CBA Trust and the Trustee
          will hold any Mortgage and any First Layer of Collateral Securities in
          respect of such Other Loan in accordance with clause 7.2 and any
          Second Layer of Collateral Securities in respect of such Other Loan in
          accordance with clause 7.1;

     (b)  (Advance leads to Scheduled Balance being exceeded): that Seller
          records the advance as a debit to the account in its records for an
          existing Mortgage Loan which is then part of the Assets of the Series
          Trust and the advance leads to the Scheduled Balance in respect of
          that Mortgage Loan (prior to the approval of the advance)

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          being exceeded by more than one scheduled monthly instalment, the
          Mortgage Loan is, for the purposes of this Deed only, treated as
          having been repaid in full by the payment by that Seller to the
          Trustee of the sum necessary to repay that Mortgage Loan. Such payment
          from that Seller must equal the principal balance plus accrued but
          unpaid interest and fees owing in respect of the Mortgage Loan before
          the advance was made and must be paid by that Seller to the Trustee
          and, following such payment, allocated by the Trustee to the
          Collections Account of the Series Trust; or

     (c)  (Advance does not lead to Scheduled Balance being exceeded): that
          Seller records the advance as a debit to the account in its records
          for an existing Mortgage Loan which is then part of the Assets of the
          Series Trust and this does not lead to the Scheduled Balance in
          respect of that Mortgage Loan being exceeded by more than one
          scheduled monthly instalment, the advance is treated as an advance
          made pursuant to the terms of the relevant Mortgage Loan and the
          rights to repayment of such will be a Mortgage Loan Right forming part
          of the Assets of the Series Trust.

16.21 Restrictions on Seller Advances

     CBA shall not, and shall ensure that the other Seller does not:

     (a)  (Advance over Scheduled Balance if non-performing): make an advance
          pursuant to clause 16.20(b) in relation to a Mortgage Loan which the
          Servicer has determined, in accordance with the Servicing Standards,
          is a non-performing loan; or

     (b)  (Advance under Scheduled Balance if non-performing): make an advance
          pursuant to clause 16.20(c) if the then aggregate of:

          (i)  all Seller Advances not repaid by the relevant Borrower
               (calculated on the basis that, for this purpose only, any
               payments on account of principal in respect of a Mortgage Loan
               first reduce the amount of the Seller Advances made in relation
               to that Mortgage Loan) in relation to Mortgage Loans then part of
               the Assets of the Series Trust; and

          (ii) the then Standby Redraw Facility Principal,

          exceed, or will as a result of the advance exceed, the then Standby
          Redraw Facility Limit.

     If a Seller makes an advance to a Borrower which results in a breach of
     CBA's obligations under this clause, then:

     (c)  (Treated as an Advance): that advance will, for all purposes, be
          treated as a Seller Advance (and as if properly made in accordance
          with clause 16.20(c)); and

     (d)  (CBA Indemnity): CBA indemnifies the Trustee (whether on its own
          account or for the account of the Securityholders of the Series Trust)
          against any costs, damages or loss it suffers as a result of such a
          breach (except to the extent to which such costs, damages or loss is
          recoverable by the Trustee pursuant to a Mortgage Insurance Policy).

16.22 Servicer's Actions Binding on Trustee

     Without limiting in any way the Servicer's liability to the Trustee for
     breaching the provisions of this Deed, any act by the Servicer in servicing
     Mortgage Loan Rights which are Assets of the Series Trust is binding on the
     Trustee whether or not such act or omission is in compliance with this
     clause 16.

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16.23 Servicer to Pay its Own Expenses

     Subject to clause 16.17, the Servicer must pay from the amount received
     under clause 19.4 all expenses incurred by it in connection with servicing
     the Mortgage Loans, including expenses related to the collection of the
     Mortgage Loans, the fees and disbursements of independent accountants and
     all other fees and expenses which are not expressly stated in this Deed or
     the Master Trust Deed to be payable by the Trustee. The Servicer must, at
     least 5 Business Days before each Distribution Date, forward to the Manager
     a list of expenses for the Collection Period just ended for which it is
     seeking reimbursement pursuant to this clause.

16.24 Servicer to transmit information to Manager

     The Servicer must prepare and transmit to the Manager on or before the day
     which is 2 Business Days before each Distribution Date the information
     necessary to enable the Manager to prepare the Quarterly Certificate and
     the Pool Performance Data in respect of the Collection Period just ended.
     The Servicer will not be in breach of this clause 16.24 if it fails to
     provide the Pool Performance Data to the Manager provided that it has used
     reasonable endeavours to produce the Pool Performance Data for that
     Collection Period but has been unable to do so with sufficient accuracy (as
     determined by the Servicer and taking into account the likely distribution
     of the Pool Performance Data and uses to be made of the Pool Performance
     Data).

16.25 Proposed amendments to Servicing Guidelines

     The Servicer must deliver copies of all proposed material amendments to the
     Servicing Guidelines which relate to the Servicer's servicing functions in
     respect of the Mortgage Loan Rights then comprising Assets of the Series
     Trust to each Support Facility Provider where the consent of such Support
     Facility Provider to such material amendment is required under the terms of
     the corresponding Support Facility. The adoption of those amendments by the
     Servicer takes effect upon the consent of the Support Facility Provider to
     the proposed amendment (or, where provided under the Support Facility, upon
     the date that the Support Facility Provider is deemed to have consented to
     the proposed amendment). The Servicer must deliver a copy of any proposed
     material amendment to the Servicing Guidelines to the Trustee, the Manager
     and the Rating Agencies. The Servicer must not amend the Servicing
     Guidelines unless each Rating Agency has either:

     (a)  (Confirmed No Downgrade): confirmed (either orally or in writing) that
          the proposed amendment will not result in a reduction, qualification
          or withdrawal of its then current rating of the Securities; or

     (b)  (10 Business days after delivery): not notified the Servicer of its
          intention not to reaffirm the then current rating of a Security,
          within 10 Business Days after the delivery to it of the proposed
          amendments.

16.26 Further Servicer Undertakings

     The Servicer further undertakes for the benefit of the Trustee, the
     Manager, the Security holders and the Residual Unitholder that it will:

     (a)  (Audited accounts): give the Trustee the audited Accounts of the
          Servicer for each financial year of the Servicer within 120 days of
          the end of that year;

     (b)  (Keep proper books): keep proper and adequate books of account (which
          may be kept electronically) for the Mortgage Loan Rights of the Series
          Trust;

     (c)  (Information): subject to the provisions of the Privacy Act and the
          Servicer's duty of confidentiality to its clients under general law or
          otherwise, promptly make available to the Manager, the Auditor and the
          Trustee any books, reports or other oral or written information and
          supporting evidence of which the Servicer is aware

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          that they reasonably request with respect to the Series Trust or the
          Assets of the Series Trust from time to time or with respect to all
          matters in the possession of the Servicer in respect of the activities
          of the Servicer to which this Deed relates;

     (d)  (Notify material misrepresentations): notify the Manager and the
          Trustee promptly if it becomes actually aware that any material
          representation or warranty made or taken to be made by or on behalf of
          a Seller or the Servicer in connection with a Transaction Document in
          relation to the Series Trust is incorrect when made or taken to be
          made;

     (e)  (Certificate): within 5 Business Days of a request from the Manager or
          the Trustee, provide the Manager or the Trustee (as the case may be)
          with a certificate from the Servicer signed by 2 Authorised Officers
          of the Servicer on its behalf which states whether to the best of the
          Servicer's knowledge and belief a Servicer Default or a Perfection of
          Title Event has occurred (a request under this clause will be made by
          the Trustee only once in each 6 calendar month period, unless the
          Trustee when making the request sets out reasonable grounds for
          believing that a Servicer Default or a Perfection of Title Event is
          subsisting);

     (f)  (Notify Servicer Default or Perfection of Title Event): notify the
          Trustee promptly after the Servicer becomes actually aware of any
          Servicer Default or the occurrence of any Perfection of Title Event
          and at the same time or as soon as possible thereafter provide full
          details thereof;

     (g)  (Comply with laws): comply with the requirements of any relevant laws
          in carrying out its obligations under the Transaction Documents for
          the Series Trust including the Consumer Credit Code ;

     (h)  (Authorisations): obtain and maintain all authorisations, filings and
          registrations necessary to properly service the Mortgage Loans;

     (i)  (Not merge without assumption): not merge or consolidate into another
          entity, unless the surviving entity assumes its rights and obligations
          as a Seller and the Servicer under the Transaction Documents for the
          Series Trust and the Rating Agencies are notified;

     (j)  (Not enter into liquidation etc.): subject to the provisions of the
          Banking Act 1959 (Commonwealth), not present any application or pass
          any resolution for the liquidation of the Servicer, or, subject to
          clause 16.26(i), enter into any scheme of arrangement, merger or
          consolidation with any other person or enter into any other scheme
          under which the Servicer ceases to exist, the assets or liabilities of
          the Servicer are vested in or assumed by any other person or either of
          those events occur;

     (k)  (Pay Tax): duly and punctually file all returns in respect of Tax
          which are required to be filed and pay, or procure payment when due,
          all Taxes and other outgoings payable by it as and when the same
          respectively become due and payable other than outgoings which are
          being contested in good faith and promptly pay or cause to be paid
          those contested outgoings after the final determination or settlement
          of such contest;

     (l)  (Not set-off): not, without the prior consent of the Trustee, apply,
          transfer or set off the whole or any part of any amount payable or
          owed to the Servicer or to which the Servicer is entitled under this
          Deed or any other Transaction Document for the Series Trust towards
          satisfaction of any obligation which is owed by the Servicer to the
          Trustee or the Manager under this Deed or any other Transaction
          Document for the Series Trust, other than as contemplated under this
          Deed or any other Transaction Document for the Series Trust;

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     (m)  (Not claim Assets of Series Trust): other than as a Secured Creditor,
          not claim any Security Interest, lien or other possessory right in any
          of the Assets of the Series Trust;

     (n)  (Notify claims): following receipt of actual notice of a claim by a
          third party with respect to a challenge to the sale and/or assignment
          to the Trustee of any Mortgage Loan Rights forming part of the Assets
          of the Series Trust, promptly give notice in writing of such action or
          claim to the Trustee and the Manager;

     (o)  (Not Encumber Mortgage Loan Rights): not transfer, assign, exchange or
          otherwise grant a Security Interest over the whole or any part of its
          right, title and interest in and to any Mortgage Loan Rights forming
          part of the Assets of the Series Trust;

     (p)  (Give accurate information to Rating Agencies): use reasonable efforts
          to cause all information provided by it to any Rating Agency in
          relation to the Series Trust to be complete and accurate in all
          material respects;

     (q)  (Follow directions of Trustee after Perfection of Title Event): upon
          being directed to do so by the Trustee following the occurrence of a
          Perfection of Title Event, promptly take all action required or
          permitted by law to assist the Trustee and the Manager to perfect the
          Trustee's legal title to the Mortgage Loan Rights forming part of the
          Assets of the Series Trust in accordance with the requirements of this
          Deed;

     (r)  (Comply with other undertakings): comply with all other undertakings
          given by the Servicer in this Deed or the other Transaction Document
          relating to the Series Trust;

     (s)  (Direct receipts): subject to clause 22, take all steps to ensure
          that:

          (i)  while the Collections Account is maintained with the Servicer,
               the amounts referred to in clause 22.5 are paid into the
               Collections Account in accordance with that clause; or

          (ii) if the Servicer is not an Eligible Depository, all payments
               received during the corresponding Collection Period under or in
               respect of the Mortgage Loans (other than insurance premiums and
               related charges) are deposited into the Collections Account no
               later than 5 Business Days following receipt;

     (t)  (Collect all moneys due): make reasonable efforts to collect all
          moneys due under the terms and provisions of the Mortgage Loan Rights
          of the Series Trust and, to the extent such efforts will be consistent
          with this Deed, follow such normal collection procedures as it deems
          necessary and advisable;

     (u)  (Enforcement of Mortgage Loans): if a Material Default has occurred
          and is continuing with respect to a Mortgage Loan Right forming part
          of the Assets of the Series Trust, take such action on such basis as
          the Trustee and the Servicer may agree (in accordance and in
          conjunction with the Servicer's normal enforcement procedures) to
          enforce such Mortgage Loan Rights (but only to the extent that the
          Servicer determines that enforcement proceedings should be taken) so
          as to maximise the return to the Securityholders, taking into account,
          inter alia, the timing of any enforcement proceedings and any relevant
          terms of any Support Facility provided that the Servicer will not be
          required to institute litigation with respect to collection of any
          payment if there are reasonable grounds for believing the provisions
          of those Mortgage Loan Rights under which such payment is required are
          unenforceable or the payment is uncollectible; and

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     (v)  (Maintain title): take such steps as are necessary to maintain the
          Trustee's title to the Mortgage Loan Rights of the Series Trust.

16.27 Servicer holding Assets of the Series Trust

     The obligation of the Servicer set out in clauses 22.4 and 22.5 in relation
     to the payment of amounts into the Collections Account is the full extent
     of the Servicer's obligation in respect of such moneys and the Servicer has
     no obligation or liability whatsoever to account to the Trustee for any
     interest, income or other benefit derived in connection with any payments
     received by it under or in respect of the Mortgage Loans.

16.28 Servicer's Power to Delegate

     The Servicer, for the purposes of carrying out and performing its duties
     and obligations in relation to the Series Trust, may:

     (a)  (Appoint attorneys): by power of attorney appoint any person to be
          attorney or agent of the Servicer for those purposes and with those
          powers, authorities and discretions (not exceeding those vested in the
          Servicer) as the Servicer thinks fit including, without limitation, a
          power to sub-delegate and a power to authorise the issue in the name
          of the Servicer of documents bearing facsimile signatures of the
          Servicer or of the attorney or agent either with or without proper
          manuscript signatures of its officers on them; and

     (b)  (Appoint agents): appoint by writing any person to be agent of the
          Servicer as the Servicer thinks necessary or proper and with those
          powers, authorities and discretions (not exceeding those vested in the
          Servicer) as the Servicer thinks fit,

     provided that, in each such case, except as provided in any Transaction
     Documents, the Servicer must not delegate to such third parties a material
     part of its powers, duties and obligations as Servicer in relation to
     Mortgage Loans forming part of the Assets of the Series Trust.

16.29 Servicer May Replace or Suspend Attorneys

     The Servicer may replace or suspend any attorney, agent or sub-agent
     appointed under clause 16.28 for any cause or reason as the Servicer may in
     its sole discretion think sufficient with or without assigning any cause or
     reason.

16.30 Servicer Remains Liable

     The Servicer at all times remains liable for:

     (a)  (Acts, omissions): the acts or omissions of any person appointed under
          clause 16.28, insofar as the acts or omissions constitute a breach by
          the Servicer of its obligations under this Deed; and

     (b)  (Payment): the payment of fees to any person appointed under clause
          16.28.

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17.  Servicer's responsibilities and indemnities

17.1 Not Liable Where Action Unlawful

     The Servicer will not incur any liability to any person in respect of any
     failure to act where such act will be hindered, prevented or forbidden by
     any present or future law.

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17.2 Limitation on Servicer's Responsibility

     The Servicer will not be responsible to any person for any loss, damage,
     claim or demand incurred as a result of:

     (a)  (Trustee Default): a Trustee Default (except where the Trustee is the
          Servicer);

     (b)  (Failure to check): the failure by the Servicer to check any document,
          certificate, schedule, form, list or other document prepared or
          delivered to the Servicer by the Trustee or any agent or consultant of
          the Trustee and reasonably believed by the Servicer to be genuine; or

     (c)  (Trustee's direction): any action taken by the Servicer in accordance
          with any written direction or instruction from the Trustee or any
          Authorised Officer of the Trustee,

     except to the extent to which such loss, damage, claim or demand is caused
     by any fraud, negligence or wilful default by the Servicer.

17.3 Servicer's Liability

     (a)  (Liability): The Servicer shall not be liable for any loss incurred by
          any Securityholder, any Creditor of the Series Trust or any other
          person except, subject to clauses 17.3(b), (c), (d) and (e), to the
          extent that such loss may be caused by a breach by the Servicer of any
          term of this Deed, any fraud, negligence or wilful default by the
          Servicer or any breach or default by any person appointed by the
          Servicer to perform its obligations under this Deed.

     (b)  (Damages for direct loss): The Servicer shall not be liable for any
          damages in respect of any breach by the Servicer of any term of this
          Deed, any fraud, negligence or wilful default by the Servicer or any
          breach or default by any person appointed by the Servicer to perform
          its obligations under this Deed except and to the extent that the
          Trustee on account of the Securityholders has suffered direct loss as
          a result of such breach or default. The maximum amount which the
          Servicer will be liable to pay in respect of such a breach or default
          is the amount outstanding at the time of payment under the Mortgage
          Loan in respect of which such default or breach occurred after taking
          into account any payment received by the Trustee or the Trustee is
          entitled to receive or claim under the Mortgage Insurance Policy
          relating to that Mortgage Loan.

     (c)  (No consequential loss): The Servicer's liability under this clause
          17.3 with respect to a Mortgage Loan will not include any damages in
          respect of consequential loss. This liability represents the sole
          damages recoverable against the Servicer in such circumstances.

     (d)  (Notice): The Trustee may only claim damages from the Servicer
          pursuant to this clause 17.3 by written notice setting out the grounds
          for claiming that a breach or default referred to in paragraph (b) has
          occurred together with details of the calculation of the loss referred
          to in paragraph (b).

     (e)  (Payment): If a breach or default referred to in paragraph (b) has
          occurred, the Servicer must pay any damages due to the Trustee under
          this clause 17.3 within 7 Business Days of receipt by it of the
          written notice referred to in paragraph (d), such written notice to
          represent prima facie evidence of the amount of such damages.

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18.  Servicer Default and retirement of Servicer

18.1 Servicer Default

     A Servicer Default occurs if:

     (a)  (Failure to remit Collections): the Servicer fails to remit any
          Collections or any other amounts received in respect of the Mortgage
          Loan Rights then forming part of the Assets of the Series Trust to the
          Trustee within the time periods specified in this Deed and such
          failure is not remedied within 5 Business Days (or such longer period
          as the Trustee may agree to) of notice of such failure being given to
          the Servicer by the Manager or the Trustee;

     (b)  (Failure to prepare information for Manager): the Servicer fails to
          prepare and transmit to the Manager the information necessary to
          enable the Manager to prepare the Quarterly Certificates by the date
          set out in this Deed and such failure is not remedied within 20
          Business Days (or such longer period as the Trustee may agree to) of
          notice being given to the Servicer by the Manager or the Trustee and
          has or will have an Adverse Effect as reasonably determined by the
          Trustee;

     (c)  (Breach of representation or warranty): any representation, warranty
          or certification made by the Servicer (in its capacity as Servicer) in
          a Transaction Document to which it is expressed to be a party or in
          any certificate delivered by the Servicer (in its capacity as
          Servicer) pursuant to such a Transaction Document proves to have been
          incorrect when made in a manner which as reasonably determined by the
          Trustee has or will have an Adverse Effect and the Servicer does not
          remedy the same to the Trustee's reasonable satisfaction within 60
          Business Days after receipt by the Servicer of notice in writing from
          the Trustee requiring it to do so;

     (d)  (Insolvency Event): an Insolvency Event occurs in relation to the
          Servicer;

     (e)  (Servicer is custodian): while the Servicer is acting as custodian of
          the Mortgage Documents pursuant to clause 25, it fails to deliver all
          the Mortgage Documents in accordance with clause 25 to the Trustee
          following the occurrence of a Document Transfer Event and does not
          deliver to the Trustee the outstanding Mortgage Documents within 20
          Business Days of receipt of a notice from the Trustee specifying the
          Mortgage Documents that remain outstanding;

     (f)  (Fails to maintain Threshold Rate): the Servicer fails to comply with
          clause 12.2, and such failure is not remedied within 20 Business Days
          of its occurrence; or

     (g)  (Breach of other obligations): the Servicer has breached its
          obligations (other than those referred to in clauses 18.1(a), (b),
          (c), (e) and (f)) as Servicer under a Transaction Document to which it
          is expressed to be a party and such breach has or will have an Adverse
          Effect as reasonably determined by the Trustee and:

          (i)  that breach is not satisfactorily remedied so that it no longer
               has or will have, having regard to all relevant circumstances,
               such an Adverse Effect within 20 Business Days after receipt by
               the Servicer of a notice in writing (which must specify the
               reasons why the giver of the notice believes that an Adverse
               Effect has occurred or will occur) from the Manager or Trustee
               requiring it to do so; and

          (ii) the Servicer has not paid compensation to the Trustee for its
               loss from such breach in an amount satisfactory to the Trustee
               (acting reasonably).

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18.2 Retirement of Servicer

     The Servicer may retire from its obligations and duties assumed by it
     pursuant to this Deed by 3 months' notice in writing to the Trustee and the
     Manager (or such lesser time as the Servicer and the Trustee agree).

18.3 Notice to Securityholders

     The Servicer will, within 2 Business Days after the Servicer becomes aware
     of any Servicer Default, give notice of such Servicer Default to the
     Trustee, the Manager, the US Dollar Note Trustee and the Rating Agencies,
     whereupon the Manager will give notice or cause such notice to be given of
     such Servicer Default to the Securityholders. Upon any retirement,
     termination or appointment of a Substitute Servicer pursuant to this clause
     18, the Trustee will give or cause to be given prompt notice of that
     retirement, termination or appointment to the Manager, the US Dollar Note
     Trustee, the Securityholders and the Rating Agencies.

18.4 Removal of Servicer

     If the Trustee has determined that:

     (a)  (Unlawful): the performance by the Servicer of its duties under this
          Deed is no longer permissible under any applicable law and the Trustee
          is satisfied that there is no reasonable action which the Servicer
          could take to make the performance of its duties under this Deed
          permissible under that applicable law; or

     (b)  (Servicer Default): a Servicer Default has occurred and is continuing,

     the Trustee must by written notice to the Servicer, immediately terminate
     the rights and obligations of the Servicer and appoint another Bank or
     appropriately qualified organisation to act in its place.

18.5 Retirement of Servicer

     Upon its retirement, the Servicer may, subject to any approval required by
     law, appoint in writing any other corporation approved by the Trustee
     (acting reasonably) as Servicer in its place. If the Servicer does not
     propose a replacement by the date which is 1 month prior to the date of its
     proposed retirement, the Trustee is entitled to appoint a new Servicer as
     of the date of the proposed retirement.

18.6 When appointment of Substitute Servicer effective

     The purported appointment of a Substitute Servicer has no effect until:

     (a)  (Substitute Servicer executes deed of accession): the Substitute
          Servicer executes a deed under which it covenants to act as Servicer
          in accordance with this Deed and all other Transaction Documents
          relating to the Series Trust to which the Servicer is a party; and

     (b)  (Rating Agency confirmation): each Rating Agency issues a Rating
          Affirmation Notice in respect of the proposed appointment of the
          Substitute Servicer.

18.7 Trustee to Act as Servicer

     Until the appointment of the Substitute Servicer is complete, the Trustee
     must act as Servicer. The Trustee is entitled to receive the fee payable in
     accordance with clause 19.4 for the period during which the Trustee so
     acts.

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18.8 Trustee May Give Discharges

     The Trustee may settle with the Servicer the amount of any sums payable by
     the Servicer to the Trustee or by the Trustee to the Servicer and may give
     to or accept from the Servicer a discharge in respect of those sums which
     will be conclusive and binding as between the Trustee and the Servicer, as
     between the Servicer and the Residual Unitholder and as between the
     Servicer and the Securityholders.

18.9 Servicer May Accept Payment

     The Servicer may accept a payment or benefit, in connection with its
     retirement or removal, from the Substitute Servicer. The Servicer is also
     entitled to receive payments or benefits which have accrued to the Servicer
     under this Deed prior to the date of the Servicer's retirement or removal
     from office.

18.10 Servicer and Manager to Provide Full Co-operation

     The Servicer and the Manager agree to provide their full co-operation in
     the event of a Servicing Transfer. The Servicer and the Manager must
     (subject to the Privacy Act and the Servicer's duty of confidentiality to
     its customers under general law or otherwise) provide the Substitute
     Servicer with copies of all paper and electronic files, information and
     other materials as the Trustee or the Substitute Servicer may reasonably
     request within 90 days of the removal or retirement of the Servicer in
     accordance with this clause 18.

18.11 Indemnity

     The Servicer indemnifies the Trustee in respect of all costs, damages,
     losses and expenses incurred by the Trustee as a result of any Servicer
     Default (including, without limitation, legal costs charged at the usual
     commercial rates of the relevant legal services provider and the costs of
     any Servicing Transfer) but excluding any costs, damages, losses and
     expenses which the Servicer is not liable or responsible for in accordance
     with clause 17.

18.12 No Liability for Servicer Default

     Neither the Trustee nor the Manager or their respective delegates (as the
     case may be) is liable for any Servicer Default except to the extent that
     the Servicer Default is caused by the Trustee's or the Manager's or their
     respective delegate's (as the case may be) fraud, negligence or wilful
     default.

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19.  Remuneration of Manager, Trustee, Servicer and Security Trustee

19.1 Management Fee

     Pursuant to clause 18.1 of the Master Trust Deed, the Manager is entitled
     to receive in respect of each Accrual Period on the following Distribution
     Date in accordance with the terms of this Deed a fee as agreed by the
     Trustee and the Manager prior to the date of this Deed or as may otherwise
     be agreed by the Manager and the Trustee provided that each Rating Agency
     will be given 3 Business Days' prior notice by the Manager of any variation
     of such fee and such fee will not be varied if such variation would result
     in a reduction, qualification or withdrawal in any then current credit
     rating by a Rating Agency of any Security.

19.2 Arranging Fee

     The Manager is entitled to receive in respect of each Accrual Period on the
     following Distribution Date in accordance with the terms of this Deed a fee
     for arranging the issue of the Securities as agreed by the Trustee and the
     Manager prior to the date of this Deed or as may otherwise be agreed by the
     Manager and the Trustee.

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19.3 Trustee's Fee

     Pursuant to clause 18.2 of the Master Trust Deed, the Trustee is entitled
     to receive in respect of each Accrual Period on the following Distribution
     Date in accordance with the terms of this Deed the fee agreed by the
     Trustee and CBA prior to the date of this Deed or as may otherwise be
     agreed by the Manager and the Trustee, provided that each Rating Agency
     will be given 3 Business Days' prior notice by the Manager of any variation
     of the Trustee's Fee and the Trustee's Fee will not be varied if such
     variation would result in a reduction, qualification or withdrawal of any
     then current credit rating of any Security.

19.4 Servicer's Fee

     The Servicer will be entitled to receive in respect of each Accrual Period
     on the following Distribution Date in accordance with the terms of this
     Deed the fee agreed by the Trustee and the Servicer prior to the date of
     this Deed or as may otherwise be agreed by the Trustee, the Manager and the
     Servicer provided that each Rating Agency will be given 3 Business Days'
     prior notice by the Manager of any variation of the Servicer's Fee and the
     Servicer's Fee will not be varied if such variation would result in a
     reduction, qualification or withdrawal of any then current credit rating of
     any Security.

19.5 Security Trustee's Fees and Expenses

     The Trustee will:

     (a)  (Pay a fee): pay to the Security Trustee the fee agreed by the
          Trustee, the Manager and the Security Trustee from time to time
          provided that each Rating Agency will be given 3 Business Days' prior
          notice by the Manager of any variation of the Security Trustee's Fee
          and the Security Trustee's Fee will not be varied if such variation
          would result in a reduction, qualification or withdrawal of any then
          current credit rating of any Security; and

     (b)  (Reimburse): reimburse the Security Trustee its costs and expenses
          incurred in performing its duties under the Security Trust Deed
          calculated in accordance with the Security Trust Deed.

     The fees, costs and expenses referred to in paragraphs (a) and (b) of this
     clause will be paid or reimbursed, as the case may be, in accordance with
     this Deed on the Distribution Date following the Accrual Period to which
     such fees, costs and expenses were earned or incurred, as the case may be.

19.6 Goods and Services Tax

     Notwithstanding any other provision of this Deed or the Master Trust Deed,
     where any of the Trustee, the Manager, the Servicer or a Seller is or
     becomes liable to remit to a Governmental Agency an amount of GST in
     connection with its supplies in connection with the Series Trust under any
     Transaction Document, that GST must be borne by the Trustee, the Manager,
     the Servicer or that Seller, as the case may be, on its own account and
     neither the Trustee, the Manager, the Servicer nor that Seller is entitled
     to any reimbursement of that GST from the Assets of the Series Trust and
     the definition of "Taxes" in clause 1.1 of the Master Trust Deed shall not
     include any such GST where that definition applies in relation to the
     Series Trust. Nothing in the clause prevents an adjustment, in accordance
     with this Deed, of the fees payable to the Trustee, the Manager, the
     Servicer or a Seller as a result of a GST Tax Change (as defined in clause
     19.7).

19.7 Adjustments to fees

     (a)  (GST Tax Change): For the purposes of this clause, "GST Tax Change"
          means:

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          (i)   the abolition of GST;

          (ii)  an increase or decrease in the rate of GST; or

          (iii) any amendment to the GST Act.

     (b)  (Effect of GST Tax Change): In ascertaining the effect of a GST Tax
          Change on the Trustee, any associated abolition, reduction or other
          change in Taxes reducing, directly or indirectly, the costs (including
          general overhead costs) of the Trustee will be taken into account.

     (c)  (Adjustments): Following any GST Tax Change, the fees payable to the
          Trustee under this clause 19 will, subject to clause 19.7(o), be
          adjusted according to the procedure in this clause 19.7 so that, from
          the commencement date or dates of the GST Tax Change, the Trustee is
          neither economically advantaged nor disadvantaged in relation to the
          supplies provided by it under this Deed by the effect of the GST Tax
          Change.

     (d)  (Notice): At any time within 12 months after a GST Tax Change has come
          into effect, the Trustee may, by written notice to the Manager and the
          Manager may, by written notice to the Trustee, require the
          commencement of negotiations by the Manager and the Trustee in
          accordance with the succeeding provisions of this clause 19.7.

     (e)  (Time Bar): If neither the Trustee nor the Manager issues a notice
          under clause 19.7(d) within 12 months after a GST Tax Change has come
          into effect, then each of the Trustee and the Manager will be taken to
          have unconditionally and irrevocably waived its rights under clause
          19.7(c) in relation to that GST Tax Change, and no adjustment will be
          made.

     (f)  (Negotiations): Within 28 days after receipt of a notice under clause
          19.7(d), the Manager and the Trustee will confer at least once to
          negotiate in good faith with a view to agreeing on any adjustments to
          the fees payable to the Trustee under this clause 19 which will
          satisfy the Trustee's and the Manager's rights under clause 19.7(c).

     (g)  (Manager and Trustee to give effect to outcome of negotiations):
          Subject to clause 19.7(o), if the negotiations result in the parties
          agreeing on any adjustments to the fees payable to the Trustee under
          this clause 19, the Trustee and the Manager will, as soon as possible,
          do all things necessary to give effect to the agreement reached,
          including adjusting any payments of such fees which have previously
          been made under this Deed after the commencement date or dates of the
          relevant GST Tax Change.

     (h)  (Negotiations Unsuccessful): If, within 28 days after the first
          conference under clause 19.7(f), the Manager and the Trustee are
          unable to agree fully, the Trustee or the Manager may, by written
          notice to the other, require any matter relating to the Trustee's and
          the Manager's rights under clause 19.7(c) to be referred to expert
          determination.

     (i)  (Appointment of Expert): The Trustee and the Manager may appoint any
          independent consultant who is experienced in indirect taxation to be
          the expert. If, within 28 days after receipt of a notice under clause
          19.7(h), the Trustee and the Manager are unable to agree on an expert,
          then the Trustee or the Manager may request the president for the time
          being of the Institute of Chartered Accountants to appoint the expert.

     (j)  (Expert Determination): The expert will decide on adjustments which
          will satisfy the Trustee's and the Manager's rights under clause
          19.7(c). The expert will act as

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          an expert and not as an arbitrator and his or her decision will, in
          the absence of fraud or bias but notwithstanding error, be final and
          binding on the Trustee and the Manager.

     (k)  (Procedure): The Trustee and the Manager may agree on any procedure
          for the expert determination, including the adoption in whole or part
          of any expert determination rules published by a dispute resolution
          agency, professional body, law firm or any other person. If the
          Trustee and the Manager cannot agree, the expert will determine the
          procedure to be followed in the expert determination. However, unless
          the Trustee and the Manager otherwise agree:

          (i)   the expert may inform himself or herself in any way he or she
                sees fit, including by engaging other consultants, without being
                bound by the rules of evidence;

          (ii)  each of the Trustee and the Manager will have the right to
                present its case and to answer the case against it; and

          (iii) the expert will give reasons for his or her decision.

     (l)  (Costs of Expert): The Trustee and the Manager will pay the costs of
          the expert in equal shares.

     (m)  (Scott v Avery clause): The Trustee will not be entitled to commence
          any action or proceeding relating to any GST Tax Change until the
          procedures outlined in this clause relating to that GST Tax Change
          have been completed.

     (n)  (Continue to Perform): Notwithstanding that the procedures outlined in
          this clause are operating, the parties will continue to perform their
          obligations under this Deed.

     (o)  (Rating Agencies Consent): Any adjustment to fees pursuant to this
          clause 19.7 will be subject to confirmation in writing from the Rating
          Agencies that the adjustment will not result in a reduction,
          qualification or withdrawal of the credit ratings then assigned by
          them to the Securities.

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20.  Manager Default

     The occurrence of any of the following events constitutes a Manager Default
     for the purposes of clause 20.1(b) of the Master Trust Deed:

     (a)  (Manager does not instruct): the Manager does not instruct the Trustee
          to pay the required amounts to the Securityholders of the Series Trust
          within the time periods specified in this Deed and such failure is not
          remedied within 10 Business Days (or such longer period as the Trustee
          may agree) of notice of such failure being delivered to the Manager by
          the Trustee;

     (b)  (Manager does not prepare Quarterly Certificates): the Manager does
          not prepare and transmit to the Trustee the Quarterly Certificates or
          any other reports required to be prepared by the Manager and such
          failure is not remedied within 10 Business Days (or such longer period
          as the Trustee may agree) of notice being delivered to the Manager by
          the Trustee. Such a failure by the Manager does not constitute a
          Manager Default if it is as a result of a Servicer Default pursuant to
          clause 18.1(b) provided that, if the Servicer subsequently provides
          the information to the Manager, the Manager prepares and submits to
          the Trustee the outstanding Quarterly Certificates or other reports
          within 10 Business Days (or such longer period as the Trustee may
          agree to) of receipt of the required information from the Servicer;

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<PAGE>

     (c)  (Breach of a Representation or Warranty): any representation,
          warranty, certification or statement made by the Manager (in its
          capacity as Manager) in a Transaction Document to which it is
          expressed to be a party, or in any document provided by it under or in
          connection with a Transaction Document, proves to have been incorrect
          when made, or is incorrect when repeated, in a manner which as
          reasonably determined by the Trustee has an Adverse Effect and the
          Manager does not remedy the same to the Trustee's reasonable
          satisfaction within 60 Business Days after receipt by the Manager of
          notice in writing from the Trustee requiring it to do so; or

     (d)  (Breach of other obligations): the Manager has breached its other
          obligations as Manager under a Transaction Document to which it is
          expressed to be a party or any other deed, agreement or arrangement
          entered into by the Manager in relation to the Series Trust or the
          Securities, (other than an obligation which depends upon information
          provided by, or action taken by, the Servicer and the Manager has not
          received the information, or the action has not been taken, which is
          necessary for the Manager to perform the obligation) and such breach
          has had or, if continued, will have an Adverse Effect as reasonably
          determined by the Trustee, and either such breach is not remedied so
          that it no longer has or will have such an Adverse Effect within 20
          Business Days of notice thereof delivered to the Manager by the
          Trustee or the Manager has not within 20 Business Days of receipt of
          such notice paid compensation to the Trustee for its loss from such
          breach in an amount satisfactory to the Trustee (acting reasonably).
          The Trustee must, in such notice, specify the reasons why it believes
          an Adverse Effect has occurred, or will occur, as the case may be.

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21.  Representations and warranties

21.1 General Representations and Warranties by the Seller and the Servicer

     Each Seller and the Servicer represents and warrants in respect of itself
     to the Trustee that:

     (a)  (Due incorporation): it has been duly incorporated as a company
          limited by shares in accordance with the laws of its place of
          incorporation and is validly existing under those respective laws and
          has power and authority to carry on its business as it is now being
          conducted;

     (b)  (Power to enter and observe this Deed): it has full power to enter
          into and perform its obligations under this Deed and the other
          Transaction Documents to which it is a party;

     (c)  (Separate Authority): it has in full force and effect the
          authorisations necessary to authorise its execution, delivery and
          performance of this Deed and the other Transaction Documents to which
          it is a party;

     (d)  (Authorisations): it has in full force and effect all authorisations
          from Governmental Agencies that are required for the execution,
          delivery and performance by it of this Deed and the Transaction
          Documents to which it is a party as at the date of this Deed and has
          filed all necessary returns with the Australian Securities and
          Investments Commission;

     (e)  (Obligations enforceable): its obligations under this Deed are legal,
          valid, binding and enforceable against it in accordance with their
          terms subject to stamping and any necessary registration, except as
          such enforceability may be limited by any applicable bankruptcy,
          insolvency, reorganisation, moratorium or trust law or general
          principles of equity or other similar laws affecting creditors' rights
          generally;

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     (f)  (This Deed does not contravene constituent documents): this Deed does
          not contravene its constituent documents or any law, regulation or
          official directive or any of its obligations or undertakings by which
          it or any of its assets are bound or cause a limitation on its powers
          or the powers of its directors to be exceeded;

     (g)  (No Servicer Default): (represented and warranted by the Servicer
          only) no Servicer Default continues unremedied that has not been
          notified to the Trustee;

     (h)  (Servicing Guidelines): (represented and warranted by the Servicer
          only) the Servicing Guidelines are in existence as at the date of this
          Deed;

     (i)  (No material default): to the best of its knowledge, it is not in
          default of the material requirements of any relevant laws which would
          materially adversely affect its ability to carry out its obligations
          under this Deed;

     (j)  (No immunity from process): it has no immunity from the jurisdiction
          of a court or from legal process (whether through service of notice,
          attachment prior to judgment, attachment in aid of execution,
          execution or otherwise);

     (k)  (Not Trustee): it does not enter into this Deed in the capacity of a
          trustee of any trust or settlement;

     (l)  (No material adverse effect): it is not actually aware of any facts
          which would have a material adverse effect on its ability to perform
          its obligations under this Deed;

     (m)  (No related party transaction): no person has contravened or will
          contravene section 243H or section 243ZE of the Corporations Act by
          entering into or participating in the Transaction Documents or any
          transaction contemplated by the Transaction Documents;

     (n)  (No Insolvency Event): no Insolvency Event has occurred and is
          subsisting in respect of it; and

     (o)  (Paid Taxes): it has filed all Tax returns which are required to be
          filed and has promptly paid all Taxes as shown in all assessments
          received by it to the extent that such Taxes have become due other
          than those Taxes the subject of a bona fide dispute with the
          Australian Taxation Office or other Governmental Agency.

21.2 Repetition of Representations and Warranties

     The representations and warranties in clause 21.1 are taken to be also made
     on the Closing Date.

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22.  Collections Account and investment

22.1 Collections Account

     The Trustee will establish and maintain in New South Wales (or in such
     other place as the Manager selects from time to time), in accordance with
     this clause 22, an account in the name of the Trustee which must be an
     Eligible Deposit Account.

22.2 Initial Collections Account

     Immediately following the Closing Date, the Trustee will establish the
     initial Collections Account with the Servicer if the Servicer is an
     Eligible Depository.

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22.3 Replacement of Collections Account

     If, at any time, the Collections Account ceases to be an Eligible Deposit
     Account, the Trustee (or the Manager on its behalf) will within 5 Business
     Days (or such longer period, as the Rating Agencies may agree) establish a
     new account which is an Eligible Deposit Account and the Trustee will
     transfer any cash comprising the old Collections Account to such new
     account and from the date such new account is established, it will be the
     Collections Account.

22.4 Deposits into Collections Account within 5 Business Days

     Subject to clauses 22.5 and 22.11, the Servicer and each Seller, as
     applicable, must deposit in the Collections Account each amount comprising
     a Collection received by the Servicer or otherwise payable by that Seller
     or the Servicer or debited by the Servicer as contemplated by clause
     22.4(a)) within 5 Business Days of:

     (a)  (Receipt or Set-off): receipt of the Collection by the Servicer or the
          debiting of the Collection by the Servicer against an account pursuant
          to a right of set-off or right to combine accounts; or

     (b)  (Where otherwise payable): where Collections are not received by the
          Servicer but are otherwise payable by the Servicer or a Seller in
          accordance with clauses 14, 15.1(j), 16, 18, 24, 25, 26 or 30 of this
          Deed, when they fall due for payment to the Trustee from the Servicer
          or that Seller.

22.5 While Collections Account with Commonwealth Bank

     If the Collections Account is permitted to be maintained with the Servicer
     and:

     (a)  (A-1+/P1/F1 Rating): the Servicer is assigned short term credit
          ratings by the Rating Agencies of no lower than A-1+ (in the case of
          S&P), no lower than P1 (in the case of Moody's) and no lower than F1
          (in the case of Fitch), then the Servicer will be entitled to retain
          any Collections in respect of a Collection Period until 10.00 am on
          the Business Day which is two Business Days preceding the Distribution
          Date for the Collection Period;

     (b)  (A-1/P1/F1 Rating): the Servicer does not have all the applicable
          credit ratings specified in clause 22.5(a), but is assigned short term
          credit ratings of no lower than A-1 (in the case of S&P), no lower
          than P1 (in the case of Moody's) and no lower than F1 (in the case of
          Fitch), then the Servicer will be entitled to retain any Collections
          in respect of a Collection Period until 10.00 am on the Business Day
          which is the earlier of two Business Days preceding the Distribution
          Date for the Collection Period and 30 days from receipt of such
          Collections, provided that while the sum of:

          (i)  all Collections then held by the Servicer; and

          (ii) the aggregate value of the Authorised Short-Term Investments in
               relation to the Series Trust which are with, or issued by, a bank
               or financial institution which then has assigned to it by S&P a
               short term credit rating of A-1,

          exceeds 20% of the then aggregate of the Stated Amounts of the
          Securities, the Servicer will only be entitled to retain any
          additional Collections received in respect of a Collections Period
          until 10.00 am on the Business Day which is 2 Business Days from the
          receipt of such Collections; or

     (c)  (Lower than A-1/P1/F1 Rating): the Servicer has no credit ratings or
          is assigned a short term credit rating by the Rating Agencies lower
          than A-1 (in the case of S&P),

                                                                              95

<PAGE>

          lower than P1 (in the case of Moody's) or lower than F1 (in the case
          of Fitch), then the Servicer will be entitled to retain any
          Collections, in respect of a Collection Period until 10.00 am on the
          Business Day which is two Business Days from receipt of such
          Collections,

      and must at that time pay such Collections into the Collections Account
      together with an amount of interest (in the case of paragraphs (a) and
      (b)) equal to the amount that would have been earned had such Collections
      been paid into the Collections Account within 5 Business Days of their
      receipt by the Servicer.

22.6  Withdrawals from Collections Accounts

      Subject to this Deed, the Trustee will withdraw funds from the Collections
      Account and apply the same when necessary for the following outgoings:

      (a)  (Payments to Securityholders and Residual Unitholder): making
           payments to the Securityholders or the Residual Unitholder;

      (b)  (Eligible Investments): purchasing Authorised Short-Term Investments
           in compliance with this Deed and making payments required in
           connection with Authorised Short-Term Investments;

      (c)  (Expenses and Taxes): paying Expenses and Taxes in accordance with
           this Deed or the Master Trust Deed; and

      (d)  (Other payments): making payments, in accordance with the Transaction
           Documents to (or at the direction of) the Trustee, the Manager, the
           Servicer, the Security Trustee, any Support Facility Provider or any
           other Creditor of the Series Trust.

22.7  All Transactions through Collections Account

      Unless otherwise directed by the Manager, all moneys and proceeds referred
      to in clauses 22.4 and 22.5 will be credited to the Collections Account
      and all outgoings referred to in clause 22.6 will be paid from the
      Collections Account.

22.8  Title to and Control of Collections Account

      The Collections Account and all rights to it and the funds standing to its
      credit from time to time is an Asset of the Series Trust. At all times the
      Collections Account will be under the sole control of the Trustee.

22.9  No Deductions by Servicer

      If the Collections Account is maintained with the Servicer, the Servicer
      agrees that it will have no right of set-off, banker's lien, right of
      combination of accounts, right to deduct moneys or any other analogous
      right or Security in or against any funds held in the Collections Account
      for any amount owed to the Servicer.

22.10 Prepayments under Liquidity Facility

      All prepayments made to the Trustee in respect of the Liquidity Facility
      Agreement must be deposited in the Collections Account. Amounts so
      deposited must not be withdrawn by the Trustee other than at the direction
      of the Manager in accordance with the Liquidity Facility Agreement or to
      be paid into a new Collections Account opened in accordance with clause
      22.3.

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22.11 Servicer May Retain Income from Collections

      Subject to clause 22.5, where the Servicer has received Collections but it
      is not required pursuant to this Deed to deposit those Collections into
      the Collections Account until a later date, the Servicer may retain any
      interest and other income derived by the Servicer from those Collections
      for the period up to when the Servicer is required to deposit them under
      this Deed into the Collections Account.

22.12 Bank Account Taxes

      Interest earned on amounts standing to the credit of the Collections
      Account shall be determined net of all Taxes levied specifically in
      respect of debits or credits to or on deposit accounts.

22.13 Opening of additional accounts where Collections Account is with an
      Eligible Depository

      If at any time:

      (a)  (Collections Account with Eligible Depository): there are Collections
           deposited in a Collections Account with an Eligible Depository;

      (b)  (Required Rating): the then short term credit rating assigned by S&P
           to the Eligible Depository is no higher than A-1 and the obligations
           of that Eligible Depository in respect of the Collections Account are
           rated, or considered by S&P to be equivalent to obligations rated,
           less than A-1+; and

      (c)  (Credit balance of Collections Account): the sum of:

           (i)  all amounts then credited to the Collections Account; and

           (ii) the aggregate value of the Authorised Short-Term Investments in
                relation to the Series Trust which are with, or are issued,
                endorsed (with recourse) or accepted by, a bank or financial
                institution which has then assigned to it by the Rating Agency a
                short term credit rating of A-1,

           exceeds 20% of the Total Invested Amount of the Notes,

     then:

      (d) (New Collections Account): the Trustee must, upon becoming actually
          aware of the occurrence of that event, immediately open a new
          Collections Account with another Eligible Depository which has
          assigned to it a short term credit rating by S&P of A-1+;

      (e) (Amounts in excess transferred): an amount equal to the excess
          referred to in clause 22.13(c) must be transferred by the Trustee from
          the Collections Account referred to in clause 22.13(a) to the new
          Collections Account;

      (f) (Subsequent deposits): all subsequent amounts received by, or payable
          to, the Trustee in respect of the Series Trust must be deposited in
          the Collections Account referred to in clause 22.13(a) to the extent
          that such amounts can be deposited in that Collections Account in
          accordance with, and without breaching the restrictions on such
          deposit set out in, clause 22.13(c); and

      (g) (Balance transferred): the balance of the amounts received by, or
          payable to, the Trustee in respect of the Series Trust must be
          deposited in the new Collections Account established pursuant to
          clause 22.13(d) and in accordance with clauses 22.4 and 22.5.

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23.  Clean-up and extinguishment

23.1 Notification of Trigger Event by Manager to CBA

     If (unless otherwise required by CBA):

     (a)  (10% Threshold): the event referred to in Condition 7.3(a) of the US
          Dollar Note Conditions has occurred or is expected to occur on the
          next Distribution Date; or

     (b)  (Other Redemption Event): both of the following events occur:

          (i)  the next Distribution Date is the Call Date or an event referred
               to in Condition 7.4(a) or (b) has occurred; and

          (ii) CBA has prior thereto notified the Manager that the Australian
               Prudential Regulation Authority will permit CBA to exercise its
               rights under this clause 23 on behalf of both Sellers
               (notwithstanding that the event referred to in clause 23.1(a) has
               not occurred),

     the Manager must promptly request CBA by telephone or orally whether CBA
     wishes to exercise its rights on behalf of the Sellers pursuant to this
     clause 23.

23.2 Response by CBA

     CBA may at any time after receiving (or after it ought to receive) a
     request from the Manager pursuant to clause 23.1, and prior to the
     Termination Date, advise the Manager by telephone or orally, that it
     requires to exercise the rights of the Sellers pursuant to this clause 23
     and nominating a Distribution Date as the Clean-up Settlement Date. The
     Manager must then promptly advise the Trustee of such advice and (if
     applicable) such nomination by CBA. Any such nomination by CBA shall be
     binding on both Sellers.

23.3 Determination of Clean-Up Settlement Date

     If CBA advises the Manager pursuant to clause 23.2 that it requires to
     exercise the rights of the Sellers pursuant to this clause 23:

     (a)  (Clean-Up Settlement Date to Coincide with redemption of Securities):
          if any Securities have been issued and have not then been redeemed,
          the Manager must, subject to clause 23.4(b), in accordance with
          Conditions 7.3 or 7.4 (as applicable) of the US Dollar Note Conditions
          direct the Trustee to give a notice in accordance with such Condition
          (which the Trustee must give) that on the Distribution Date nominated
          by CBA pursuant to clause 23.2 (which must be a complying Distribution
          Date in accordance with such Condition) a redemption of the Securities
          will occur pursuant to such Condition (in which case, such nominated
          and complying Distribution Date will be the Clean-Up Settlement Date);
          or

     (b)  (Otherwise, date nominated by CBA): otherwise, the Clean-Up Settlement
          Date will be the Distribution Date nominated by CBA as the Clean-Up
          Settlement Date pursuant to clause 23.2.

23.4 Clean-Up Settlement Price

     (a)  (Calculation): The Clean-Up Settlement Price will be the amount
          determined by the Manager to be the aggregate of the Fair Market Value
          (as at the last day of the Accrual Period ending immediately before
          the proposed Clean-Up Settlement Date) of each Mortgage Loan then
          forming part of the Assets of the Series Trust.

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<PAGE>

     (b)  (Minimum Clean-Up Settlement Price): If any Securities have been
          issued and have not then been redeemed (or deemed to be redeemed) and
          if the amount of the Clean-Up Settlement Price determined by the
          Manager (when combined with the other Assets that will be available to
          the Trustee) is not sufficient to ensure, upon payment by the Sellers
          to the Trustee pursuant to clause 23.5, that the Trustee would be in a
          position on the proposed Clean-Up Settlement Date to redeem the
          Securities in full in accordance with Condition 7.3 or 7.4 (as
          applicable) of the US Dollar Note Conditions, the Manager must not
          give a direction to the Trustee pursuant to clause 23.3(a). If such
          amount would be so sufficient, the Manager's direction pursuant to
          clause 23.3(a) must be accompanied by a notification to the Trustee of
          such amount and the certificate referred to in Condition 7.5 of the US
          Dollar Note Conditions.

     (c)  (Minimum not Sufficient): If the Manager cannot issue the direction
          referred to in clause 23.4(b) as a result of such clause, nothing
          herein prevents CBA issuing a further advice to the Manager pursuant
          to clause 23.2 at a later date, in which case the procedures and
          provisions of this clause 23 will thereupon take effect again
          (including this clause 23.4(c)), subject to the requirements herein
          contained.

23.5 Payment of Clean-Up Settlement Price

     (a)  (Payment): Subject to clause 23.5(b), the Sellers must pay to the
          Trustee, in immediately available funds, the Clean-Up Settlement Price
          on the Clean-Up Settlement Date. Each Seller's liability under this
          clause 23.5(a) will be determined according to the proportion which
          the Fair Market Value of the Mortgage Loans referable to that Seller
          and described in clause 23.4(a) bears to the total Fair Market Value
          of all Mortgage Loans described in clause 23.4(a).

     (b)  (Waiver of Redemption by Class A-1 Noteholders): If a proposed payment
          pursuant to clause 23.5(a) is as a result of the occurrence of the
          event referred to in Condition 7.4(a) of the US Dollar Note Conditions
          in respect of only the Class A-1 Notes and the Trustee is not required
          to redeem the Class A-1 Notes as a result of an election to this
          effect by the Class A-1 Noteholders in accordance with Condition 7.4,
          the Sellers must not make the proposed payment referred to in clause
          23.5(a) on the proposed Clean-Up Settlement Date (but without limiting
          the operation of clause 23.4(c) in respect of any other event that has
          occurred or may occur under clause 23.1).

23.6 Effect of Payment of Clean-Up Settlement Price

     Upon receipt of the Clean-Up Settlement Price by the Trustee in immediately
     available funds, the Trustee's entire right, title and interest in the
     Mortgage Loan Rights then forming part of the Assets of the Series Trust
     will be extinguished in favour of the relevant Seller with immediate effect
     from the last day of the Collection Period which ended prior to the
     Clean-Up Settlement Date. The Trustee must execute whatever documents the
     Sellers reasonably require to complete the extinguishment of the Trustee's
     right, title and interest in the Mortgage Loan Rights.

23.7 Costs

     Each Seller must pay to, or reimburse, the Trustee immediately on demand
     for all costs and expenses, including, without limitation, any stamp duty
     and registration fees, arising out of or necessarily incurred in connection
     with the exercise of such Seller's rights pursuant to this clause 23.

                                                                              99

<PAGE>

23.8 Alternative Structure

     The Trustee must co-operate with the Sellers in implementing alternative
     means to permit the Sellers to have the benefit of the Mortgage Loan Rights
     referred to in clause 23.6 other than as set out in this clause 23 if to do
     so would materially reduce the liability of the Sellers to reimburse the
     Trustee for any of the costs and expenses set out in clause 23.7 and
     provided that any proposed alternative means pursuant to this clause is
     permitted in law and does not result in the Trustee being exposed to the
     risk of personal liability unless the Trustee is satisfied, in its absolute
     discretion, that the Sellers will be able to indemnify the Trustee in
     respect of such risk in accordance with clause 2.15(a).

23.9 Alternative Funding Arrangements to Permit Redemption

     Nothing in this clause 23 prevents the Manager and the Trustee exercising
     any other rights and powers conferred upon them by this Deed or the Master
     Trust Deed (in so far as it applies to the Series Trust) to enable the
     redemption of the Securities as contemplated by Conditions 7.3 and 7.4 of
     the US Dollar Note Conditions.

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24.  Perfection of Title

24.1 Perfection of Title Event

     A    Perfection of Title Event occurs if:

     (a)  (Breach of Seller Representations): a Seller makes any representation
          or warranty under a Transaction Document to which it is expressed to
          be a party that proves to be incorrect when made (other than a
          representation or warranty in respect of which payment has been made,
          or is not yet due to be made, in accordance with clauses 14.6 and
          14.9(a)), or breaches any covenant or undertaking given by it in such
          a Transaction Document, and that has or, if continued will have, an
          Adverse Effect and:

          (i)  the same is not satisfactorily remedied so that it no longer has
               or will have, an Adverse Effect, within 20 Business Days of
               notice thereof being delivered to that Seller by the Manager or
               the Trustee; or

          (ii) if paragraph (i) is not satisfied, that Seller has not within 20
               Business Days of such notice paid compensation to the Trustee for
               its loss from such breach in an amount satisfactory to the
               Trustee acting reasonably (such compensation cannot exceed the
               aggregate of the principal amount outstanding in respect of the
               corresponding Mortgage Loan (as recorded on the Mortgage Loan
               System) and any accrued or unpaid interest in respect of the
               Mortgage Loan (calculated in both cases at the time of payment of
               the compensation)).

          The Trustee must, in such notice, specify the reasons why it believes
          an Adverse Effect has occurred, or will occur (as the case may be);

     (b)  (Servicer Default): if CBA is the then Servicer, a Servicer Default
          occurs;

     (c)  (Seller Insolvency Event): an Insolvency Event occurs in relation to a
          Seller;

     (d)  (CBA breach of Interest Rate Swap Agreement): if CBA is a then
          Interest Rate Swap Provider under a Fixed Rate Swap or an Interest
          Rate Basis Cap, CBA fails to make any payment due under the
          corresponding Interest Rate Swap Agreement and such failure:

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<PAGE>

          (i)  has or will have, as reasonably determined by the Trustee, an
               Adverse Effect; and

          (ii) is not remedied by CBA within 20 Business Days (or such longer
               period as the Trustee may agree to) of notice thereof being
               delivered to CBA by the Manager or the Trustee; or

     (e)  (Downgrading of CBA): a downgrading in the long term debt rating of
          CBA below the Specified Rating (or such other rating in respect of CBA
          as is agreed between the Manager, CBA and the Rating Agency which had
          assigned the relevant Specified Rating).

24.2 Declaration of Perfection of Title Event

     If a Perfection of Title Event (of which the Trustee is actually aware) is
     subsisting, the Trustee must, as soon as is practicable, by notice in
     writing to the Sellers, the Servicer, the Manager and the Rating Agencies
     declare that a Perfection of Title Event has occurred unless each Rating
     Agency issues a Rating Affirmation Notice to the Trustee (with a copy to
     the Manager) prior to the declaration in respect of such Perfection of
     Title Event.

24.3 Perfection of Title

     If, and only if, a declaration is made by the Trustee in accordance with
     clause 24.2, the Trustee and the Manager must as soon as practicable:

     (a)  (Perfect title): take all necessary steps to perfect in the name of
          the Trustee the Trustee's legal title to the Mortgages then forming
          part of the Assets of the Series Trust, including lodgement of
          Mortgage Transfers (where necessary, executed under a Power of
          Attorney) with the land titles office of the appropriate jurisdiction
          to achieve registration of the Mortgages then forming part of the
          Assets of the Series Trust;

     (b)  (Notify Borrowers): notify the relevant Borrowers of the sale of the
          Mortgage Loans and Mortgages then forming part of the Assets of the
          Series Trust including informing them (where appropriate) that they
          should make payment to the Series Trust Account specified to them by
          the Trustee; and

     (c)  (Possession of Loan Files): take possession of all Loan Files (subject
          to the Privacy Act and each Seller's duty of confidentiality to its
          customers under general law or otherwise). The Trustee and the Manager
          may, if necessary to obtain possession, enter into the premises of the
          Servicer at which the Loan Files are stored.

24.4 Trustee to lodge Caveats

     If the Trustee does not hold the Mortgage Documents necessary to vest fully
     and effectively in the Trustee each Seller's legal right, title and
     interest in and to any Mortgage Loan, the Trustee must, within 5 Business
     Days after the declaration by the Trustee of a Perfection of Title Event in
     accordance with clause 24.2, lodge or enter, to the extent of the
     information available to it, a caveat or similar instrument in respect of
     the Trustee's interest in the Mortgage Loan.

24.5 Trustee to hold Legal Title or lodge Caveats

     The Trustee must, in respect of each Mortgage Loan then forming part of the
     Assets of the Series Trust, within 30 Business Days after the declaration
     by the Trustee of a Perfection of Title Event in accordance with clause
     24.2, either have commenced to take all necessary steps to perfect the
     legal title to that Mortgage Loan or have lodged or entered a caveat or
     similar instrument in respect of the Trustee's interest in that Mortgage
     Loan.

                                                                             101

<PAGE>

24.6 Powers of Attorney

     The Trustee must only use the Powers of Attorney to execute Mortgage
     Transfers in respect of Mortgages then forming part of the Assets of the
     Series Trust and only then if it has declared a Perfection of Title Event
     in accordance with clause 24.2.

24.7 Other Loans

     Following a declaration in accordance with clause 24.2, the Trustee must
     continue to hold its interest in the CBA Trust Assets in accordance with
     this Deed.

24.8 Indemnity

     CBA indemnifies the Trustee against all loss, costs, damages, charges and
     expenses incurred by the Trustee in perfecting the Trustee's title to the
     Mortgages then forming part of the Assets of the Series Trust in accordance
     with clause 24.3, including legal costs charged at the usual commercial
     rates of the relevant legal services provider, all registration fees, stamp
     duty and the cost of preparing and transmitting all necessary
     documentation.

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25.  Servicer as Custodian of the Mortgage Loan documents

25.1 Servicer as Custodian

     The Servicer shall hold the Mortgage Documents in relation to the Sellers'
     Mortgage Loans and which from time to time form part of the Assets of the
     Series Trust (the "Relevant Mortgage Documents") as custodian on behalf of
     the Trustee from and including the Closing Date until a Document Transfer
     Event occurs.

25.2 Application of the Balance of this Clause

     The remaining provisions of this clause 25 only apply if and while the
     Servicer remains as custodian of the Relevant Mortgage Documents.

25.3 Servicer's Covenants as Custodian

     The  Servicer covenants with the Trustee that it will:

     (a)  (Hold documents in accordance with its normal practice): hold the
          Relevant Mortgage Documents in accordance with its standard
          safekeeping practices and in the same manner and to the same extent as
          it holds its own documents;

     (b)  (Segregate documents): mark and segregate the security packages
          containing the Relevant Mortgage Documents in a manner to enable the
          easy identification of them by the Trustee (when the Trustee is at the
          premises at which the Relevant Mortgage Documents are located and in
          possession of the letter delivered to it pursuant to clause 6.1(k));

     (c)  (Reporting): maintain reports on movements of the Relevant Mortgage
          Documents; and

     (d)  (Deficiencies in Document Custody Audit Report): cure any exceptions
          or deficiencies noted by the Auditor of the Series Trust in a Document
          Custody Audit Report; and

     (e)  (Power of Attorney): exercise any power of attorney granted by
          Homepath solely in relation to its duties as Custodian or in relation
          to any non-compliance by Homepath with clause 25.12 and upon the
          instruction of the Trustee.

                                                                             102

<PAGE>

25.4 Servicer's Update of Computer Diskette

     (a)  (Quarterly Updates): The Servicer must deliver to the Trustee on each
          Distribution Date a computer diskette in a format acceptable to the
          Trustee updating the information referred to in clause 6.1(j).

     (b)  (Adverse Document Custody Audit Report): In addition to its
          obligations under clause 25.4(a), if there is an Adverse Document
          Custody Audit Report the Servicer must deliver to the Trustee within
          20 Business Days thereafter (or such longer period as may be agreed
          between the Servicer and the Trustee) a computer diskette updating the
          information referred to in clause 6.1(j) and containing the Caveat and
          Transfer Details in respect of each Mortgage Loan then forming part of
          the Assets of the Series Trust.

25.5 Servicer's Indemnity in respect of Incorrect Information on Computer
     Diskette

     If   the Servicer:

     (a)  (Fails to supply information): fails to supply adequate information;
          or

     (b)  (Supplies incorrect information): supplies inaccurate or incomplete
          information,

     on the computer diskettes delivered pursuant to clause 6.1(j) or 25.4 and
     as a result the Trustee is unable (when entitled to do so under this Deed)
     to lodge and register Caveats and Mortgage Transfers upon the occurrence of
     a Document Transfer Event or a Perfection of Title Event, then the Servicer
     (as custodian) indemnifies the Trustee (whether for its own account or for
     the account of the Securityholders) for all actions, loss, damage, costs
     (including legal costs charged at the usual commercial rates of the
     relevant legal services provider), charges and expenses suffered as a
     result.

25.6 Document Custody Audit Report

     The Manager or the Trustee (due to default by the Manager) must retain the
     Auditor of the Series Trust to conduct periodic reviews (determined in
     accordance with clause 25.9) in respect of the Servicer's role as custodian
     of the Relevant Mortgage Documents. The Auditor must review:

     (a)  (Custodial procedures): the custodial procedures adopted by the
          Servicer; and

     (b)  (Accuracy of information): the accuracy of information in respect of
          the Mortgage Loans contained on:

          (i)  the Security Register; and

          (ii) the most recent of the computer diskettes provided to the Trustee
               pursuant to clauses 6.1(j) and 25.4.

25.7 Details of Document Custody Audit Report

     (a)  (Custody procedures): In respect of the review referred to in clause
          25.6(a), the Manager must instruct the Auditor of the Series Trust
          that its review should consist of reporting on whether:

          (i)  the Relevant Mortgage Documents are capable of identification and
               are distinguishable from the other assets of the Servicer;

          (ii) controls exist such that the Relevant Mortgage Documents may not
               be removed or tampered with except with appropriate
               authorisation; and

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          (iii) an appropriate tracking system is in place such that the
                location of the security packages containing the Relevant
                Mortgage Documents can be detected at any time and the location
                of the Relevant Mortgage Documents (other than the Relevant
                Mortgage Documents in relation to the First Layer of Collateral
                Securities but including any Insurance Policy or certificate of
                currency for an Insurance Policy in relation to a Mortgage Loan)
                can be detected at any time.

     (b)  (Accuracy of information): In respect of the review referred to in
          clause 25.6(b)(i), the Manager must instruct the Auditor of the Series
          Trust to review a sample of security packets in respect of the
          Mortgage Loans then forming part of the Assets of the Series Trust to
          determine whether they contain the following (which accord, where
          applicable, with the information contained in the computer diskette
          referred to in clause 25.6(b)(ii)):

          (i)   an original counterpart of the corresponding Mortgage;

          (ii)  the Certificate of Title (if any) in respect of the Land the
                subject of the Mortgage; and

          (iii) (where applicable) any Mortgage Insurance Policy in respect of
                the corresponding Mortgage other than the PMI Mortgage Insurance
                Policy.

          If such security packets do not contain any of the foregoing, the
          Auditor must determine if there is an adequate explanation regarding
          the documents not in the security packets or whether the security
          packets or the Servicer's records indicate the location of the missing
          documents.

          The Manager must instruct the Auditor to confirm (after having
          conducted the above reviews) the accuracy of the information in
          respect of the above contained in both the Security Register and the
          computer diskette referred to in clause 25.6(b)(ii).

25.8 Document Custody Audit Report

     The Manager must instruct the Auditor of the Series Trust to provide a
     Document Custody Audit Report in respect of the Servicer in which the
     Auditor, based on its reviews referred to in clause 25.7, specifies a grade
     of the overall custodial performance by the Servicer, based on the
     following grading system:

<TABLE>
<S>    <C>                      <C>
"A"    Good -                   All control procedures and accuracy of information in
                                respect of Mortgage Loans testing completed without
                                exception.

"B"    Satisfactory -           Minor exceptions noted.

"C"    Improvement required -   Base internal controls are in place but a number of
                                issues were identified that need to be resolved for
                                controls to be considered adequate; and/or

                                Testing of the information in respect of
                                Mortgage Loans identified a number of minor
                                exceptions which are the result of
                                non-compliance with the control system.

"D"    Adverse -                Major deficiencies in internal controls were
                                identified. Cannot rely on the integrity of the
                                information in respect of Mortgage Loans on the
</TABLE>

                                                                             104

<PAGE>

<TABLE>
<S>                             <C>
                                Security Register and the diskettes delivered pursuant
                                to clauses 6.1(j) and 25.4.
</TABLE>

25.9 Timing of Document Custody Audit Reports

     The Manager (or the Trustee if the Manager fails to do so) must instruct
     the Auditor of the Series Trust to prepare a Document Custody Audit Report
     immediately after delivery of the computer diskette referred to in clause
     6.1(j) and annually on 30 September of each year thereafter (not including
     the year in which the first Document Custody Audit Report is prepared) (or
     such other period as may be agreed by the Manager, the Trustee and the
     Ratings Agencies). The Manager (or the Trustee if the Manager fails to do
     so) must require the Auditor to deliver a copy of each Document Custody
     Audit Report to the Trustee, with a copy to the Manager and the Servicer.

25.10 Adverse Document Custody Audit Report

     If the Auditor issues an Adverse Document Custody Audit Report to the
     Trustee, the Trustee must instruct the Auditor to conduct a further
     Document Custody Audit Report no sooner than 1 month but no later than 2
     months after the date of receipt by the Trustee of the Adverse Document
     Custody Audit Report. The Manager must instruct the Auditor to deliver the
     further Document Custody Audit Report to the Trustee, with a copy to the
     Manager and the Servicer.

25.11 Document Transfer Event

     Upon the occurrence of any of the following:

     (a)  (Further Adverse Document Custody Audit Report): a further Document
          Custody Audit Report pursuant to clause 25.10 is an Adverse Document
          Custody Audit Report;

     (b)  (Trustee as Servicer): the Trustee replaces CBA as the Servicer; or

     (c)  (Downgrade of CBA Rating): a downgrading in the long term debt rating
          of CBA to below the Specified Rating (or such other rating as is
          agreed between the Manager, the Servicer and the relevant Rating
          Agencies),

     a Document Transfer Event occurs. The Trustee must immediately upon
     becoming actually aware of a Document Transfer Event deliver a notice to
     the Servicer notifying it of the occurrence of a Document Transfer Event.
     Upon receipt of such notice the Servicer must transfer custody of the
     Relevant Mortgage Documents held by it to the Trustee. Subject to clause
     25.14, this requirement will be treated as being satisfied if:

     (d)  (Delivery of 90% of Mortgage Documents): within 5 Business Days of the
          above notice being received, all Mortgage Documents in relation to at
          least 90% (by number) of the Mortgage Loans then part of the Assets of
          the Series Trust are delivered to the Trustee; and

     (e)  (Remaining Mortgage Documents): any remaining Relevant Mortgage
          Documents are delivered to the Trustee within 10 Business Days of the
          above notice being received.

25.12 Failure to comply with clause 25.11

     If the Servicer does not comply with the requirements of clause 25.11
     (subject to clause 25.14) within either of the specified time limits
     specified in clause 25.11(d) & (e), the Trustee must (unless the Trustee is
     satisfied, in its absolute discretion, that the Servicer has used its best
     endeavours to deliver the Mortgage Documents and has made appropriate
     arrangements for the remaining Mortgage Documents to be delivered in
     accordance with clause 25.11 (subject to clause 25.14) within a reasonable
     period as determined by the Trustee (but in any event no

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     longer than 10 Business Days from the date that they were due to be
     delivered in accordance with clause 25.11 (subject to clause 25.14) except
     where the Trustee is satisfied, in its absolute discretion, that the
     failure to deliver the remaining Mortgage Documents arises from
     circumstances beyond the control of the Servicer)) to the extent to which
     it has information available to it at the time:

     (a)  (Lodge Caveats): execute and lodge Caveats in respect of all Land or
          Mortgages (as the case may be) for which all Mortgage Documents in
          respect of the Series Trust have not been delivered; and

     (b)  (Bring Proceeds for Possession): initiate legal proceedings to take
          possession of the Mortgage Documents in respect of the Series Trust
          that have not been delivered,

     and to the extent that the Trustee cannot do so, as a result of not having
     information available to it to do so, the indemnity in clause 25.5 applies.

     The Trustee must discontinue any legal proceedings initiated in accordance
     with this clause 25.12 if the Mortgage Documents in question are delivered
     to the Trustee.

25.13 Emergency Document transfer

     If:

     (a)  (A Perfection of Title Event occurs): a Perfection of Title Event
          (other than a Servicer Default referred to in clause 18.1(g)) is
          declared by the Trustee in accordance with clause 24.2 and the Trustee
          notifies the Sellers and the Servicer of that fact (which the Trustee
          must do immediately upon declaring any such Perfection of Title
          Event); or

     (b)  (Nominated Servicer Default): for the purposes of this clause only and
          not for any other purpose under this Deed:

          (i)  the Trustee considers in good faith that the conditions of clause
               18.1(g) have been satisfied; and

          (ii) the Trustee serves a notice on the Servicer identifying the
               reasons why the Trustee considers that those conditions have been
               satisfied and why, in the Trustee's opinion, an Adverse Effect
               has or may occur as a result,

     then, subject to clause 25.14, the Servicer must immediately upon receipt
     of a notice under paragraph (a) or (b) transfer custody of the Relevant
     Mortgage Documents to the Trustee. The Trustee may, in such circumstances,
     commence legal proceedings to obtain possession of the Relevant Mortgage
     Documents and may enter into the premises of the Servicer at which the
     Relevant Mortgage Documents are stored and take away from such premises the
     Relevant Mortgage Documents.

25.14 Exceptions to Transfer

     The obligations of the Servicer to transfer custody of the Relevant
     Mortgage Documents to the Trustee pursuant to clause 25.11 or 25.13 do not
     extend to such documents which the Servicer can prove, to the reasonable
     satisfaction of the Trustee, are deposited with a solicitor (acting on
     behalf of the Servicer), a land titles office, a stamp duties office or any
     other Governmental Agency. The Servicer must provide a list of such
     documents to the Trustee together with any which have been lost (and a
     statutory declaration duly completed that the contents of the list are, to
     the best of the knowledge and belief of the maker, true and correct) within
     14 days of the above notice having been received by it. In respect of
     Relevant Mortgage Documents that are so deposited, the Servicer must
     deliver these to the Trustee immediately upon receipt from the solicitor or
     relevant office and, in respect of Mortgage Documents that are lost, the

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<PAGE>

     Servicer must take all reasonable steps satisfactory to the Trustee to
     promptly replace such Relevant Mortgage Documents.

25.15 Indemnity by the Servicer

     The Servicer indemnifies the Trustee against all loss, costs, damages,
     charges and expenses incurred by the Trustee:

     (a)  (Servicer breach): as a result of a breach by the Servicer of clause
          25.11; or

     (b)  (Legal proceedings): in connection with the Trustee taking the action
          referred to in clause 25.12 or the legal proceedings referred to in
          clause 25.13,

     including all registration fees, stamp duty, legal costs charged at the
     usual commercial rates of the relevant legal services provider and the cost
     of preparing and transmitting all necessary documentation.

25.16 Trustee to co-operate with Servicer

     If the Trustee holds any Relevant Mortgage Document and if the Trustee
     receives from the Servicer a satisfactory undertaking, the Trustee must
     release to the Servicer from time to time such Relevant Mortgage Documents
     as are reasonably required by the Servicer to perform its obligations as
     Servicer under this Deed.

25.17 Specific performance

     If the Servicer breaches it obligations under clauses 25.11 to 25.14, it is
     agreed that damages alone will not be an adequate remedy for such a breach
     and that the Trustee is entitled to sue the Servicer for specific
     performance of its obligations under clauses 25.11 to 25.14.

25.18 Trustee's Duty While Holding Mortgage Documents

     While the Trustee holds any Mortgage Documents, it must hold them in
     accordance with its standard safekeeping practices and in the same manner
     and to the same extent as it holds equivalent mortgage documents as
     trustee.

25.19 Reappointment of Servicer as Custodian

     If following a Document Transfer Event:

     (a)  the Trustee is satisfied, notwithstanding the occurrence of the
          Document Transfer Event, that the Servicer is an appropriate person to
          act as custodian of all or part of the Relevant Mortgage Documents;
          and

     (b)  each Rating Agency issues a Rating Affirmation Notice in respect of
          the re-appointment of the Servicer,

     then the Trustee may by agreement with the Servicer re-appoint the Servicer
     to act as custodian of those Mortgage Documents upon such terms as are
     agreed between the Trustee and the Servicer and approved by the Manager.
     This clause 25 will apply following the re-appointment of the Servicer as
     custodian of the Relevant Mortgage Documents under this clause 25.19.

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

26.  Termination of the Series Trust

26.1 Potential Termination Events

     (a)  (Notify Potential Termination Event): If the Trustee, the Manager or
          the Servicer becomes aware of the occurrence of a Potential
          Termination Event it must promptly

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          notify in writing the others and the Security Trustee and the US
          Dollar Note Trustee.

     (b)  (Trustee must determine whether Potential Termination Event has
          Adverse Effect): Upon becoming aware of a Potential Termination Event,
          the Trustee must promptly determine whether in its reasonable opinion
          the Potential Termination Event has or will have an Adverse Effect and
          must promptly thereafter notify in writing the Manager, the Servicer,
          the Security Trustee and the US Dollar Note Trustee of its
          determination.

     (c)  (Restructuring): If the Trustee determines pursuant to clause 26.1(b)
          that a Potential Termination Event has or will have an Adverse Effect
          , the Servicer, the Trustee and the Manager must consult and use their
          reasonable endeavours (in consultation with the Security Trustee, the
          US Dollar Note Trustee and, if necessary the Residual Unitholder) to
          amend or vary the terms of this Deed, any other relevant Transaction
          Document and the Securities in respect of the Series Trust, in such a
          way so as to cure the Potential Termination Event or its Adverse
          Effect.

     (d)  (Wind up the Security Trust): If such consultations do not result in
          the cure of the Potential Termination Event or its Adverse Effect
          (with the consent of the Servicer, the Trustee, the Manager, the
          Security Trustee and the US Dollar Note Trustee) within 60 days of
          notice being given by the Trustee pursuant to clause 26.1(b), then the
          Trustee must proceed to liquidate the Assets of the Series Trust in
          accordance with the remainder of this clause 26.

26.2 Determination of Termination Payment Date

     The Trustee must as soon as practicable following the Termination Date of
     the Series Trust, declare on the direction of the Servicer and the Manager,
     a date as the Termination Payment Date (which, if Securities have been
     issued and have not then been redeemed (or deemed to be redeemed) in full,
     must be a Distribution Date and must not be the next Distribution Date
     immediately after the declaration if the Determination Date in relation to
     that Distribution Date has then passed), being a date by which the Trustee
     reasonably believes that the sale and distribution of the Assets of the
     Series Trust will be completed in accordance with this clause 26. Based on
     the direction of the Servicer and the Manager, the Trustee may substitute
     another date as the Termination Payment Date (which, if the Securities have
     not then been redeemed in full, must be a Distribution Date) if it
     reasonably believes that the Assets will not in fact be sold and
     distributed by the then declared Termination Payment Date.

26.3 Realisation of Assets

     Upon the occurrence of the Termination Date of the Series Trust, the
     Trustee, in consultation with the Manager, must sell and realise the Assets
     of the Series Trust (and, in relation to the sale (other than pursuant to
     clause 26.5) of any Mortgage Loan Rights forming part of the Assets of the
     Series Trust, the Trustee must obtain appropriate expert advice prior to
     the sale) and such sale (so far as reasonably practicable and reasonably
     commercially viable) must be completed within 180 days of the Termination
     Date provided that during the period of 180 days from the Termination Date:

     (a)  (Fair Market Value): the Trustee must not offer to sell the Mortgage
          Loan Rights for less than their Fair Market Value;

     (b)  (Sale in accordance with clause 26.4): the Trustee must not sell any
          Mortgage Loan Rights unless the sale is on terms in accordance with
          clause 26.4; and

     (c)  (Right of first refusal): the Trustee must not sell any Mortgage Loan
          Rights unless it has offered the Mortgage Loan Rights for sale to the
          Sellers in accordance with clause 26.5 and CBA has either not accepted
          that offer or has accepted that offer

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<PAGE>

          within 90 days of that Termination Date but not paid the consideration
          due by the time required pursuant to clause 26.5.

26.4 Conditions of Sale During 180 days

     The Trustee must not conclude a sale pursuant to clause 26.3 (other than
     pursuant to clause 26.5) unless:

     (a)  (Equitable assignment only): all Mortgage Loan Rights sold pursuant to
          that sale are assigned in equity only (unless the Trustee already
          holds legal title to such Mortgage Loan Rights);

     (b)  (Servicer's rights retained): the sale is expressly subject to the
          Servicer's right to be retained as Servicer of the Mortgage Loan
          Rights in accordance with the terms of this Deed; and

     (c)  (Sale subject to CBA Trust): the sale is expressly subject to the
          rights of the CBA Trust in respect of those Mortgage Loan Rights
          pursuant to this Deed and to the rights of the beneficiary, or
          beneficiaries of the CBA Trust, in respect of those Mortgage Loan
          Rights pursuant to this Deed.

26.5 Right of Refusal to Seller

     (a)  (Deemed offer to Seller): On the Termination Date of the Series Trust
          the Trustee is deemed to irrevocably offer to extinguish in favour of
          the Sellers, its entire right, title and interest in the Mortgage Loan
          Rights forming part of the Assets of the Series Trust in return for
          the payment to the Trustee of an amount determined in accordance with
          clause 26.3(a) as at the Termination Date.

     (b)  (Acceptance by Seller of Offer): CBA (on behalf of itself and
          Homepath) may verbally accept the offer referred to in clause 26.5(a)
          within 90 days after the Termination Date of the Series Trust and,
          having accepted the offer, must pay to the Trustee, in immediately
          available funds, the amount referred to in clause 26.5(a) by the
          expiration of 180 days after the Termination Date of the Series Trust.
          If CBA (on behalf of itself and Homepath) makes such payment, the
          Trustee must execute whatever documents CBA (on behalf of itself and
          Homepath) reasonably requires to complete the extinguishment of the
          Trustee's right, title and interest in the Mortgage Loan Rights then
          forming part of the Assets of the Series Trust.

     (c)  (Trustee must not sell): The Trustee must not sell any Mortgage Loan
          Rights referred to in clause 26.5(a) unless CBA (on behalf of itself
          and Homepath) has failed to accept the offer referred to in clause
          26.5(a) within 90 days after the Termination Date or, having accepted
          the offer, has failed to pay the amount referred to in clause 26.3(a)
          by the expiration of 180 days after the Termination Date.

26.6 Sale at Lower Price

     If after the expiration of the period of 180 days from the Termination Date
     of the Series Trust the Trustee has not sold any Mortgage Loan Rights which
     form part of the Assets of the Series Trust for the amount determined in
     accordance with clause 26.3(a), the Trustee may proceed to sell such
     Mortgage Loan Rights free from the prohibitions contained in clause 26.3
     and may, if necessary, sell such Mortgage Loan Rights on the terms set out
     in clause 26.7 if the terms of that clause are satisfied. If any Mortgage
     Loan Rights are sold for less than the price for those Mortgage Loan Rights
     determined in accordance with clause 26.3(a), then any such shortfall must
     be allocated as provided for clause 26.11.

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<PAGE>

26.7 Conditions of Sale After 180 days

     Upon the expiration of the period of 180 days from the Termination Date in
     respect of the Series Trust, the Trustee may, if necessary (in its
     reasonable opinion) to sell the Mortgage Loan Rights forming part of the
     Assets of the Series Trust for at least the amount determined in accordance
     with clause 26.3(a) in respect of those Mortgage Loan Rights:

     (a)  (Perfect title): take all necessary steps to perfect the Trustee's
          legal title to the Mortgage Loan Rights as if a Perfection of Title
          Event had occurred;

     (b)  (Terminate Servicer): terminate the rights and obligations of the
          Servicer in respect of those Mortgage Loan Rights; and

     (c)  (Sell Mortgage Loan Rights): sell the legal and beneficial ownership
          in such Mortgage Loan Rights to the prospective purchaser free of all
          rights of the relevant Seller to repurchase such Mortgage Loan Rights
          in accordance with this Deed which rights that Seller is deemed to
          have waived by its not accepting the offer made to it in accordance
          with clause 26.3(a).

26.8 Further Conditions of Sale After 180 days

     If the Trustee sells the Mortgage Loan Rights pursuant to clause 26.7, the
     Trustee must use reasonable endeavours to include as a condition of the
     sale that the purchaser will:

     (a)  (Consent): consent to the granting in favour of the relevant Seller of
          mortgages and other Security Interests subsequent to the Mortgages and
          Collateral Security assigned to the purchaser;

     (b)  (Enter Priority Agreements): enter into priority agreements with that
          Seller, in the form then specified in the Servicing Standards,
          limiting the priority of the Mortgages and Collateral Security
          assigned to the purchaser over any subsequent mortgages and other
          Security Interests held by that Seller to the then principal
          outstanding of the relevant Mortgage Loan and any interest, fees and
          expenses on this amount; and

     (c)  (Endeavour to obtain Borrower's consent): use reasonable endeavours to
          obtain the consent of the providers of Mortgages and Collateral
          Securities assigned to the purchaser, and any other relevant person,
          to the grant of subsequent mortgages and other Security Interests to
          that Seller.

26.9 Procedures Pending Winding-Up

     During the period commencing on the Termination Date and ending on the
     Termination Payment Date:

     (a)  (Trustee, Manager and Servicer must continue to perform duties): the
          Trustee, the Servicer and the Manager must continue to perform their
          respective roles in accordance with the Master Trust Deed and this
          Deed in respect of the Assets of the Series Trust;

     (b)  (Collections to continue to be paid into Collections Account): all
          Collections must continue to be deposited into the Collections Account
          in accordance with this Deed;

     (c)  (Proceeds of sale): all proceeds arising from the sale of Assets of
          the Series Trust must be deposited into the Collections Account and
          must be treated for all purposes as if such proceeds were Collections
          and the Manager must determine (and advise the Trustee) which of such
          proceeds are to be treated as received on account of

                                                                             110

<PAGE>

           principal amounts and which of such proceeds are to be treated as
           received on account of available funds; and

      (d)  (Trustee must make payments): the Trustee must continue to make all
           distributions, transfers and payments determined by the Manager as
           required to be made in accordance with this Deed.

26.10 Costs on Winding-up of the Series Trust

      On the Determination Date prior to the Termination Payment Date, the
      Manager (in consultation with the Trustee) must in respect of the Series
      Trust make provision for all Taxes, costs, charges, expenses, claims and
      demands anticipated to become payable after the Termination Payment Date
      in connection with or arising out of the administration or winding up of
      the Series Trust, including the fees of any consultants whom the Trustee,
      a Seller, the Servicer, the Security Trustee or the Manager have employed
      in connection with the administration or winding up of the Series Trust.
      Such costs (if any) will be treated as Expenses by the Manager in making
      its determinations as to payments to be made on the Termination Payment
      Date in accordance with clause 26.11.

26.11 Calculation of Final Distributions

     On the Determination Date prior to the Termination Payment Date, the
     Manager must determine how the amounts standing to the credit of the
     Collections Account (other than amounts, if any, in respect of Cash Advance
     Deposit) are to be distributed and must make such determination in
     accordance with the provisions of this Deed for payments and allocations of
     principal amounts and Available Income Amounts. As soon as practicable
     after making such determinations, the Manager must notify the Trustee of
     the allocations and payments to be made on the Termination Payment Date in
     accordance with this Deed.

26.12 Final Distributions

      On the Termination Payment Date, the Trustee must make the payments that
      the Manager directs it to make pursuant to clause 26.11.

26.13 Insufficient Funds

      If the Trustee has insufficient funds to make the payments required to be
      made under clause 26.12 to the Securityholders in full, the Trustee will
      distribute the amount available to the Trustee in accordance with
      (including the order of priority specified in) clause 10.3 in the case of
      the capital of the Series Trust and clause 10.2 in the case of the income
      of the Series Trust.

26.14 Excess Funds

      If following the distribution of the amounts required to be distributed by
      the Trustee to Securityholders pursuant to clause 26.12 the Trustee holds
      any excess funds or other Assets of the Series Trust, the Trustee must
      immediately distribute such funds or Assets to the Residual Unitholder.

26.15 Distribution to Residual Unitholder in Specie

     On the occurrence of an event referred to in paragraph (c)(i) of the
     definition of Termination Date, the Trustee must immediately after
     deducting any amount paid or provided for pursuant to clause 26.12,
     distribute the Assets of the Series Trust in full in specie to the Residual
     Unitholder. The Residual Unitholder must take all steps necessary on its
     part in order to enable the Trustee to comply with this clause 26.15 and
     will reimburse the Trustee on demand for all expenses payable in connection
     with such transfer.

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26.16 Terms of In Specie Distributions

      Any in specie distribution pursuant to clause 26.15 will be without
      recourse to the Trustee and without representation or warranty by the
      Trustee.

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

27.  General

27.1 Required Credit Rating

     For the purposes of the Master Trust Deed in so far as it relates to the
     Series Trust:

     (a)  (Moody's): the Required Credit Rating required by Moody's in respect
          of Authorised Short-Term Investments of the Series Trust is a
          short-term rating of P1 or such other rating as is agreed between the
          Manager, the Trustee and Moody's;

     (b)  (S&P): the Required Credit Rating required by S&P in respect of
          Authorised Short-Term Investments of the Series Trust is a short-term
          rating of A-1+ or such other rating as is agreed between the Manager,
          the Trustee and S&P; and

     (c)  (Fitch): the Required Credit Rating required by Fitch in respect of
          Authorised Short-Term Investments of the Series Trust is a short-term
          rating of F1+ or such other rating as is agreed between the Manager,
          the Trustee and Fitch.

27.2 Distribution of information

     The Manager will on or before the date which is 1 Business Day before each
     Distribution Date send:

     (a)  (To the Trustee): to the Trustee, the Principal Paying Agent and the
          US Dollar Note Trustee, the Quarterly Certificate; and

     (b)  (To the Rating Agencies): to the Rating Agencies, such information as
          they require:

          (i)  from the Quarterly Certificate; and

          (ii) the Pool Performance Data (if available) (and the Manager will
               send the same information to the Trustee).

27.3 Electronic Reporting of Pool Performance Data

     Prior to each Distribution Date, the Manager (or a person nominated by the
     Manager) must prepare and arrange for the publication by Reuters and/or
     Bloomberg, L.P. (or another similar electronic medium) of the Pool
     Performance Data (if available) in respect of the Collection Period just
     ended in a format similar to that used by other mortgage-backed securities
     issuers in the Australian market. The Manager is not liable to any person
     in any manner for the acts or omissions of the person nominated by the
     Manager for the purposes set out in this clause 27.3.

27.4 Claim for Damages

     Where this Deed provides for damages to be payable by a Seller, the
     Servicer or the Manager:

     (a)  (Claim must be in writing): a written notice of a claim for damages
          must be provided to the relevant party by the Trustee;

     (b)  (Claim must specify the amount of damages): such notice must specify
          the amount of damages claimed and how such amount has been determined
          by reference to the loss incurred as a result of the breach leading to
          the claim for damages; and

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<PAGE>

     (c)  (Trustee must act on instructions): the Trustee in preparing a notice
          in accordance with clauses 27.4(a) and (b) will act on the
          instructions of the Manager (in the case of a claim against that
          Seller or the Servicer) or take expert advice, if necessary (in the
          case of a claim against the Manager).

27.5 Allocation of Damages

     If an amount is payable to the Trustee by the Servicer, a Seller or the
     Manager for a breach of a representation, warranty or obligation under the
     Master Trust Deed or this Deed or for other damages, the Manager will
     determine what portion of such amount is to be treated as Other Principal
     Amounts and what portion of such amount is to be treated as Other Income
     Amounts. On each Determination Date the Manager must notify the Trustee of
     its allocation, in accordance with the foregoing, of such payment received
     (if any) in the Collection Period just ended.

27.6 Additional Expenses

     Pursuant to clause 16.11 of the Master Trust Deed, the Expenses are
     incorporated into and form part of the expenses of the Series Trust for
     which the Trustee is entitled to be indemnified out of the Assets of the
     Series Trust.

27.7 Form of Transfers and Certificates

     For the purposes of the Master Trust Deed insofar as it relates to the
     Series Trust:

     (a)  (Security Certificate): the form of the Security Certificate for A$
          Securities is as specified in Schedule 6; and

     (b)  (Security Transfer): the form of the Security Transfer for A$
          Securities is as specified in Schedule 7.

27.8 Incur Costs Without Approval

     Pursuant to clause 16.26 of the Master Trust Deed, the Trustee may do such
     things, take such actions and incur such expenses without the consent of
     the Manager (including the appointment of advisers) as it believes
     necessary (acting reasonably) in determining whether a particular event
     under the Transaction Documents in relation to the Series Trust is having,
     or will have, an Adverse Effect where such determination is a necessary
     pre-condition for the Trustee to exercise its rights under any Transaction
     Documents.

27.9 Adverse Effect

     The Manager and the Servicer acknowledge that:

     (a)  (Determination without consent): an Adverse Effect may be determined
          by the Trustee without the consent of the Manager provided such
          determination is a necessary pre-condition of the Trustee exercising
          its rights under a Transaction Document;

     (b)  (Notice): the Trustee is required to determine an Adverse Effect or to
          provide the notices referred to in this Deed in respect of a
          determination of Adverse Effect only if it is actually aware of the
          facts giving rise to the Adverse Effect; and

     (c)  (Trustee may rely): in making those determinations, the Trustee will
          seek and rely conclusively on advice given to it by its advisers in
          the manner contemplated in clause 16.6 of the Master Trust Deed.

                                                                             113

<PAGE>

27.10 Notification to Rating Agencies of Redemption of Securities

      The Manager will promptly notify each of the Rating Agencies of the
      redemption (or deemed redemption) or discharge in full of a Class of
      Securities.

27.11 Further Support Facilities

      Upon the termination of a Liquidity Facility Agreement, a Standby Redraw
      Facility Agreement or a Hedge Agreement, and subject to clause 29.5 of
      this Deed and clause 16.5 of the Master Trust Deed, and without limiting
      the Trustee's powers under clause 16 of the Master Trust Deed, the Trustee
      as trustee of the Series Trust must if requested by the Manager, upon
      receipt from each Rating Agency of a Rating Affirmation Notice in respect
      of the following, enter into a substitute Liquidity Facility Agreement,
      Redraw Facility Agreement or Hedge Agreement (as the case may be) with
      such parties and upon such terms as are specified by the Manager.

27.12 Supplementary Trustee Powers

      Without limiting the generality of clause 16.1 of the Master Trust Deed or
      any other provision of the Master Trust Deed, but subject to the
      limitations imposed on the Trustee pursuant to the Master Trust Deed, the
      Trustee has full power to do the following (which powers are to be
      construed as separate and independent powers):

     (a)  (Depository): to deliver or lodge the Class A-1 Notes, or arrange for
          the Class A-1 Notes to be delivered or lodged, with the Depository or
          its nominee;

     (b)  (Payment direction): where a person owes an amount to the Trustee, to
          direct that debtor to make that payment to another person on behalf of
          the Trustee, including directing payments due in respect of the
          Securities to be made to the Securityholders;

     (c)  (Currency conversion): to convert currencies on such terms and
          conditions as the Manager thinks fit and that are acceptable to the
          Trustee acting reasonably;

     (d)  (Stock exchange): to list and maintain the listing of the Class A-1
          Notes with any applicable regulatory authority to enable trading of
          the Class A-1 Notes on any stock exchange;

     (e)  (US Dollar Note Trustee): to appoint the US Dollar Note Trustee;

     (f)  (Agent Bank): to appoint the Agent Bank;

     (g)  (Paying Agent): to appoint the Principal Paying Agent and each other
          Paying Agent;

     (h)  (US Dollar Note Registrar): to appoint the US Dollar Note Registrar;

     (i)  (Hold Assets Other Trusts): if provided for in any Transaction
          Document, to hold any property or any interest in any property both as
          trustee of the Series Trust and as trustee on behalf of one or more
          persons in accordance with the provisions of the relevant Transaction
          Document;

     (j)  (Additional Fees and Expenses): in accordance with the Transaction
          Documents, to pay or reimburse to any person any fees, liabilities,
          losses, costs, claims, actions, damages, expenses, demands, charges,
          stamp duties and other Taxes in relation to the exercise by the
          Trustee of the above powers; and

     (k)  (Incidental Powers): with the written agreement of the Manager (which
          agreement is not to be unreasonably withheld), to do all such things
          incidental to or necessary or convenient to be done for, or in
          connection with, any of the above powers.

                                                                             114

<PAGE>

27.13 Trustee's power to delegate

      For the purposes of clause 16.4(p) of the Master Trust Deed, and
      notwithstanding any limitation contained in the Master Trust Deed the
      Trustee may delegate any obligation it has to receive or make payments
      denominated in US$ to a Paying Agent notwithstanding that such obligation
      may be a material obligation and, in respect of such delegation, but
      subject to clause 28.3, the Trustee is not liable for the acts or
      omissions of that Paying Agent.

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

28.  Limitation of Trustee's duties

28.1 Trustee May Rely

     (a)  (Entitled to rely): The Trustee is entitled to conclusively rely on
          (unless actually aware to the contrary) and is not required to
          investigate the accuracy of:

          (i)   (Contents of Sale Notice): the contents of a Sale Notice given
                to it by a Seller and any representation as to whether a
                Mortgage Loan meets the Eligibility Criteria;

          (ii)  (Quarterly Certificate): the contents of a Quarterly
                Certificate;

          (iii) (Calculations): any calculations made by a Seller, the Servicer
                or the Manager under this Deed including without limitation, the
                calculation of amounts to be paid to, or charged against, any
                Securityholder or a Seller on specified dates;

          (iv)  (Collections): the amount of, or allocation of, Collections;

          (v)   (Certificates): the contents of certificates provided to the
                Trustee under this Deed and any certificates given by the
                Manager or the Servicer pursuant to the Quarterly Certificate or
                otherwise pursuant to subsequent amendments to this Deed or the
                Master Trust Deed; and

          (vi)  (US Dollar Note Trustee Directions): all directions or
                instructions given to it by the US Dollar Note Trustee in
                accordance with the US Dollar Note Trust Deed.

     (b)  (Manager Default): The Trustee is not liable for any Manager Default
          or Servicer Default or Perfection of Title Event.

28.2 No Duty to Investigate

     The Trustee has no duty, and is under no obligation, to investigate whether
     a Servicer Default or a Perfection of Title Event has occurred other than
     where it has actual notice that such event has occurred.

28.3 Trustee not Liable

     Subject to clause 16.9 of the Master Trust Deed, but notwithstanding any
     other provision of the Master Trust Deed or any other Transaction Document,
     the Trustee has no liability (other than in its capacity as trustee of the
     Series Trust) for any act or omission by a Depository (or any nominee of a
     Depository), the US Dollar Note Trustee, the London Stock Exchange plc, the
     US Dollar Note Registrar, the Agent Bank or any Paying Agent except to the
     extent that act or omission was caused or contributed to by the Trustee's
     fraud, negligence or wilful default.

                                                                             115

<PAGE>

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29.  Trustee's limitation of liability

29.1 Limitation on Trustee's liability

     The Trustee enters into this Deed only in its capacity as trustee of the
     Series Trust and in no other capacity. A liability incurred by the Trustee
     acting in its capacity as trustee of the Series Trust arising under or in
     connection with this Deed is limited to and can be enforced against the
     Trustee only to the extent to which it can be satisfied out of Assets of
     the Series Trust out of which the Trustee is actually indemnified for the
     liability. This limitation of the Trustee's liability applies despite any
     other provision of this Deed (other than clause 29.3) and extends to all
     liabilities and obligations of the Trustee in any way connected with any
     representation, warranty, conduct, omission, agreement or transaction
     related to this Deed.

29.2 Claims against Trustee

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

29.3 Breach of trust

     The provisions of this clause 29 will not apply to any obligation or
     liability of the Trustee to the extent that it is not satisfied because
     under the Master Trust Deed, this Deed or any other Transaction Document in
     relation to the Series Trust or by operation of law there is a reduction in
     the extent of the Trustee's indemnification out of the Assets of the Series
     Trust, as a result of the Trustee's fraud, negligence or wilful default.

29.4 Acts or Omissions

     It is acknowledged that the Relevant Parties are responsible under the
     Transaction Documents for performing a variety of obligations relating to
     the Series Trust. No act or omission of the Trustee (including any related
     failure to satisfy its obligations and any breach of representations and
     warranties under this Deed) will be considered fraudulent, negligent or a
     wilful default for the purpose of clause 29.3 to the extent to which the
     act or omission was caused or contributed to by any failure by any Relevant
     Party or any other person appointed by the Trustee under a Transaction
     Document (other than a person whose acts or omissions the Trustee is liable
     for in accordance with any Transaction Document) to fulfil its obligations
     relating to the Series Trust or by any other act or omission of a Relevant
     Party or any other such person.

29.5 No obligation

     The Trustee (both in its capacity as trustee of the Series Trust and
     trustee of the CBA Trust) is not obliged to enter into any commitment or
     obligation under this Deed or any Transaction Document (including incur any
     further liability) unless the Trustee's liability is limited in a manner
     which is consistent with this clause 29 or otherwise in a manner
     satisfactory to the Trustee (both in its capacity as trustee of the Series
     Trust and trustee of the CBA Trust) in its absolute discretion.

29.6 CBA Trust

     Notwithstanding clause 29.1, the Trustee also enters into this Deed in its
     capacity as trustee of the CBA Trust. Clauses 29.1 to 29.5 (inclusive) do
     not apply to the extent, and only to the extent, that the Trustee enters
     into this Deed in its capacity as Trustee of the CBA Trust and has
     liabilities in relation to the CBA Trust. The Trustee's liability in
     relation to the CBA Trust

                                                                             116

<PAGE>

     is limited as set out in clause 2.16. Nothing in this clause 29.6 shall be
     construed as imposing on the Trustee any greater liability under this Deed
     than as is set out in clauses 29.1 to 29.5 (inclusive) and clause 2.16.

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30.  Consumer Credit Code

30.1 Breach of Consumer Credit Code

     Where the Trustee is held liable for breaches under the Consumer Credit
     Code, the Trustee must seek relief initially under any indemnities provided
     to it by the Manager, the Servicer or a Seller before exercising its rights
     to recover against any Assets of the Series Trust. If any claim under such
     an indemnity is not satisfied within 3 Business Days of it being made, the
     Trustee is entitled to exercise its right of indemnity out of the Assets of
     the Series Trust.

30.2 Right of Indemnity - Consumer Credit Code

     (a)  (Trustee to be indemnified against Penalty Payments): Without
          prejudice to the right of indemnity given by law to trustees, and
          without limiting any other provision of this Deed, the Trustee will be
          indemnified out of the Series Trust, free of any set-off or
          counterclaim, against all Penalty Payments which the Trustee is
          required to pay personally or in its capacity as trustee of the Series
          Trust and arising in connection with the performance of its duties or
          exercise of its powers under this Deed in relation to the Series
          Trust.

     (b)  (Indemnity not affected): The Trustee's right to be indemnified in
          accordance with clause 30.2(a) applies notwithstanding any allegation
          that the Trustee incurred such Penalty Payment as a result of its
          negligence, fraud or wilful default or any other act or omission which
          may otherwise disentitle the Trustee to be so indemnified. However,
          the Trustee is not entitled to that right of indemnity to the extent
          that there is a determination by a relevant court of negligence, fraud
          or wilful default by the Trustee (provided that, until such
          determination, the Trustee is entitled to that right of indemnity but
          must, upon such determination, repay to the Series Trust any amount
          paid to it under this clause 30.2). The Trustee may rely on others in
          relation to compliance with the Consumer Credit Code.

     (c)  (Overrides other provisions): This clause 30.2 overrides any other
          provision of this Deed.

     (d)  (Servicer to indemnify prior to a Perfection of Title Event): The
          Servicer indemnifies the Trustee in relation to the Series Trust, free
          of any set-off or counterclaim, against all Penalty Payments which the
          Trustee is required to pay personally or in its capacity as trustee of
          the Series Trust and arising in connection with the performance of its
          duties or exercise of its powers under this Deed in relation to the
          Series Trust where the events giving rise to the Penalty Payment
          occurs prior to a Perfection of Title Event.

     (e)  (Servicer to indemnify after a Perfection of Title Event): The
          Servicer indemnifies the Trustee in relation to the Series Trust, free
          of any set-off or counterclaim, against all Penalty Payments which the
          Trustee is required to pay personally or in its capacity as trustee of
          the Series Trust and arising in connection with the performance of its
          duties or exercise of its powers under this Deed in relation to the
          Series Trust to the extent that they arise as the result of a Servicer
          Default (whether or not waived by the Trustee) or any other failure of
          the Servicer to comply with its obligations under this Deed or a
          Transaction Document where the events giving rise to the Penalty
          Payment occur after a Perfection of Title Event.

     (f)  (Servicer indemnifies first): The Trustee will call upon the indemnity
          under paragraph (d) or (e), as the case may be, before it calls upon
          the indemnity in

                                                                             117

<PAGE>

          paragraph (a). If any such claim is not satisfied within 3 Business
          Days of the claim being made, the Trustee may (without prejudice to
          its rights under any indemnity under paragraph (d) or (e)) exercise
          its right of indemnity referred to in paragraph (a).

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31.  Notices

31.1 Method of Delivery

     Subject to clause 31.3, any notice, request, certificate, approval, demand,
     consent or other communication to be given under this Deed:

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

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

     (c)  (Delivery): must be:

          (i)   left at the address of the addressee;

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

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

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

31.2 Deemed Receipt

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

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

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

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

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

31.3 Notice to Investors

     Any notice required or permitted to be given to an Investor pursuant to
     this Deed must be given, and will be deemed to be received:

     (a)  (Residual Unitholder and A$ Securityholder): in the case of notices to
          a Residual Unitholder or to a Securityholder in respect of an A$
          Security, in accordance with clause 24.4 of the Master Trust Deed; and

     (b)  (Class A-1 Noteholder): in the case of notices to a Class A-1
          Noteholder, in accordance with condition 11.1 of the US Dollar Note
          Conditions.

                                                                             118

<PAGE>

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32.  Confidentiality

32.1 General Restriction

     Subject to clause 32.2, the Trustee and the Servicer (if not a Seller) and
     the Manager (if not a Related Body Corporate of a Seller) must at all times
     keep and ensure that its officers, employees, consultants, advisers and
     agents keep confidential and not divulge to any person (other than to any
     of its officers, employees, consultants, advisers and agents who require
     such information to enable them to properly carry out their duties) or make
     or cause any public announcement or other disclosure of or in relation to:

     (a)  the terms of this Deed or any other Transaction Document (including
          any written or oral agreements, negotiations or information in
          relation to this Deed); and

     (b)  any document or information provided to such party under or in
          connection with this Deed which is confidential, including without
          limitation any information in connection with any Mortgage Loan or any
          Borrower,

     without the prior written consent of the other parties, which consent may
     be given or withheld or given with conditions in their discretion.

32.2 Exceptions

     The limitation in clause 32.1 does not apply to the issue by the Manager of
     any information memorandum, prospectus or registration statement in respect
     of any Securities or to any disclosure or announcement of information
     which:

     (a)  (Law): is required by law;

     (b)  (Stock Exchange or Regulatory Authority): is required by any stock
          exchange or regulatory authority (including, without limitation, the
          United States Securities & Exchange Commission);

     (c)  (Legal Proceedings): is in connection with legal proceedings relating
          to this Deed, any Transaction Document or any Mortgage Document;

     (d)  (Information Available): is in respect of information generally and
          publicly available (including the electronic reporting of Pool
          Performance Data under clause 27.3);

     (e)  (Obligations): is required in order for the Trustee, the Servicer or
          the Manager, as applicable, to perform its obligations and exercise
          its powers under any Transaction Documents or any transactions entered
          into as contemplated by the Transaction Documents;

     (f)  (APRA): is required by the Australian Prudential Regulation Authority
          or any replacement prudential authority in connection with its
          prudential supervision of banks; or

     (g)  (Rating Agencies): is reasonably required by a Rating Agency in
          connection with its rating of the Securities.

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

33.  Miscellaneous

33.1 Amendments

     (a)  (To this Deed): The parties to this Deed may amend, add to or revoke
          any provision of this Deed only in accordance with the provisions of
          clause 25 of the

                                                                             119

<PAGE>

          Master Trust Deed provided that any amendment, addition or revocation
          that effects a Payment Modification (as defined in the US Dollar Note
          Trust Deed) may not be made unless the consent has first been obtained
          of each Class A-1 Noteholder to such Payment Modification.

     (b)  (To Transaction Documents): The Trustee and the Manager may not amend
          any Transaction Document (other than the Master Trust Deed, this Deed,
          the Security Trust Deed, the US Dollar Note Trust Deed and the Class
          A-1 Notes) unless each Rating Agency has issued a Rating Affirmation
          Notice in relation to the amendment.

33.2 Governing Law

     This Deed is governed by the laws of the State of New South Wales.

33.3 Jurisdiction

     (a)  (Submission to jurisdiction): Each of the Trustee, the Manager, the
          Servicer, the Sellers, the Residual Unitholder and each
          Securityholder, irrevocably submits to and accepts, generally and
          unconditionally, the non-exclusive jurisdiction of the courts and
          appellate courts of the State of New South Wales with respect to any
          legal action or proceedings which may be brought at any time relating
          in any way to this Deed.

     (b)  (Waiver of inconvenient forum): Each of the Trustee, the Manager, the
          Servicer, the Sellers, the Residual Unitholder and each Noteholder,
          irrevocably waives any objection it may now or in the future have to
          the venue of any such action or proceedings and any claim it may now
          or in the future have that any such action or proceeding has been
          brought in an inconvenient forum.

33.4 Notify Rating Agencies

     The Trustee and the Manager must promptly notify the Rating Agencies of the
     occurrence of any Trustee Default, Manager Default, Servicer Default,
     Perfection of Title Event or Document Transfer Event of which they are
     aware.

33.5 Severability of Provisions

     In the event that any provision of this Deed is prohibited or unenforceable
     in any jurisdiction such provision will, as to such jurisdiction, be
     ineffective to the extent of such prohibition or unenforceability without
     invalidating the remaining provisions of this Deed or affecting the
     validity or enforceability of such provision in any other jurisdiction.

33.6 Counterparts

     This Deed may be executed in any number of counterparts and all of such
     counterparts taken together will be deemed to constitute one and the same
     instrument.

33.7 No Revocation of Power of Attorney

     Each attorney, by signing this Deed, declares that he or she has not
     received any notice of the revocation of the power of attorney under which
     he or she signs this Deed.

33.8 Certifications

     Any document or thing required to be certified by a party to the Deed will
     be certified by an Authorised Officer of that party.

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<PAGE>

33.9 Payments

     All payments hereunder to any party to this Deed will be made to such
     account as the party to which such payment is to be made may specify in
     writing to the party making such payment.

33.10 Waiver

     No waiver by any party of any provision of or right of such party under
     this Deed will be effective unless it is in writing signed by an Authorised
     Officer of such party and such waiver will be effective only in the
     specific instance and for the specific purpose for which it was given. No
     failure or delay by any party to exercise any right under this Deed or to
     insist on strict compliance by any other party to this Deed with any
     obligation under this Deed, and no custom or practice of the parties at
     variance with the terms of this Deed, will constitute a waiver of such
     party's right to demand exact compliance with this Deed.

33.11 Entire Understanding

     Except as specifically stated otherwise in this Deed, this Deed sets forth
     the entire understanding of the parties relating to the subject matter
     hereof, and all prior understandings, written or oral, are superseded by
     this Deed. This Deed may not be modified, amended, waived or supplemented
     or assigned except as expressly provided in this Deed.

33.12 Survival of Indemnities

     The indemnities contained in this Deed are continuing obligations of the
     party giving such indemnity, separate and independent from the other
     obligations of such party and will survive the termination of this Deed.

33.13 Successors and Assigns

     This Deed will be binding upon and inure to the benefit of the parties to
     this Deed and their respective successors and assigns.

33.14 Moratorium Legislation

     To the fullest extent permitted by law, the provisions of all existing or
     future laws which operate or may operate directly or indirectly to lessen
     or otherwise vary the obligations of any party under this Deed or to delay,
     curtail or otherwise prevent or prejudicially affect the exercise by any
     party of any of its rights, remedies or powers under this Deed are
     expressly negatived and excluded.

33.15 Privacy

     (a)  (Acknowledgement): Each party acknowledges that Personal Information
          may be exchanged between the parties pursuant to the terms of this
          Deed.

     (b)  (Obtain consents): If Personal Information is exchanged between the
          parties, the party which provides the Personal Information must ensure
          that it obtains such consents, if any, as are required by the Privacy
          Act to be obtained by that party in relation to that provision of
          Personal Information.

     (c)  (Best endeavours to comply): Each party undertakes to use its best
          endeavours to ensure that at all times:

          (i)  Personal Information provided to it (the "Receiving Party") by
               another party (the "Providing Party"):

               A.   unless otherwise required by law, will be used only for the
                    purpose of fulfilling the Receiving Party's obligations
                    under

                                                                             121

<PAGE>

                    the  Transaction Documents; and

               B.   except as expressly provided pursuant to the Transaction
                    Documents, will not be disclosed to any third party unless
                    express consent in writing is obtained from the Providing
                    Party; and

          (ii) in addition to the obligation under paragraph (b) above, it will
               comply with the Privacy Act and all applicable regulations,
               principles, standards, codes of conduct or guidelines concerning
               the handling of Personal Information under that Act or with any
               request or direction arising directly from or in connection with
               the proper exercise of the functions of the Privacy Commissioner,
               to the extent required by law.

     (d)  (Notification): If a Receiving Party becomes aware that a breach of
          paragraphs (b) or (c) above has occurred, or if it becomes aware that
          the law may require disclosure to be made or a consent to be obtained
          in relation to Personal Information provided to it by a Providing
          Party, it must immediately notify that Providing Party in writing.

                                                                             122

<PAGE>

Schedule 1
Form of Sale Notice

To:  Perpetual Trustee Company Limited, ABN 42 000 001 007 (the "Trustee")

Address: Level 3, 39 Hunter Street, Sydney, NSW, 2000

Attention: Manager, Securitisation Services

Copy to:

Securitisation Advisory Services Pty. Limited, ABN 88 064 133 946(the "Manager")
Level 6
48 Martin Place
Sydney  NSW  2000

Series 2002-1G Medallion Trust

Sale Notice

We refer to the Master Trust Deed (the "Master Trust Deed") dated 8 October 1997
between the Trustee and the Manager, as amended from time to time, and to the
Series Supplement (the "Series Supplement") dated [  ] between Commonwealth Bank
                                                   --
of Australia, ABN 48 123 123 124 (as a Seller and the Servicer), Homepath Pty
Limited, ABN 35 081 986 530 (as a Seller), the Manager and the Trustee. Terms
defined in the Series Supplement have the same meaning in this Sale Notice.

This is a Sale Notice pursuant to clause 4.2 of the Series Supplement. [Name of
Seller] ("Seller") hereby offers to assign to the Trustee with effect from [  ]
                                                                            --
(the "Cut-Off Date"):

(a)  each Mortgage Loan identified in the schedule accompanying this Sale
     Notice;

(b)  the Other Loans entered into from time to time in relation to the above
     Mortgage Loans;

(c)  the Mortgages in relation to the above Mortgage Loans;

(d)  other Mortgages granted from time to time in relation to the above Mortgage
     Loans;

(e)  all Collateral Securities from time to time in relation to the above
     Mortgage Loans;

(f)  the Mortgage Receivables from time to time in relation to the above
     Mortgage Loans;

(g)  the Mortgage Insurance Policies in relation to the above Mortgage Loans
     (other than the PMI Mortgage Insurance Policy); and

(h)  the Mortgage Documents from time to time in relation to the above Mortgage
     Loans.

This offer may be accepted by the Trustee only by paying the Consideration to
the Seller on [  ] (the "Closing Date").
               --

Both the Cut-Off Date and the Closing Date may be altered by the Manager giving
notice to the Trustee and the Seller, no later than 4 Business Days before the
then Closing Date, of the new date that is to be the Cut-Off Date or the Closing
Date (as the case may be). From the close of business on the Business Day which
is 4 Business Days before the then Closing Date neither the Cut-Off Date or the
Closing Date may be amended.

For and on behalf of
[Name of Seller]

----------------------------------
Authorised Officer

Date:

                                                                             123

<PAGE>

Schedule 2
Forms of Power of Attorney
(other than for Queensland and Western Australia)

THIS POWER OF ATTORNEY is made on                                          2002

BY                  [Details of relevant Seller] (the "Seller").

IN FAVOUR OF        PERPETUAL TRUSTEE COMPANY LIMITED, ABN 42 000 001 007, a
                    company incorporated in the State of New South Wales and
                    having an office at Level 3, 39 Hunter Street, Sydney, NSW
                    2000 (the "Trustee").

RECITALS

A.   The Trustee is the trustee, and the Manager is the manager, of the Series
     Trust constituted pursuant to the Master Trust Deed and the Series
     Supplement (as those terms are defined below).

B.   Under the Series Supplement, the delivery to the Trustee of this Deed is a
     condition of the Seller issuing an offer to assign Mortgage Loans to the
     Trustee.

THIS DEED PROVIDES as follows:

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1.   Interpretation

1.1  Definitions

     In this Deed, unless the contrary intention appears:

     "Attorney" means any attorney appointed by or pursuant to clause 2 and any
     person who derives a right directly or indirectly from an Attorney.

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

     "Series Supplement" means the Series Supplement dated [  ] between
                                                            --
     Commonwealth Bank of Australia, ABN 48 123 123 124 (as a Seller and the
     Servicer), Homepath Pty Limited, ABN 35 081 986 530 (as a Seller), the
     Manager and the Trustee.

     "Mortgage Transfer" in relation to a Mortgage means a duly executed land
     titles office transfer which, upon registration, is effective to transfer
     the legal title to the Mortgage to the Trustee.

1.2  Interpretation

     (a)  In this Deed unless the contrary intention appears, the provisions of
          clause 1.2 of the Series Supplement apply mutatis mutandis to this
          Deed as if set out in this Deed in full.

     (b)  In this Deed all references to "Assets of the Series Trust", "Mortgage
          Loans" and "Mortgage Transfers" shall be construed as references to
          those things to the extent that the Seller has an interest in them.

1.3  Series Supplement

     Unless expressly defined in this Deed or a contrary intention appears,
     words and expressions used in this Deed have the same meaning as in the
     Series Supplement.

                                                                             124

<PAGE>

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2.   Appointment and Powers

2.1  Appointment

     With effect from the assignment to the Trustee of the Mortgage Loans in
     accordance with the terms of the Series Supplement, the Seller appoints the
     Trustee and any Authorised Officer from time to time of the Trustee jointly
     and severally as its attorney with the right, subject to clause 2.2, to do
     in the name of the Seller and on its behalf everything necessary or
     expedient to:

     (a)  (Mortgage Transfers): in relation to all Mortgage Transfers:

          (i)   execute, deliver, lodge and register any Mortgage Transfer with
                any land titles office of any relevant Australian jurisdiction;

          (ii)  execute, deliver, lodge and register with any land titles office
                of any relevant Australian jurisdiction any other documents
                which are referred to in any Mortgage Transfer or which are
                ancillary or related to them or contemplated by them;

          (iii) execute, deliver, lodge and register with any land titles office
                of any relevant Australian jurisdiction any document or perform
                any act, matter or thing at its absolute discretion in any way
                relating to the Seller's involvement in the transactions
                contemplated by any Mortgage Transfer; and

          (iv)  give effect to the transactions contemplated by any Mortgage
                Transfer, including, but not limited to, completing blanks and
                making amendments, alterations or additions it considers
                necessary or desirable;

     (b)  (Mortgage Loans): in relation to any Mortgage Loan which is part of
          the Assets of the Series Trust, to exercise any rights of the Seller
          to vary by notice to the Borrower the rate or amount of any interest
          or fees payable by the Borrower under the Mortgage Loan;

     (c)  (Delegate): delegate any of its rights described in this Deed
          (including this right of delegation) to any person upon any terms or
          conditions that it thinks fit;

     (d)  (Sign Documents): sign, seal, deliver and execute and do (either
          unconditionally or subject to any conditions that it thinks fit) all
          deeds, arrangements, documents and things in respect of any of its
          rights described in this Deed; and

     (e)  (Do Incidental Things): do anything incidental to or conducive to the
          effective and expeditious exercise of its rights described in this
          Deed.

2.2  Limitation on Exercise of Powers

     The power of attorney conferred by clause 2.1 will be exercisable only on
     the occurrence of a Perfection of Title Event.

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3.   Consideration and Revocation

3.1  Consideration

     This Deed is executed by the Seller for good and valuable consideration,
     receipt of which the Seller hereby acknowledges.

                                                                             125

<PAGE>

3.2  Irrevocable without Consent

     Except with the prior written consent of an Authorised Officer of each of
     the Trustee and the Manager, the power of attorney granted under clause 2.1
     of this Deed is irrevocable by the Seller and its successors and assigns.

3.3  No Abrogation

     Subject only to revocation in accordance with clause 3.2, this Deed will
     remain in full force and effect notwithstanding:

     (a)  (Insolvency): the occurrence of an Insolvency Event with respect to
          the Seller;

     (b)  (Amendment): any waiver, replacement, amendment or variation of the
          Master Trust Deed or the Series Supplement;

     (c)  (Delay): any delay, laches, acquiescence, mistake, act or omission by
          any Attorney (including, without limitation, any Trustee Default or
          Manager Default); or

     (d)  (Miscellaneous): any other fact, matter, circumstance or thing
          whatsoever which, but for this clause 3.3 could or might operate to
          prejudice, release or otherwise affect the rights of an Attorney under
          this Deed.

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4.   Delegates

4.1  Obligation

     Where a delegation is made by an Attorney under clause 2, the following
     will apply:

     (a)  (Vary, suspend etc.): the Attorney may at any time by notice in
          writing vary, suspend or revoke a delegation made under clause 2;

     (b)  (Attorney retains any rights delegated): a right delegated by the
          Attorney may continue to be exercised or performed by the Attorney
          notwithstanding the delegation of that right;

     (c)  (Effect of acts delegated): any act or thing done within the scope of
          a delegation while the delegation is in force:

          (i)  has the same effect as if it had been done by the Attorney; and

          (ii) will not be invalidated by reason of a later revocation or
               variation of the delegation; and

     (d)  (Opinion of delegate): if the exercise or performance of a right by
          the Attorney is dependant upon the opinion, belief or state of mind of
          the Attorney in relation to a matter and that right is delegated by
          the Attorney, the delegate may, unless the contrary intention appears,
          exercise or perform the right based upon his or her own opinion,
          belief or state of mind (as the case may require) in relation to the
          matter.

4.2  Revocation of nomination

     The Trustee may at any time revoke or suspend any appointment of a nominee
     or an Attorney pursuant to clause 2.

                                                                             126

<PAGE>

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5.   Miscellaneous

5.1  Suspension of Seller's rights

     The Seller must not, after being notified in writing by any Attorney that
     an Attorney intends to exercise any right conferred on it by this Deed (and
     provided that such right is then and remains exercisable), exercise that
     right without the written consent of the Trustee.

5.2  Ratification

     The Seller will at all times ratify and confirm whatever any Attorney
     lawfully does, or causes to be done, in exercising its rights described in
     this Deed.

5.3  Conflict of Interest

     Any Attorney may exercise any right notwithstanding that it constitutes a
     conflict of interest or duty.

5.4  Seller Bound

     The Seller and any person (including, but not limited to, a substitute or
     assign) claiming under the Seller are bound by anything an Attorney does in
     the lawful exercise of its rights described in this Deed.

5.5  Third party dealings

     In respect of dealings by any person in good faith with an Attorney:

     (a)  (Evidence that power not revoked): that person may accept a written
          statement signed by any Attorney to the effect that the power of
          attorney granted under this Deed has not been revoked as conclusive
          evidence of that fact; and

     (b)  (No duty to enquire): if the Attorney executes any right granted to it
          by this Deed, that person is not bound to enquire as to whether the
          right is properly exercised or whether any circumstance has arisen to
          authorise the exercise of that right.

5.6  Indemnity

     The Seller will indemnify any Attorney from and against all actions, suits,
     claims, demands, damages, liabilities, losses, costs and expenses that may
     be made or bought against or suffered or incurred by any such Attorney
     arising out of or in connection with the lawful exercise of any of its
     rights described in this Deed.

5.7  Stamping and Registration

     The Seller will, promptly after execution and delivery of this Deed,
     properly stamp and register this Deed as required by any applicable law and
     the Seller authorises any Attorney to stamp and register this Deed on
     behalf of the Seller.

5.8  Costs

     All reasonable costs incurred by an Attorney in connection with the
     stamping and registration of this Deed in accordance with clause 5.7 will
     be paid by the Seller within a reasonable time after demand for payment is
     made.

                                                                             127

<PAGE>

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6.   Governing Law

     This Deed is governed by and construed in accordance with the laws of the
     State of New South Wales and the Seller irrevocably and unconditionally
     submits to the non-exclusive jurisdiction of the courts of the State of New
     South Wales and any courts of appeal from any of those courts.

EXECUTED as a deed.

THE COMMON SEAL of                               )
[Name of relevant Seller] is affixed in          )
accordance withits constitution in the presence  )
of:                                              )

------------------------------                       ---------------------------
Secretary                                            Director

                                                                             128

<PAGE>

Schedule 3
Form of Power of Attorney
(For Queensland)

THIS POWER OF ATTORNEY is made               on                             2002

BY                      [Details of relevant Seller] (the "Seller").

IN FAVOUR OF        PERPETUAL TRUSTEE COMPANY LIMITED, ABN 42 000 001 007, a
                    company incorporated in the State of New South Wales and
                    having an office at Level 3, 39 Hunter Street, Sydney, NSW
                    2000 (the "Trustee").

THIS DEED PROVIDES as follows:

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1.   Interpretation

     In this Deed, unless the contrary intention appears:

     "Attorney" means any attorney appointed by or pursuant to clause 2 and any
     person who derives a right directly or indirectly from an Attorney.

     "Authorised Officer" means in relation to the Trustee, a director,
     secretary or any person whose title contains the word or words "manager" or
     "chief executive officer" or a person performing the functions of any of
     them.

     "Mortgage Transfer" in relation to a mortgage in which the Seller has an
     interest, means a duly executed land titles office transfer which, upon
     registration, is effective to transfer the legal title to the mortgage to
     the Trustee.

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2.   Appointment and Powers

2.1  Appointment

     The Seller appoints the Trustee and any Authorised Officer from time to
     time of the Trustee jointly and severally as its attorney with the right,
     to do in the name of the Seller and on its behalf everything necessary or
     expedient to:

     (a)  (Mortgage Transfers): In relation to all Mortgage Transfers:

          (i)   execute, deliver, lodge and register any Mortgage Transfer with
                any land titles office of any relevant Australian jurisdiction;

          (ii)  execute, deliver, lodge and register with any land titles office
                of any relevant Australian jurisdiction any other documents
                which are referred to in any Mortgage Transfer or which are
                ancillary or related to them or contemplated by them;

          (iii) execute, deliver, lodge and register with any land titles office
                of any relevant Australian jurisdiction any document or perform
                any act, matter or thing at its absolute discretion in any way
                relating to the Seller's involvement in the transactions
                contemplated by any Mortgage Transfer; and

          (iv)  give effect to the transactions contemplated by any Mortgage
                Transfer, including, but not limited to, completing blanks and
                making amendments, alterations or additions it considers
                necessary or desirable;

                                                                             129

<PAGE>

     (b)  (Mortgage Loans): in relation to any mortgage loan which is an asset
          of the Seller, to exercise any rights of the Seller to vary by notice
          to the borrower with respect to the mortgage loan the rate or amount
          of any interest or fees payable by that borrower under the mortgage
          loan;

     (c)  (Delegate): delegate any of its rights described in this Deed
          (including this right of delegation) to any person upon any terms or
          conditions that it thinks fit;

     (d)  (Sign Documents): sign, seal, deliver and execute and do (either
          unconditionally or subject to any conditions that it thinks fit) all
          deeds, arrangements, documents and things in respect of any of its
          rights described in this Deed; and

     (e)  (Do Incidental Things): do anything incidental to or conducive to the
          effective and expeditious exercise of its rights described in this
          Deed.

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3.   Consideration and Revocation

3.1  Consideration

     The Seller acknowledges that it has received good and valuable
     consideration for the grant of this Deed.

3.2  Irrevocable without Consent

     Except with the prior written consent of an Authorised Officer of the
     Trustee, the power of attorney granted under clause 2.1 of this Deed is
     irrevocable by the Seller and its successors and assigns.

3.3  No Abrogation

     Subject only to revocation in accordance with clause 3.2, this Deed will
     remain in full force and effect notwithstanding:

     (a)  (Insolvency): the insolvency of, or the occurrence of any other
          analogous event with respect to, the Seller;

     (b)  (Amendment): any waiver, replacement, amendment or variation of any
          document (with or without the consent of the Seller);

     (c)  (Delay): any delay, laches, acquiescence, mistake, act or omission
          (including, without limitation, any default by the Trustee of any
          obligation that it owes to any person) by any Attorney; or

     (d)  (Miscellaneous): any other fact, matter, circumstance or thing
          whatsoever which, but for this clause, could or might operate to
          prejudice, release or otherwise affect the rights of an Attorney under
          this Deed.

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4.   Delegates

4.1  Obligation

     Where a delegation is made by an Attorney under clause 2, the following
     will apply:

     (a)  (Vary, suspend etc.): the Attorney may at any time by notice in
          writing vary, suspend or revoke a delegation made under clause 2;

                                                                             130

<PAGE>

     (b)  (Attorney retains any rights delegated): a right delegated by the
          Attorney may continue to be exercised or performed by the Attorney
          notwithstanding the delegation of that right;

     (c)  (Effect of acts delegated): any act or thing done within the scope of
          a delegation while the delegation is in force:

          (i)  has the same effect as if it had been done by the Attorney; and

          (ii) will not be invalidated by reason of a later revocation or
               variation of the delegation; and

     (d)  (Opinion of delegate): if the exercise or performance of a right by
          the Attorney is dependant upon the opinion, belief or state of mind of
          the Attorney in relation to a matter and that right is delegated by
          the Attorney, the delegate may, unless the contrary intention appears,
          exercise or perform the right based upon his or her own opinion,
          belief or state of mind (as the case may require) in relation to the
          matter.

4.2  Revocation of nomination

     The Trustee may at any time revoke or suspend any appointment of a nominee
     or an Attorney pursuant to clause 2.

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5.   Miscellaneous

5.1  Suspension of Seller's rights

     The Seller must not, after being notified in writing by any Attorney that
     an Attorney intends to exercise any right conferred on it by this Deed (and
     provided that such right is then and remains exercisable), exercise that
     right without the written consent of the Trustee.

5.2  Ratification

     The Seller will at all times ratify and confirm whatever any Attorney
     lawfully does, or causes to be done, in exercising its rights described in
     this Deed.

5.3  Conflict of Interest

     Any Attorney may exercise any right notwithstanding that it constitutes a
     conflict of interest or duty.

5.4  Seller Bound

     The Seller and any person (including, but not limited to, a substitute or
     assign) claiming under the Seller are bound by anything an Attorney does in
     the lawful exercise of its rights described in this Deed.

5.5  Third party dealings

     In respect of dealings by any person in good faith with an Attorney:

     (a)  (Evidence that power not revoked): that person may accept a written
          statement signed by any Attorney to the effect that the power of
          attorney granted under this Deed has not been revoked as conclusive
          evidence of that fact; and

     (b)  (No duty to enquire): if the Attorney executes any right granted to it
          by this Deed, that person is not bound to enquire as to whether the
          right is properly exercised or whether any circumstance has arisen to
          authorise the exercise of that right.

                                                                             131

<PAGE>

5.6  Indemnity

     The Seller will indemnify any Attorney from and against all actions, suits,
     claims, demands, damages, liabilities, losses, costs and expenses that may
     be made or bought against or suffered or incurred by any such Attorney
     arising out of or in connection with the lawful exercise of any of its
     rights described in this Deed.

5.7  Stamping and Registration

     The Seller will, promptly after execution and delivery of this Deed,
     properly stamp and register this Deed as required by any applicable law and
     the Seller authorises any Attorney to stamp and register this Deed on
     behalf of the Seller.

5.8  Costs

     All reasonable costs incurred by an Attorney in connection with the
     stamping and registration of this Deed in accordance with clause 5.7 will
     be paid by the Seller within a reasonable time after demand for payment is
     made.

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6.   Governing Law

     This Deed is governed by and construed in accordance with the laws of the
     State of New South Wales and the Seller irrevocably and unconditionally
     submits to the non-exclusive jurisdiction of the courts of the State of New
     South Wales and any courts of appeal from any of those courts.

EXECUTED as a deed.

THE COMMON SEAL of                                )
[Name of relevant Seller] is affixed in           )
accordance  withits constitution in the presence  )
of:                                               )

----------------------------                           -------------------------
Secretary                                              Director

                                                                             132

<PAGE>

Schedule 4
Form of Power of Attorney
(for Western Australia)

THIS POWER OF ATTORNEY is made on                                           2002

BY                      [Details of relevant Seller] (the "Grantor").

IN FAVOUR OF        PERPETUAL TRUSTEE COMPANY LIMITED, ABN 42 000 001 007, a
                    company incorporated in the State of New South Wales and
                    having an office at Level 3, 39 Hunter Street, Sydney, NSW
                    2000 (the "Grantee").

THIS DEED PROVIDES as follows:

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1.   Interpretation

     In this Deed, unless the contrary intention appears:

     "Attorney" means any attorney appointed by or pursuant to clause 2.

     "Authorised Officer" means:

     (a)  in relation to the Grantee, a director, secretary or any person whose
          title contains the word or words "manager" or "chief executive
          officer" or a person performing the functions of any of them; and

     (b)  in relation to the Manager, any person appointed by the Manager to act
          as an Authorised Officer of the Manager for the purposes of this Deed.

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

     "Mortgage" means a mortgage over real property, located in the State of
     Western Australia and registered under the Transfer of Land Act 1893, which
     is granted in favour of the Grantor and in which the Grantee has equitable
     title.

     "Mortgage Transfer" in relation to a mortgage means a duly executed land
     titles office transfer in respect of a Mortgage which, upon registration,
     is effective to transfer the legal title to the Mortgage to the Grantee.

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2.   Appointment and Powers

2.1  Appointment

     The Grantor appoints the Grantee as its attorney with the right, to do in
     the name of the Grantor and on its behalf everything necessary or expedient
     to:

     (a)  (Mortgage Transfers):

          (i)   sell or transfer legal title in all or any Mortgages to the
                Grantee;

          (ii)  execute, deliver, lodge and register any Mortgage Transfer with
                any land titles office of any relevant Australian jurisdiction;

          (iii) execute, deliver, lodge and register with any land titles office
                of any relevant Australian jurisdiction any other documents
                which are referred to in any Mortgage Transfer or which are
                ancillary or related to them or contemplated by them;

                                                                             133

<PAGE>

          (iv) execute, deliver, lodge and register with any land titles office
               of any relevant Australian jurisdiction any document or perform
               any act, matter or thing at its absolute discretion in any way
               relating to the Grantor's involvement in the transactions
               contemplated by any Mortgage Transfer; and

          (v)  give effect to the transactions contemplated by any Mortgage
               Transfer, including, but not limited to, completing blanks and
               making amendments, alterations or additions it considers
               necessary or desirable;

     (b)  (Sign Documents): sign, seal, deliver and execute and do (either
          unconditionally or subject to any conditions that it thinks fit) all
          deeds, arrangements, documents and things in respect of any of its
          rights described in this Deed;

     (c)  (Determine interest rates): determine the interest rate to be charged
          on the mortgages which are the subject of any Mortgage Transfer; and

     (d)  (Do Incidental Things): do anything incidental to or conducive to the
          effective and expeditious exercise of its rights described in this
          Deed.

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3.   Consideration and Revocation

3.1  Consideration

     The power of attorney granted under this Deed has been granted to secure a
     proprietary interest of the Grantee in the Mortgages the subject of the
     Mortgage Transfers and is given by the Grantor for good and valuable
     consideration, receipt of which the Grantor hereby acknowledges.

3.2  Irrevocable without Consent

     Except with the prior written consent of an Authorised Officer of each of
     the Grantee and the Manager, the power of attorney granted under clause 2.1
     of this Deed is irrevocable by the Grantor and its successors and assigns.

3.3  No Abrogation

     Subject only to revocation in accordance with clause 3.2, this Deed will
     remain in full force and effect notwithstanding:

     (a)  (Insolvency): the insolvency of, or the occurrence of any other
          analogous event with respect to, the Grantor;

     (b)  (Amendment): any waiver, replacement, amendment or variation of any
          document (with or without the consent of the Grantor);

     (c)  (Delay): any delay, laches, acquiescence, mistake, act or omission
          (including, without limitation, any default by the Manager or Grantee
          of any obligation that either owes to any person) by any Attorney; or

     (d)  (Miscellaneous): any other fact, matter, circumstance or thing
          whatsoever which, but for this clause, could or might operate to
          prejudice, release or otherwise affect the rights of an Attorney under
          this Deed.

                                                                             134

<PAGE>

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4.   Miscellaneous

4.1  Appointment of Sub-Attorneys

     An Attorney may appoint from time to time any person or corporation as a
     sub-attorney for any of the purposes of and with any of the powers and
     authorities conferred by this Deed.

4.2  Ratification

     The Grantor will at all times ratify and confirm whatever any Attorney or
     sub-attorney lawfully does, or causes to be done, in exercising its rights
     described in this Deed.

4.3  Conflict of Interest

     Any Attorney or sub-attorney may exercise any right notwithstanding that it
     constitutes a conflict of interest or duty.

4.4  Grantor Bound

     The Grantor and any person (including, but not limited to, a substitute or
     assign) claiming under the Grantor are bound by anything an Attorney or
     sub-attorney does in the lawful exercise of its rights described in this
     Deed.

4.5  Suspension of Grantor's rights

     The Grantor must not, after being notified in writing by any Attorney or
     sub-attorney that the Attorney or sub-attorney (as the case may be) intends
     to exercise any right conferred on it by this Deed (and provided that such
     right is then and remains exercisable), exercise that right without the
     written consent of the Attorney or sub-attorney (as the case may be).

4.6  Third party dealings

     In respect of dealings by any person in good faith with an Attorney or
     sub-attorney:

     (a)  (Evidence that power not revoked): that person may accept a written
          statement signed by any Attorney or sub-attorney (as the case may be)
          to the effect that the power of attorney granted under this Deed has
          not been revoked as conclusive evidence of that fact; and

     (b)  (No duty to enquire): if the Attorney or sub-attorney (as the case may
          be) executes any right granted to it by this Deed, that person is not
          bound to enquire as to whether the right is properly exercised or
          whether any circumstance has arisen to authorise the exercise of that
          right.

4.7  Indemnity

     The Grantor will indemnify any Attorney and sub-attorney from and against
     all actions, suits, claims, demands, damages, liabilities, losses, costs
     and expenses that may be made or bought against or suffered or incurred by,
     any Attorney or sub-attorney, arising out of or in connection with the
     lawful exercise of any of its rights described in this Deed.

4.8  Stamping and Registration

     The Grantor will, promptly after execution and delivery of this Deed,
     properly stamp and register this Deed as required by any applicable law and
     the Grantor authorises any Attorney to stamp and register this Deed on
     behalf of the Grantor.

                                                                             135

<PAGE>

4.9  Costs

     All reasonable costs incurred by an Attorney in connection with the
     stamping and registration of this Deed in accordance with clause 4.8 will
     be paid by the Grantor within a reasonable time after demand for payment is
     made.

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5.   Governing Law

     This Deed is governed by and construed in accordance with the laws of
     Western Australia and the Grantor irrevocably and unconditionally submits
     to the non-exclusive jurisdiction of the courts of Western Australia and
     any courts of appeal from any of those courts.

EXECUTED as a deed.

THE COMMON SEAL of                                )
[Name of relevant Seller] is affixed in           )
accordance withits constitution in the presence   )
of:                                               )

---------------------------                            -------------------------
Secretary                                              Director

                                                                             136

<PAGE>

Schedule 5
Eligibility Criteria

Eligibility Criteria in relation to a Mortgage Loan means the following
standards:

..    that the Mortgage Loan has a Loan to Value Ratio (based on the position as
     at the commencement of business on the Cut-Off Date) of less than or equal
     to 95%;

..    that the Mortgage Loan has a stated term to maturity as at the Cut-Off Date
     not exceeding 30 years;

..    that the Mortgage Loan as at the Cut-Off Date has a Scheduled Balance of
     less than or equal to A$750,000;

..    that the Mortgage Loan is sourced from the relevant Seller's general
     mortgage loan portfolio;

..    that the Borrower under the Mortgage Loan is not an employee of either
     Seller who is paying a concessional rate of interest under the Mortgage
     Loan as a result of such employment;

..    that the Mortgage Loan was advanced in, and is repayable in, Australian
     dollars;

..    that as at the Cut-Off Date no payment due from the Borrower under the
     Mortgage Loan is in arrears by more than 30 days;

..    that the Mortgage Loan is secured by a Mortgage over Land which has erected
     on or within it a residential dwelling or unit and the terms of that
     Mortgage require that dwelling or unit to be insured under an Insurance
     Policy; and

..    that the Mortgage Loan is or has been fully drawn,

or such other Eligibility Criteria as the Trustee, each Seller and the Manager
may agree in writing prior to the Closing Date and which the Rating Agencies
have confirmed in writing will not result in a reduction, qualification or
withdrawal of the credit ratings to be assigned by the Rating Agencies to the
Notes on the Closing Date.

                                                                             137

<PAGE>

Schedule 6
Form of Security Certificate
A$  Securities

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   THE A$ SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED
 STATES SECURITIES ACT OF 1933 AS AMENDED (THE "SECURITIES ACT") AND MAY NOT BE
 OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT
 OF, US PERSONS EXCEPT IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT
OR PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT. TERMS USED IN THIS PARAGRAPH HAVE THE MEANING GIVEN TO THEM BY REGULATION S
                           UNDER THE SECURITIES ACT.

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                         SERIES 2002-1G MEDALLION TRUST

                            CERTIFICATE NUMBER/S [       ]
                                                  ------
                        Perpetual Trustee Company Limited

                               ABN 42 000 001 007
                                 (the "Trustee")

                  Securitisation Advisory Services Pty. Limited

                               ABN 88 064 133 946
                                 (the "Manager")

THIS IS TO CERTIFY THAT:

Securityholder:              [      ]
                              ------

                             ABN [      ]
                                  ------
                             (the "Securityholder")

ADDRESS:                     [      ]
                              ------

appears in the Register as the holder of the A$ Securities specified below (the
"A$ Securities") issued by the Trustee as trustee of the Series 2002-1G
Medallion Trust (the "Series Trust") as constituted by a Master Trust Deed (the
"Master Trust Deed") dated 8 October 1997 between the Manager and the Trustee,
as amended from time to time, and a Series Supplement (the "Series Supplement")
dated [  ] between Commonwealth Bank of Australia, ABN 48 123 123 124, (as a
       --
Seller and the Servicer) (the "Bank"), Homepath Pty Limited, ABN 35 081 986 530
(as a Seller), the Manager and the Trustee.

Unless defined in this Security Certificate or a contrary intention appears,
words and expressions used in this Security Certificate have the same meaning as
in the Series Supplement.

The Securityholder was entered on the Register as holder of the A$ Securities
described below at [  ] on [  ].
                    --      --
Date of Issue:

Class of A$ Security: [/Class A-2 Tranche 1 Note/Class A-2 Tranche 2 Note/Class
B Note/Redraw Bond]

Numbers of A$ Securities: [  ] to [  ], inclusive
                           --      --
                                                                             138

<PAGE>

Scheduled Maturity Date of each A$ Security:

Face Value of each A$ Security:

Interest Rate of each A$ Security:

Interest Payment Dates of each A$ Security:

[A tax file number has/has not been obtained from the person named above.]

The A$ Securities are issued and held subject to the provisions of the Master
Trust Deed, the Series Supplement and a Security Trust Deed (the "Security Trust
Deed") dated [   ] between the Manager, the Trustee, the Bank of New York,London
              --
Branch, and P.T. Limited, ABN 67 004 454 666 (as Security Trustee). A copy of
the Security Trust Deed, the Master Trust Deed and the Series Supplement are
available for inspection by Securityholders at the offices of the Trustee at
Level 3, 39 Hunter Street, Sydney, NSW, 2000.

Neither the Manager nor the Trustee is under any obligation at any time to
repurchase any A$ Securities from Securityholders.

This Security Certificate is not a Certificate of Title and the Register on
which these A$ Securities are registered is the only conclusive evidence of the
title of the abovementioned person to the A$ Securities.

The Trustee issues this Security Certificate only in its role as trustee of the
Series Trust. Any obligation or liability of the Trustee arising under or in any
way connected with the Series Trust under the Master Trust Deed, the Series
Supplement or any other Transaction Document (including any A$ Security) to
which the Trustee is a party is limited to the extent to which it can be
satisfied out of the Assets of the Series Trust out of which the Trustee is
actually indemnified for the obligation or liability. This limitation will not
apply to any obligation or liability of the Trustee only to the extent that it
is not so satisfied because of any fraud, negligence or wilful default on the
part of the Trustee. The Trustee will have no liability for any act or omission
of the Manager or of any other person (other than a person whose acts or
omissions the Trustee is liable for in accordance with any Transaction
Document).

Transfers of the A$ Securities must be pursuant to a Security Transfer as set
out in Schedule 7 to the Series Supplement. Copies of Security Transfers are
available from the Trustee at the abovementioned address. Executed Security
Transfers must be lodged with the Trustee accompanied by this Security
Certificate.

None of the Manager, either Seller, the Servicer, the Bank, any other member of
the Bank group or the Trustee guarantees the payment or repayment of any
Securityholder Entitlements in respect of the A$ Securities.

The A$ Securities do not represent deposits or other liabilities of the Manager,
either Seller, the Servicer, the Bank or any other Related Body Corporate of the
Bank. The holding of the A$ Securities is subject to investment risk, including
possible delays in payment and loss of income and principal invested. None of
the Manager, either Seller, the Servicer, the Bank or any other Related Body
Corporate of the Bank stand in any way behind the capital value and/or
performance of the A$ Securities, or the Assets held by the Series Trust.

Dated:

For and on behalf of

Perpetual Trustee Company Limited

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

Authorised Officer                                Authorised Officer

                                                                             139

<PAGE>

Schedule 7
Form of Security Transfer
<TABLE>
<S>                                    <C>
                                                                                           -------------------------

TO: Perpetual Trustee Company Limited,                                   Registry Use      Date Lodged
            ABN 42 000 001 007                                           Only               /     /

            (the "Trustee")

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

                                       -----------------------------------------------------------------------------
TRANSFEROR (the
"Transferor")                          -----------------------------------------------------------------------------
(Full Name, ABN (if applicable)
and Address)                           -----------------------------------------------------------------------------
(Please Print)                         -----------------------------------------------------------------------------
                                       -----------------------------------------------------------------------------
 HEREBY APPLIES TO ASSIGN TO
                                       -----------------------------------------------------------------------------
TRANSFEREE (the
"Transferee")                          -----------------------------------------------------------------------------
(Full Name, ABN (if applicable)
and Address)                           -----------------------------------------------------------------------------
(Please Print)                         -----------------------------------------------------------------------------
                                       -----------------------------------------------------------------------------
</TABLE>

the following securities (the "A$ Securities") issued by the Trustee as trustee
of the Series 2002-1G Medallion Trust (the "Series Trust"):

Date of Issue:

Class of A$ Security: [/Class A-2 Tranche 1 Note/Class A-2 Tranche 2 Note/Class
B Note/Redraw Bond]

Numbers of A$ Securities: [  ] to [  ], inclusive
                           --      --

Face Value of each A$ Security:

Interest Payment Dates of each A$ Security:

Scheduled Maturity Date of each A$ Security: / /

and all the Transferor's property and interest in the same [and to the interest
accrued thereon.]

                                                  ------------------------------
                                                        Settlement Amount

                                                  $
                                                  ------------------------------

TRANSFEROR
             -------------------------------------------------------------------
Signature   Authorised Signatory
(See notes below)

WITNESS                                                           Date    /    /
        -------------------------------------------------

TRANSFEREE
           ---------------------------------------------------------------------
                                                                             140

<PAGE>

Signature:                          Authorised Officer
(See notes below)

WITNESS                                                           Date    /    /
       --------------------------------------------------

PAYMENTS
(tick where appropriate)

--------------------------------------------------------------------------------
[ ]      In accordance with existing instructions       (existing holders only)

[ ]      By cheque posted to above address

[ ]      By crediting the following account in Australia and in the name of the
         Trustee only
--------------------------------------------------------------------------------
Name of Account                                                Account No.
--------------------------------------------------------------------------------
Name of Financial Institution                                  Branch
[ ]      Bank ..........................................

[ ]      Building Society ..............................

--------------------------------------------------------------------------------
Tax File Number (if applicable):
--------------------------------------------------------------------------------

Authorised Officer of Transferee                                  Date:  /     /
                                 ------------------------
NOTES:

..    The Transferor and the Transferee acknowledge that the transfer of the A$
     Securities specified in this Security Transfer only takes effect on the
     entry of the Transferee's name in the Register as the registered owner of
     the A$ Securities.

..    The Transferee agrees to accept the A$ Securities subject to the provisions
     of a Master Trust Deed (the "Master Trust Deed") dated 8 October 1997
     between Securitisation Advisory Services Pty. Limited, ACN 064 133 946 (the
     "Manager") and the Trustee, as amended from time to time, a Series
     Supplement (the "Series Supplement") dated [  ] between Commonwealth Bank
                                                 --
     of Australia, ABN 48 123 123 124 (as a Seller and the Servicer)(the"Bank"),
     Homepath Pty Limited, ABN 35 081 986 530 (as a Seller), the Manager and the
     Trustee (as trustee of the Series Trust) and a Security Trust Deed (the
     "Security Trust Deed") dated [  ] between the Trustee as trustee of the
                                   --
     Series Trust, the Manager, the Bank of New York, London Branch, and P.T.
     Limited, ABN 67 004 454 666, as Security Trustee.

..    Unless expressly defined in this Security Transfer or a contrary intention
     appears, words and expressions used in this Security Transfer have the same
     meaning as in the Series Supplement.

..    The Transferee acknowledges that it has independently and without reliance
     on the Trustee, the Manager, either Seller, the Servicer, the Bank or any
     other Related Body Corporate of the Bank (including without reliance on any
     materials prepared or distributed by any of the foregoing) made its own
     assessment and investigations regarding its investment in the A$
     Securities.

..    The Transferee acknowledges that:

     (a)  the A$ Securities do not represent deposits or other liabilities of
          either Seller, the Servicer, the Bank, any other Related Body
          Corporate of the Bank or the Manager;

     (b)  the holding of the A$ Securities is subject to investment risk,
          including possible delays in payment and loss of income and principal
          invested; and

                                                                             141

<PAGE>

     (c)  none of the Manager, either Seller, the Servicer, the Bank or, any
          other Related Body Corporate of the Bank stand in any way behind the
          capital value and/or performance of the A$ Securities or the assets
          held by the Series Trust.

..    The Trustee issues the A$ Securities only in its role as trustee of the
     Series Trust. Any obligation or liability of the Trustee arising under or
     in any way connected with the Series Trust under the Master Trust Deed, the
     Series Supplement or any other Transaction Document (including any A$
     Security) to which the Trustee is a party is limited to the extent to which
     it can be satisfied out of the Assets of the Series Trust out of which the
     Trustee is actually indemnified for the obligation or liability. This
     limitation will not apply to any obligation or liability of the Trustee
     only to the extent that it is not so satisfied because of any fraud,
     negligence or wilful default on the part of the Trustee. The Trustee will
     have no liability for any act or omission of the Manager or of any other
     person (other than a person whose acts or omissions the Trustee is liable
     for in accordance with any Transaction Document).

..    Where the Transferor and/or the Transferee is a trustee, this Security
     Transfer must be completed in the name of the trustee and signed by the
     trustee without reference to the trust.

..    Where this Transfer is executed by a corporation, it must be executed
     either under common seal or under a power of attorney.

..    If this Security Transfer is signed under a power of attorney, the attorney
     hereby certifies that it has not received notice of revocation of that
     power of attorney. A certified copy of the power of attorney must be lodged
     with this Security Transfer.

..    This Security Transfer must be lodged with the Trustee for registration,
     accompanied by the Security Certificate to which the A$ Securities relate.

..    The Register will be closed from 4.30 pm on the Business Day which is prior
     to, and will be re-opened at the commencement of business on each
     Distribution Date. The Trustee may with prior notice given in the manner
     specified in the Master Trust Deed, close the Register at other times. The
     total period that the Register may be closed will not exceed 35 Business
     Days (or such other period agreed to by the Manager) in aggregate in any
     calendar year. No Security Transfer received after 4.30pm on the day of
     closure of the Register or while the Register is closed, will be registered
     until the Register is re-opened.

..    [If the Transferee is a non-resident for Australian taxation purposes,
     withholding tax will be deducted from all interest payments unless an
     exemption is provided to the Trustee.]

..    A Securityholder is only entitled to transfer an A$ Security if:

     (a)  the offer of the A$ Security for sale, or the invitation to purchase
          the A$ Security, to the proposed transferee by the Securityholder is
          an offer or invitation that does not need disclosure to investors
          under Part 6D.2 of Chapter 6 of the Corporations Act and otherwise
          complies with the Corporations Act; and

     (b)  the transfer would not otherwise breach any restriction on transfer
          for the A$ Security contained in the Series Supplement.

..    The A$ Securities covered hereby have not been registered under the United
     States Securities Act of 1933 as amended (the "Securities Act") and may not
     be offered and sold within the United States or to or for the account or
     benefit of United States persons:

     (a)  as part of their distribution at any time; or

     (b)  otherwise until 40 days after the completion of the distribution of
          the A$ Securities, as determined and certified by the Co-Managers (as
          that term is defined in the Dealer Agreement),

                                                                             142

<PAGE>

          except in either case in accordance with Regulation S under the
          Securities Act. Terms used above have the meanings given to them by
          Regulation S.

[Marking where clause 10.16 of the Master Trust Deed applies.]

The Trustee hereby certifies that the Transferor is noted in the Register as the
holder of A$ Securities specified in this Security Transfer and that it will not
register any transfer of such A$ Securities other than pursuant to this Security
Transfer before [insert date].

Dated:

For and on behalf of

Perpetual Trustee Company Limited

----------------------------                 ----------------------------------
Authorised Officer                           Authorised Officer

                                                                             143

<PAGE>

Schedule 8
Quarterly Certificate

Quarterly Summary Distribution Details

Reporting Dates
---------------

Closing Date
Determination Date
Notice Date
Distribution Date
Start Accrual Period
End Accrual Period
No. of Days in Accrual Period
Start Collection Period
End Collection Period
No. of Days in Collection Period

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------
Securities on Issue                      No. of Certificates    Initial Invested    Initial Invested
-------------------                      -------------------    ----------------    ----------------
                                                                  Amount (US$)        Amount(A$)
                                                                  -----------         ----------
<S>                                      <C>                    <C>                 <C>
Class A-1 Notes
Class A-2 Notes
Class B Notes
Redraw Bond - Series 1
Redraw Bond - Series 2
US$/A$ exchange rate at issue
----------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------
Interest Rate for Accrual Period         Bank Bill Rate      Interest Margin      Interest Rate
--------------------------------         --------------      ---------------      -------------
<S>                                      <C>                 <C>                  <C>
Class A-1 Notes (payable to Currency
Swap Providers)
Class A-2 Notes
Class B Notes
Redraw Bond - Series 1
Redraw Bond - Series 2
BBSW Interest & Unpaid Interest Rate
for Accrual Period
Facilities BBSW
----------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------
Distributions Payable On Distribution Date                 Per Cert.                   Aggregate
------------------------------------------                 ---------                   ---------
<S>                                                        <C>                         <C>
Total Interest Amount:
            Class A-1 Notes
            Class A-2 Notes
            Class B Notes
            Redraw Bond - series 1
            Redraw Bond - series 2
Principal:
            Class A-1 Notes
            Class A-2 Notes
            Class B Notes
            Redraw Bond - Series 1
            Redraw Bond - Series 2
Total:
            Class A-1 Notes
            Class A-2 Notes
            Class B Notes
            Redraw Bond - series 1
            Redraw Bond - series 2
Total
----------------------------------------------------------------------------------------------------
</TABLE>

                                                                             144

<PAGE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------
Distributions Payable On Distribution Date                 Per Cert.                   Aggregate
------------------------------------------                 ---------                   ---------
<S>                                                        <C>                         <C>
        Redraw Bond-series 1
        Redraw Bond-series 2
Total
----------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------
Pool Factors                                   Last Distribution Date      Current Distribution
------------                                   ----------------------      --------------------
                                                                           Date
                                                                           ----
<S>                                            <C>                         <C>
Class A-1 Notes
Class A-2 Notes
Class B Notes
Redraw Bond - series 1
Redraw Bond - series 2
----------------------------------------------------------------------------------------------------
</TABLE>

                                                                             145

<PAGE>

<TABLE>
<CAPTION>
Quarterly Cashflow Working Sheet                                Per Certificate $              Aggregate $
--------------------------------
<S>                                                             <C>                            <C>
Finance Charge Collections
Finance Charge Collections - Repurchases
Finance Charge Damages
Income due to Seller
Other Income
Preliminary Income Amount

Taxes
Trustee Fee
Security Trustee Fee
Management Fee
Servicer's Fee
Liquidity Commitment Fee
Redraw Commitment Fee
Support Facility Payments
Support Facility Receipts
Expenses
Previous Unpaid Facility Int Chg - Liquidity
Liquidity Interest Charge + Previous Unpaid
Previous Unpaid Facility Int Chg - Redraw Facility
Redraw Interest Charge + Previous Unpaid
Repayment of Liquidity Facility
Total Interest Amount - Class A-1 Notes
                      - Class A-2 Notes
                      - Class B Notes
                      - Redraw Bonds - Series 1
                      - Redraw Bonds - Series 2

Required Income Amount
Gross Income Shortfall
Liquidity Facility Draw
Net Income Shortfall
Unreimbursed Principal Draws
Principal Draw
Principal Draw Reimbursement
Principal Chargeoff Unreimbursement
Principal Chargeoff
Total Principal Chargeoff Reimbursement Due

Arranging Fee

Payment Allocation Cascade
--------------------------
Preliminary Income Amount
Liquidity Facility Draw
Principal Draw
Available Income Amount

                                                                Due             Available            Paid
Taxes
Trustee Fee
Security Trustee Fee
Management Fee
Servicer's Fee
Liquidity Commitment Fee
Redraw Commitment Fee
</TABLE>

                                                                             146

<PAGE>

Support Facility Payments
Support Facility Receipts
Expenses
Liquidity Interest Charge
Repayment of Liquidity Facility
------------------------------------------------------------
Interest Amount Payable     - Redraw Facility
                            - Class A-1 Notes
                            - Class A-2 Notes
                            - Redraw Bonds - Series 1
                            - Redraw Bonds - Series 2
------------------------------------------------------------
                            - Class B Notes
Principal Draw Reimbursement
Total Principal Chargeoff Reimbursement
Arranging Fee
Excess Distribution

Unpaid Facility Int Chg        - Liquidity
                               - Redraw
Unpaid Security Interest Amount- Class A-1 Notes
                               - Class A-2 Notes
                               - Class B Notes
                               - Redraw Bonds - Series 1
                               - Redraw Bonds - Series 2

Facilities Outstanding
----------------------
Liquidity Commitment Facility Limit
Beginning Liquidity Commitment Facility
Previous Liquidity Facility Draw
Repayment of Liquidity Facility
Liquidity Facility Draw
Ending Liquidity Commitment Facility

Redraw Commitment Facility Limit
Beginning Redraw Commitment Facility
Previous Redraw Facility Draw
Previous Redraw Facility Draw - Chargeoffs
Repayment of Redraw Facility
Repayment of Unreimbursed Chargeoffs
Redraw Facility Draw - Unreimbursed Chargeoffs
Redraw Facility Available to Draw
Redraw Facility Draw
Ending Redraw Commitment Facility

<TABLE>
<CAPTION>
Interest and Principal Distribution Worksheet                                  Per Certificate       Aggregate
---------------------------------------------
                                                                                      $                  $
<S>                                                                            <C>                   <C>
Interest Amount
Class A-1 Notes
Unpaid Security Interest Amount (after last Distribution Date)
Interest on Unpaid Security Interest Amount
Security Interest Amount
Total Interest Amount

Unpaid Security Interest Amount (after last Distribution Date)
Interest on Unpaid Security Interest Amount
Security Interest Amount
</TABLE>

                                                                             147

<PAGE>

Interest Amount Payable
Unpaid Security Interest Amount

Class A-2 Notes
Unpaid Security Interest Amount (after last Distribution Date)
Interest on Unpaid Security Interest Amount
Security Interest Amount
Total Interest Amount

Unpaid Security Interest Amount (after last Distribution Date)
Interest on Unpaid Security Interest Amount
Security Interest Amount
Interest Amount Payable
Unpaid Security Interest Amount

Class B Notes
Unpaid Security Interest Amount (after last Distribution Date)
Interest on Unpaid Security Interest Amount
Security Interest Amount
Total Interest

Unpaid Security Interest Amount (after last Distribution Date)
Interest on Unpaid Security Interest Amount
Security Interest Amount
Interest Amount Payable
Unpaid Security Interest Amount

Redraw Bonds - Series 1
Unpaid Security Interest Amount (after last Distribution Date)
Interest on Unpaid Security Interest Amount
Security Interest Amount
Total Interest Amount

Unpaid Security Interest Amount (after last Distribution Date)
Interest on Unpaid Security Interest Amount
Security Interest Amount
Interest Amount Payable
Unpaid Security Interest Amount

Redraw Bonds - Series 2
Unpaid Security Interest Amount (after last Distribution Date)
Interest on Unpaid Security Interest Amount
Security Interest Amount
Total Interest Amount

Unpaid Security Interest Amount (after last Distribution Date)
Interest on Unpaid Security Interest Amount
Security Interest Amount
Interest Amount Payable
Unpaid Security Interest Amount

Principal Amount
----------------
Principal Collections
Principal Collections - Repurchases
            less Repayment of Redraw Facility
            less Total Customer Redraw
            less Principal Draw

                                                                             148

<PAGE>

            plus Redraw Facility Draw
            plus Redraw Bonds Issue this month
            Aggregate Principal Damages from Seller & Servicer
            Principal Draw Reimbursement
            Principal Chargeoff Reimbursement - Class B Notes
                                              - Class A-1 Notes
                                              - Class A-2 Notes
                                              - Redraw Bonds - Series 1
                                              - Redraw Bonds - Series 2
                                              - Redraw Facility
Principal rounding b/f
Scheduled Principal Amount
Scheduled Principal Amount less redraws
Unscheduled Principal Amount - Partial Prepayment
Unscheduled Principal Amount - Full Prepayment
Unscheduled Principal Amount - less redraws + C/O Reim
Total Available Principal Amount for Redraw Bonds
Principal Distribution - Redraw Bonds - Series 1
Principal Distribution - Redraw Bonds - Series 2
Principal rounding b/f
Total Unscheduled Principal Amount
Total Scheduled Principal Amount
Total Available Principal Amount for Notes

Principal Allocation
--------------------

Class A Percentage via Stepdown
Class A Available Principal Payment
            Class A-1 Principal Payment
            Class A-2 Principal Payment

Class B Principal Payment
Principal rounding c/f

Principal Losses
Principal Losses
            Principal Draw Amount - Pool Mortgage Insurance Policy
            Principal Draw Amount - Individual Mortgage Insurance
            Policy
Net Principal Losses
Principal Chargeoff - Class B Notes
                                    - Class A-1 Notes
                                    - Class A-2 Notes
                                    - Redraw Bonds Series 1
                                    - Redraw Bonds Series 2
                                    - Redraw Facility

                                                                             149

<PAGE>

Class A-1 Notes
Beginning Unreimbursed Principal Chargeoffs
Principal Chargeoff
Principal Chargeoff Reimbursement
Ending Unreimbursed Principal Chargeoffs

Class A-2 Notes
Beginning Unreimbursed Principal Chargeoffs
Principal Chargeoff
Principal Chargeoff Reimbursement
Ending Unreimbursed Principal Chargeoffs

Class B Notes
Beginning Unreimbursed Principal Chargeoffs
Principal Chargeoff
Principal Chargeoff Reimbursement
Ending Unreimbursed Principal Chargeoffs

Redraw Bonds - Series 1
Beginning Unreimbursed Principal Chargeoffs
Principal Chargeoff
Principal Chargeoff Reimbursement
Ending Unreimbursed Principal Chargeoffs

Redraw Bonds - Series 2
Beginning Unreimbursed Principal Chargeoffs
Principal Chargeoff
Principal Chargeoff Reimbursement
Ending Unreimbursed Principal Chargeoffs

Redraw Facility
Beginning Unreimbursed Principal Chargeoffs
Principal Chargeoff
Principal Chargeoff Reimbursement
Ending Unreimbursed Principal Chargeoffs

                                                                             150

<PAGE>

<TABLE>
<CAPTION>
Investors Balance Outstanding Worksheet                                           Aggregate          Aggregate
---------------------------------------                                              US$                 A$
<S>                                                                               <C>                <C>
Class A-1 Notes
Initial Invested Amount
            previous Principal Distribution
            Principal Distribution for current period
Total Principal Distribution to date
Beginning Invested Amount
Ending Invested Amount
Unreimbursed Principal Chargeoffs
Beginning Stated Amount
Ending Stated Amount

Class A-2 Tranche 1 Notes
Initial Invested Amount
            previous Principal Distribution
            Principal Distribution for current period
Total Principal Distribution to date
Beginning Invested Amount
Ending Invested Amount
Unreimbursed Principal Chargeoffs
Beginning Stated Amount
Ending Stated Amount

Class A-2 Tranche 2 Notes
Initial Invested Amount
            previous Principal Distribution
            Principal Distribution for current period
Total Principal Distribution to date
Beginning Invested Amount
Ending Invested Amount
Unreimbursed Principal Chargeoffs
Beginning Stated Amount
Ending Stated Amount

Class B Notes
Initial Invested Amount
            previous Principal Distribution
            Principal Distribution for current period
Total Principal Distribution to date
Beginning Invested Amount
Ending Invested Amount
Unreimbursed Principal Chargeoffs
Beginning Stated Amount
Ending Stated Amount

Redraw Bonds - Series 1
Previous Initial Invested Amount
Initial Invested Amount
            Principal Distribution (after last Distribution Date)
            Principal Distribution for current period
Total Principal Distribution to date
Beginning Invested Amount
Ending Invested Amount
</TABLE>

                                                                             151

<PAGE>

Unreimbursed Principal Chargeoffs
Beginning Stated Amount
Ending Stated Amount

Redraw Bonds - Series 2
Previous Initial Invested Amount
Initial Invested Amount
            Principal Distribution (after last Distribution Date)
            Principal Distribution for current period
Total Principal Distribution to date
Beginning Invested Amount
Ending Invested Amount
Unreimbursed Principal Chargeoffs
Beginning Stated Amount
Ending Stated Amount

Average Monthly Percentage
--------------------------
Current Balance of Arrears greater than 60 Days
Current Outstanding Loan Balance
Average Monthly Percentage
Monthly Percentage - Current Period
Monthly Percentage - Month 2
Monthly Percentage - Month 3
Monthly Percentage - Month 4
Monthly Percentage - Month 5
Monthly Percentage - Month 6
Monthly Percentage - Month 7
Monthly Percentage - Month 8
Monthly Percentage - Month 9
Monthly Percentage - Month 10
Monthly Percentage - Month 11
Monthly Percentage - Month 12

Stepdown Conditions
-------------------
Years since initial Determination Date
Required Subordinated Percentage
Available Subordinated Percentage
Aggregate Unreimbursed Principal Chargeoffs
Required Class B Stated Amount Outstanding
Year * 5, 2% Avg Mo. Perc, Unreim C/O Maximum
Year * 5, 4% Avg Mo. Perc, Unreim C/O Maximum
5 * = Year * 6,Unreim C/O Maximum
6 * = Year * 7, Unreim C/O Maximum
7 * = Year * 8, Unreim C/O Maximum
8 * = Year * 9, Unreim C/O Maximum
9 ** = Year, Unreim C/O Maximum
Stepdown Condition less than 5 years
Stepdown Condition greater than & equal to 5 years
Year ** = 5, 2% Avg Mo.  Perc, Unreim C/O Maximum
Year - Stepdown Condition Test
5
6
7
8
9

* more than
** less than

                                                                             152

<PAGE>

Year - Stepdown Class A Criteria       FALSE       TRUE       Class A Percentage
           0                             1         0.5               1.00
           1                             1         0.5               1.00
           2                             1         0.5               1.00
           3                             1           0               1.00
           4                             1           0               1.00
           5                             1         0.7               1.00
           6                             1         0.6               1.00
           7                             1         0.4               1.00
           8                             1         0.2               1.00
           9                             1           0               1.00
           10                            1           0                 --

Stepup Conditions
Step-up Date
Stepup margin      - Class A-1 Notes
                   - Class A-2 Notes

                                                                             153

<PAGE>

Schedule 9
Form of Residual Unit Certificate

RESIDUAL UNIT CERTIFICATE

Series 2002-1G Medallion Trust

Perpetual Trustee Company Limited
ABN 42 000 001 007
(the "Trustee")

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

THIS IS TO CERTIFY THAT:

RESIDUAL UNITHOLDER:                Commonwealth Bank of Australia
                                    ABN 48 123 123 124
                                    (the "Bank")

ADDRESS:                            Level 1,
                                    48 Martin Place
                                    SYDNEY  NSW  2000

appears in the Register as the holder of the Residual Unit issued by the Trustee
as trustee of the Series 2002-1G Medallion Trust (the "Series Trust") as
constituted by a Master Trust Deed (the "Master Trust Deed") dated 8 October
1997 between the Manager and the Trustee, as amended from time to time, and a
Series Supplement (the "Series Supplement") dated [  ] between the Bank (as a
                                                   --
Seller and the Servicer), Homepath Pty Limited, ABN 35 081 986 530 (as a Seller)
the Manager and the Trustee.

Unless expressly defined in this Unit Certificate or a contrary intention
appears, words and expressions used in this Unit Certificate have the same
meaning as in the Series Supplement.

The Residual Unit is issued and held by the Bank subject to the provisions of
the Master Trust Deed, the Series Supplement and a Security Trust Deed (the
"Security Trust Deed") dated [  ] between the Manager, the Trustee, the Bank of
                              --
New York, New York Branch, and PT Limited, ABN 67 004 454 666 (as Security
Trustee). A copy of the Register, the Security Trust Deed, the Master Trust Deed
and the Series Supplement are available for inspection by the Bank at the
offices of the Trustee at Level 3, 39 Hunter Street, Sydney NSW 2000.

None of the Manager, either Seller, the Servicer, the Bank, or any Related Body
Corporate of the Bank guarantees the payment of amounts (if any) payable in
respect of the Residual Unit.

Neither the Manager nor the Trustee is under any obligation at any time to
repurchase or redeem the Residual Unit.

This Unit Certificate is not a certificate of title and the Register on which
this Residual Unit is registered is the only conclusive evidence of the title of
the Bank to the Residual Unit.

The Trustee issues the Residual Unit only in its role as trustee of the Series
Trust. Any obligation or liability of the Trustee arising under or in any way
connected with the Series Trust under the Master Trust Deed, the Series
Supplement or any other Transaction Document to which the Trustee is a party is
limited to the extent to which it can be satisfied out of the Assets of the
Series Trust out of which the Trustee is actually indemnified for the obligation
or liability. This limitation will not apply to any obligation or liability of
the Trustee only to the extent that it is not so satisfied because of any fraud,
negligence or wilful default on the part of the Trustee. The Trustee will have
no liability for any act or omission of the

                                                                             154

<PAGE>

Manager or of any other person (other than a person whose acts or omissions the
Trustee is liable for in accordance with any Transaction Document).

The Residual Unit does not represent a deposit or other liability of the
Manager, either Seller, the Servicer, the Bank or any Related Body Corporate of
the Bank. The Residual Unit is subject to investment risk, including possible
delays in payment and loss of income and principal invested. None of the
Manager, either Seller, the Servicer, the Bank or any Related Body Corporate of
the Bank stand in any way behind the capital value and/or performance of the
Assets held by the Series Trust.

Dated:

For and on behalf of

PERPETUAL TRUSTEE COMPANY LIMITED

as trustee of the Series Trust

------------------------------                       ---------------------------
Authorised Officer                                   Authorised Officer

                                                                             155

<PAGE>

Schedule 10
Stepdown Percentage

Determination of Stepdown Percentage

The Stepdown Percentage on a Determination Date is determined as follows.

1.   If the Stepdown Conditions are not satisfied on that Determination Date,
     the Stepdown Percentage is 100%.

2.   If the Stepdown Conditions are satisfied on that Determination Date, the
     Stepdown Percentage is 100% unless the following apply:

     (a)  if the Determination Date falls prior to the third anniversary of the
          Closing Date then the Stepdown Percentage is 50%;

     (b)  if:

          (i)  the Determination Date falls on or after the third anniversary of
               the Closing Date but prior to the tenth anniversary of the
               Closing Date; and

          (ii) the Class B Available Support on the Determination Date is equal
               to or greater than two times the Class B Required Support on the
               Determination Date;

          the  Stepdown Percentage is 0%;

     (c)  if:

          (i)   paragraph (b) above does not apply;

          (ii)  the Determination Date falls on or after the fifth anniversary
                of the Closing Date but prior to the tenth anniversary of the
                Closing Date; and

          (iii) the Class B Available Support on the Determination Date is equal
                to or greater than the Class B Required Support on the
                Determination Date;

          then:

          (i)   if the Determination Date falls on or after the fifth
                anniversary of the Closing Date but prior to the sixth
                anniversary of the Closing Date, the Stepdown Percentage is 70%;

          (ii)  if the Determination Date falls on or after the sixth
                anniversary of the Closing Date but prior to the seventh
                anniversary of the Closing Date, the Stepdown Percentage is 60%;

          (iii) if the Determination Date falls on or after the seventh
                anniversary of the Closing Date but prior to the eighth
                anniversary of the Closing Date, the Stepdown Percentage is 40%;

          (iv)  if the Determination Date falls on or after the eighth
                anniversary of the Closing Date but prior to the ninth
                anniversary of the Closing Date, the Stepdown Percentage is 20%;
                or

          (v)   if the Determination Date falls on or after the ninth
                anniversary of the Closing Date but prior to the tenth
                anniversary of the Closing Date, the Stepdown Percentage is 0%;
                or

                                                                             156

<PAGE>

     (d)  if the Determination Date falls on or after the tenth anniversary of
          the Closing Date, the Stepdown Percentage is 0%.

Stepdown Conditions

The Stepdown Conditions are satisfied on a Determination Date if:

1.   the following applies:

     (a)  the Class B Available Support on the Determination Date is equal to or
          greater than two times the Class B Required Support on the
          Determination Date;

     (b)  the aggregate Stated Amount for the Class B Notes on the Determination
          Date is equal to or greater than 0.25% of the aggregate Initial
          Invested Amount of all the Notes;

     (c)  either:

          (i)   the Average Delinquent Percentage on the Determination Date does
                not exceed 2% and the aggregate of all Unreimbursed Principal
                Chargeoffs on the Determination Date does not exceed 30% of the
                aggregate of the Initial Invested Amounts of the Class B Notes;
                or

          (ii)  the Average Delinquent Percentage on the Determination Date does
                not exceed 4% and the aggregate of all Unreimbursed Principal
                Chargeoffs on the Determination Date does not exceed 10% of the
                aggregate of the Initial Invested Amounts of the Class B Notes;
                and

     (d)  the event referred to in Condition 7.3(a) of the US Dollar Note
          Conditions has not occurred on or prior to the Determination Date and
          is not expected to occur on or prior to the next Distribution Date
          thereafter; or

2.   the following applies:

     (a)  the Determination Date falls on or after the fifth anniversary of the
          Closing Date;

     (b)  the Average Delinquent Percentage on the Determination Date does not
          exceed 2%;

     (c)  the aggregate Stated Amount of all outstanding Notes is greater than
          10% of the aggregate Initial Invested Amount of all Notes;

     (d)  the aggregate Stated Amount for the Class B Notes on the Determination
          Date is equal to or greater than 0.25% of the aggregate Initial
          Invested Amount of all the Notes; and

     (e)  the aggregate of all Unreimbursed Principal Chargeoffs on the
          Determination Date does not exceed:

          (i)   if the Determination Date falls on or after the fifth
                anniversary of the Closing Date but prior to the sixth
                anniversary of the Closing Date, 30% of the aggregate of the
                Initial Invested Amounts of the Class B Notes;

          (ii)  if the Determination Date falls on or after the sixth
                anniversary of the Closing Date but prior to the seventh
                anniversary of the Closing Date, 35% of the aggregate of the
                Initial Invested Amounts of the Class B Notes;

          (iii) if the Determination Date falls on or after the seventh
                anniversary of the Closing Date but prior to the eighth
                anniversary of the Closing Date,
                                                                             157

<PAGE>

                40% of the aggregate of the Initial Invested Amounts of the
                Class B Notes;

          (iv)  if the Determination Date falls on or after the eighth
                anniversary of the Closing Date but prior to the ninth
                anniversary of the Closing Date, 45% of the aggregate of the
                Initial Invested Amounts of the Class B Notes; or

          (v)   if the Determination Date falls on or after the ninth
                anniversary of the Closing Date, 50% of the aggregate of the
                Initial Invested Amounts of the Class B Notes.

                                                                             158

<PAGE>

Schedule 11 - Part A
Form of Custodian Power of Attorney (for States other than Queensland and
Western Australia)

THIS POWER OF ATTORNEY is made               on                             2002
                               -------------    ---------------------------

BY                  HOMEPATH PTY LIMITED, ABN 35 081 986 530, a company
                    incorporated in the [     ] and having an office at Level 6,
                                         -----
                    48 Martin Place, Sydney, NSW 2000 ("Homepath")

IN FAVOUR OF        COMMONWEALTH BANK OF AUSTRALIA, ABN 48 123 123 124, a
                    company incorporated in the Australian Capital Territory and
                    having its registered office at Level 1, 48 Martin Place,
                    Sydney NSW 2000 (the "Custodian")

THIS DEED PROVIDES as follows:

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

1.   Interpretation

1.1  Definitions

     In this Deed, unless the contrary intention appears:

     "Attorney" means any attorney appointed by or pursuant to clause 2 and any
     person who derives a right directly or indirectly from an Attorney.

     "Authorised Officer" means in relation to the Custodian, a director,
     secretary or any person whose title contains the word or words "manager" or
     "chief executive officer" or a person performing the functions of any of
     them.

     "Series Supplement" means the Series Supplement dated [         ] between
                                                            ---------
     the Custodian, Homepath, Securitisation Advisory Services Pty Limited, ABN
     88 064 133 946 and Perpetual Trustee Company Limited, ABN 42 000 001 007.

1.2  Series Supplement

     Unless expressly defined in this Deed or a contrary intention appears,
     words and expressions used in this Deed have the same meaning as in the
     Series Supplement.

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

2.   Appointment and Powers

2.1  Appointment

     Homepath appoints the Custodian and any Authorised Officer from time to
     time of the Custodian jointly and severally as its attorney with the right,
     to do in the name of Homepath and on its behalf everything necessary or
     expedient to:

     (a)  (Performance of Custodian Role): perform the Custodian's duties, and
          exercise the rights of the Custodian, under clause 25 of the Series
          Supplement in so far as those duties and rights relate to Mortgage
          Documents with respect to Mortgage Loans in relation to Homepath;

     (b)  (Delegate): delegate any of its rights described in this Deed
          (including this right of delegation) to any person upon any terms or
          conditions that it thinks fit;

     (c)  (Sign Documents): sign, seal, deliver and execute and do (either
          unconditionally or subject to any conditions that it thinks fit) all
          deeds, arrangements, documents and things in respect of any of its
          rights described in this Deed; and

                                                                             159

<PAGE>

     (d)  (Do Incidental Things): do anything incidental to or conducive to the
          effective and expeditious exercise of its rights described in this
          Deed.

--------------------------------------------------------------------------------
3.   Consideration and Revocation

3.1  Consideration

     Homepath acknowledges that it has received good and valuable consideration
     for the grant of this Deed.

3.2  Irrevocable without Consent

     Except with the prior written consent of an Authorised Officer of the
     Custodian, the power of attorney granted under clause 2.1 of this Deed is
     irrevocable by Homepath and its successors and assigns.

3.3  No Abrogation

     Subject only to revocation in accordance with clause 3.2, this Deed will
     remain in full force and effect notwithstanding:

     (a)  (Insolvency): the insolvency of, or the occurrence of any other
          analogous event with respect to, Homepath;

     (b)  (Amendment): any waiver, replacement, amendment or variation of any
          document (with or without the consent of Homepath);

     (c)  (Delay): any delay, laches, acquiescence, mistake, act or omission
          (including, without limitation, any default by the Custodian of any
          obligation that it owes to any person) by any Attorney; or

     (d)  (Miscellaneous): any other fact, matter, circumstance or thing
          whatsoever which, but for this clause, could or might operate to
          prejudice, release or otherwise affect the rights of an Attorney under
          this Deed.

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

4.   Delegates

4.1  Obligation

     Where a delegation is made by an Attorney under clause 2, the following
     will apply:

     (a)  (Vary, suspend etc.): the Attorney may at any time by notice in
          writing vary, suspend or revoke a delegation made under clause 2;

     (b)  (Attorney retains any rights delegated): a right delegated by the
          Attorney may continue to be exercised or performed by the Attorney
          notwithstanding the delegation of that right;

     (c)  (Effect of acts delegated): any act or thing done within the scope of
          a delegation while the delegation is in force:

          (i)  has the same effect as if it had been done by the Attorney; and

          (ii) will not be invalidated by reason of a later revocation or
               variation of the delegation; and

     (d)  (Opinion of delegate): if the exercise or performance of a right by
          the Attorney is dependant upon the opinion, belief or state of mind of
          the Attorney in relation to a

                                                                             160

<PAGE>

          matter and that right is delegated by the Attorney, the delegate may,
          unless the contrary intention appears, exercise or perform the right
          based upon his or her own opinion, belief or state of mind (as the
          case may require) in relation to the matter.

4.2  Revocation of nomination

          The Custodian may at any time revoke or suspend any appointment of a
          nominee or an Attorney pursuant to clause 2.

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

5.   Miscellaneous

5.1  Suspension of Homepath's rights

     Homepath must not, after being notified in writing by any Attorney that an
     Attorney intends to exercise any right conferred on it by this Deed (and
     provided that such right is then and remains exercisable), exercise that
     right without the written consent of the Custodian.

5.2  Ratification

     Homepath will at all times ratify and confirm whatever any Attorney
     lawfully does, or causes to be done, in exercising its rights described in
     this Deed.

5.3  Conflict of Interest

     Any Attorney may exercise any right notwithstanding that it constitutes a
     conflict of interest or duty.

5.4  Homepath Bound

     Homepath and any person (including, but not limited to, a substitute or
     assign) claiming under Homepath are bound by anything an Attorney does in
     the lawful exercise of its rights described in this Deed.

5.5  Third party dealings

     In respect of dealings by any person in good faith with an Attorney:

     (a)  (Evidence that power not revoked): that person may accept a written
          statement signed by any Attorney to the effect that the power of
          attorney granted under this Deed has not been revoked as conclusive
          evidence of that fact; and

     (b)  (No duty to enquire): if the Attorney executes any right granted to it
          by this Deed, that person is not bound to enquire as to whether the
          right is properly exercised or whether any circumstance has arisen to
          authorise the exercise of that right.

5.6  Indemnity

     Homepath will indemnify any Attorney from and against all actions, suits,
     claims, demands, damages, liabilities, losses, costs and expenses that may
     be made or bought against or suffered or incurred by any such Attorney
     arising out of or in connection with the lawful exercise of any of its
     rights described in this Deed.

5.7  Stamping and Registration

     Homepath will, promptly after execution and delivery of this Deed, properly
     stamp and register this Deed as required by any applicable law and Homepath
     authorises any Attorney to stamp and register this Deed on behalf of
     Homepath.

                                                                             161

<PAGE>

5.8  Costs

     All reasonable costs incurred by an Attorney in connection with the
     stamping and registration of this Deed in accordance with clause 5.7 will
     be paid by Homepath within a reasonable time after demand for payment is
     made.

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

6.   Governing Law

     This Deed is governed by and construed in accordance with the laws of the
     State of New South Wales and Homepath irrevocably and unconditionally
     submits to the non-exclusive jurisdiction of the courts of the State of New
     South Wales and any courts of appeal from any of those courts.

EXECUTED as a deed.

THE COMMON SEAL of HOMEPATH          )
PTY LIMITED, ABN 35 081 986 530 is   )
affixed in accordance with its       )
constitution in the presence of:     )

-------------------------                -------------------------
Secretary                                Director

                                                                             162

<PAGE>

Schedule 11 - Part B
Form of Custodian Power of Attorney (for Queensland)

THIS POWER OF ATTORNEY is made                on                        2002
                               ------------       --------------------

BY             HOMEPATH PTY limited, ABN 35 081 986 530, a company incorporated
               in the [     ] and having an office at Level 6, 48 Martin Place,
                       -----
               Sydney, NSW 2000 ("Homepath")

IN FAVOUR OF   COMMONWEALTH BANK OF AUSTRALIA, ABN 48 123 123 124, a company
               incorporated in the Australian Capital Territory and having its
               registered office at Level 1, 48 Martin Place, Sydney NSW 2000
               (the "Custodian")

THIS DEED PROVIDES as follows:

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

1.   Interpretation

1.1  Definitions

     In this Deed, unless the contrary intention appears:

     "Attorney" means any attorney appointed by or pursuant to clause 2 and any
     person who derives a right directly or indirectly from an Attorney.

     "Authorised Officer" means in relation to the Custodian, a director,
     secretary or any person whose title contains the word or words "manager" or
     "chief executive officer" or a person performing the functions of any of
     them.

     "Series Supplement" means the Series Supplement dated [        ] between
                                                            --------
     the Custodian, Homepath, Securitisation Advisory Services Pty Limited, ABN
     88 064 133 946 and Perpetual Trustee Company Limited, ABN 42 000 001 007.

1.2  Series Supplement

     Unless expressly defined in this Deed or a contrary intention appears,
     words and expressions used in this Deed have the same meaning as in the
     Series Supplement.

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

2.   Appointment and Powers

2.1  Appointment

     Homepath appoints the Custodian and any Authorised Officer from time to
     time of the Custodian jointly and severally as its attorney with the right,
     to do in the name of Homepath and on its behalf everything necessary or
     expedient to:

     (a)  (Performance of Custodian Role): perform the Custodian's duties, and
          exercise the rights of the Custodian, under clause 25 of the Series
          Supplement in so far as those duties and rights relate to Mortgage
          Documents with respect to Mortgage Loans in relation to Homepath;

     (b)  (Delegate): delegate any of its rights described in this Deed
          (including this right of delegation) to any person upon any terms or
          conditions that it thinks fit;

     (c)  (Sign Documents): sign, seal, deliver and execute and do (either
          unconditionally or subject to any conditions that it thinks fit) all
          deeds, arrangements, documents and things in respect of any of its
          rights described in this Deed; and

                                                                             163

<PAGE>

     (d)  (Do Incidental Things): do anything incidental to or conducive to the
          effective and expeditious exercise of its rights described in this
          Deed.

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

3.   Consideration and Revocation

3.1  Consideration

     Homepath acknowledges that it has received good and valuable consideration
     for the grant of this Deed.

3.2  Irrevocable without Consent

     Except with the prior written consent of an Authorised Officer of the
     Custodian, the power of attorney granted under clause 2.1 of this Deed is
     irrevocable by Homepath and its successors and assigns.

3.3  No Abrogation

     Subject only to revocation in accordance with clause 3.2, this Deed will
     remain in full force and effect notwithstanding:

     (a)  (Insolvency): the insolvency of, or the occurrence of any other
          analogous event with respect to, Homepath;

     (b)  (Amendment): any waiver, replacement, amendment or variation of any
          document (with or without the consent of Homepath);

     (c)  (Delay): any delay, laches, acquiescence, mistake, act or omission
          (including, without limitation, any default by the Custodian of any
          obligation that it owes to any person) by any Attorney; or

     (d)  (Miscellaneous): any other fact, matter, circumstance or thing
          whatsoever which, but for this clause, could or might operate to
          prejudice, release or otherwise affect the rights of an Attorney under
          this Deed.

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

4.   Delegates

4.1  Obligation

     Where a delegation is made by an Attorney under clause 2, the following
     will apply:

     (a)  (Vary, suspend etc.): the Attorney may at any time by notice in
          writing vary, suspend or revoke a delegation made under clause 2;

     (b)  (Attorney retains any rights delegated): a right delegated by the
          Attorney may continue to be exercised or performed by the Attorney
          notwithstanding the delegation of that right;

     (c)  (Effect of acts delegated): any act or thing done within the scope of
          a delegation while the delegation is in force:

          (i)  has the same effect as if it had been done by the Attorney; and

          (ii) will not be invalidated by reason of a later revocation or
               variation of the delegation; and

     (d)  (Opinion of delegate): if the exercise or performance of a right by
          the Attorney is dependant upon the opinion, belief or state of mind of
          the Attorney in relation to a

                                                                             164

<PAGE>

          matter and that right is delegated by the Attorney, the delegate may,
          unless the contrary intention appears, exercise or perform the right
          based upon his or her own opinion, belief or state of mind (as the
          case may require) in relation to the matter.

4.2  Revocation of nomination

     The Custodian may at any time revoke or suspend any appointment of a
     nominee or an Attorney pursuant to clause 2.

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

5.   Miscellaneous

5.1  Suspension of Homepath's rights

     Homepath must not, after being notified in writing by any Attorney that an
     Attorney intends to exercise any right conferred on it by this Deed (and
     provided that such right is then and remains exercisable), exercise that
     right without the written consent of the Custodian.

5.2  Ratification

     Homepath will at all times ratify and confirm whatever any Attorney
     lawfully does, or causes to be done, in exercising its rights described in
     this Deed.

5.3  Conflict of Interest

     Any Attorney may exercise any right notwithstanding that it constitutes a
     conflict of interest or duty.

5.4  Homepath Bound

     Homepath and any person (including, but not limited to, a substitute or
     assign) claiming under Homepath are bound by anything an Attorney does in
     the lawful exercise of its rights described in this Deed.

5.5  Third party dealings

     In respect of dealings by any person in good faith with an Attorney:

     (a)  (Evidence that power not revoked): that person may accept a written
          statement signed by any Attorney to the effect that the power of
          attorney granted under this Deed has not been revoked as conclusive
          evidence of that fact; and

     (b)  (No duty to enquire): if the Attorney executes any right granted to it
          by this Deed, that person is not bound to enquire as to whether the
          right is properly exercised or whether any circumstance has arisen to
          authorise the exercise of that right.

5.6  Indemnity

     Homepath will indemnify any Attorney from and against all actions, suits,
     claims, demands, damages, liabilities, losses, costs and expenses that may
     be made or bought against or suffered or incurred by any such Attorney
     arising out of or in connection with the lawful exercise of any of its
     rights described in this Deed.

5.7  Stamping and Registration

     Homepath will, promptly after execution and delivery of this Deed, properly
     stamp and register this Deed as required by any applicable law and Homepath
     authorises any Attorney to stamp and register this Deed on behalf of
     Homepath.

                                                                             165

<PAGE>

5.8  Costs

     All reasonable costs incurred by an Attorney in connection with the
     stamping and registration of this Deed in accordance with clause 5.7 will
     be paid by Homepath within a reasonable time after demand for payment is
     made.

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

6.   Governing Law

     This Deed is governed by and construed in accordance with the laws of the
     State of New South Wales and Homepath irrevocably and unconditionally
     submits to the non-exclusive jurisdiction of the courts of the State of New
     South Wales and any courts of appeal from any of those courts.

EXECUTED as a deed.

THE COMMON SEAL of HOMEPATH          )
PTY LIMITED, ABN 35 081 986 530 is   )
affixed in accordance with its       )
constitution in the presence of:     )

-------------------------                -------------------------
Secretary                                Director

                                                                             166

<PAGE>

Schedule 11 - Part C
Form of Custodian Power of Attorney (for Western Australia)

THIS POWER OF ATTORNEY is made                 on                    2002
                                -----------        ---------------

BY             HOMEPATH PTY LIMITED, ABN 35 081 986 530, a company incorporated
               in the [      ] and having an office at Level 6, 48 Martin Place,
                       ------
               Sydney, NSW 2000 ("Homepath")

IN FAVOUR OF   COMMONWEALTH BANK OF AUSTRALIA, ABN 48 123 123 124, a company
               incorporated in the Australian Capital Territory and having its
               registered office at Level 1, 48 Martin Place, Sydney NSW 2000
               (the "Custodian")

THIS DEED PROVIDES as follows:

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

1.   Interpretation

1.1  Definitions

     In this Deed, unless the contrary intention appears:

     "Attorney" means any attorney appointed by or pursuant to clause 2 and any
     person who derives a right directly or indirectly from an Attorney.

     "Authorised Officer" means in relation to the Custodian, a director,
     secretary or any person whose title contains the word or words "manager" or
     "chief executive officer" or a person performing the functions of any of
     them.

     "Series Supplement" means the Series Supplement dated [      ] between the
                                                            ------
     Custodian, Homepath, Securitisation Advisory Services Pty Limited, ABN 88
     064 133 946 and Perpetual Trustee Company Limited, ABN 42 000 001 007.

1.2  Series Supplement

     Unless expressly defined in this Deed or a contrary intention appears,
     words and expressions used in this Deed have the same meaning as in the
     Series Supplement.

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

2.   Appointment and Powers

2.1  Appointment

     Homepath appoints the Custodian and any Authorised Officer from time to
     time of the Custodian jointly and severally as its attorney with the right,
     to do in the name of Homepath and on its behalf everything necessary or
     expedient to:

     (a)  (Performance of Custodian Role): perform the Custodian's duties, and
          exercise the rights of the Custodian, under clause 25 of the Series
          Supplement in so far as those duties and rights relate to Mortgage
          Documents with respect to Mortgage Loans in relation to Homepath,
          including but not limited to taking custody of documents which relate
          to mortgages over land or property registered pursuant to the Transfer
          of Land Act 1893 (WA) and the Strata Titles Act 1985 (WA);

     (b)  (Delegate): delegate any of its rights described in this Deed
          (including this right of delegation) to any person upon any terms or
          conditions that it thinks fit;

     (c)  (Sign Documents): sign, seal, deliver and execute and do (either
          unconditionally or subject to any conditions that it thinks fit) all
          deeds, arrangements, documents and things in respect of any of its
          rights described in this Deed;

                                                                             167

<PAGE>

     (d)  (Do Incidental Things): do anything incidental to or conducive to the
          effective and expeditious exercise of its rights described in this
          Deed; and

     (e)  (Limitation on Custodian's Powers): the Custodians powers are limited
          to:

          (i)  the powers provided for under clause 25 of the Series Supplement
               and this Deed; and

          (ii) mortgages and Mortgage Documents the legal or equitable title to
               which is held by Perpetual Trustee Company Limited as trustee of
               the Series 2002-1G Medallion Trust.

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

3.   Consideration and Revocation

3.1  Consideration

     Homepath acknowledges that it has received good and valuable consideration
     for the grant of this Deed.

3.2  Irrevocable without Consent

     Except with the prior written consent of an Authorised Officer of the
     Custodian, the power of attorney granted under clause 2.1 of this Deed is
     irrevocable by Homepath and its successors and assigns.

3.3  No Abrogation

     Subject only to revocation in accordance with clause 3.2, this Deed will
     remain in full force and effect notwithstanding:

     (a)  (Insolvency): the insolvency of, or the occurrence of any other
          analogous event with respect to, Homepath;

     (b)  (Amendment): any waiver, replacement, amendment or variation of any
          document (with or without the consent of Homepath);

     (c)  (Delay): any delay, laches, acquiescence, mistake, act or omission
          (including, without limitation, any default by the Custodian of any
          obligation that it owes to any person) by any Attorney; or

     (d)  (Miscellaneous): any other fact, matter, circumstance or thing
          whatsoever which, but for this clause, could or might operate to
          prejudice, release or otherwise affect the rights of an Attorney under
          this Deed.

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

4.   Miscellaneous

4.1  Suspension of Homepath's rights

     Homepath must not, after being notified in writing by any Attorney that an
     Attorney intends to exercise any right conferred on it by this Deed (and
     provided that such right is then and remains exercisable), exercise that
     right without the written consent of the Custodian.

4.2  Ratification

     Homepath will at all times ratify and confirm whatever any Attorney
     lawfully does, or causes to be done, in exercising its rights described in
     this Deed.

                                                                             168

<PAGE>

4.3  Conflict of Interest

     Any Attorney may exercise any right notwithstanding that it constitutes a
     conflict of interest or duty.

4.4  Homepath Bound

     Homepath and any person (including, but not limited to, a substitute or
     assign) claiming under Homepath are bound by anything an Attorney does in
     the lawful exercise of its rights described in this Deed.

4.5  Third party dealings

     In respect of dealings by any person in good faith with an Attorney:

     (a)  (Evidence that power not revoked): that person may accept a written
          statement signed by any Attorney to the effect that the power of
          attorney granted under this Deed has not been revoked as conclusive
          evidence of that fact; and

     (b)  (No duty to enquire): if the Attorney executes any right granted to it
          by this Deed, that person is not bound to enquire as to whether the
          right is properly exercised or whether any circumstance has arisen to
          authorise the exercise of that right.

4.6  Indemnity

     Homepath will indemnify any Attorney from and against all actions, suits,
     claims, demands, damages, liabilities, losses, costs and expenses that may
     be made or bought against or suffered or incurred by any such Attorney
     arising out of or in connection with the lawful exercise of any of its
     rights described in this Deed.

4.7  Stamping and Registration

     Homepath will, promptly after execution and delivery of this Deed, properly
     stamp and register this Deed as required by any applicable law and Homepath
     authorises any Attorney to stamp and register this Deed on behalf of
     Homepath.

4.8  Costs

     All reasonable costs incurred by an Attorney in connection with the
     stamping and registration of this Deed in accordance with clause 4.8 will
     be paid by Homepath within a reasonable time after demand for payment is
     made.

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

5.   Governing Law

     This Deed is governed by and construed in accordance with the laws of the
     State of Western Australia and Homepath irrevocably and unconditionally
     submits to the non-exclusive jurisdiction of the courts of the State of
     Western Australia and any courts of appeal from any of those courts.

EXECUTED as a deed.

THE COMMON SEAL of HOMEPATH          )
PTY LIMITED, ABN 35 081 986 530 is   )
affixed in accordance with its       )
constitution in the presence of:     )

-------------------------                -------------------------
Secretary                                Director

                                                                             169

<PAGE>

Executed as a deed.

Signed sealed and delivered for and on behalf of Commonwealth Bank of Australia,
ABN 48 123 123 124, by its Attorney under a Power of Attorney dated 24/11/97 and
registered Book    No.     who certifies that he or she is General Manager of
              ----   -----
Commonwealth Bank of Australia in the presence of:

                                       /s/ Philip Christie
                                       ----------------------------------
                                       Signature of Attorney

/s/ Karolina Popie                     Philip Christie
------------------------------------   ----------------------------------
Signature of Witness                   Name of Attorney in full

Karolina Popie
------------------------------------
Name of Witness in full

Signed sealed and delivered for and on behalf of Securitisation Advisory
Services Limited, ABN 88 064 133 946 by Ian Cambourn its Attorney under a Power
of Attorney dated 6/2/02 and registered Book 4337 No. 465 and who declares that
he or she has not received any notice of the revocation of such Power of
Attorney in the presence of:

                                       /s/ Ian Cambourn
                                       -----------------------------------------
                                       Signature of Attorney

/s/ Karolina Popie                     Ian Cambourn
------------------------------------   -----------------------------------------
Signature of Witness                   Name of Attorney in full

Karolina Popie
------------------------------------
Name of Witness in full

                                                                             170

<PAGE>

Signed sealed and delivered for and on behalf of Perpetual Trustee Company
Limited, ABN 42 000 001 007 by Stacey Gray its Attorney under a Power of
Attorney dated 6/2/02 and registered Book 4337 No. 468 and who declares that he
or she has not received any notice of the revocation of such Power of Attorney
in the presence of:

                                       /s/ Stacey Gray
                                       ----------------------------------
                                       Signature of Attorney

/s/ Karolina Popie                     Stacey Gray
------------------------------------   ----------------------------------
Signature of Witness                   Name of Attorney in full

Karolina Popie
------------------------------------
Name of Witness in full

Signed sealed and delivered for and on behalf of Homepath Pty Limited, ABN 35
081 986 530 by Ian Cambourn its Attorney under a Power of Attorney dated and
registered Book 4337 No. 466 and who declares that he or she has not received
any notice of the revocation of such Power of Attorney in the presence of:

                                       /s/ Ian Cambourn
                                       -------------------------------------
                                       Signature of Attorney

/s/ Karolina Popie                     Ian Cambourn
------------------------------------   -------------------------------------
Signature of Witness                   Name of Attorney in full

Karolina Popie
------------------------------------
Name of Witness in full

                                                                             171<PAGE>

                                   Exhibit 4.3

                               Security Trust Deed

<PAGE>

                                             CLAYTON UTZ            Exhibit 4.3

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

P.T. Limited
ABN 67 004 454 666
Security Trustee
The Bank of New York, New York Branch
US Dollar Note Trustee
Securitisation Advisory Services Pty. Limited
ABN 88 064 133 946
Manager
Perpetual Trustee Company Limited
ABN 42 000 001 007
Trustee

Series 2002-1G Medallion Trust
Security Trust Deed

                                  CLAYTON UTZ
                                    Lawyers
       Levels 22-35  No. 1 O'Connell Street  Sydney  NSW  2000  Australia
                 PO Box H3 Australia Square  Sydney  NSW  1215
                               www.claytonutz.com
                   Tel + 61 2 9353 4000  Fax + 61 2 8220 6700
               Our ref - 801/784/21697903  Contact - Ben Sandstad

            Sydney . Melbourne . Brisbane . Perth . Canberra . Darwin

   Liability limited by the Solicitors Scheme approved under the Professional
                            Standards Act 1994 (NSW)

<PAGE>

Table of Contents

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

     1.1   Definitions...................................................1
     1.2   Series Supplement and Master Trust Deed Definitions...........6
     1.3   Interpretation................................................6
     1.4   Incorporation of Annexure.....................................8
     1.5   Trustee's capacity............................................9
     1.6   Determination of Outstanding Hedge Money......................9
     1.7   Amounts Outstanding...........................................9
     1.8   Benefit of Covenants under this Deed..........................9
     1.9   Obligations Several...........................................9
     1.10  Incorporated Definitions and other Provisions.................9

2.   The Security Trust.................................................10

     2.1   Appointment of Security Trustee..............................10
     2.2   Declaration of Security Trust................................10
     2.3   Duration of Security Trust...................................10
     2.4   Benefit of Security Trust....................................10
     2.5   Interested Persons Bound.....................................10
     2.6   Nature of Rights of Secured Creditors........................10
     2.7   Shared Securities............................................10

3.   Payment of Secured Moneys..........................................10

     3.1   Covenant in Favour of Security Trustee.......................10
     3.2   Payments to Secured Creditors................................10

4.   Charge.............................................................11

     4.1   The Charge...................................................11
     4.2   Floating Charge..............................................11
     4.3   Ranking of Charge............................................11
     4.4   Crystallisation of Floating Charge...........................11
     4.5   Consent to Dealings..........................................11
     4.6   Re-Conversion from Fixed into Floating Charge................11
     4.7   Replacement of fixed charge over Charged Property............12
     4.8   Subsequent dealing...........................................12
     4.9   Limit and Prospective Liability Amount.......................12

5.   Representations and warranties.....................................12

     5.1   By the Trustee...............................................12
     5.2   By the Manager...............................................14
     5.3   By the Security Trustee......................................14

6.   Trustee's and Manager's Covenants..................................15

     6.1   Covenants in respect of Charged Property.....................15
     6.2   General Covenants............................................15
     6.3   Dealing in Accordance with Master Trust Deed, the
           Series Supplement etc........................................16
     6.4   Manager's Undertaking........................................16

                                                                      i

<PAGE>

7.   Events of Default..................................................17

8.   Rights and Obligations of the Security Trustee following
     Event of Default...................................................18

     8.1   Notify Voting Secured Creditors and Convene Meeting
           of Voting Secured Creditors..................................18
     8.2   Extraordinary Resolutions....................................18
     8.3   Security Trustee to Act in Accordance with Directions........19
     8.4   Security Trustee Must Receive Indemnity......................19
     8.5   Notice to Trustee............................................20
     8.6   Manager convenes meeting.....................................20
     8.7   Notice of Event of Default...................................20
     8.8   Notice of action to remedy Event of Default..................20

9.   Enforcement........................................................20

     9.1   Power to Deal with and Protection of the Charged
           Property.....................................................20
     9.2   Restrictions on Power to Enforce.............................21
     9.3   No Obligation to Enforce.....................................21
     9.4   Limitation on Rights of Secured Creditors....................21
     9.5   Immaterial Waivers...........................................22
     9.6   Acceleration of Secured Moneys following Event of
           Default......................................................22

10.  Receivers - appointment and powers.................................22

     10.1  Appointment of Receiver......................................22
     10.2  Joint Receivers..............................................23
     10.3  Remuneration of Receiver.....................................23
     10.4  Indemnification of Receiver..................................23
     10.5  Appointment over part........................................23
     10.6  Powers of Receiver...........................................23
     10.7  Indemnity....................................................26

11.  Powers and Protections for Security Trustee and Receiver
     and Power of Attorney..............................................26

     11.1  Security Trustee has Powers of Receiver......................26
     11.2  Act Jointly..................................................26
     11.3  No Liability for Loss........................................26
     11.4  No Liability to Account as Mortgagee in Possession...........26
     11.5  No Conflict..................................................27
     11.6  Contract Involving Conflict of Duty..........................27
     11.7  Power of Attorney............................................27
     11.8  Security Trustee May Make Good Default.......................28
     11.9  Notice for Exercise of Powers................................28
     11.10 Benefit for Receiver etc.....................................28

12.  Protection of persons dealing with Security Trustee or
     Receiver...........................................................28

     12.1  No Enquiry...................................................28
     12.2  Receipts.....................................................29

                                                                     ii

<PAGE>

13.  Application of Moneys..............................................29

     13.1  Priority of Payments.........................................29
     13.2  Moneys Received..............................................31
     13.3  Application of Moneys........................................32
     13.4  Investment of Funds..........................................32
     13.5  Conversion into A$ of Class A-1 Notes denominated in
           US$..........................................................32
     13.6  Application of Class A-1 Currency Swap Termination
           Proceeds.....................................................33
     13.7  Satisfaction of Debts........................................33

14.  Supplemental Security Trustee Provisions...........................33

     14.1  Limitations on Powers and Duties of Security Trustee.........33
     14.2  Limitation on Security Trustee's Actions.....................33
     14.3  Additional Powers, Protections, etc..........................34
     14.4  Limitation of Liability......................................38
     14.5  Dealings with Trust..........................................38
     14.6  Discretion of Security Trustee as to Exercise of Powers......39
     14.7  Delegation of Duties of Security Trustee.....................39
     14.8  Related Body Corporate of the Security Trustee...............39

15.  Duties of the Security Trustee.....................................40

     15.1  Duties of the Security Trustee limited to duties in this
           Deed.........................................................40
     15.2  Security Trustee's Further Duties............................40
     15.3  Trustee Liable for Negligence etc............................40
     15.4  No Liability for Transaction Documents.......................40
     15.5  Resolution of Conflicts......................................40

16.  Indemnity by Trustee...............................................41

     16.1  Indemnity....................................................41
     16.2  Extent of Security Trustee's Indemnity.......................41
     16.3  Costs of experts.............................................42
     16.4  Non-Discharge................................................42
     16.5  Retention of Lien............................................42

17.  Meetings of Voting Secured Creditors...............................42

     17.1  Meetings Regulated by the Annexure...........................42
     17.2  Limitation on Security Trustee's Powers......................42

18.  Continuing security and releases...................................43

     18.1  Liability Preserved..........................................43
     18.2  Trustee's Liability Not Affected.............................43
     18.3  Waiver by Trustee............................................43

19.  Remuneration and retirement of security trustee....................44

     19.1  Remuneration.................................................44
     19.2  Retirement of Security Trustee...............................44
     19.3  Removal by Manager...........................................44
     19.4  Security Trustee May Retire..................................45

                                                                    iii

<PAGE>

     19.5  Retirement of Trustee under Master Trust Deed................45
     19.6  Appointment of Substitute Security Trustee by Voting
           Secured Creditors............................................45
     19.7  Release of Security Trustee..................................45
     19.8  Vesting of Security Trust Fund in Substitute Security
           Trustee......................................................46
     19.9  Substitute Security Trustee to Execute Deed..................46
     19.10 Rating Agencies Advised......................................46

20.  Assurance..........................................................46

     20.1  Further Assurance............................................46
     20.2  Postponement or Waiver of Security Interests.................47
     20.3  Registration of Charge.......................................47
     20.4  Caveats......................................................47

21.  Payments...........................................................47

     21.1  Moneys Repayable as Agreed or on Demand......................47
     21.2  No Set-Off or Deduction......................................47

22.  Discharge of the Charge............................................48

     22.1  Release......................................................48
     22.2  Contingent Liabilities.......................................48
     22.3  Charge Reinstated............................................48

23.  US Dollar Note Trustee.............................................48

     23.1  Capacity.....................................................48
     23.2  Exercise of rights...........................................48
     23.3  Instructions or directions...................................49
     23.4  Payments.....................................................49
     23.5  Notices......................................................49
     23.6  Limitation of US Dollar Note Trustee's Liability.............49

24.  Amendment..........................................................49

     24.1  Amendment by Security Trustee................................49
     24.2  Consent required Generally...................................50
     24.3  Consent to Payment Modification in relation to Class
           A-1 Notes....................................................50
     24.4  No Rating Agency Downgrade...................................50
     24.5  Distribution of Amendments...................................50

25.  Expenses and stamp duties..........................................51

     25.1  Expenses.....................................................51
     25.2  Stamp Duties.................................................51
     25.3  Goods and Services Tax.......................................51

26.  Governing law and jurisdiction.....................................51

     26.1  Governing Law................................................51
     26.2  Jurisdiction.................................................52

27.  Notices............................................................52

     27.1  Method of Delivery...........................................52

                                                                    iv

<PAGE>

     27.2  Deemed Receipt...............................................52

28.  Trustee's Limited Liability........................................53

     28.1  Limitation on Trustee's Liability............................53
     28.2  Claims against Trustee.......................................53
     28.3  Breach of Trustee............................................53
     28.4  Acts or omissions............................................53
     28.5  No Authority.................................................53
     28.6  No Obligation................................................54

29.  Miscellaneous......................................................54

     29.1  Assignment by Trustee........................................54
     29.2  Assignment by Manager........................................54
     29.3  Assignment by Security Trustee...............................54
     29.4  Assignment by US Dollar Note Trustee.........................54
     29.5  Certificate of Security Trustee..............................54
     29.6  Continuing Obligation........................................54
     29.7  Settlement Conditional.......................................54
     29.8  No Merger....................................................55
     29.9  Interest on Judgment.........................................55
     29.10 No Postponement..............................................55
     29.11 Severability of Provisions...................................55
     29.12 Remedies Cumulative..........................................55
     29.13 Waiver.......................................................55
     29.14 Consents and Approvals.......................................55
     29.15 Written Waiver, Consent and Approval.........................56
     29.16 Time of Essence..............................................56
     29.17 Moratorium Legislation.......................................56
     29.18 Debit Accounts...............................................56
     29.19 Set-Off......................................................56
     29.20 Binding on Each Signatory....................................56
     29.21 Counterparts.................................................57
     29.22 Privacy......................................................57

                                                                     v

<PAGE>

Security Trust Deed made at Sydney on 7 February 2002
Parties        P.T. Limited, ABN 67 004 454 666, a company incorporated in the
               State of Victoria and having an office at Level 7, 39 Hunter
               Street, Sydney, NSW 2000 Australia (hereinafter included in the
               expression the "Security Trustee")

               The Bank of New York, New York Branch a New York banking
               corporation acting through its New York branch at 101 Barclay
               Street, 21W, New York 10286 (hereinafter included by
               incorporation in the expression the "US Dollar Note Trustee")

               Securitisation Advisory Services Pty. Limited, ABN 88 064 133
               946, a company incorporated in the State of New South Wales and
               having an office at Level 6, 48 Martin Place, Sydney, NSW 2000
               Australia ("Manager")

               Perpetual Trustee Company Limited, ABN 42 000 001 007, a
               company incorporated in the State of New South Wales and having
               an office at Level 3, 39 Hunter Street, Sydney, NSW 2000
               Australia ("Trustee")
Recitals

A.     The Trustee is the trustee, and the Manager is the manager, of the
       Series Trust.

B.     The Trustee is authorised to enter into this Deed to charge the assets
       of the Series Trust to secure the payment in full of the Secured Moneys
       to the Secured Creditors of the Series Trust.

C.     The US Dollar Note Trustee has been appointed as trustee under the US
       Dollar Note Trust Deed to act on behalf of the Class A-1 Noteholders.

D.     The Security Trustee has agreed to act as trustee for the benefit of the
       Secured Creditors on the terms and conditions and with the powers and
       authorities contained in this Deed.

This deed provides
-------------------------------------------------------------------------------
1.     Definitions and interpretation

1.1    Definitions

       In this Deed, unless the contrary intention appears:
       "Agent" has the same meaning as in the Agency Agreement.
       "Authorised Officer" means:

       (a)     in relation to the Security Trustee, a director or secretary of
               the Security Trustee or an officer of the Security Trustee whose
               title contains the word or words "manager" or "counsel" or a
               person performing the functions of any of them;

       (b)     in relation to the US Dollar Note Trustee, an Authorised Officer
               of the US Dollar Note Trustee for the purposes of the US Dollar
               Note Trust Deed;

       (c)     in relation to the Trustee, an Authorised Officer of the Trustee
               for the purposes of the Master Trust Deed; and

       (d)     in relation to the Manager, an Authorised Officer of the Manager
               for the purposes of the Master Trust Deed.

       "Charge" means the charge created by this Deed.

       "Charge Release Date" subject to clause 22.3 means the date the Security
       Trustee releases the Charged Property from the Charge.

                                                                               1

<PAGE>

       "Charged Property" means all the Assets of the Series Trust held by the
       Trustee from time to time as trustee of the Series Trust and the benefit
       of all covenants, agreements, undertakings, representations, warranties
       and other choses in action in favour of the Trustee under the
       Transaction Documents, but does not, at the time of the execution and
       delivery of this Deed, include any of the foregoing situated outside the
       State of New South Wales.

       "Class A-1 Currency Swap Termination Proceeds" means the US dollars
       proceeds (if any) received from the Currency Swap Providers under a
       Class A-1 Currency Swap as a result of the occurrence (if any) of an

       "Early Termination Date" thereunder, and includes any interest earned
       and credited thereon whilst such proceeds are invested in the US dollar
       interest bearing account referred to in clause 13.6.

       "Class B Basic Term Modification" means an alteration, addition or
       amendment to this Deed or to the terms and conditions of the Securities
       which has the effect of:

       (a)     reducing, cancelling, postponing the date of payment, modifying
               the method for the calculation or altering the order of priority
               under this Deed, of any amount payable in respect of any
               principal or interest in respect of the Class B Notes;

       (b)     altering the currency in which payments under the Class B Notes
               are to be made;

       (c)     altering the majority required to pass an Extraordinary
               Resolution under this Deed; or

       (d)     sanctioning any scheme or proposal for the exchange or sale of
               the Class B Notes for or the conversion of the Class B Notes
               into or the cancellation of the Class B Notes in consideration
               of shares, stock, notes, bonds, debentures, debenture stock
               and/or other obligations and/or securities of the Trustee or any
               other company formed or to be formed, or for or into or in
               consideration of cash, or partly for or into or in consideration
               of such shares, stock, notes, bonds, debentures, debenture stock
               and/or other obligations and/or securities as aforesaid and
               partly for or in consideration of cash.

       "Event of Default" has the meaning given to it in clause 7.

       "Extraordinary Resolution" of the Voting Secured Creditors or a class of
       Voting Secured Creditors means:

       (a)     a resolution which is passed at a meeting of the then Voting
               Secured Creditors or, where applicable, a class of Voting
               Secured Creditors duly convened and held in accordance with the
               provisions of this Deed (including the Annexure) by a majority
               consisting of not less than 75% of the votes (determined in
               accordance with clause 8(d)(i) of the Annexure) of the persons
               present and voting at the meeting who are then Voting Secured
               Creditors, or Voting Secured Creditors of that class, or
               representing such Voting Secured Creditors or, if a poll is
               demanded, by then Voting Secured Creditors, or Voting Secured
               Creditors of that class, holding or representing between them
               Voting Entitlements comprising in aggregate a number of votes
               which is not less than 75% of the aggregate number of votes
               comprised in the Voting Entitlements held or represented by all
               the persons present at the meeting voting on such poll; or

                                                                               2

<PAGE>

       (b)     a resolution in writing in relation to all Voting Secured
               Creditors or the class of Voting Secured Creditors pursuant to
               clause 16 of the Annexure.

       "Foreign Currency" means a currency other than Australian dollars.

       "Insolvency Event" in relation to:

       (a)     the Trustee, means each of the following events:

               (i)     an application is made to a court (which application is
                       not dismissed or stayed on appeal within 30 days) for an
                       order or an order is made that the Trustee be wound up
                       or dissolved;

               (ii)    an application is made to a court for an order
                       appointing a liquidator, a provisional liquidator, a
                       receiver or a receiver and manager in respect of the
                       Trustee (which application is not dismissed or stayed on
                       appeal within 30 days), or one of them is appointed,
                       whether or not under an order;

               (iii)   except on terms approved by the Security Trustee, the
                       Trustee enters into, or resolves to enter into, a scheme
                       of arrangement, deed of company arrangement or
                       composition with, or assignment for the benefit of, all
                       or any class of its creditors, or it proposes a
                       reorganisation, moratorium or other administration
                       involving any of them;

               (iv)    the Trustee resolves to wind itself up, or otherwise
                       dissolve itself, or gives notice of intention to do so,
                       except to reconstruct or amalgamate while solvent on
                       terms approved by the Security Trustee or is otherwise
                       wound up or dissolved;

               (v)     the Trustee is or states that it is unable to pay its
                       debts when they fall due;

               (vi)    as a result of the operation of section 459F(1) of the
                       Corporations Act, the Trustee is taken to have failed to
                       comply with a statutory demand;

               (vii)   the Trustee is or makes a statement from which it may be
                       reasonably deduced by the Security Trustee that the
                       Trustee is, the subject of an event described in section
                       459C(2)(b) or section 585 of the Corporations Act;

               (viii)  the Trustee takes any step to obtain protection or is
                       granted protection from its creditors, under any
                       applicable legislation or an administrator is appointed
                       to the Trustee or the board of directors of the Trustee
                       propose to appoint an administrator to the Trustee or
                       the Trustee becomes aware that a person who is entitled
                       to enforce a charge on the whole or substantially the
                       whole of the Trustee's property proposes to appoint an
                       administrator to the Trustee; and

               (ix)    anything analogous or having a substantially similar
                       effect to any of the events specified above happens
                       under the law of any applicable jurisdiction; and

       (b)     the Security Trustee, has the same meaning as in the Master
               Trust Deed (provided that any approval thereunder must be given
               by the Manager rather than the Trustee as specified therein).

       "Interested Persons" means a collective reference to the Trustee, the
        Secured Creditors, the Manager and all persons claiming through them
        and "Interested Person" means a several reference to all Interested
        Persons.

                                                                               3

<PAGE>

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

       "Master Trust Deed" means the Master Trust Deed dated 8 October 1997 and
       made between the Trustee and the Manager, as amended from time to time.
       "Outstanding Cash Advance Deposit" on a given date means the amount of
       the Cash Advance Deposit on that date together with all accrued but
       unpaid interest on the Cash Advance Deposit payable to the Liquidity
       Facility Provider pursuant to the Liquidity Facility Agreement.

       "Outstanding Interest Rate Swap Prepayment Amount" has the same meaning
       as in each Interest Rate Swap Agreement.

       "Potential Event of Default" has the same meaning as in the US Dollar
       Note Trust Deed.

       "Pre-Default Action" means:

       (a)     an action which the Security Trustee is required or empowered to
               take prior to an Event of Default under:

               (i)     paragraphs (a)(iii), (a)(iv) and (a)(vii) of the
                       definition of "Insolvency Event" in this clause 1.1; and

               (ii)    clauses 6.1, 6.2(c), 8.3, 8.4, 9.5, 11.5, 11.8, 14,
                       15.2, 16.1, 17.2, 19, 20.1, 20.2, 22, 24 and 29; and

       (b)     such action as the Security Trustee considers necessary to cause
               the Trustee to comply with its obligations under clause 19.1.

       "Prior Interest" means the lien over, and right of indemnification from,
       the Charged Property held by the Trustee under, and calculated in
       accordance with, the Master Trust Deed for Trustee Indemnity Costs
       (other than the Secured Moneys and other than the Arranging Fees payable
       to the Manager) in relation to the Series Trust which are unpaid, or
       paid by the Trustee but not reimbursed to the Trustee from the Assets of
       the Series Trust.

       "Receiver" means a receiver appointed by the Security Trustee under this
       Deed and includes a receiver and manager and where more than one person
       has been appointed as receiver or receiver and manager each such person
       and also any servant agent or delegate of any such receiver or receiver
       and manager.

       "Representative" means:

       (a)     in relation to a Voting Secured Creditor, a person appointed as
               a proxy for that Voting Secured Creditor pursuant to clause 10
               of the Annexure; and

       (b)     without limiting the generality of paragraph (a), in relation to
               a Voting Secured Creditor that is a body corporate, a person
               appointed pursuant to clause 11 of the Annexure by that Voting
               Secured Creditor.

       "Secured Creditors" means the US Dollar Note Trustee (in its personal
       capacity and as trustee of the US Dollar Note Trust), each Agent, each
       Securityholder, each Hedge Provider, the Liquidity Facility Provider,
       the Standby Redraw Facility Provider, the Servicer and each Seller and

       "Secured Creditor" means each of the Secured Creditors.

       "Secured Moneys" means, without double counting, the aggregate of all
       moneys owing to the Security Trustee or to a Secured Creditor under any
       of the Transaction Documents provided that:

                                                                               4

<PAGE>

       (a)     the amount owing by the Trustee in relation to the principal
               component of a Security is to be calculated by reference to the
               Invested Amount of that Security;

       (b)     the amount owing by the Trustee in relation to the principal
               component of the Standby Redraw Facility Agreement is to be
               calculated by reference to the aggregate of the Standby Redraw
               Facility Principal and the Unreimbursed Principal Charge-offs in
               relation to the Standby Redraw Facility Principal; and

       (c)     the Secured Moneys do not include any fees or value added tax
               payable to the US Dollar Note Trustee referred to in clause 12.7
               of the US Dollar Note Trust Deed or to the Agents referred to in
               clause 12.6 of the Agency Agreement.

       "Security Trust" means the trust established under clause 2.2 of this
       Deed.

       "Security Trust Fund" means any property and benefits which the Security
       Trustee holds on trust for the Secured Creditors under this Deed
       including, without limitation, all the right, title and interest of the
       Security Trustee in connection with the Charge and any property which
       represents the proceeds of sale of any such property or proceeds of
       enforcement of the Charge.

       "Security Trustee" means P.T. Limited or if P.T. Limited retires or is
       removed as security trustee, any then Substitute Security Trustee.

       "Senior Security" means a Class A-1 Note, a Class A-2 Note or a Redraw
       Bond.

       "Senior Securityholder" means a Class A-1 Noteholder, a Class A-2
       Noteholder or a Redraw Bondholder.

       "Series Supplement" means the Series Supplement dated on or about the
       date of this Deed between the Commonwealth Bank of Australia, ABN 48 123
       123 124, Homepath Pty Limited, ABN 35 081 986 530, the Manager and the
       Trustee.

       "Series Trust" means the trust known as the Series 2002-1G Medallion
       Trust established pursuant to the Master Trust Deed and the Series
       Supplement.

       "Statute" means any legislation now or hereafter in force of the
       Parliament of the Commonwealth of Australia or of any State or Territory
       thereof and any rule regulation ordinance by-law statutory instrument
       order or notice now or hereafter made under such legislation.

       "Substitute Security Trustee" at any given time means the entity then
       appointed as Security Trustee under clause 19.

       "Trustee Indemnity Costs" means the fees, costs, charges and expenses
       incurred by, or payable to the Trustee (in its capacity as trustee of
       the Series Trust) in accordance with the Master Trust Deed (including
       clause 16.11 of the Master Trust Deed) and the Series Supplement.

       "US Dollar Note Trust" has the same meaning as in the US Dollar Note
       Trust Deed.

       "Voting Entitlement" means, on a particular date the number of votes
       which a Voting Secured Creditor would be entitled to exercise if a
       meeting of Voting Secured Creditors were held on that date, being in
       respect of a given Voting Secured Creditor and subject to
       clause 13.5(c), the number calculated by dividing the Secured Moneys
       owing to that Voting Secured Creditor by 10 and rounding the resultant
       figure down to the nearest whole number, provided that if the US Dollar
       Note Trustee is a then Voting Secured Creditor it will have a Voting
       Entitlement equal to the aggregate Voting Entitlement (determined in
       accordance with the foregoing) for all Class A-1 Noteholders.

       "Voting Secured Creditor" means:

                                                                               5

<PAGE>

        (a)     for so long as the Secured Moneys of the Securityholders are
                75% or more of the then total Secured Moneys:

                (i)     if any Class A-1 Note then remains outstanding, the
                        US Dollar Note Trustee (or, if the US Dollar Note
                        Trustee has become bound to notify, or seek directions
                        from, the Class A-1 Noteholders or to take steps
                        and/or to proceed under the US Dollar Note Trust Deed
                        and fails to do so as and when required by the US
                        Dollar Note Trust Deed and such failure is continuing,
                        the Class A-1 Noteholders); if any Class A-2 Notes
                        remain outstanding, the Class A-2 Noteholders; and if
                        any Redraw Bonds remain outstanding, the Redraw
                        Bondholders; or

                (ii)    if no Senior Security then remains outstanding,
                        the Class B Noteholders; and

        (b)     otherwise:

                (i)     if any Class A-1 Notes remain outstanding, the US
                        Dollar Note Trustee (or, if the US Dollar Note Trustee
                        has become bound to take steps and/or to proceed under
                        the US Dollar Note Trust Deed and fails to do so as
                        and when required by the US Dollar Note Trust Deed and
                        such failure is continuing, the Class A-1
                        Noteholders); and

                (ii)    each other then Secured Creditor (other than the
                        US Dollar Note Trustee and the Class A-1 Noteholders).

1.2     Series Supplement and Master Trust Deed Definitions

        Subject to clause 1.10, unless defined in this Deed, words
        and phrases defined in either or both of the Master Trust
        Deed and the Series Supplement have the same meaning in this
        Deed. Where there is any inconsistency in a definition
        between this Deed (on the one hand) and the Master Trust Deed
        or the Series Supplement (on the other hand), this Deed
        prevails. Where there is any inconsistency in a definition
        between the Master Trust Deed and the Series Supplement, the
        Series Supplement prevails over the Master Trust Deed in
        respect of this Deed. Subject to clause 1.10, where words or
        phrases used but not defined in this Deed are defined in the
        Master Trust Deed in relation to a Series Trust (as defined
        in the Master Trust Deed) and/or an Other Trust such words or
        phrases are to be construed in this Deed, where necessary, as
        being used only in relation to the Series Trust (as defined
        in this Deed) and/or the CBA Trust (as defined in the Series
        Supplement), as the context requires.

1.3     Interpretation

        In this Deed unless the contrary intention appears:

        (a)     the expression "person" includes an individual, a
                corporation and a Governmental Agency;

        (b)     the expression "owing" includes amounts that are owing
                whether such amounts are liquidated or not or are contingent or
                presently accrued due and includes all rights sounding in
                damages only;

        (c)     the expression "power" in relation to a person includes all
                powers, authorities, rights, remedies, privileges and
                discretions conferred upon that person by the Transaction
                Documents, by any other deed, agreement, document, or
                instrument, by any Statute or otherwise by law;

                                                                               6

<PAGE>

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

        (e)     subject to clause 1.10, a reference to this Deed, the Master
                Trust Deed or to any other deed, agreement, document or
                instrument includes, respectively, this Deed, the Master Trust
                Deed or such other deed, agreement, document or instrument as
                amended, novated, supplemented, varied or replaced from time to
                time;

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

        (g)     a reference to a Related Body Corporate includes a
                corporation which is or becomes a Related Body Corporate during
                the currency of this Deed;

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

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

        (j)     a reference to a clause is a reference to a clause of this
                Deed;

        (k)     a reference to a Schedule or an Annexure is a reference to
                the Schedule or Annexure to this Deed;

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

        (m)     all accounting terms used in this Deed have the same meaning
                ascribed to those terms under accounting principles and
                practices generally accepted in Australia from time to time;

        (n)     a reference to a party is a reference to a party to this
                Deed;

        (o)     a reference to time is a reference to Sydney time;

        (p)     a reference to any thing (including, without limitation, the
                Secured Money, any other amount and the Charged Property) is a
                reference to the whole and each part of it and a reference to a
                group of persons is a reference to all of them collectively, to
                any two or more of them collectively and to each of them
                individually;

        (q)     if an act prescribed under this Deed to be done by a party
                on or by a given day is done after 5.30 pm on that day, it is
                to be taken to be done on the following day;

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

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

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

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

                                                                               7

<PAGE>

                               2)     any other person referred to in clause
                                      1.3(t) in relation to the Trustee, the
                                      Security Trustee or the Manager (as the
                                      case may be); and

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

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

                (iii)   is:

                        A.     in accordance with any proper instruction or
                               direction of the Voting Secured Creditors given
                               at a meeting of Voting Secured Creditors
                               convened pursuant to this Deed; or

                        B.     in accordance with any proper instruction or
                               direction of the Investors given at a meeting
                               convened under the Master Trust Deed (as amended
                               by the Series Supplement);

        (t)     a reference to the "fraud", "negligence" or "wilful
                default" of the Trustee, the Security Trustee or the Manager
                means the fraud, negligence or wilful default of the Trustee,
                the Security Trustee or the Manager (as the case may be) and
                of its officers, employees, agents and any other person where
                the Trustee, the Security Trustee or the Manager (as the case
                may be) is liable for the acts or omissions of such other
                person under the terms of any Transaction Document;

        (u)     subject to clause 27.2, each party will only be considered
                to have knowledge or awareness of, or notice of, a thing or
                grounds to believe anything by virtue of the officers of that
                party (or any Related Body Corporate of that party) which have
                the day to day responsibility for the administration or
                management of that party's (or a Related Body Corporate of
                that party's) obligations in relation to the Series Trust or
                this Deed, having actual knowledge, actual awareness or actual
                notice of that thing, or grounds or reason to believe that
                thing (and similar references will be interpreted in this
                way). In addition, notice, knowledge or awareness of an Event
                of Default means notice, knowledge or awareness of the
                occurrence of the events or circumstances constituting an
                Event of Default. The Security Trustee will be regarded as
                being actually aware of an Event of Default if it receives a
                written notice from the Trustee, the Manager or the US Dollar
                Note Trustee that the Trustee, the Manager or the US Dollar
                Note Trustee (as the case may be) believes, on reasonable
                grounds, that the Event of Default has occurred; and

        (v)     a reference to prospective liabilities includes, without
                limitation, the liabilities of the Trustee under the
                Transaction Documents.

1.4     Incorporation of Annexure

        This Deed incorporates the Annexure which forms part of, and is
        subject to, this Deed.

                                                                               8

<PAGE>

1.5     Trustee's capacity

        In this Deed, unless expressly specified otherwise:

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

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

        (c)     (Insolvency Event): a reference in the definition of
                "Insolvency Event" in clause 1.1 to the Trustee is to the
                Trustee only in its capacity as trustee of the Series Trust
                and does not include the Trustee personally, as trustee of any
                other trust fund or in any other capacity whatsoever.

1.6     Determination of Outstanding Hedge Money

        If an "Early Termination Date", as defined in a relevant Hedge
        Agreement, has not been designated in respect of any "Transactions",
        as defined in the Hedge Agreement, the amounts owing by the Trustee to
        a Hedge Provider under the Hedge Agreement in respect of those
        Transactions are to be determined by the Manager on the relevant date
        as if an Early Termination Date has been designated in respect of
        those Transactions in accordance with the Hedge Agreement at the time
        of such determination and as if the Manager were a "Non-defaulting
        Party", as defined in the Hedge Agreement, following an "Event of
        Default", as defined in the Hedge Agreement, in respect of those
        Transactions.

1.7     Amounts Outstanding

        For the purposes of determining whether any amount constitutes Secured
        Moneys, for the purposes of clause 7(g) and, for the purposes of
        clause 13.1 (and for these purposes only), the calculation of any
        amounts owing or due by the Trustee shall be made without regard to
        any limitation on the Trustee's liability that may be construed as
        meaning that such amounts are not owing or are not due and payable.

1.8     Benefit of Covenants under this Deed

        Unless the context indicates a contrary intention, the Security
        Trustee holds the covenants, undertaking and other obligations and
        liabilities of the Trustee and the Manager under this Deed on trust
        for the benefit of the Secured Creditors on the terms and conditions
        of this Deed.

1.9     Obligations Several

        The obligations of the parties under this Deed are several.

1.10    Incorporated Definitions and other Provisions

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

                                                                               9

<PAGE>

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2.      The Security Trust

2.1     Appointment of Security Trustee

        The Security Trustee is hereby appointed and agrees to act as trustee
        of the Security Trust (with effect from the constitution of the
        Security Trust) on the terms and conditions in this Deed.

2.2     Declaration of Security Trust

        The Security Trustee declares that it holds the Security Trust Fund on
        trust for those persons who are Secured Creditors at the time of
        distribution of any money by the Security Trustee pursuant to clause
        13.1.

2.3     Duration of Security Trust

        The Security Trust commences on the date of this Deed and terminates
        on the first to occur of

        (a)     (Charge Release Date): the Charge Release Date; and

        (b)     (80th anniversary): the 80th anniversary of the date of this
                Deed.

2.4     Benefit of Security Trust

        Each Secured Creditor is entitled to the benefit of the Security Trust
        on the terms and conditions contained in this Deed.

2.5     Interested Persons Bound

        The provisions of this Deed, the Master Trust Deed and the Series
        Supplement are binding upon every Interested Person and the Security
        Trustee.

2.6     Nature of Rights of Secured Creditors

        Prior to any distribution to the Secured Creditors pursuant to clause
        13.1, no Secured Creditor is entitled to any equitable or proprietary
        interest in the Charged Property or the Charge, or any rights held by
        the Security Trustee under clause 1.8, and only has a mere right of
        action against the Security Trustee to properly perform its covenants
        under this Deed and to account to the Secured Creditors in accordance
        with this Deed.

2.7     Shared Securities

        The Security Trustee is bound by clause 7.3 of the Series Supplement
        in respect of each Shared Security notified by the Servicer to the
        Security Trustee in writing to be partly held by the Trustee as
        trustee of the CBA Trust as if a reference therein to the Trustee was
        a reference to both the Security Trustee and the Receiver.
-------------------------------------------------------------------------------
3.      Payment of Secured Moneys

3.1     Covenant in Favour of Security Trustee

        The Trustee covenants in favour of the Security Trustee that it will
        duly and punctually pay the Secured Moneys to, or to the order of, the
        Security Trustee as and when the same fall due for payment.

3.2     Payments to Secured Creditors

        Notwithstanding clause 3.1, every payment by the Trustee, or the
        Security Trustee in accordance with this Deed, to the Secured

                                                                              10

<PAGE>

     Moneys will operate as payment by the Trustee to the Security Trustee
     in satisfaction of the Trustee's obligations in respect of the
     Secured Moneys.
-------------------------------------------------------------------------------
4.   Charge

4.1  The Charge

     The Trustee charges all its present and future, right, title and interest
     in the Charged Property, subject only to the Prior Interest, to the
     Security Trustee for the payment in full of all the Secured Moneys.

4.2  Floating Charge

     The Charge is a floating charge over the Charged Property.

4.3  Ranking of Charge

     Subject only to the Prior Interest, the Charge is a first ranking charge
     having priority over all other Security Interests of the Trustee over the
     Charged Property.

4.4  Crystallisation of Floating Charge

     If the Charge has not otherwise taken effect as a fixed charge, it takes
     effect as a fixed charge automatically and immediately over all the
     Charged Property if an Event of Default occurs, other than if an Event of
     Default described in clauses 7(c) or (e) occurs, in which event it takes
     effect as a fixed charge automatically and immediately over the affected
     Charged Property. Upon the Charge becoming a fixed charge pursuant to the
     foregoing provisions of this clause, the Security Trustee is deemed to
     have intervened at that point in time and to have exercised all its rights
     of intervention in respect of the relevant Charged Property.

4.5  Consent to Dealings

     The Trustee must not (and the Manager will not give any direction to the
     Trustee to) dispose of or deal with the Charged Property, whether the
     Charge is floating or fixed unless such disposition or such other dealing
     is permitted by or required by and will be effected in accordance with the
     terms of the Master Trust Deed, the Series Supplement or any other
     Transaction Document. Without limiting the generality of the foregoing,
     the Trustee or its delegates may (notwithstanding that the Charge has
     taken effect as a fixed charge) discharge in accordance with the terms of
     the Transaction Documents, any Mortgage Loan, Mortgage or Collateral
     Security. Any Mortgage Loan, Mortgage or Collateral Security which is
     discharged by the Trustee or its delegates pursuant to this clause will
     automatically, and without the need for any act on the part of the
     Security Trustee, be free from and released from this Charge.

4.6  Re-Conversion from Fixed into Floating Charge

     Subject to clause 4.7, at any time after the Charge has taken effect as a
     fixed charge over the Charged Property, the Security Trustee may (and
     will, if directed by an Extraordinary Resolution of the then Voting
     Secured Creditors) by notice in writing to the Trustee convert the Charge
     from a fixed charge into a floating charge as regards any asset or assets
     specified in such notice. Upon such notice being received by the Trustee,
     the Charge as regards such specified asset or assets will immediately
     become and operate as a floating charge subject to the provisions of this
     Deed and will cease to be a fixed charge over such specified asset or
     assets.

                                                                              11

<PAGE>

4.7  Replacement of fixed charge over Charged Property

     If the Charge has taken effect as a fixed charge as a result of the
     occurrence of the Event of Default described in clause 7(a)(i) the
     Security Trustee must, upon notification from the Manager that another
     Authorised Trustee Corporation has been appointed as trustee of the Series
     Trust, by notice in writing to the Trustee convert the charge from a fixed
     charge into a floating charge as regards the Charged Property.

4.8  Subsequent dealing

     From the effective date specified in a notice given under clause 4.6 or
     4.7:

     (a)  (Trustee may deal as if floating charge): the Trustee may deal with
          the Charged Property the subject of the notice, if it was acquired
          by the Trustee before the effective date of the notice, as if it had
          always been charged by way of floating charge under this Deed;

     (b)  (Treat the fixing as not having occurred): the floating charge given
          by this Deed in respect of Charged Property the subject of the
          notice acquired by the Trustee on or after the effective date of the
          notice continues to operate as a floating charge as if it had never
          been a fixed charge; and

     (c)  (Third person may rely on notice that Charge is floating): a person
          dealing with the Trustee in relation to the Charged Property the
          subject of the notice may rely on a notice from the Security Trustee
          as conclusive evidence that, as at the time the notice is issued,
          such Charged Property is charged by way of floating charge.

4.9  Limit and Prospective Liability Amount

     (a)  (Amount Recoverable): The Charge is security for the whole of the
          Secured Moneys, but the aggregate amount recoverable under the
          Charge may not exceed A$30,000,000,000.

     (b)  (Fixed Priorities): For the purposes of fixing priorities between the
          Charge and any subsequent charge registered under the Corporations
          Act, the Charge secures a prospective liability up to a maximum
          amount of A$30,000,000,000.

     (c)  (No Obligation): Nothing in this clause 4.9 creates any obligation
          upon the Security Trustee to enter into any arrangement or to
          advance any moneys or do any act or thing as a result whereof if so
          created, entered into, advanced or done there would be Secured
          Moneys, or limits or affects the provisions of section 279(2) of the
          Corporations Act.
-------------------------------------------------------------------------------
5.   Representations and warranties

5.1  By the Trustee

     The Trustee represents and warrants to the Security Trustee that:

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

     (b)  (Constitution): the execution delivery and performance of each
          Transaction Document to which it is expressed to be a party does
          not violate its constitution;

                                                                              12

<PAGE>

     (c)  (Corporate power): it has the power and has taken all corporate and
          other action required to enter into each Transaction Document to
          which it is expressed to be a party and to authorise the execution
          and delivery of each Transaction Document to which it is expressed
          to be a party and the performance of its obligations under each
          Transaction Document to which it is expressed to be a party;

     (d)  (Filings): all corporate notices, filings and registrations with the
          Australian Securities and Investments Commission or similar office
          in its jurisdiction of incorporation and in any other jurisdiction
          required to be filed or effected, as applicable, by it in connection
          with the execution, delivery and performance of each Transaction
          Document to which it is expressed to be a party, have been filed or
          effected, as applicable, and all such filings and registrations are
          current, complete and accurate;

     (e)  (Legally binding obligation): its obligations under each Transaction
          Document to which it is expressed to be a party are valid, legally
          binding and enforceable obligations in accordance with the terms of
          each Transaction Document to which it is expressed to be a party,
          subject to stamping and any necessary registration and except as
          such enforceability may be limited by any applicable bankruptcy,
          insolvency, reorganisation, moratorium or trust or general
          principles of equity or other similar laws affecting creditors'
          rights generally;

     (f)  (Execution, delivery and performance): its execution, delivery and
          performance of each Transaction Document to which it is expressed
          to be a party does not violate any existing law or regulation or any
          document or agreement to which it is a party or which is binding
          upon it or any of its assets;

     (g)  (Authorisation): all consents, licences, approvals and authorisations
          of every Governmental Agency required to be obtained by it in
          connection with the execution, delivery and performance of each
          Transaction Document to which it is expressed to be a party in its
          personal capacity have been obtained and are valid and subsisting;

     (h)  (Good title): it is the lawful owner of, and has good right to charge
          in the manner provided in this Deed, the Charged Property and,
          subject only to the Master Trust Deed, the Series Supplement, this
          Deed and the Prior Interest, the Charged Property is free of all
          other Security Interests;

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

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

     (k)  (Master Trust Deed and the Series Supplement): the Series Trust is
          solely constituted by the Master Trust Deed and the Series
          Supplement;

     (l)  (No proceedings to remove): it has received no notice and to its
          knowledge no resolution has been passed or direction or notice has
          been given, removing it as trustee of the Series Trust;

     (m)  (Trustee's power): it has power under the Master Trust Deed and the
          Series Supplement to charge the Charged Property as provided in
          this Deed; and

     (n)  (No breach): it is not in breach of any material provision of the
          Master Trust Deed or the Series Supplement.

                                                                              13

<PAGE>

5.2  By the Manager

     The Manager represents and warrants to the Security Trustee that:

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

     (b)  (Constitution): its execution, delivery and performance of each
          Transaction Document to which it is expressed to be a party does not
          violate its constitution;

     (c)  (Corporate power): it has the power and has taken all corporate and
          other action required to enter into each Transaction Document to
          which it is expressed to be a party and to authorise the execution
          and delivery of each Transaction Document to which it is expressed
          to be a party and the performance of its obligations under each
          Transaction Document to which it is expressed to be a party;

     (d)  (Filings): it has filed all corporate notices and effected all
          registrations with the Australian Securities and Investments
          Commission or similar office in its jurisdiction of incorporation
          and in any other jurisdiction as required by law and all such
          filings and registrations are current, complete and accurate;

     (e)  (Legally binding obligation): its obligations under each Transaction
          Document to which it is expressed to be a party are valid, legally
          binding and enforceable obligations in accordance with the terms of
          each Transaction Document to which it is expressed to be a party,
          except as such enforceability may be limited by any applicable
          bankruptcy, insolvency, re-organisation, moratorium or trust or
          general principles of equity or other similar laws affecting
          creditors' rights generally;

     (f)  (Execution, delivery and performance): its execution, delivery and
          performance of each Transaction Document to which it is expressed
          to be a party does not violate any existing law or regulation or any
          document or agreement to which it is a party or which is binding
          upon it or any of its assets; and

     (g)  (Authorisation): all consents, licences, approvals and authorisations
          of every Governmental Agency required to be obtained by the Manager
          in connection with the execution, delivery and performance of each
          Transaction Document to which it is expressed to be a party have
          been obtained and are valid and subsisting.

5.3  By the Security Trustee

     The Security Trustee represents and warrants to the Manager and the
     Trustee that:

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

     (b)  (Constitution): its execution, delivery and performance of each
          Transaction Document to which it is expressed to be a party does
          not violate its constitution;

     (c)  (Corporate power): it has the power and has taken all corporate and
          other action required to enter into each Transaction Document to
          which it is expressed to be a party and to authorise the execution
          and delivery of each Transaction Document to which it is expressed
          to be a party and

                                                                              14

<PAGE>

          the performance of its obligations under each Transaction Document
          to which it is expressed to be a party;

     (d)  (Filings): it has filed all corporate notices and effected all
          registrations with the Australian Securities and Investments
          Commission or similar office in its jurisdiction of incorporation
          and in any other jurisdiction as required by law and all such
          filings and registrations are current, complete and accurate;

     (e)  (Legally binding obligation): its obligations under each Transaction
          Document to which it is expressed to be a party are valid, legally
          binding and enforceable obligations in accordance with the terms of
          each Transaction Document to which it is expressed to be a party,
          except as such enforceability may be limited by any applicable
          bankruptcy, insolvency, re-organisation, moratorium or trust or
          general principles of equity or other similar laws affecting
          creditors' rights generally;

     (f)  (Execution, delivery and performance): its execution, delivery and
          performance of each Transaction Document to which it is expressed
          to be a party does not violate any existing law or regulation or any
          document or agreement to which it is a party or which is binding
          upon it or any of its assets; and

     (g)  (Authorisation): all consents, licences, approvals and authorisations
          of every Governmental Agency required to be obtained by the
          Security Trustee in connection with the execution, delivery and
          performance of each Transaction Document to which it is expressed to
          be a party have been obtained and are valid and subsisting.
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6.   Trustee's and Manager's Covenants

6.1  Covenants in respect of Charged Property

     The Trustee undertakes that it will not without the prior written consent
     of the Security Trustee or as otherwise permitted by this Deed, the Master
     Trust Deed or the Series Supplement:

     (a)  (No Security Interests): subject only to the Prior Interest, attempt
          to create or permit to exist any Security Interest howsoever
          ranking over any part of the Charged Property; and

     (b)  (No sale, lease etc.): subject to clause 6.3, convey, assign,
          transfer, lease or otherwise dispose or part with possession of,
          make any bailment over, or create or permit to exist any other
          interest in any part of the Charged Property at any time such part
          of the Charged Property is subject to the Charge.

6.2  General Covenants

     The Trustee agrees to:

     (a)  (Comply with Transaction Documents): comply with its obligations and
          duties under the Master Trust Deed (in so far as it applies to the
          Series Trust), the Series Supplement and the other Transaction
          Documents;

     (b)  (Copy of Securityholder details): at the same time or as soon as
          practical after a notice referred to in clause 6.2(e) is given to
          the Security Trustee by the Trustee or after the Trustee receives a
          notice pursuant to clause 6.4(b), provide to the Security Trustee
          and the US

                                                                              15

<PAGE>

          Dollar Note Trustee a current copy of the Register relating to
          the Series Trust maintained by the Trustee under clause 9 of
          the Master Trust Deed and details (to the extent known by it)
          of the identity, and notice details, of each Secured Creditor
          and the Secured Moneys owing to each Secured Creditor;

     (c)  (Assistance to Security Trustee): provide to the Security
          Trustee, as the Security Trustee may reasonably require to
          enable the Security Trustee to perform its duties and
          functions under this Deed (and which the Security Trustee has
          been unable to obtain from any other party to the Transaction
          Documents), such information, copies of any accounting records
          and other documents, statements and reports required to be
          maintained by, or that are otherwise in the possession of, the
          Trustee, or which the Trustee is entitled to obtain from any
          person;

     (d)  (Documents of title): if the Charge has taken effect as a
          fixed charge, deposit with the Security Trustee immediately or
          as soon as the Trustee receives them:

          (i)     anything evidencing a Security Interest and any document
                  of title given to the Trustee to secure the payment of a
                  monetary obligation to the Trustee; and

          (ii)    any documents of title relating to property over which
                  the Charge operates as a fixed charge,

          where, in such case, such evidence or documents (as the case
          may be) are then in the Trustee's possession or control;

     (e)  (Notify Events of Default etc.): notify the Security Trustee
          if it becomes aware of the occurrence of an Event of Default,
          a Potential Event of Default, a Servicer Default, a Perfection
          of Title Event, a Trustee Default, a Manager Default or a
          Potential Termination Event and provide the Security Trustee
          with details of such occurrence;

     (f)  (Not incur unauthorised indebtedness): not give any guarantees
          or incur any Borrowings (which does not include debts incurred
          to trade creditors in the ordinary course of the Trustee's
          business as trustee of the Series Trust) other than as
          permitted or contemplated by the Transaction Documents;

     (g)  (Not release obligations): not discharge or release any person
          from any of their obligations under the Transaction Documents
          to which the Trustee is a party save where such discharge or
          release is in accordance with the Transaction Documents; and

     (h)  (Not engage in other activities): not engage (in its capacity
          as trustee of the Series Trust) in any business or other
          activities except as permitted or contemplated by the
          Transaction Documents.

6.3  Dealing in Accordance with Master Trust Deed, the Series Supplement
     etc.

     The Trustee may deal with and pay or apply the Charged Property in
     accordance with the provisions of the Master Trust Deed, the Series
     Supplement and any other Transaction Document at any time that the
     Charged Property is subject to the floating charge.

6.4  Manager's Undertaking

     The Manager undertakes to the Trustee and the Security Trustee that:

                                                                              16

<PAGE>

     (a)  (No direction in breach of clause 6): it will not give any
          direction to the Trustee under the Master Trust Deed or the
          Series Supplement which would, if complied with, result in
          the Trustee breaching the terms of this clause 6; and

     (b)  (Notification of Events of Default etc.): it will promptly
          notify the Trustee and the Security Trustee if it becomes
          aware of the occurrence of an Event of Default, a Potential
          Event of Default, a Servicer Default, a Perfection of Title
          Event, a Trustee Default, a Manager Default or a Potential
          Termination Event and provide the Trustee and the Security
          Trustee with details of such occurrence.
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7    Events of Default

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

     (a)  (i)     (Trustee retires and replacement not found): the
                  Trustee retires or is removed, or is required to retire
                  or be removed, as trustee of the Series Trust in
                  accordance with clause 19 of the Master Trust Deed,
                  another Authorised Trustee Corporation is not appointed
                  as trustee of the Series Trust within 30 days of the
                  occurrence of that event and the Manager fails within a
                  further 20 days to convene a meeting of Investors in
                  accordance with clauses 19.3 and 19.4 of the Master Trust
                  Deed;

          (ii)    Loss of indemnity): the Security Trustee becomes
                  aware or is notified by the Manager or the Trustee that
                  the Trustee is (for any reason) not entitled fully to
                  exercise its right of indemnity against the Assets of the
                  Series Trust to satisfy any liability to a Secured
                  Creditor and the circumstances are not rectified to the
                  reasonable satisfaction of the Security Trustee within 14
                  days of the Security Trustee requiring the Trustee in
                  writing to rectify them; or

          (iii)   (Series Trust Imperfectly constituted): the Series
                  Trust is not properly constituted or is imperfectly
                  constituted in a manner or to an extent that is regarded
                  by the Security Trustee (acting reasonably) to be
                  materially prejudicial to the interests of any class of
                  Secured Creditor and is incapable of being remedied or if
                  it is capable of being remedied this has not occurred to
                  the reasonable satisfaction of the Security Trustee
                  within 30 days of the discovery thereof;

     (b)  Insolvency Event): an Insolvency Event occurs in relation to the
          Trustee;

     (c)  (Enforcement of Security Interests etc.): distress or execution is
          levied or a judgment, order or a Security Interest is enforced, or
          becomes enforceable, over any of the Charged Property or any Asset
          of the Series Trust for an amount exceeding (either individually or
          in aggregate) A$1,000,000, or can be rendered enforceable by the
          giving of notice, lapse of time or fulfilment of any condition;

     (d)  (Void or loss of priority): the Charge:

                                                                              17

<PAGE>

          (i)     is or becomes wholly or partly void, voidable or
                  unenforceable; or

          (ii)    at or after the date of this Deed, loses the priority which
                  it is expressed to have in clause 4.3 (other than as
                  mandatorily preferred by law or by an act or omission of the
                  Security Trustee);

     (e)  (Creates Security Interest): the Trustee breaches the
          undertaking in clause 6.1 or attempts to create or allows to
          exist a Security Interest over the Charged Property otherwise
          than in accordance with the Master Trust Deed, the Series
          Supplement or this Deed;

     (f)  (Tax Commissioner's determination): the Commissioner of
          Taxation, or its delegate, determines to issue a notice (under
          any legislation that imposes a Tax) requiring any person
          obliged or authorised to pay money to the Trustee to instead
          pay such money to the Commissioner in respect of any Tax or
          any fines and costs imposed on the Trustee;

     (g)  (Failure to Pay Secured Moneys): any Secured Moneys are not
          paid within 10 days of when due (other than any Secured Moneys
          relating to the Class B Notes, while there are any Class A
          Notes outstanding); and

     (h)  (Other Event of Default): any other event occurs which is
          described in a Transaction Document as an Event of Default for
          the purposes of this Deed.
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8    Rights and Obligations of the Security Trustee following Event of
     Default

8.1  Notify Voting Secured Creditors and Convene Meeting of Voting
     Secured Creditors

     Without prejudice to the operation of clause 9.2(b), upon becoming
     aware of the occurrence of an Event of Default, the Security
     Trustee must promptly (and, in any event, within 2 Business Days):

     (a)  (Notify Secured Creditors and the Rating Agencies): notify all
          then Secured Creditors and the Rating Agencies of the Event of
          Default and provide to such Secured Creditors and the Rating
          Agencies full details of the Event of Default known to the
          Security Trustee and the actions and procedures, of which the
          Security Trustee is aware, which are being taken or will be
          taken by the Trustee and the Manager to remedy the relevant
          Event of Default; and

     (b)  (Convene meeting of Voting Secured Creditors): convene a
          meeting of the then Voting Secured Creditors and propose the
          necessary Extraordinary Resolutions (in both cases in
          accordance with the provisions of the Annexure) to seek
          directions by way of an Extraordinary Resolution of the then
          Voting Secured Creditors regarding the action the Security
          Trustee should take as a result of such Event of Default
          pursuant to clause 8.2

8.2  Extraordinary Resolutions

     At a meeting of the then Voting Secured Creditors referred to in
     clause 8.1(b) or by a resolution in writing signed by all Voting
     Secured Creditors, the Voting Secured Creditors may direct the
     Security Trustee by Extraordinary Resolution to:

                                                                              18

<PAGE>

     (a)  (Accelerate Secured Moneys): declare the Secured Moneys
          immediately due and payable under clause 9.6;

     (b)  (Appoint Receiver): appoint a Receiver in accordance with
          clause 10 and, if a Receiver is to be appointed, the Voting
          Secured Creditors must by a further Extraordinary Resolution
          determine the amount of the Receiver's remuneration;

     (c)  (Exercise power of sale): instruct the Security Trustee by
          notice in writing to sell and realise the Charged Property and
          otherwise enforce the Charge; and/or

     (d)  (Other action): take such other action that the Security
          Trustee is permitted to take under this Deed as the Voting
          Secured Creditors may specify in the terms of such
          Extraordinary Resolution.

8.3  Security Trustee to Act in Accordance with Directions

     (a)  (Must implement Extraordinary Resolution): Subject to clause
          8.3(b), the Security Trustee must take all action necessary to
          give effect to any Extraordinary Resolution of the Voting
          Secured Creditors and must comply with all directions
          contained in or given pursuant to any Extraordinary Resolution
          of the Voting Secured Creditors.

     (b)  (Exceptions): The obligation of the Security Trustee pursuant
          to clause 8.3(a) is subject to:

          (i)     this Deed; and

          (ii)    if required by the Security Trustee (in its absolute
                  discretion), the Security Trustee being adequately
                  indemnified to its reasonable satisfaction from the
                  Charged Property or, if requested at any time before or
                  during the relevant meeting, the Security Trustee
                  receiving from the Voting Secured Creditors an indemnity
                  in a form reasonably satisfactory to the Security Trustee
                  (which may be by way of an Extraordinary Resolution of
                  the Voting Secured Creditors) against all actions,
                  proceedings, claims and demands to which it may render
                  itself liable, and all costs, charges, damages and
                  expenses which it may incur, in giving effect to an
                  Extraordinary Resolution of the Voting Secured Creditors.

     (c)  (Ranking of indemnities): The Security Trustee must first
          claim on its indemnity from the Charged Property and if it
          does not receive such indemnity from the Charged Property
          within 2 Business Days of the first claim then it may claim on
          any indemnity from the Voting Secured Creditors, including any
          indemnity provided under clause 8.4.

8.4  Security Trustee Must Receive Indemnity

     If:

     (a)  (Security Trustee requires indemnity): the Security Trustee
          convenes a meeting of the Voting Secured Creditors, or is
          required by an Extraordinary Resolution of the Voting Secured
          Creditors to take any action to enforce this Deed, and advises
          the Voting Secured Creditors at any time before or during the
          meeting that the Security Trustee will not take that action in
          relation to the enforcement of this Deed unless it is
          personally indemnified by the Voting Secured Creditors to its
          reasonable satisfaction against all actions, proceedings,
          claims and demands to

                                                                              19

<PAGE>

          which it may render itself liable, and all costs, charges,
          damages and expenses which it may incur, in relation to the
          enforcement of this Deed and put in funds to the extent to
          which it may become liable (including costs and expenses); and

     (b)  (Voting Secured Creditors refuse to grant indemnity): the
          Voting Secured Creditors refuse to grant the requested
          indemnity and put it in funds,

     the Security Trustee will not be obliged to act in relation to the
     enforcement of this Deed. In these circumstances, the Voting
     Secured Creditors may then exercise such powers, and enjoy such
     protections and indemnities, of the Security Trustee under this
     Deed, any Security Interest or any other document or agreement at
     any time created or entered into in favour of the Security Trustee
     as security for the Secured Moneys or by law as they determine by
     Extraordinary Resolution. The Security Trustee will not be liable
     in any manner whatsoever if the Voting Secured Creditors exercise,
     or do not exercise, the rights given to them in the preceding
     sentence.

8.5  Notice to Trustee

     If the Voting Secured Creditors pass an Extraordinary Resolution
     referred to in clause 8.2 at a meeting convened following an Event
     of Default, the Security Trustee must notify the Trustee in writing
     within 1 Business Day after such Extraordinary Resolution is so
     passed.

8.6  Manager convenes meeting

     If the Security Trustee fails to convene a meeting, or to propose
     the necessary Extraordinary Resolutions, in accordance with clause
     8.1(b), the Manager must convene a meeting of Voting Secured
     Creditors, or propose the necessary Extraordinary Resolutions (as
     the case may be), in accordance with this clause 8, which meeting
     is to have only the same powers as if convened by the Security
     Trustee and is to be conducted in accordance with the provisions of
     the Annexure, in which event all references in this Deed and the
     Annexure to the Security Trustee in relation to the requirements of
     meetings of Voting Secured Creditors will be read and construed,
     mutatis mutandis, as references to the Manager.

8.7  Notice of Event of Default

     If the Security Trustee becomes aware of the occurrence of an Event
     of Default, and the Trustee has not given the Security Trustee
     notice in accordance with clause 6.2(e) the Security Trustee must
     promptly give the Trustee notice of the occurrence of the Event of
     Default. Notice of action to remedy Event of Default

8.8  Notice of action to remedy Event of Default

     If the Trustee and the Manager take any action or procedures to
     remedy an Event of Default, both the Trustee and the Manager must
     keep the Security Trustee informed of those actions and procedures.
-------------------------------------------------------------------------------
9    Enforcement

9.1  Power to Deal with and Protection of the Charged Property

     If the Charge crystallises and becomes fixed pursuant to the
     provisions of this Deed:

                                                                              20

<PAGE>

     (a)     (Power to deal with the Charged Property ceases): the Trustee's
             power to deal with the Charged Property will, subject to clauses
             4.5 and 4.6, immediately cease; and

     (b)     (Protection of Charged Property): the Security Trustee will have
             the right either in its own name or in the name of the Trustee to
             immediately seek and obtain appropriate relief in relation to that
             part of the Charged Property affected or threatened by the
             relevant Event of Default.

9.2  Restrictions on Power to Enforce

     If an Event of Default occurs, the Security Trustee must not declare the
     Secured Moneys immediately due and payable under clause 9.6, appoint a
     Receiver under clause 10 or, subject to the operation of clauses 4.4 to
     4.7 (inclusive), otherwise enforce the Charge unless:

     (a)     (Voting Secured Creditors authorise action): the Voting Secured
             Creditors have passed an Extraordinary Resolution under or
             referred to in clause 8.2 or at a meeting convened pursuant to
             clause 8.6 or pursuant to clause 2 of the Annexure; or

     (b)     (Delay would be prejudicial): in the opinion of the Security
             Trustee, the delay required to obtain the directions of the Voting
             Secured Creditors in accordance with clause 8.2 would be
             prejudicial to the interests of the Secured Creditors as a class
             (in which case the Security Trustee must take those actions).

9.3  No Obligation to Enforce

     Upon the occurrence of an Event of Default, subject to clauses 8.1, 9.2
     and 15.3, pending the receipt of directions from the Voting Secured
     Creditors as contemplated by clauses 8.2, 8.3 and 8.4, the Security
     Trustee is not bound to take any action under this Deed or give any
     consent or waiver or make any determination under this Deed (including,
     without limiting the generality of the foregoing, to appoint any Receiver,
     to declare the Charge enforceable or the Secured Moneys immediately due
     and payable or to take any other proceedings). Nothing in this clause
     affects the operation of clause 4.4 upon the occurrence of an Event of
     Default or the Charge becoming enforceable prior to the Security Trustee
     receiving directions from the Voting Secured Creditors.

9.4  Limitation on Rights of Secured Creditors

     Subject to clause 8.4:

     (a)     (Powers Exercisable by Security Trustee only): the powers, rights
             and remedies conferred on the Security Trustee by this Deed are
             exercisable by the Security Trustee only, and no Secured Creditor
             is entitled to exercise the same or any of them; and

     (b)     (Secured Creditors cannot enforce): without limiting the generality
             of the foregoing, no Secured Creditor is entitled to enforce the
             Charge or the provisions of this Deed exercisable by the Security
             Trustee or to appoint a Receiver to any of the Charged Property or
             otherwise to exercise any power conferred by the terms of any
             applicable law on chargees.

                                                                              21

<PAGE>

9.5  Immaterial Waivers

     The Security Trustee may, on such terms and conditions as it may deem
     expedient, without the consent of the Secured Creditors, and without
     prejudice to its rights in respect of any subsequent breach:

     (a)     (Waiver of Breaches): agree to any waiver or authorisation of any
             breach or proposed breach of any of the terms and conditions of
             the Transaction Documents; and

     (b)     (Waiver of Events of Default): determine that any event that would
             otherwise be an Event of Default will not be treated as an Event
             of Default for the purpose of this Deed,

     which is not, in the opinion of the Security Trustee, materially
     prejudicial to the interests of the Secured Creditors as a class. No such
     waiver, authorisation or determination may be made in contravention of any
     prior directions contained in an Extraordinary Resolution of the Voting
     Secured Creditors. Any such waiver, authorisation or determination will,
     if the Security Trustee so requires, be notified to the Secured Creditors
     by the Manager as soon as practicable after it is made in accordance with
     this Deed.

9.6  Acceleration of Secured Moneys following Event of Default

     If any Event of Default occurs, at any time thereafter if the Event of
     Default is continuing, the Security Trustee may by written notice to the
     Trustee and the Manager, declare in accordance with this Deed the Secured
     Moneys to be immediately due and payable, whereupon the Secured Moneys
     will immediately become due and payable (subject to the limitation
     contained in clause 29 of the Series Supplement or any equivalent
     limitation in relation to the relevant Secured Moneys).
-------------------------------------------------------------------------------
10.  Receivers - appointment and powers

10.1 Appointment of Receiver

     (a)     (Conditions of appointment): Following the occurrence of an Event
             of Default, if the Voting Secured Creditors pass the Extraordinary
             Resolutions under or referred to in clause 8.2(b), the Security
             Trustee must appoint in writing a person or persons to be a
             receiver or receiver and manager of the Charged Property to deal
             with the Charged Property in accordance with any instructions
             given by the Voting Secured Creditors by Extraordinary Resolution
             and may withdraw the appointment of any such Receiver as to the
             Charged Property and in case of the removal, retirement or death
             of any such Receiver may appoint another person or persons in its
             place on substantially the same terms as the previous Receiver.

     (b)     (No liability for Receiver): Neither the Trustee nor the Security
             Trustee will be responsible for anything done or not done by a
             Receiver. However, the Security Trustee must to the extent of a
             prudent security trustee monitor the performance by any person or
             persons appointed by it under clause 10.1(a) of that person's or
             those persons' duties as Receiver of the Charged Property.

                                                                              22

<PAGE>

10.2 Joint Receivers

     If more than one person is appointed as a Receiver of the Charged
     Property, the Security Trustee may specify whether such appointment and
     the powers of each such person will at its option be joint or joint and
     several and, failing such specification, such appointment and the powers
     of each such person will be deemed to be joint and several.

10.3 Remuneration of Receiver

     The Security Trustee must fix the remuneration of a Receiver in accordance
     with the terms of the Extraordinary Resolution passed under clause 8.2(b).

10.4 Indemnification of Receiver

     Without limiting the generality of clause 10.7, each Receiver must be
     granted an indemnity for its remuneration, costs, liabilities and expenses
     by the Security Trustee. However, the Security Trustee will not be
     required to grant such indemnity to a Receiver unless it is reasonably
     satisfied that its liability under that indemnity is limited so as not to
     exceed the Security Trustee's right of indemnity out of the Security Trust
     Fund. Any moneys payable by the Security Trustee under such an indemnity
     must be paid out of the Charged Property in accordance with this Deed and
     will form part of the Secured Moneys.

10.5 Appointment over part

     The power to appoint a Receiver over all of the Charged Property may be
     exercised whether or not a Receiver has already been appointed over part
     of it.

10.6 Powers of Receiver

     A Receiver, without the need for any consent from the Trustee, has all of
     the following powers in addition to any of the other powers conferred by
     this Deed:

     (a)     (To take possession): to enter, take possession of, have access
             to, make use of and collect and manage the Charged Property;

     (b)     (To collect moneys): to convert, liquidate and reduce the Charged
             Property into money and, except as provided in clause 13.6, to
             convert any of the Charged Property denominated in a Foreign
             Currency into Australian dollars;

     (c)     (To carry on business): to carry on or concur in carrying on any
             business then conducted by the Trustee and to effect all
             insurances and do all acts which the Trustee might do in the
             ordinary course of such business for the protection or improvement
             of the Charged Property;

     (d)     (To borrow or raise money): to borrow or raise in any way from the
             Security Trustee or any other person any moneys which may be
             required for the purposes referred to in this Deed and in the name
             of the Trustee or otherwise to secure any moneys so borrowed or
             raised by the grant of any Security Interest over the Charged
             Property or any part thereof so that such Security Interest ranks
             in priority to, equally with or after the Charge, provided that
             the Security Trustee will not be bound to enquire as to the
             necessity or propriety of any such borrowing or raising nor be
             responsible for the misapplication or non-application of any
             moneys so borrowed or raised;

     (e)     (To employ): to employ managers, solicitors, auctioneers, brokers,
             consultants, professional advisers, workmen, officers, agents,
             employees

                                                                              23

<PAGE>

             and servants, including any person associated with a firm or
             company in which the Receiver is a member or in which he is
             interested and such person may charge for his services as if he
             had been independently retained for all or any of the purposes in
             this Deed referred to at such salaries or remuneration as the
             Receiver thinks fit and without the need for further enquiry and,
             without thereby incurring any liability to the Trustee, may act
             upon such person's advice as to the timing of or any incident or
             term of any sale including whether or not the Charged Property
             should be offered for sale by auction and as to the need for and
             amount of any reserve price and as to the adequacy of any rent or
             of any price obtainable on sale by private treaty;

     (f)     (To sell property): to sell or concur in selling whether or not
             the Receiver has taken possession of the Charged Property, by
             public auction, private treaty or tender, for cash or on credit,
             in one lot or in parcels with or without special conditions or
             stipulations as to title, the time and the mode of payment of
             purchase moneys and otherwise, as the Receiver thinks fit with
             power to allow the purchase moneys to remain on mortgage over the
             property sold or on any other security or without any security and
             upon such other terms and conditions as the Receiver considers
             expedient with full power to buy in and to rescind or vary any
             contract for sale and to resell without being responsible for loss
             and to exercise all or any rights powers and remedies of the
             Trustee thereunder and to execute such contracts, deeds,
             agreements, transfers, assignments and assurances of all or any
             part of the Charged Property in the name and on behalf of the
             Trustee or otherwise and to do all other acts and things for
             implementing and completing any such sale that the Receiver deems
             necessary;

     (g)     (To give up possession): to give up possession of the Charged
             Property at any time;

     (h)     (To invest proceeds against contingencies): if any of the Secured
             Moneys are contingent, to invest deposit or hold any part of the
             Charged Property in such form or in such mode of investment for
             the time being as the Receiver in its absolute discretion thinks
             fit, with like power to vary, transpose or re-invest such
             investments or deposits from time to time until such part of the
             Secured Moneys cease to be contingent;

     (i)     (To enter into contracts): to enter into, vary or terminate any
             contract, undertaking, covenant, instrument, obligation or
             arrangement with any person for any purpose connected with this
             Deed or the Charged Property or in furtherance of any power in
             this Deed upon such terms and conditions as the Receiver in its
             absolute discretion thinks fit including, without limitation,
             granting or conferring options to in favour of or exercisable by
             any person for the purpose of or in connection with the sale,
             purchase, leasing or hiring of the Charged Property;

     (j)     (To perform contracts): to perform, observe and carry out and
             enforce specific performance of, to exercise or refrain from
             exercising, the Trustee's rights and powers under, to obtain the
             benefit of and to vary or rescind, all contracts and rights
             forming part of the Charged Property and all instruments and
             arrangements entered into or held by the Trustee;

                                                                              24

<PAGE>

     (k)     (To take proceedings): to institute, conduct or defend any
             proceedings in law, equity or bankruptcy and to submit to
             arbitration in the name of the Trustee or otherwise and on any
             terms any proceeding, claim, question or dispute in connection
             with the Charged Property or otherwise;

     (l)     (To compromise): to make any settlement, arrangement or compromise
             regarding any action or dispute arising in connection with the
             Charged Property, to grant to any person involved therein time or
             other indulgence and to execute such releases or discharges in
             connection therewith as the Receiver thinks expedient in the
             interests of the Security Trustee;

     (m)     (To appeal): to appeal against or to enforce any judgment or
             order;

     (n)     (To bankrupt debtors and wind-up companies): to make debtors
             bankrupt and to wind-up companies and to do all things in
             connection with any bankruptcy or winding up which the Receiver
             thinks necessary for the recovery or protection of the Charged
             Property or any part thereof or for the security or other benefit
             of the Security Trustee or the Secured Creditors;

     (o)     (To delegate): with the consent in writing of the Security
             Trustee, to delegate to any person for such time or times as the
             Security Trustee approves, any of the powers in this Deed
             conferred upon the Receiver including this power of delegation;

     (p)     (To file): to file all certificates, registrations and other
             documents and to take any and all action on behalf of the Trustee
             which the Security Trustee or Receiver believes necessary to
             protect, preserve or improve any or all of the Charged Property
             and the rights of the Trustee and the Security Trustee in respect
             of any agreement for sale and to obtain for the Security Trustee
             all of the benefits of this Deed and in particular the placing of
             the Trustee into liquidation or the appointment of a Receiver is
             deemed to be an event against which the Security Trustee may
             protect its rights;

     (q)     (To operate bank accounts): to operate to the exclusion of the
             Trustee any bank account in the name of the Trustee whether alone
             or jointly and to withdraw any moneys to the credit of such
             account and to sign and endorse or to authorise others to sign and
             endorse in the name of the Trustee cheques, promissory notes,
             bills of exchange and other negotiable instruments;

     (r)     (To exercise Trustee's powers): to exercise all the powers, rights
             and entitlements conferred upon the Trustee under the terms of, or
             pursuant to the general law or Statute in respect of, any Charged
             Property;

     (s)     (To do all other things necessary): to do all things necessary to
             perform observe and fulfil any of the covenants on the part of the
             Trustee under this Deed; and

     (t)     (To do such things as are expedient): to do all such other acts
             and things without limitation as it thinks expedient for the
             interests of the Security Trustee or the Secured Creditors,

     and will have such further powers and discretions as the Security Trustee
     by notice in writing to the Receiver confers upon the Receiver for the
     purposes referred to in this clause 10.6.

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10.7 Indemnity

     The Security Trustee may give such indemnities to the Receiver in respect
     of the performance by the Receiver of his duties as are permitted by law
     and if the Security Trustee is obliged to pay any moneys pursuant to any
     such indemnity the same will become part of the Secured Moneys.
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11.  Powers and Protections for Security Trustee and Receiver and Power of
     Attorney

11.1 Security Trustee has Powers of Receiver

     At any time after an Event of Default occurs, the Security Trustee, in
     addition to the powers conferred on it by any other provision of this Deed
     or by law, may, without giving any notice, exercise all or any of the
     powers conferred on a Receiver, or which would be conferred on a Receiver
     if appointed by this Deed, as if the same had been expressly conferred on
     the Security Trustee and the Security Trustee may itself exercise such
     powers, authorities and discretions and/or may appoint an agent or joint
     and/or several agents for that purpose. When any such agent(s) are
     appointed the Security Trustee may:

     (a)     (Remuneration of agent): fix the remuneration of such agent (s)
             upon the same basis that such agent(s) would have been entitled to
             remuneration if appointed as Receiver(s) pursuant to the
             provisions of clause 10.3 or otherwise pay the reasonable charges
             of such agent(s);

     (b)     (Withdraw appointment of agent): withdraw the appointments of any
             such agent(s); and

     (c)     (Appoint another agent): in the case of the removal, retirement or
             death of any such agent(s) may appoint another person or persons
             in its place.

11.2 Act Jointly

     The Security Trustee or Receiver may exercise any of the powers conferred
     upon the Security Trustee or the Receiver in conjunction with the
     exercise of similar powers by the holder of any other Security Interests
     over the Charged Property or part thereof or by any receiver appointed by
     such holder and may enter into and give effect to such agreements and
     arrangements with such other holder or receiver as the Security Trustee or
     Receiver thinks fit.

11.3 No Liability for Loss

     The Security Trustee is not nor is any Receiver liable or otherwise
     accountable for any omission, delay or mistake or any loss or irregularity
     in or about the exercise, attempted exercise, non-exercise or purported
     exercise of any of the powers of the Security Trustee or of the Receiver
     except for fraud, negligence or wilful default.

11.4 No Liability to Account as Mortgagee in Possession

     Neither the Security Trustee nor any Receiver will by reason of the
     Security Trustee or the Receiver entering into possession of the Charged
     Property or any part thereof be liable to account as mortgagee or chargee
     in possession or for anything except actual receipts or be liable for any
     loss upon realisation or for any default, omission, delay or mistake for
     which a mortgagee or chargee in possession might be liable.

                                                                              26

<PAGE>

11.5 No Conflict

     The Security Trustee and any Receiver may exercise any power under this
     Deed notwithstanding that the exercise of that power involves a conflict
     between any duty owed to the Trustee by the Security Trustee or such
     Receiver and:

     (a)     (Duty owed to others): any duty owed by the Security Trustee or
             Receiver to any other person; or

     (b)     (Interest of others): the interests of the Security Trustee or
             Receiver.

11.6 Contract Involving Conflict of Duty

     Any contract which involves any such conflict of duty or interest will not
     be void or voidable by virtue of any such conflict of duty or interest
     nor will the Security Trustee or Receiver be liable to account to the
     Trustee or any other person for any moneys because of any such conflict of
     interest or duty.

11.7 Power of Attorney

     The Trustee irrevocably appoints the Security Trustee, each Authorised
     Officer of the Security Trustee, any Receiver and such other person or
     persons as any of such Authorised Officers or Receiver (with, in the case
     of the Receiver, the prior consent of the Security Trustee) may for that
     purpose from time to time appoint, severally, the attorney and attorneys
     of the Trustee to, upon the occurrence of an Event of Default:

     (a)     (Acts): do all acts and things that under this Deed or implied in
             this Deed ought to be done by the Trustee;

     (b)     (Registration): take all such steps and proceedings and to do and
             execute all such acts, deeds and things for securing, perfecting
             and registering this Deed;

     (c)     (Further assurance): execute in favour of the Trustee all such
             legal mortgages, fixed charges, transfers, assignments and other
             assurances of all or any part of the Charged Property and to do at
             any time all things necessary to ensure the expeditious stamping
             and registration of such mortgages, charges, transfers,
             assignments and other assurances;

     (d)     (Commence proceedings): in the name and on behalf of the Trustee
             or in the name of the Security Trustee or the said attorney to ask
             demand sue for recover and receive of and from all and every
             person whomsoever and to give effectual receipts for all or any
             part of the Charged Property;

     (e)     (Delegate): delegate such of its powers (including, and where
             applicable, this power of delegation) as the Security Trustee
             would be entitled to delegate under clause 14.3(k) if it held
             those powers in its own right rather than as attorney of the
             Trustee to any person for any period and may revoke a delegation;

     (f)     (Conflicts): exercise or concur in exercising its powers even if
             the attorney has a conflict of duty in exercising its powers or
             has a direct or personal interest in the means or result of that
             exercise of powers; and

     (g)     (Further acts): perform and execute all such further and other
             acts deeds matters and things which will become necessary or be
             regarded by the Security Trustee or the said attorney as necessary
             for more satisfactorily securing the payment of the Secured Moneys
             or as expedient in relation to the Charged Property,

                                                                              27

<PAGE>

      as effectually as the Trustee could or might do and for all or any of the
      purposes described in paragraphs (a) to (g) above appoint any substitute
      or substitutes for any such attorney and to remove at pleasure any
      attorney or substitute. The Trustee ratifies and confirms and agrees to
      allow, ratify and confirm all and whatsoever its attorney lawfully does or
      causes to be done under and by virtue of this power of attorney and
      declares that this power of attorney is to continue to be of full force
      and effect until all such acts, deeds, payments, matters and things as the
      Security Trustee thinks proper to execute, perform, make, institute or
      carry through have been done, made and completed notwithstanding the
      determination of this Deed or of the agreements and arrangements referred
      to in this Deed. The Trustee declares that this power of attorney is
      irrevocable and is given as security.

11.8  Security Trustee May Make Good Default

      If the Trustee defaults in duly performing, observing and fulfilling any
      covenant on the part of the Trustee in this Deed contained or implied it
      will be lawful for, but not obligatory upon the Security Trustee, without
      prejudice to any other power of the Security Trustee, to do all things and
      pay all moneys necessary or expedient in the opinion of the Security
      Trustee to make good or to attempt to make good such default to the
      satisfaction of the Security Trustee and all such moneys will form part of
      the Secured Moneys.

11.9  Notice for Exercise of Powers

      (a)    (No notice required): The powers conferred on the Security Trustee
             or the Receiver by this Deed, by any Statute or by the general law
             may be exercised by the Security Trustee, the Receiver or any
             attorney of the Trustee under this Deed, immediately upon or at
             any time after the Charge becomes enforceable without any notice
             or expiration of time being necessary.

      (b)    (Where notice is mandatory): 1 day is fixed as the period:

                  (i)     for which an Event of Default must continue before
                          the Security Trustee may serve any notice in writing
                          as may be specified in any Statute affecting the
                          Security Trustee's powers; and

                  (ii)    for which an Event of Default must continue after the
                          service of notice before any power of sale given by
                          any such Statute may be exercised.

11.10 Benefit for Receiver etc.

      The Security Trustee will be deemed to have accepted the benefit of this
      clause 11 as agent for the Receiver and any attorney, agent or other
      person appointed under this Deed or by the Security Trustee who are not
      parties to this Deed and the Security Trustee will hold the benefit of
      such provisions on trust for the benefit of those grantees.
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12.   Protection of persons dealing with Security Trustee or Receiver

12.1  No Enquiry

      No purchaser or other person dealing with the Security Trustee, the
      Receiver or any attorney appointed under this Deed or to whom is tendered
      for registration an instrument executed by the Security Trustee, the
      Receiver or any attorney

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<PAGE>

      appointed under this Deed, will be bound to inquire as to whether any
      Event of Default has occurred or whether the Charge has become enforceable
      or whether any Secured Moneys are owing or payable or whether the Receiver
      or attorney has been properly appointed or the propriety or regularity of
      the exercise or purported exercise of any power by the Security Trustee,
      the Receiver or such attorney or any other matter or thing or be affected
      by actual or constructive notice that any lease, sale, dealing or
      instrument is unnecessary or improper and notwithstanding any irregularity
      or impropriety in any lease, sale, dealing or instrument the same will as
      regards the protection and title of the lessee, purchaser or such other
      person be deemed to be authorised by the aforesaid powers and will be
      valid and effectual accordingly.

12.2  Receipts

      The receipt of the Security Trustee, the Receiver or any attorney
      appointed under this Deed of any moneys or assets which come into the
      hands of the Security Trustee, the Receiver or such attorney by virtue of
      the powers of the Security Trustee, the Receiver or the attorney will as
      to the moneys or assets paid or handed over effectually discharge the
      person, other than the Trustee, paying or handing over the money or assets
      from being concerned to see to the application or being answerable or
      accountable for any loss or misapplication thereof and from any liability
      to inquire whether the Charge has become enforceable or whether the
      Secured Moneys have become payable pursuant to the provisions of this Deed
      or otherwise as to the propriety or regularity of the appointment of such
      Receiver or attorney or the propriety or regularity of the exercise of
      such powers by the Security Trustee, the Receiver or the attorney (as the
      case may be).
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13.   Application of Moneys

13.1  Priority of Payments

      Subject to clause 13.6, all moneys received in connection with this Deed
      by the Security Trustee or by the Receiver in relation to the Charged
      Property pursuant to the provisions of this Deed are to be applied as
      follows:

      (a)    (Security Trustee's indemnity and the Prior Interest): first,
             rateably towards satisfaction of amounts which become owing or
             payable under clauses 16.1, 16.2 and 16.3 (except the Receiver's
             remuneration) and in payment of the Prior Interest;

      (b)    (Fees): second, in payment rateably of any fees and any
             liabilities, losses, costs, claims, actions, damages, expenses,
             demands, charges, stamp duties and other Taxes due to the Security
             Trustee, the US Dollar Note Trustee or any Agent and the
             Receiver's remuneration;

      (c)    (Outgoings): third, in payment rateably of such other outgoings
             and/or liabilities that the Receiver, the Security Trustee or the
             US Dollar Note Trustee has incurred in performing their
             obligations, or exercising their powers, under this Deed and, in
             the case of the US Dollar Note Trustee, under the US Dollar Note
             Trust Deed;

      (d)    (Payment of prior Security Interest): fourth, in payment of other
             Security Interests (if any) over the Charged Property of which the
             Security Trustee is aware having priority to the Charge (other
             than the Prior Interest), in the order of their priority (and the
             Security Trustee and the Receiver are entitled to rely upon a
             certificate from the holder of the

                                                                              29

<PAGE>

             prior Security Interest as to the amount so secured and will not
             be bound to enquire further as to the accuracy of that amount or
             as to whether that amount or any part thereof is validly secured
             by such other prior Security Interest);

     (e)     (Payment of Class A-1 Currency Swap Termination Proceeds to Class
             A-1 Note holders): fifth, in payment to the Class A-1 Noteholders
             of the Class A-1 Currency Swap Termination Proceeds (if any)
             toward satisfaction of any Secured Moneys owing in relation to the
             Class A-1 Notes (such Secured Moneys for this purpose will be
             denominated in US dollars);

     (f)     (Payment of Outstanding Cash Advance Deposit): sixth, in payment
             to the Liquidity Facility Provider of the Outstanding Cash Advance
             Deposit;

     (g)     (Payment of Accrued Interest Adjustment, Collateral and
             Prepayments): seventh, in payment rateably to:

             (i)     each Seller of so much of the Accrued Interest Adjustment
                     in respect of the Mortgage Loans forming part of the
                     Assets of the Series Trust that has not then been paid to
                     that Seller; and

             (ii)    each Interest Rate Swap Provider of the Outstanding
                     Interest Rate Swap Prepayment Amount;

     (h)     (Payment of Secured Moneys to Senior Securityholders, the Hedge
             Providers, the Liquidity Facility Provider, the Standby Redraw
             Facility Provider and the Sellers): eighth, in payment rateably:

             (i)     subject to clause 13.5(b) in the case of the Class A-1
                     Noteholders, to the Senior Securityholders of all other
                     Secured Moneys owing in relation to the Senior Securities
                     (the Secured Moneys owing in respect of the principal
                     component of the Senior Securities for this purpose will
                     be calculated based on their Stated Amount and such
                     Secured Moneys in respect of the Class A-1 Notes will be
                     converted from US dollars to Australian dollars in
                     accordance with clause 13.5(a)), to be applied amongst
                     them:

                     A.     first, towards all interest accrued but unpaid on
                            the Senior Securities at that time (to be
                            distributed rateably amongst the Senior
                            Securities); and

                     B.     second, in reduction of the Stated Amount in
                            respect of the Senior Securities at that time (to
                            be distributed rateably amongst the Senior
                            Securities);

             (ii)    to the Liquidity Facility Provider of any other Secured
                     Moneys owing to the Liquidity Facility Provider under the
                     Liquidity Facility Agreement;

             (iii)   to the Standby Redraw Facility Provider of any Secured
                     Moneys owing to the Standby Redraw Facility Provider under
                     the Standby Redraw Facility Agreement (the Secured Moneys
                     owing in respect of the principal component of the Standby
                     Redraw Facility Agreement for this purpose will be
                     calculated by reference to the Standby Redraw Facility
                     Principal);

             (iv)    to each Hedge Provider rateably of any other Secured
                     Moneys owing to that Hedge Provider under the Hedge
                     Agreements; and

                                                                              30

<PAGE>

             (v)     to each Seller of the amount of all then Seller Advances
                     which have not been repaid to the that Seller in
                     accordance with the Series Supplement;

     (i)     (Payment of other Secured Moneys for Senior Securityholders):
             ninth, subject to clause 13.5(b) in the case of the Class A-1
             Noteholders, to the Senior Securityholders and the Standby Redraw
             Facility Provider of all Unreimbursed Principal Charge-Offs
             constituting remaining Secured Moneys owing in respect of the
             Senior Securities or Standby Redraw Facility Agreement (such
             Secured Moneys in respect of the Class A-1 Notes will be converted
             from US dollars to Australian dollars in accordance with clause
             13.5(a)) to be distributed rateably amongst the Senior
             Securityholders and the Standby Redraw Facility Provider;

     (j)     (Payment of Exchange Rate differential to Class A-1 Noteholders):
             tenth, if after the application of clause 13.5(b) in respect of
             any Australian dollar payments under clauses 13.1(h) and (i), and
             after the application of clause 13.1(e) there are still Secured
             Moneys owing in respect of the Class A-1 Notes (denominated in US
             dollars), in payment, subject to clause 13.5(b), amongst the Class
             A-1 Notes of such remaining Secured Moneys owing in relation to
             the Class A-1 Notes until, after the further application of clause
             13.5(b), all Secured Moneys owing in respect of the Class A-1
             Notes (denominated in US dollars) are paid to the Class A-1
             Noteholders;

     (k)     (Payment of Secured Moneys to Class B Noteholders): eleventh, to
             the Class B Noteholders in repayment of all Secured Moneys owing
             in relation to the Class B Notes to be applied amongst them:

             (i)     first, towards all interest accrued but unpaid on the
                     Class B Notes at that time (to be distributed equally
                     amongst such Class B Notes); and

             (ii)    second, in reduction of the Invested Amount in respect of
                     the Class B Notes at that time (to be distributed equally
                     amongst the Class B Notes);

     (l)     (Other Secured Moneys): twelfth, to pay rateably to each Secured
             Creditor any remaining amounts forming part of the Secured Moneys
             and owing to that Secured Creditor;

     (m)     (Subsequent Security Interests): thirteenth, in payment of
             subsequent Security Interests over the Charged Property of which
             the Security Trustee is aware, in the order of their priority and
             the Security Trustee and the Receiver will be entitled to rely
             upon a certificate from the holder of any subsequent Security
             Interests as to the amount so secured and will not be bound to
             enquire further as to the accuracy of that amount or as to whether
             that amount or any part thereof is validly secured by the
             subsequent Security Interests; and

     (n)     (Surplus): fourteenth, to pay the surplus (if any) to the Trustee
             to be distributed by the Trustee in accordance with the terms of
             the Master Trust Deed and the Series Supplement, but will not
             carry interest as against the Security Trustee.

13.2 Moneys Received

     In applying any moneys towards satisfaction of the Secured Moneys, the
     Trustee will be credited only with so much of the moneys available for that
     purpose as the

                                                                              31

<PAGE>

     Security Trustee or the Receiver has actually received and is not required
     for whatever reason to be disgorged, such credit to date from the time of
     such receipt.

13.3 Application of Moneys

     Notwithstanding any principle or presumption of law to the contrary or any
     direction given at the time of it being received by the Security Trustee or
     the Receiver, the Security Trustee and the Receiver each has, subject to
     this Deed, an absolute discretion without the need to communicate its
     election to any person to apply any payment or credit received by it under
     this Deed in reduction of any part or parts of the Secured Moneys, whenever
     and on whatever account the same became secured.

13.4 Investment of Funds

     Unless expressly provided in this Deed, all moneys received by the Security
     Trustee following the Charge becoming enforceable and not required to be
     immediately applied under this Deed will be invested by the Security
     Trustee as it thinks appropriate in Authorised Short-Term Investments on
     the following terms and conditions:

     (a)     (May vary): the Security Trustee may from time to time vary and
             deal with or dispose of such investments; and

     (b)     (Maturity): the Security Trustee must invest only in Authorised
             Short-Term Investments that mature such that the Security Trustee
             is able to distribute the proceeds of those investments in or
             towards discharge of the Secured Moneys as they become due and
             payable.

13.5 Conversion into A$ of Class A-1 Notes denominated in US$

     (a)     (Conversion for the purposes of clause 13.1(h)(i) and clause
             13.1(i)): in calculating the amount of any Secured Moneys to be
             distributed to the Class A-1 Noteholders in accordance with clause
             13.1(h)(i) and clause 13.1(i), the Security Trustee will convert
             the amount of such Secured Moneys from US dollars to Australian
             dollars at the exchange rate below which produces the lowest
             amount in Australian dollars:

             (i)     the A$ Exchange Rate; or

             (ii)    the spot exchange rate as advised to the Security Trustee
                     by the Manager between US dollars and Australian dollars
                     used for the calculation of any amounts payable on the
                     occurrence of an "Early Termination Date" (if any) under
                     the Class A-1 Currency Swaps (or, if different, the
                     average of such rates).

     (b)     (Payments in US$): All actual payments to the Class A-1
             Noteholders by the Security Trustee pursuant to this Deed must be
             made in US dollars. The Security Trustee must convert (and pay to
             the Class A-1 Noteholders) all Australian dollar amounts payable
             to the Class A-1 Noteholders under clauses 13.1(h) and (i) (and,
             if applicable, clause 13.1(j)) at the rate that it is able to
             acquire US dollars in the Australian spot foreign exchange market.
             It need only apply so many Australian dollars for this purpose as
             is sufficient to acquire the necessary US dollars, when combined
             with the US dollars (if any) from the application of clause
             13.1(e), as equals the Secured Moneys denominated in US dollars)
             owing in respect of the Class A-1 Notes. If, after the application
             of this clause 13.5(b), there is any surplus of Australian dollars
             these are to be applied in accordance with clause 13.1(h) to the
             other Secured

                                                                              32

<PAGE>

             Creditors referred to therein (if necessary) and clauses 13.1(k)-
             (n) (as applicable);

     (c)     (Voting Entitlements): In calculating the Secured Moneys in
             respect of the Class A-1 Notes for the purposes of the definitions
             of "Voting Entitlements" and "Voting Secured Creditors" and the
             Secured Moneys for the Annexure, such Secured Moneys will be
             converted to Australian dollars from US dollars in accordance with
             clause 13.5(a).

13.6 Application of Class A-1 Currency Swap Termination Proceeds

     Any Class A-1 Currency Swap Termination Proceeds received by the Security
     Trustee must be retained by the Security Trustee in US dollars and must be
     invested by it in a US dollar interest bearing account with a bank or other
     financial institution selected by it and must be applied, if there are any
     Secured Moneys owing in respect of the Class A-1 Notes, first in accordance
     with clause 13.1(e). If there are no such Secured Moneys owing in respect
     of the Class A-1 Notes, or only part of the Class A-1 Swap Termination
     Proceeds are sufficient to pay all Secured Moneys (denominated in US
     dollars) owing in respect of the Class A-1 Notes, the balance may be
     converted to Australian dollars for application in accordance with clause
     13.1.

13.7 Satisfaction of Debts

     Each Secured Creditor will accept the distribution of money to it under
     clause 13.1 in full and final satisfaction of all Secured Moneys owing to
     it and any debt represented by any shortfall after any final distribution
     under clause 13.1 will thereupon be extinguished.
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14.  Supplemental Security Trustee Provisions

14.1 Limitations on Powers and Duties of Security Trustee

     Notwithstanding any other provision of this Deed, unless and until there is
     an Event of Default, the Security Trustee has no powers, rights, duties or
     responsibilities other than:

     (a)     (To hold on Trust): the duty to hold the Security Trust Fund on
             trust;

     (b)     (To take the benefit of the Charge): the power to take the benefit
             of the Charge (but not to take any action to enforce the Charge);
             and

     (c)     (Pre-Default Action): the power to perform a Pre-Default Action.

     Prior to the Security Trustee becoming aware of the occurrence of an Event
     of Default, the Security Trustee is not required to take and may not take
     any action under this Deed other than Pre-Default Actions.

14.2 Limitation on Security Trustee's Actions

     Notwithstanding knowledge by or notice to the Security Trustee of any
     breach, anticipatory or actual, of, or default under, any covenant,
     obligation, condition or provision by the Trustee or the Manager contained
     in or imposed by any Transaction Document, the Security Trustee is only
     required to take all such steps and do all such things as it is empowered
     to do having regard to the powers, authorities and discretions vested in it
     pursuant to this Deed and the obligations imposed on the Security Trustee
     by this Deed.

                                                                              33

<PAGE>

14.3 Additional Powers, Protections, etc.

     By way of supplement to any Statute regulating the Security Trust and in
     addition to the powers, rights and protections which may from time to time
     be vested in or available to the Security Trustee by the general law, it is
     expressly declared, notwithstanding anything to the contrary in this Deed
     (and subject only to clause 15.2) as follows:

     (a)     (Liability to account): The Security Trustee is under no
             obligation to account to any Interested Person for any moneys
             received pursuant to this Deed other than those received by the
             Security Trustee from the Trustee or received or recovered by the
             Security Trustee or the Receiver under this Deed, subject always
             to such deductions and withholdings by the Security Trustee or the
             Receiver as are authorised by this Deed. Subject to clauses 14.4
             and 15.3, the liabilities of the Security Trustee to any
             Interested Person or any other person under or in connection with
             this Deed can only be enforced against the Security Trustee to the
             extent to which they can be satisfied out of such moneys in
             accordance with this Deed.

     (b)     (Act on professional advice): The Security Trustee may act on the
             opinion or advice of, or information obtained from, any lawyer,
             valuer, banker, broker, accountant or other expert appointed by
             the Security Trustee or by a person other than Security Trustee
             where that opinion, advice or information is addressed to the
             Security Trustee or by its terms is expressed to be capable of
             being relied upon by the Security Trustee. The Security Trustee
             will not be responsible to any Interested Person for any loss
             occasioned by so acting. Any such opinion, advice or information
             may be sent or obtained by letter, telex or facsimile transmission
             and the Security Trustee will not be liable to any Interested
             Person for acting in good faith on any opinion, advice or
             information purporting to be conveyed by such means even though it
             contains some error which is not a manifest error or is not
             authentic.

     (c)     (No enquiry): The Security Trustee is not bound to give notice to
             any person of the execution of this Deed or to take any steps to
             ascertain whether there has occurred any Event of Default or event
             which, with the giving of notice or the lapse of time would
             constitute an Event of Default or to keep itself informed about
             the circumstances of the Trustee or the Manager and, until it has
             knowledge or express notice to the contrary, the Security Trustee
             may assume that no Event of Default has occurred and that the
             Trustee and the Manager and any other party to the Transaction
             Documents (other than the Security Trustee) are observing and
             performing all the obligations on their part contained in the
             Transaction Documents and need not inquire whether that is, in
             fact, the case.

     (d)     (Notice of Event of Default): The Security Trustee is not obliged
             to notify the Secured Creditors of the happening of any Event of
             Default except in the circumstances set out in clause 8.1.

     (e)     (Acts pursuant to resolutions): The Security Trustee will not be
             responsible for having acted in good faith upon any resolution
             purporting to have been passed at any meeting of the Voting
             Secured Creditors in respect of which minutes have been made and
             signed even

                                                                              34

<PAGE>

             though it may subsequently be found that there was some defect in
             the constitution of such meeting or the passing of such resolution
             or that for any reason such resolution was not valid or binding
             upon the Secured Creditors or upon the Security Trustee.

     (f)     (Reliance): The Security Trustee is, for any purpose and at any
             time, entitled to rely on, act upon, accept and regard as
             conclusive and sufficient (without being in any way bound to call
             for further evidence or information or being responsible for any
             loss that may be occasioned by such reliance, acceptance or
             regard) any of the following:

             (i)     any information, report, balance sheet, profit and loss
                     account, certificate or statement supplied by the Trustee
                     or the Manager or by any officer, auditor or solicitor of
                     the Trustee or the Manager;

             (ii)    all statements (including statements made or given to the
                     best of the maker's knowledge and belief or similarly
                     qualified) contained in any information, report, balance
                     sheet, profit and loss account, certificate or statement
                     given pursuant to or in relation to this Deed, the Master
                     Trust Deed or the Series Supplement;

             (iii)   all accounts supplied to the Security Trustee pursuant to
                     this Deed and all reports of the Auditor supplied to the
                     Security Trustee pursuant to this Deed; and

             (iv)    notices and other information supplied to the Security
                     Trustee under this Deed,

             save, in each case, when it is aware that the information supplied
             pursuant to subclauses (i) to (iv) is incorrect or incomplete.

     (g)     (Director's certificates): The Security Trustee may call for and
             may accept as sufficient evidence of any fact or matter or of the
             expediency of any dealing, transaction, step or thing a
             certificate signed by any two directors or duly authorised
             officers of the Trustee or the Manager as to any fact or matter
             upon which the Security Trustee may, in the exercise of any of its
             duties, powers, authorities and discretions under this Deed,
             require to be satisfied or to have information to the effect that
             in the opinion of the person or persons so certifying any
             particular dealing, transaction, step or thing is expedient and
             the Security Trustee will not be bound to call for further
             evidence and will not be responsible for any loss that may be
             occasioned by acting on any such certificate.

     (h)     (Custody of documents): The Security Trustee may hold or deposit
             this Deed and any deed or documents relating to this Deed or to
             the Transaction Documents with any banker or banking company or
             entity whose business includes undertaking the safe custody of
             deeds or documents or with any lawyer or firm of lawyers believed
             by it to be of good repute and the Security Trustee will not be
             responsible for any loss incurred in connection with any such
             holding or deposit and may pay all sums to be paid on account of
             or in respect of any such deposit.

     (i)     (Discretion): The Security Trustee, as regards all the powers,
             trusts, authorities and discretions vested in it, has, subject
             to any express provision to the contrary contained in this Deed,
             absolute and uncontrolled discretion as to the exercise of such
             powers, authorities, trusts and discretions and, in the absence
             of fraud, negligence or wilful

                                                                              35

<PAGE>

             default on its part, will be in no way responsible to any
             Interested Person or any other person for any loss, costs,
             damages, expenses or inconvenience which may result from the
             exercise or non-exercise of such powers, authorities, trusts and
             discretions.

     (j)     (Employ agents): Wherever it considers it expedient in the
             interests of the Secured Creditors, the Security Trustee may,
             instead of acting personally, employ and pay an agent selected by
             it, whether or not a lawyer or other professional person, to
             transact or conduct, or concur in transacting or conducting any
             business and to do or concur in doing all acts required to be done
             by the Security Trustee (including the receipt and payment of
             money under this Deed). The Security Trustee will not be
             responsible to any Interested Person for any misconduct, or
             default on the part of any such person appointed by it under this
             Deed or be bound to supervise the proceedings or acts of any such
             person, provided that any such person will be a person who is in
             the opinion of the Security Trustee appropriately qualified to do
             any such things and is otherwise selected with reasonable care and
             in good faith. Any such agent being a lawyer, banker, broker or
             other person engaged in any profession or business will be
             entitled to charge and be paid all usual professional and other
             charges for business transacted and acts done by him or her or any
             partner of his or her or by his or her firm in connection with
             this Deed and also his or her reasonable charges in addition to
             disbursements for all other work and business done and all time
             spent by him or her or his or her partners or firm on matters
             arising in connection with this Deed including matters which might
             or should have been attended to in person by a trustee not being
             a lawyer, banker, broker or other professional person.

     (k)     (Delegation): Subject to clause 14.7, the Security Trustee may
             whenever it thinks it expedient in the interests of Secured
             Creditors, delegate to any person or fluctuating body of persons
             selected by it all or any of the duties, powers, authorities,
             trusts and discretions vested in the Security Trustee by this Deed
             provided that, except as provided in any Transaction Documents,
             the Security Trustee may not delegate to such third parties any
             material part of its powers, duties or obligations as Security
             Trustee. Any such delegation may be by power of attorney or in
             such other manner as the Security Trustee may think fit and may be
             made upon such terms and conditions (including power to
             sub-delegate) and subject to such regulations as the Security
             Trustee may think fit. Provided that the Security Trustee has
             exercised reasonable care and good faith in the selection of such
             delegate, it will not be under any obligation to any Interested
             Person to supervise the proceedings or be in any way responsible
             for any loss incurred by reason of any misconduct or default on
             the part of any such delegate or sub-delegate.

     (l)     (Apply to court): The Security Trustee may, whenever it thinks it
             expedient in the interests of the Secured Creditors, apply to any
             court for directions in relation to any question of law or fact
             arising either before or after an Event of Default and assent to,
             or approve, any applications of any Secured Creditor, the Trustee
             or the Manager.

     (m)     (Disclosure): Subject to this Deed, any applicable laws and any
             duty of confidentiality owed by any Interested Person to any other
             person, the

                                                                              36

<PAGE>

             Security Trustee may, for the purpose of meeting its obligations
             under this Deed, disclose to any Secured Creditor any confidential,
             financial or other information made available to the Security
             Trustee by the Trustee, the Manager, any other Interested Person
             or any other person in connection with this Deed.

     (n)     (Determination): The Security Trustee, as between itself and the
             Secured Creditors, has full power to determine (acting reasonably
             and in good faith) all questions and doubts arising in relation to
             any of the provisions of this Deed and every such determination,
             whether made upon such a question actually raised or implied in
             the acts or proceedings of the Security Trustee, will be
             conclusive and will bind the Security Trustee and the Secured
             Creditors.

     (o)     (Defect in title): The Security Trustee is not bound or concerned
             to examine or enquire into nor be liable for any defect or failure
             in the title of the Trustee to the Charged Property and is
             entitled to accept any such title without requisition or objection.

     (p)     (Notice of Charge or enforcement): The Security Trustee is under no
             obligation to give any notice of the Charge to any debtors of the
             Trustee or to any purchaser or any other person whomsoever or,
             subject to this Deed, to enforce payment of any moneys payable to
             the Trustee or to realise any of the Charged Property or to take
             any steps or proceedings for that purpose unless the Security
             Trustee thinks fit to do so.

     (q)     (Give up possession of Charged Property): The Security Trustee,
             acting in accordance with this Deed or the terms of any
             Extraordinary Resolution passed by the Voting Secured Creditors in
             accordance with this Deed, may give up possession of the Charged
             Property at any time.

     (r)     (No duty as chargee): Nothing in this Deed imposes a duty upon the
             Security Trustee to exercise its powers as chargee under this Deed
             or at law in circumstances where a motion at a meeting of Voting
             Secured Creditors that a receiver be appointed is put and is not
             passed.

     (s)     (Other Security Interests): If the Security Trustee sees fit to
             redeem or take any transfer of any Security Interest ranking in
             priority to or pari passu with the Charge including the Prior
             Interest (the "Other Security Interest") wholly or in part then,
             notwithstanding any provision as to interest contained in the
             Other Security Interest or any presumption of law to the contrary
             all moneys expended by the Security Trustee in so doing including
             the consideration paid to the holder of the Other Security
             Interest, stamp duty and legal costs and disbursements will be
             deemed to be principal moneys secured by the Other Security
             Interest, and also part of the Secured Moneys and moneys the
             payment of which forms part of the obligations of the Trustee
             under this Deed, and the provisions of this Deed will be deemed
             incorporated in the Other Security Interest and will prevail over
             the terms and conditions of the Other Security Interest in the
             case of any inconsistency.

     (t)     (Liability limited): Except for the obligations imposed on it
             under this Deed, the Security Trustee is not obliged to do or omit
             to do any thing including enter into any transaction or incur any
             liability unless the Security Trustee's liability is limited in a
             manner satisfactory to the Security Trustee in its absolute
             discretion.

                                                                              37

<PAGE>

     (u)     (No duty to provide information): Subject to the express
             requirements of this Deed and any requirement of applicable law,
             the Security Trustee has no duty (either initially, or on a
             continuing basis) to consider or provide any Secured Creditors
             with any information with respect to the Trustee or the Manager
             (whenever coming into its possession).

     (v)     (Exercise of rights subject to Extraordinary Resolution): Without
             limiting its rights, powers and discretions, but subject to its
             express duties or obligations under this Deed (including, without
             limiting the generality of the foregoing, clause 8) the Security
             Trustee will not be required to exercise any right, power or
             discretion (including to require anything to be done, form any
             opinion or give any notice, consent or approval) without the
             specific instructions of the Voting Secured Creditors given by
             Extraordinary Resolution.

     (w)     (No liability for acting in accordance with directions): The
             Security Trustee is not to be under any liability whatsoever for
             acting in accordance with any direction obtained from Voting
             Secured Creditors at a meeting convened under clause 8.

     (x)     (No liability for breach): The Security Trustee is not to be under
             any liability whatsoever for a failure to take any action in
             respect of any breach by the Trustee of its duties as trustee of
             the Series Trust of which the Security Trustee is not aware or in
             respect of any Event of Default of which the Security Trustee is
             not aware.

     (y)     (Dispute or Ambiguity): In the event of any dispute or ambiguity as
             to the construction or enforceability of this Deed or any other
             Transaction Document, or the Security Trustee's powers or
             obligations under or in connection with this Deed or the
             determination or calculation of any amount or thing for the
             purpose of this Deed or the construction or validity of any
             direction from Voting Secured Creditors, provided the Security
             Trustee is using reasonable endeavours to resolve such ambiguity
             or dispute, the Security Trustee, in its absolute discretion, may
             (but will have no obligation to) refuse to act or refrain from
             acting in relation to matters affected by such dispute or
             ambiguity.

14.4 Limitation of Liability

     Notwithstanding any other provision of this Deed, the Security Trustee will
     have no liability under or in connection with this Deed or any other
     Transaction Document (whether to the Secured Creditors, the Trustee, the
     Manager or any other person) other than to the extent to which the
     liability is able to be satisfied out of the property of the Security
     Trust Fund from which the Security Trustee is actually indemnified for the
     liability. This limitation will not apply to a liability of the Security
     Trustee to the extent that it is not satisfied because, under this Deed or
     by operation by law, there is a reduction in the extent of the Security
     Trustee's indemnification as a result of the Security Trustee's fraud,
     negligence or wilful default. Nothing in this clause 14.4 or any similar
     provision in any other Transaction Document limits or adversely affects
     the powers of the Security Trustee, any receiver or attorney in respect of
     the Charge or the Charged Property.

14.5 Dealings with Trust

     None of the:

     (a)     (Security Trustee): Security Trustee in any capacity;

                                                                              38

<PAGE>

     (b)     (Related Bodies Corporate): Related Bodies Corporate of the
             Security Trustee;

     (c)     (Directors etc.): directors or officers of the Security Trustee or
             its Related Bodies Corporate; or

     (d)     (Shareholders): shareholders of the Security Trustee or its Related
             Bodies Corporate,

     is prohibited from:

     (e)     (Subscribing for): subscribing for, purchasing, holding, dealing
             in or disposing of Securities;

     (f)     (Contracting with): at any time:

             (i)     contracting with;

             (ii)    acting in any capacity as representative or agent for; or

             (iii)   entering into any financial, banking, agency or other
                     transaction with,

             any other of them or any Secured Creditor; or

     (g)     (Being interested in): being interested in any contract or
             transaction referred to in paragraphs (e) or (f).

     None of the persons mentioned is liable to account to the Secured
     Creditors for any profits or benefits (including, without limitation,
     bank charges, commission, exchange brokerage and fees) derived in
     connection with any contract or transaction referred to in paragraphs (e)
     or (f). The preceding provisions of this clause 14.5 only apply if the
     relevant person, in connection with the action, contract or transaction,
     acts in good faith to all Secured Creditors.

14.6 Discretion of Security Trustee as to Exercise of Powers

     Subject to any express provision to the contrary contained in this Deed,
     the Security Trustee will, as regards all the powers, authorities and
     discretions vested in it by this Deed have absolute discretion as to the
     exercise of them in all respects and, in the absence of fraud, negligence
     or wilful default on its part, the Security Trustee will not be in any
     way responsible for any loss, costs, damages, claims or obligations
     that may result from the exercise or non-exercise of them.

14.7 Delegation of Duties of Security Trustee

     The Security Trustee must not delegate to any person any of its trusts,
     duties, powers, authorities or discretions under this Deed except:

     (a)     (To Manager, Servicer, Sellers, Trustee): to the Manager, the
             Servicer, a Seller or the Trustee in accordance with the
             provisions of this Deed or any other Transaction Document;

     (b)     (Related Body Corporate): subject to clause 14.8, to a Related
             Body Corporate of the Security Trustee; or

     (c)     (As otherwise permitted): in accordance with the provisions of
             this Deed.

14.8 Related Body Corporate of the Security Trustee

     Where the Security Trustee delegates any of its trusts, duties, powers,
     authorities and discretions to any person who is a Related Body Corporate
     of the Security Trustee, the Security Trustee at all times remains liable
     for the acts or omissions of such Related Body Corporate and for the
     payment of fees of that Related Body Corporate when acting as delegate.

                                                                              39

<PAGE>

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15.    Duties of the Security Trustee

15.1   Duties of the Security Trustee limited to duties in this Deed

       The Security Trustee has no duties or responsibilities in its capacity
       as trustee other than those expressly set out in this Deed.

15.2   Security Trustee's Further Duties

       Subject to clause 14.1, the Security Trustee must comply with the duties
       and responsibilities imposed on it by this Deed and must:

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

       (b)     (Exercise diligence etc.): exercise all due diligence and
               vigilance in carrying out its functions and duties and in
               protecting the rights and interests of the Secured Creditors;

       (c)     (Have regard to the Interests of Secured Creditors): in the
               exercise of all discretions vested in it by this Deed and all
               other Transaction Documents, except where expressly provided
               otherwise, have regard to the interest of the Secured Creditors
               as a class;

       (d)     (Retain the Trust Fund): subject to this Deed, retain the
               Security Trust Fund in safe custody and hold it on trust for the
               Secured Creditors upon the terms of this Deed; and

       (e)     (Not sell etc.): not sell, mortgage, charge or
               part with the possession of any part or the whole of the
               Security Trust Fund (or permit any of its officers, agents and
               employees to do so) except as permitted or contemplated by this
               Deed.

15.3   Trustee Liable for Negligence etc.

       Nothing in this Deed will in any case in which the Security Trustee has
       failed to show the degree of care and diligence required of it as
       Security Trustee (having regard to the provisions of this Deed conferring
       on the Security Trustee any duties, powers, trusts, authorities or
       discretions, including any provisions relieving the Security Trustee of
       specified responsibilities) relieve or indemnify it from or against any
       liability for fraud, negligence or wilful default.

15.4   No Liability for Transaction Documents

       The Security Trustee has no responsibility for the form or content of
       this Deed or any other Transaction Document and will have no liability
       arising in connection with any inadequacy, invalidity or unenforceability
       (other than as a result of a breach of this Deed by the Security Trustee)
       of any provision of this Deed or any Transaction Document.

15.5   Resolution of Conflicts

       (a)     (Resolve Conflicts in favour of the Securityholders): Subject to
               the provisions of this Deed, if there is at any time in the
               Security Trustee's opinion, with respect to enforcement or the
               exercise of any of the Security Trustee's duties, powers or
               discretions, a conflict between the interests of any Secured
               Creditor or class of Secured Creditor (on the one hand) and the
               interests of the Securityholders as a whole (on the

                                                                              40

<PAGE>

               other hand), the Security Trustee must give priority to the
               interests of the Securityholders as a whole.

       (b)     (Resolve Conflicts in favour of the Senior Securityholders):
               Subject to the provisions of this Deed (other than clause
               15.5(a)), the Security Trustee must give priority to the
               interests only of the Senior Securityholders as a class if,
               in the Security Trustee's opinion, there is a conflict between
               the interests of the Senior Securityholders (on the one hand)
               and the Class B Noteholders or the other persons entitled to the
               benefit of the Charge (on the other hand) (in relation to which
               in determining the interests of the Class A-1 Noteholders the
               Security Trustee may rely on a determination of the US Dollar
               Note Trustee).

       (c)     (No Liability): Provided that the Security Trustee acts in good
               faith, it will not incur any liability to any Secured Creditor
               for giving effect to paragraph (a) or (b).
-------------------------------------------------------------------------------
16.    Indemnity by Trustee

16.1   Indemnity

       Subject to this Deed and without prejudice to any right of indemnity
       given by law, the Security Trustee, the Manager, the US Dollar Note
       Trustee, the Receiver or attorney or other person appointed under this
       Deed (including, without limitation, any person appointed by the
       Security Trustee, the Manager, the US Dollar Note Trustee or the
       Receiver or any person to whom any duties, powers, trusts, authorities
       or discretions may be delegated by the Security Trustee, the Manager,
       the US Dollar Note Trustee or the Receiver) ("appointee") will be
       indemnified by the Trustee against all loss, liabilities and expenses
       properly incurred by the Security Trustee, the Manager, the US Dollar
       Note Trustee, the Receiver, attorney or appointee (as the case may be)
       in the execution or purported execution of any duties, powers, trusts,
       authorities or discretions vested in such persons pursuant to this Deed,
       including, without limitation, all liabilities and expenses consequent
       upon any mistake or oversight, error of judgment or want of prudence on
       the part of such persons and against all actions, proceedings, costs,
       claims and demands in respect of any matter or thing properly done or
       omitted in any way relating to this Deed, unless any of the foregoing is
       due to actual fraud, negligence or wilful default on the part of the
       Security Trustee, the Manager, the US Dollar Note Trustee, the Receiver,
       attorney or appointee (as the case may be). The Security Trustee may in
       priority to any payment to the Secured Creditors retain and pay out of
       any moneys in its hands upon the trusts of this Deed all sums necessary
       to effect such indemnity including, without limitation, the amount of
       any such liabilities and expenses, and also any remuneration outstanding
       to the Security Trustee under clause 19.1.

16.2   Extent of Security Trustee's Indemnity

       The Security Trustee is entitled to be indemnified by the Trustee for:

       (a)     (Registration etc. costs): the costs, charges and expenses
               (including legal costs and expenses at the usual commercial rates
               of the relevant legal services provider) of the Security Trustee
               in connection with the negotiation, preparation, execution,
               stamping, registration and completion of this Deed, any deed
               amending this Deed and the Charge;

                                                                              41

<PAGE>

       (b)     (Costs of waiver etc.): the costs, charges and expenses
               (including legal costs and expenses at the usual commercial rates
               of the relevant legal services provider) of the Security Trustee
               in connection with any consent, exercise or non-exercise of
               rights or powers or performance of obligations (including,
               without limitation, in connection with the contemplated or actual
               enforcement or preservation of any rights or powers or
               performance of obligations under this Deed), production of title
               documents, waiver, variation, release or discharge in connection
               with the Charge or the Charged Property;

       (c)     (Taxes): Taxes and fees (including, without limitation,
               registration fees) and fines and penalties in respect of fees,
               which may be payable or determined to be payable in connection
               with this Deed or a payment or receipt or any other transaction
               contemplated by this Deed; and

       (d)     (Legal costs): without limiting the generality of clause 16.2(b),
               all legal costs and disbursements (at the usual commercial rates
               of the relevant legal services provider) and all other costs,
               disbursements, outgoings and expenses of the Security Trustee in
               connection with the initiation, carriage and settlement of any
               court proceedings (including, without limitation, proceedings
               against the Trustee arising from any neglect, breach or default
               by the Trustee under this Deed) in respect of this Deed.

16.3   Costs of experts

       The liabilities and expenses referred to in clause 16.2 include,
       without limitation, those payable to any independent consultant or other
       person appointed to evaluate any matter of concern (including, without
       limitation, any person consulted by the Security Trustee pursuant to
       clause 14.3(b)), any agent of the Security Trustee, any Receiver or any
       attorney appointed under this Deed, and, in the case of the Security
       Trustee, its administration costs in connection with any event referred
       to in clause 16.2.

16.4   Non-Discharge

       Unless otherwise specifically stated in any discharge of the
       Security Trust, the provisions of this clause 16 will continue in full
       force and effect despite such discharge.

16.5   Retention of Lien

       Notwithstanding any release of the outgoing Security Trustee
       under this clause, the outgoing Security Trustee will remain entitled to
       the benefit of the indemnities granted by this Deed to the outgoing
       Security Trustee in respect of any liability, cost or other obligation
       incurred by it while acting as Security Trustee, as if it were still the
       Security Trustee under this Deed.
-------------------------------------------------------------------------------
17.    Meetings of Voting Secured Creditors

17.1   Meetings Regulated by the Annexure

       The provisions of the Annexure will apply to all meetings of Voting
       Secured Creditors and to the passing of resolutions at those meetings.

17.2   Limitation on Security Trustee's Powers

       Save as provided for in this Deed, the Security Trustee will not assent
       or give effect to any matter which a meeting of Voting Secured Creditors
       is empowered

                                                                              42

<PAGE>

       by Extraordinary Resolution to do, unless the Security Trustee has
       previously been authorised to do so by an Extraordinary Resolution of
       Voting Secured Creditors. Nothing in this Deed prevents the Security
       Trustee taking such action as it considers appropriate to enforce any
       rights of indemnity or reimbursement.
-------------------------------------------------------------------------------
18.    Continuing security and releases

18.1   Liability Preserved

       Notwithstanding any payout figure quoted or other form of account stated
       by the Security Trustee and notwithstanding the rule in Groongal Pastoral
       Company Limited (In Liquidation) v Falkiner (35 CLR 157), no grant of
       full or partial satisfaction of or discharge from this Deed by the
       Security Trustee will release the Trustee under this Deed until all the
       Secured Moneys have in fact been received by the Security Trustee and
       are not liable for whatever reason to be disgorged notwithstanding that
       such quotation or statement of account may have arisen from the mistake,
       negligence, error of law or error of fact of the Security Trustee its
       servants or agents.

18.2   Trustee's Liability Not Affected

       This Deed and the liability of the Trustee under this Deed will not be
       affected or discharged by any of the following:

       (a)     (Indulgence): the granting to the Trustee or to any other person
               of any time or other indulgence or consideration;

       (b)     (Delay in recovery): the Security Trustee failing or neglecting
               to recover by the realisation of any other security or otherwise
               any of the Secured Moneys;

       (c)     (Laches): any other laches, acquiescence, delay, act, omission
               or mistake on the part of the Security Trustee or any other
               person; or

       (d)     (Release): the release, discharge, abandonment or transfer
               whether wholly or partially and with or without consideration of
               any other security judgment or negotiable instrument held from
               time to time or recovered by the Security Trustee from or
               against the Trustee or any
               other person.

18.3   Waiver by Trustee

       The Trustee waives in favour of the Security Trustee:

       (a)     (All rights necessary to give effect to Deed): all rights
               whatsoever against the Security Trustee and any other person
               estate or assets to the extent necessary to give effect to
               anything in this Deed;

       (b)     (Promptness and diligence): promptness and diligence on the part
               of the Security Trustee and any other requirement that the
               Security Trustee take any action or exhaust any right against any
               other person before enforcing this Deed; and

       (c)     (All rights inconsistent with Deed): all rights inconsistent with
               the provisions of this Deed including any rights as to
               contribution or subrogation which the Trustee might otherwise be
               entitled to claim or enforce.

                                                                              43

<PAGE>

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19.    Remuneration and retirement of security trustee

19.1   Remuneration

       Subject to clause 28, the Security Trustee is to be remunerated by the
       Trustee for acting as trustee under this Deed whether before or after the
       occurrence of an Event of Default, at the rate agreed from time to time
       between the Manager, the Security Trustee and the Trustee.

19.2   Retirement of Security Trustee

       The Security Trustee covenants that it will retire as Security Trustee
       if:

       (a)     (Insolvency): an Insolvency Event occurs in relation to the
               Security Trustee in its personal capacity or in respect of its
               personal assets (and not in its capacity as trustee of any trust
               or in respect of any assets it holds as trustee);

       (b)     (Ceases to carry on business): it ceases to carry on business;

       (c)     (Related Trustee retires): a Related Body Corporate of it retires
               as trustee of the Series Trust under clause 19.1, clause 19.2 or
               clause 19.4 of the Master Trust Deed or is removed as trustee of
               the Series Trust under clause 19.3 of the Master Trust Deed and
               the Manager requires the Security Trustee by notice in writing to
               retire;

       (d)     (Voting Secured Creditors require retirement): an Extraordinary
               Resolution requiring its retirement is passed at a meeting of
               Voting Secured Creditors;

       (e)     (Breach of duty): when required to do so by the Manager or the
               Trustee by notice in writing, it fails or neglects within 14 days
               after receipt of such notice to carry out or satisfy any material
               duty imposed on it by this Deed in respect of the Security Trust;
               or

       (f)     (Change in ownership): there is a change in ownership of 50% or
               more of the issued equity share capital of the Security Trustee
               from the position as at the date of this Deed or effective
               control of the Security Trustee alters from the position as at
               the date of this Deed unless in either case approved by the
               Manager (whose approval must not be unreasonably withheld).

19.3   Removal by Manager

       If an event referred to in clause 19.2 occurs and the Security Trustee
       does not retire immediately after that event, the Manager is entitled to,
       and must forthwith, remove the Security Trustee from office immediately
       by notice in writing to the Security Trustee. On the retirement or
       removal of the Security Trustee under the provisions of clause 19.2 or
       this clause 19.3:

       (a)     (Notify Rating Agencies): the Manager must promptly notify the
               Rating Agencies and the US Dollar Note Trustee of such
               retirement or removal; and

       (b)     (Appoint Substitute Security Trustee): subject to any approval
               required by law, the Trustee is entitled to and must use its best
               endeavours to appoint in writing some other Authorised Trustee
               Corporation which is approved by the Rating Agencies to be the
               Substitute Security Trustee. If the Trustee does not appoint a
               Substitute Security Trustee, the Manager may appoint a Substitute
               Security Trustee who is approved by the Rating Agencies.

                                                                              44

<PAGE>

19.4     Security Trustee May Retire

         The Security Trustee may retire as trustee under this Deed upon giving
         3 months notice in writing to the Trustee, the Manager, the US Dollar
         Note Trustee and the Rating Agencies or such lesser time as the
         Manager, the Trustee, the Security Trustee and the US Dollar Note
         Trustee agree. Upon such retirement, the Security Trustee, subject to
         any approval required by law, may appoint in writing any other
         Authorised Trustee Corporation who is approved by the Rating Agencies
         and the Manager, which approval must not be unreasonably withheld by
         the Manager, as Security Trustee in its stead. If the Security Trustee
         does not propose a replacement by the date which is 1 month prior to
         the date of its proposed retirement, the Manager is entitled to
         appoint a Substitute Security Trustee, which must be an Authorised
         Trustee Company who is approved by the Rating Agencies, as of the date
         of the proposed retirement.

19.5     Retirement of Trustee under Master Trust Deed

         The retiring Security Trustee must use its best endeavours to appoint
         in writing some other Authorised Trustee Corporation who is approved
         by the Manager and the Rating Agencies as Security Trustee in its
         place. If the retiring Security Trustee does not appoint a Substitute
         Security Trustee by the date which is 1 month prior to the date of its
         proposed retirement,  the Manager may appoint a Substitute Security
         Trustee, which must be an Authorised Trustee Company approved by the
         Rating Agencies. The retirement of the retiring Security Trustee will
         take effect upon the earlier to occur of:

         (a)     (Expiry of 3 month period): the expiry of a 3 month period
                 commencing on the retirement or removal of the trustee of the
                 Series Trust under the Master Trust Deed; and

         (b)     (Appointment of a Substitute Security Trustee): the appointment
                 of a Substitute Security Trustee.

19.6     Appointment of Substitute Security Trustee by Voting Secured Creditors

         If a Substitute Security Trustee has not been appointed under clauses
         19.3, 19.4 or 19.5 at a time when the position of Security Trustee
         becomes vacant in accordance with those clauses, the Manager must act
         as Security Trustee in accordance with the terms of this Deed and must
         promptly convene a meeting of Voting Secured Creditors at which Voting
         Secured Creditors, holding or representing between them Voting
         Entitlements comprising in aggregate a number of votes which is not
         less than 75% of the aggregate number of votes comprised in the total
         Voting Entitlements at the time, appoint any person nominated by any
         of them to act as Security Trustee. The Manager is entitled to receive
         the fee payable in accordance with clause 19.1 for the period during
         which the Manager acts as Security Trustee pursuant to this clause 19.

19.7     Release of Security Trustee

         Upon retirement or removal of the Security Trustee as trustee of the
         Security Trust, the Security Trustee is released from all obligations
         under this Deed arising after the date of the retirement or removal
         except for its obligation to vest the Security Trust Fund in the
         Substitute Security Trustee and to deliver all books and records
         relating to the Security Trust to the Substitute Security Trustee (at
         the cost of the Security Trust Fund). The Manager and the Trustee may
         settle with the

                                                                              45

<PAGE>

         Security Trustee the amount of any sums payable by the Security
         Trustee to the Manager or the Trustee or by the Manager or the Trustee
         to the Security Trustee and may give to or accept from the Security
         Trustee a discharge in respect of those sums which will be conclusive
         and binding as between the Manager, the Trustee and the Security
         Trustee but not as between the Security Trustee and the Secured
         Creditors.

19.8     Vesting of Security Trust Fund in Substitute Security Trustee

         The Security Trustee, on its retirement or removal, must vest the
         Security Trust Fund or cause it to be vested in the Substitute
         Security Trustee and must deliver and assign to such Substitute
         Security Trustee as appropriate all books, documents, records and
         other property whatsoever relating to the Security Trust Fund.

19.9     Substitute Security Trustee to Execute Deed

         Each Substitute Security Trustee must upon its appointment execute a
         deed in such form as the Manager may require whereby such Substitute
         Security Trustee must undertake to the Secured Creditors jointly and
         severally to be bound by all the covenants on the part of the
         Security Trustee under this Deed from the date of such appointment.

19.10    Rating Agencies Advised

         The Manager must promptly:

         (a)     (Retirement): approach and liaise with the Rating Agencies in
                 respect of any consents required from it to the replacement of
                 the Security Trustee pursuant to clause 19.5;

         (b)     (Change of ownership): notify the Rating Agencies of it
                 becoming aware of a change in ownership of 50% or more of the
                 issued equity share capital of the Security Trustee from the
                 position as at the date of this Deed or effective control of
                 the Security Trustee altering from the date of this Deed; and

         (c)     (Approval for change in ownership): notify the Rating Agencies
                 and the US Dollar Note Trustee of any approvals given by the
                 Manager pursuant to clause 19.2(f).
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20.      Assurance

20.1     Further Assurance

         The Trustee will and will procure that all persons having or claiming
         any estate or interest in the Charged Property will at any time now or
         in the future upon the request of the Security Trustee and at the cost
         of the Trustee, make, do and execute or cause to be made, done and
         executed all such actions, documents and assurances which are
         necessary or appropriate:

         (a)     (To secure the Secured Moneys): to more satisfactorily secure
                 to the Security Trustee the payment of the Secured Moneys;

         (b)     (To assure the Charged Property): to assure or more
                 satisfactorily assure the Charged Property to the Security
                 Trustee;

         (c)     (As directed): as the Security Trustee may direct; or

         (d)     (Appointment of Substitute Security Trustee): for a Substitute
                 Security Trustee appointed under clause 19 to obtain the
                 benefit of this Deed,

                                                                              46

<PAGE>

                 and in particular will, whenever requested by the Security
                 Trustee, execute in favour of the Security Trustee such legal
                 mortgages, transfers, assignments or other assurances of all
                 or any part of the Charged Property in such form and
                 containing such powers and provisions as the Security Trustee
                 requires.

20.2     Postponement or Waiver of Security Interests

         The Trustee will (and the Manager will give all necessary directions
         to enable the Trustee to) if required by the Security Trustee
         immediately cause:

         (a)     (Postpone other Security Interests): any Security Interest
                 (other than the Prior Interest) which has arisen or which
                 arises from time to time by operation of law over the Charged
                 Property in favour of any person including the Trustee to be
                 at the Security Trustee's option postponed in all respects
                 after and subject to this Deed or to be otherwise discharged
                 released or terminated; and

         (b)     (Discharge of Secured Moneys): any Borrowing or other
                 obligation secured by any such Security Interest at the
                 Security Trustee's option to be waived, released, paid or
                 performed.

20.3     Registration of Charge

         The Manager will at its own expense ensure that this Deed is promptly
         registered as a charge on any appropriate register to the extent and
         within such time limits as may be prescribed by law so as to ensure
         the full efficacy of this Deed as a security to the Security Trustee
         in all jurisdictions in which any part of the Charged Property may now
         or at any time during the continuance of this Deed be located, in
         which the Trustee may carry on any business or in which the Trustee is
         or may become resident or registered.

20.4     Caveats

         The Trustee is not obliged to do anything under this clause 20 to
         enable the Security Trustee to, and the Security Trustee must not,
         lodge a caveat to record its interest in the Charged Property at the
         land titles office in any State or Territory, unless the Charge has
         taken effect as a fixed charge and the Trustee would, under the terms
         of the Master Trust Deed, be entitled to lodge caveats.
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21.      Payments

21.1     Moneys Repayable as Agreed or on Demand

         Unless otherwise agreed pursuant to the terms of any Secured Moneys,
         such Secured Moneys are payable by the Trustee to the Security Trustee
         in Australian dollars immediately upon demand by the Security Trustee.

21.2     No Set-Off or Deduction

         All payments by the Trustee of any moneys forming part of the Secured
         Moneys are to be free of any set-off or counterclaim and without
         deduction or withholding for any present or future Taxes unless the
         Trustee is compelled by law to deduct or withhold the same, in which
         event the Trustee will pay to the Security Trustee such additional
         amounts necessary to enable the Security Trustee to receive after all
         deductions and withholdings for such Taxes a net amount equal to the
         full amount which would otherwise have been payable under this Deed
         had no such deduction or withholding been required to be made.

                                                                              47

<PAGE>

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22.      Discharge of the Charge

22.1     Release

         Upon proof being given to the reasonable satisfaction of the Security
         Trustee that all Secured Moneys have been paid in full, including that
         all costs, charges, moneys and expenses incurred by or payable to or
         at the direction of the Security Trustee, the Receiver or any attorney
         appointed under this Deed have been paid and upon adequate provision
         having been made to the reasonable satisfaction of the Security
         Trustee of all costs, charges, moneys and expenses reasonably likely
         thereafter to be incurred by or payable to or at the direction of the
         Security Trustee, the Receiver or any attorney appointed under this
         Deed in respect of the Series Trust, then the Security Trustee will at
         the request of the Manager or the Trustee, and at the cost of the
         Trustee, release the Charged Property from the Charge and this Deed.

22.2     Contingent Liabilities

         The Security Trustee is under no obligation to grant a release of the
         Charge or this Deed unless at the time such release is sought:

         (a)     (No Secured Moneys owing): none of the Secured Moneys are
                 contingently or prospectively owing except where there is no
                 reasonable likelihood of the contingent or prospective event
                 occurring; and

         (b)     (No liabilities): the Security Trustee has no contingent or
                 prospective liabilities whether or not there is any reasonable
                 likelihood of such liabilities becoming actual liabilities in
                 respect of any bills, notes, drafts, cheques, guarantees,
                 letters of credit or other instruments or documents issued,
                 drawn, endorsed or accepted by the Security Trustee for the
                 account or at the request of the Trustee for the Series Trust.

22.3     Charge Reinstated

         If any claim is made by any person that any moneys applied in payment
         or satisfaction of the Secured Moneys must be repaid or refunded under
         any law (including, without limit, any law relating to preferences,
         bankruptcy, insolvency or the winding up of bodies corporate) and the
         Charge has already been discharged, the Trustee will, at the Trustee's
         expense, promptly do, execute and deliver, and cause any relevant
         person to do, execute and deliver, all such acts and instruments as
         the Security Trustee may require to reinstate this Charge. This clause
         will survive the discharge of the Charge unless the Security Trustee
         agrees otherwise in writing.
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23.      US Dollar Note Trustee

23.1     Capacity

         The US Dollar Note Trustee is a party to this Deed in its capacity as
         trustee for the Class A-1 Noteholders from time to time under the US
         Dollar Note Trust Deed.

23.2     Exercise of rights

         Except as otherwise provided in this Deed and in the US Dollar Note
         Trust Deed:

         (a)     (Only by US Dollar Note Trustee): the rights, remedies and
                 discretions of the Class A-1 Noteholders under this Deed
                 including all rights to vote or give instructions or consent
                 to the Security Trustee and

                                                                              48

<PAGE>

                 to enforce any undertakings or warranties under this Deed, may
                 only be exercised by the US Dollar Note Trustee on behalf of
                 the Class A-1 Noteholders in accordance with the US Dollar
                 Note Trust Deed; and

         (b)     (Limited Right of Enforcement by Class A-1 Noteholders): the
                 Class A-1 Noteholders may only exercise enforcement rights in
                 respect of the Charged Property through the US Dollar Note
                 Trustee and only in accordance with this Deed.

23.3     Instructions or directions

         The Security Trustee may rely on any instructions or directions given
         to it by the US Dollar Note Trustee as being given on behalf of all
         the Class A-1 Noteholders from time to time and need not inquire
         whether any such instructions or directions are in accordance with the
         US Dollar Note Trust Deed, whether the US Dollar Note Trustee or the
         Class A-1 Noteholders from time to time have complied with any
         requirements under the US Dollar Note Trust Deed or as to the
         reasonableness or otherwise of the US Dollar Note Trustee.

23.4     Payments

         Any payment to be made to a Class A-1 Noteholder under this Deed may
         be made to the US Dollar Note Trustee or a Paying Agent on behalf of
         that Class A-1 Noteholder.

23.5     Notices

         Any notice to be given to a Class A-1 Noteholder under this Deed may
         be given to the US Dollar Note Trustee on behalf of that Class A-1
         Noteholder. Any costs to the US Dollar Note Trustee of publishing such
         notice to the Class A-1 Noteholders will, subject to clause 28, be
         reimbursed by the Trustee to the US Dollar Note Trustee.

23.6     Limitation of US Dollar Note Trustee's Liability

         The liability of the US Dollar Note Trustee under this Deed is limited
         in the manner and to the same extent as under the US Dollar Note Trust
         Deed.
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24.      Amendment

24.1     Amendment by Security Trustee

         Subject to this clause 24 and to any approval or consent required by
         law (including, without limitation, the United States Trust Indenture
         Act of 1939) and under clause 24.2, the Security Trustee, the Manager,
         the US Dollar Note Trustee and the Trustee may together agree by way of
         supplemental deed to alter, add to or revoke any provision of this Deed
         (including this clause 24) so long as such alteration, addition or
         revocation:

         (a)    (Necessary or expedient): in the opinion of the Security Trustee
                or of a barrister or solicitor instructed by the Security
                Trustee is necessary or expedient to comply with the provisions
                of any Statute or regulation or with the requirements of any
                Governmental Agency;

         (b)    (Manifest error): in the opinion of the Security Trustee is made
                to correct a manifest error or ambiguity or is of a formal,
                technical or administrative nature only;

         (c)    (Amendment to law): in the opinion of the Security Trustee is
                appropriate or expedient as a consequence of an amendment to
                any

                                                                              49

<PAGE>

               Statute or regulation or altered requirements of any Governmental
               Agency or any decision of any court (including, without
               limitation,an alteration, addition or modification which is in
               the opinion of the Security Trustee appropriate or expedient as a
               consequence of the enactment of a Statute or regulation or an
               amendment to any Statute or regulation or ruling by the
               Commissioner or Deputy Commissioner of Taxation or any
               governmental announcement or statement or any decision of any
               court, in any case which has or may have the effect of altering
               the manner or basis of taxation of trusts generally or of trusts
               similar to the Security Trust); or

       (d)     (Otherwise desirable): in the opinion of the Security Trustee
               and the Trustee is otherwise desirable for any reason,

       provided that the Security Trustee, the Manager, the US Dollar Note
       Trustee and the Trustee may not alter, add to or revoke any provision of
       this Deed unless the Manager has notified the Rating Agencies and the US
       Dollar Note Trustee 5 Business Days in advance. 24.2 Consent required
       Generally

24.2   Consent Required Generally

       If any alteration, addition or revocation referred to in clause 24.1(d)
       would, if it were an Extraordinary Resolution of the Voting Secured
       Creditors require any consent to be effective under clause 14 of the
       Annexure, the alteration, addition or revocation may be effected only if
       the relevant consent is obtained in accordance with such clause. Nothing
       in this clause limits the operation of the proviso in clause 24.1.

24.3   Consent to Payment Modification in relation to Class A-1 Notes

       If any alteration, addition or revocation referred to in clause 24.1
       effects or purports to effect a Payment Modification (as defined in the
       US Dollar Note Trust Deed) it will not be effective as against a given
       Class A-1 Noteholder unless consented to by that Class A-1 Noteholder.

24.4   No Rating Agency Downgrade

       The Security Trustee will be entitled to assume that any proposed
       alteration, addition or revocation referred to in clause 24.1 (other
       than a Payment Modification) will not be materially prejudicial to the
       interests of a Class of Securityholders or all Securityholders if each
       of the Rating Agencies confirms in writing that if the alteration,
       addition or revocation is effected this will not lead to a reduction,
       qualification or withdrawal of the then rating given, respectively, to
       the Class of Securities, or to each Class of the Securities, by the
       Rating Agency. The US Dollar Note Trustee will be entitled to assume
       that any proposed alteration, addition or revocation will not be
       materially prejudicial to the interests of Class A-1 Noteholders if each
       of the Rating Agencies confirms in writing that if the alteration,
       addition or revocation is effected this will not lead to a reduction,
       qualification or withdrawal of the then rating given, respectively, to
       the Class A-1 Notes by the Rating Agency.

24.5   Distribution of Amendments

       The Manager must distribute to all Secured Creditors a copy of any
       amendment made pursuant to clause 24.1 as soon as reasonably practicable
       after the amendment has been made.

                                                                              50

<PAGE>

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25.    Expenses and stamp duties

25.1   Expenses

       Subject to clause 28, the Trustee will on demand reimburse the Security
       Trustee and the US Dollar Note Trustee for and keep the Security Trustee
       and the US Dollar Note Trustee indemnified against all expenses
       including legal costs and disbursements (at the usual commercial rates
       of the relevant legal services provider) incurred by the Security
       Trustee or the US Dollar Note Trustee (as the case may be) in connection
       with:

       (a)     (Preparation): the preparation and execution of this Deed and
               any subsequent consent, agreement, approval or waiver under this
               Deed or amendment to this Deed;

       (b)     (Enforcement): the exercise, enforcement, preservation or
               attempted exercise enforcement or preservation of any rights
               under this Deed including without limitation any expenses
               incurred in the evaluation of any matter of material concern to
               the Security Trustee or the US Dollar Note Trustee; and

       (c)     (Inquiries of Governmental Agency): any inquiry by a
               Governmental Agency concerning the Trustee or the Charged
               Property or a transaction or activity the subject of the
               Transaction Documents.

25.2   Stamp Duties

       (a)    (Trustee must pay): The Trustee will pay all stamp, loan,
               transaction, registration and similar Taxes including fines and
               penalties, financial institutions duty and federal debits tax
               which may be payable to or required to be paid by any
               appropriate authority or determined to be payable in connection
               with the execution, delivery, performance or enforcement of this
               Deed or any payment, receipt or other transaction contemplated
               in this Deed.

       (b)     (Trustee must indemnify): The Trustee will indemnify and keep
               indemnified each of the Security Trustee and the US Dollar Note
               Trustee against any loss or liability incurred or suffered by it
               as a result of the delay or failure by the Trustee to pay such
               Taxes.

25.3   Goods and Services Tax

       Notwithstanding any other provision of this Deed or the Master Trust
       Deed, if the Security Trustee becomes liable to remit to a Governmental
       Agency an amount of GST in connection with its supplies under this Deed,
       the Security Trustee is not entitled to any reimbursement of that GST
       from the Trustee out of the Assets of the Series Trust or the Security
       Trust Fund. Nothing in this clause 25.3 prevents the time in attendance
       costs of the Security Trustee charged pursuant to clause 19.5 of the
       Series Supplement from including a component that represents or is
       referable to GST.
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26.    Governing law and jurisdiction

26.1   Governing Law

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

                                                                              51

<PAGE>

26.2   Jurisdiction

       (a)     (Submission to jurisdiction): The Trustee, the Security Trustee,
               the Manager and each of the Secured Creditors each irrevocably
               submits to and accepts generally and unconditionally the
               non-exclusive jurisdiction of the Courts and appellate Courts of
               the State of New South Wales with respect to any legal action or
               proceedings which may be brought at any time relating in any way
               to this Deed.

       (b)     (Waiver of inconvenient forum): The Trustee, the Security
               Trustee, the Manager and each of the Secured Creditors each
               irrevocably waives any objection it may now or in the future
               have to the venue of any such action or proceedings brought in
               such courts and any claim it may now or in the future have that
               any such action or proceedings have been brought in an
               inconvenient forum.
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27.    Notices

27.1   Method of Delivery

       Subject to this clause, any notice, request, certificate, approval,
       demand, consent or other communication to be given under this Deed must:

       (a)     (Authorised Officer): be signed by an Authorised Officer of the
               party giving the same;

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

       (c)     (Delivery): be in the case of a party to this Deed or any
               Secured Creditor, other than a Securityholder:

               (i)     left at the address of the addressee;

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

               (iii)   sent by facsimile to the facsimile number of the
                       addressee, notified by that addressee from time to time
               to the other parties to this Deed as its address for service
               pursuant to this Deed.

       Any notice, request, certificate, approval, demand, consent or other
       communication to be given under this Deed to a Class A-1 Noteholder will
       be effectively given if it is given to the US Dollar Note Trustee in
       accordance with this clause and to a Class A-2 Noteholder, a Class B
       Noteholder or a Redraw Bondholder will be effectively given if sent to
       the address thereof then appearing in the Register.

27.2   Deemed Receipt

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

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

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

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

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

                                                                              52

<PAGE>

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28.    Trustee's Limited Liability

28.1   Limitation on Trustee's Liability

       The Trustee enters into this Deed only in its capacity as trustee of the
       Series Trust and in no other capacity. A liability incurred by the
       Trustee acting in its capacity as trustee of the Series Trust arising
       under or in connection with this Deed is limited to and can be enforced
       against the Trustee only to the extent to which it can be satisfied out
       of Assets of the Series Trust out of which the Trustee is actually
       indemnified for the liability. This limitation of the Trustee's
       liability applies despite any other provision of this Deed (other than
       clause 28.3) and extends to all liabilities and obligations of the
       Trustee in any way connected with any representation, warranty, conduct,
       omission, agreement or transaction related to this Deed.

28.2   Claims against Trustee

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

28.3   Breach of Trustee

       The provisions of this clause 28 will not apply to any obligation or
       liability of the Trustee to the extent that it is not satisfied because
       under the Master Trust Deed, the Series Supplement or any other
       Transaction Document or by operation of law there is a reduction in the
       extent of the Trustee's indemnification out of the Assets of the Series
       Trust, as a result of the Trustee's fraud, negligence or wilful default.

28.4   Acts or omissions

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

28.5   No Authority

       No attorney, agent, receiver or receiver and manager appointed in
       accordance with this Deed has authority to act on behalf of the Trustee
       in a way which exposes the Trustee to any personal liability and no act
       or omission of any such person will be considered fraud, negligence or
       wilful default of the Trustee for the purposes of clause 28.3.

                                                                              53

<PAGE>

28.6   No Obligation

       The Trustee is not obliged to enter into any commitment or obligation
       under this Deed or any Transaction Document (including incur any further
       liability) unless the Trustee's liability is limited in a manner which
       is consistent with this clause 28 or otherwise in a manner satisfactory
       to the Trustee in its absolute discretion.
-------------------------------------------------------------------------------
29.    Miscellaneous

29.1   Assignment by Trustee

       The Trustee will not assign or otherwise transfer the benefit of this
       Deed or any of its rights, duties or obligations under this Deed except
       to a Substitute Trustee which is appointed as a successor trustee of the
       Series Trust under and in accordance with the Master Trust Deed.

29.2   Assignment by Manager

       The Manager will not assign or otherwise transfer the benefit of this
       Deed or any of its rights, duties or obligations under this Deed except
       to a Substitute Manager which is appointed as a successor manager of
       the Series Trust under and in accordance with the Master Trust Deed.

29.3   Assignment by Security Trustee

       The Security Trustee will not assign or otherwise transfer all or any
       part of the benefit of this Deed or any of its rights, duties and
       obligations under this Deed except to a Substitute Security Trustee
       which is appointed as a successor security trustee under and in
       accordance with this Deed.

29.4   Assignment by US Dollar Note Trustee

       The US Dollar Note Trustee will not assign or otherwise transfer all or
       any part of the benefit of this Deed or any of its rights, duties and
       obligations under this Deed except to a successor trustee appointed
       under and in accordance with the US Dollar Note Trust Deed.

29.5   Certificate of Security Trustee

       A certificate in writing signed by an Authorised Officer of the Security
       Trustee certifying the amount payable by the Trustee to the Security
       Trustee or to the Secured Creditors or certifying that a person
       identified therein is a Secured Creditor or certifying any other act,
       matter, thing or opinion relating to this Deed is conclusive and binding
       on all Interested Persons in the absence of manifest error on the face
       of the certificate or evidence to the contrary.

29.6   Continuing Obligation

       This Deed is a continuing obligation notwithstanding any settlement of
       account intervening payment express or implied revocation or any other
       matter or thing whatsoever until a final discharge of this Deed has been
       given to the Trustee.

29.7   Settlement Conditional

       Any settlement or discharge between the Trustee and the Security Trustee
       is conditional upon any security or payment given or made to the
       Security Trustee by the Trustee or any other person in relation to the
       Secured Moneys not being avoided repaid or reduced by virtue of any
       provision or enactment relating to bankruptcy insolvency or liquidation
       for the time being in force and, in the event

                                                                              54

<PAGE>

       of any such security or payment being so avoided repaid or reduced the
       Security Trustee is entitled to recover the value or amount of such
       security or payment avoided, repaid or reduced from the Trustee
       subsequently as if such settlement or discharge had not occurred.

29.8   No Merger

       Neither this Deed nor any of the Security Trustee's or the Receiver's
       powers will merge or prejudicially affect nor be merged in or
       prejudicially affected by and the Trustee's obligations under this Deed
       will not in any way be abrogated or released by any other security any
       judgment or order any contract any cause of action or remedy or any other
       matter or thing existing now or in the future in respect of the Secured
       Moneys.

29.9   Interest on Judgment

       If a liability under this Deed (other than a liability for negligence,
       fraud or wilful default of the Trustee under the Transaction Documents)
       becomes merged in a judgment or order then the Trustee as an independent
       obligation will pay interest to the Security Trustee on the amount of
       that liability at a rate being the higher of the rate payable pursuant to
       the judgment or order and the highest rate payable on the Secured Moneys
       from the date it becomes payable until it is paid.

29.10  No Postponement

       The Security Trustee's rights under this Deed will not be discharged,
       postponed or in any way prejudiced by any subsequent Security Interest
       nor by the operation of the rules known as the rule in Hopkinson v Rolt
       or the rule in Claytons Case.

29.11  Severability of Provisions

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

29.12  Remedies Cumulative

       The rights and remedies conferred by this Deed upon the Security Trustee
       and the Receiver are cumulative and in addition to all other rights or
       remedies available to the Security Trustee or the Receiver by Statute or
       by general law.

29.13  Waiver

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

29.14  Consents and Approvals

       Where any act matter or thing under this Deed depends on the consent or
       approval of the Security Trustee then unless expressly provided otherwise
       in this Deed such consent or approval may be given or withheld in the
       absolute and unfettered discretion of the Security Trustee and may be
       given subject to such conditions as the Security Trustee thinks fit in
       its absolute and unfettered discretion.

                                                                              55

<PAGE>

29.15   Written Waiver, Consent and Approval

        Any waiver, consent or approval given by the Security Trustee under
        this Deed will only be effective and will only be binding on the
        Security Trustee if it is given in writing or given verbally and
        subsequently confirmed in writing and executed by the Security Trustee
        or on its behalf by an Authorised Officer for the time being of the
        Security Trustee.

29.16   Time of Essence

        Time is of the essence in respect of the Trustee's obligations under
        this Deed.

29.17   Moratorium Legislation

        To the fullest extent permitted by law, the provisions of all Statutes
        operating directly or indirectly:

        (a)     (Lessen Obligations): to lessen or otherwise to vary or affect
                in favour of the Trustee any obligation under this Deed; or

        (b)     (Delay Exercise of Powers): to delay or otherwise prevent or
                prejudicially affect the exercise of any powers conferred on
                the Security Trustee or the Receiver under this Deed,
        are expressly waived negatived and excluded.

29.18   Debit Accounts

        The Trustee authorises the Security Trustee at any time after the
        Charge becomes enforceable pursuant to the provisions of this Deed,
        to apply without prior notice any credit balance whether or not then
        due to which the Trustee is at any time entitled on any account at any
        office of the Security Trustee in or towards satisfaction of any sum
        then due and unpaid from the Trustee to the Security Trustee under
        this Deed or on any other account whatsoever and the Trustee further
        authorises the Security Trustee without prior notice to set-off any
        amount owing whether present or future actual contingent or
        prospective and on any account whatsoever by the Security Trustee to
        the Trustee against any of the Secured Moneys. The Security Trustee is
        not obliged to exercise any of its rights under this clause, which are
        without prejudice and in addition to any right of set-off, combination
        of accounts, lien or other right to which it is at any time otherwise
        entitled whether by operation of law contract or otherwise.

29.19   Set-Off

        No Secured Creditor may set-off or apply any sum or debt in any
        currency (whether or not matured) in any account comprised in the
        Charged Property towards satisfaction of any amount that would
        otherwise form part of the Secured Moneys.

29.20   Binding on Each Signatory

        This Deed binds each of the signatories to this Deed notwithstanding
        that any one or more of the named parties to this Deed does not execute
        this Deed, that there is any invalidity forgery or irregularity
        touching any execution of this Deed or that this Deed is or becomes
        unenforceable void or voidable against any such named party.

                                                                              56

<PAGE>

29.21   Counterparts

        This Deed may be executed in a number of counterparts and all such
        counterparts taken together is deemed to constitute one and the same
        instrument.

29.22   Privacy

     (a)     (Acknowledgement): Each party acknowledges that Personal
             Information may be exchanged between the parties pursuant to the
             terms of this Deed.

     (b)     (Obtain consents): If Personal Information is exchanged between the
             parties, the party which provides the Personal Information must
             ensure that it obtains such consents, if any, as are required by
             the Privacy Act to be obtained by that party in relation to that
             provision of Personal Information.

     (c)     (Best endeavours to comply): Each party undertakes to use its best
             endeavours to ensure that at all times:

             (i)     Personal Information provided to it (the "Receiving Party")
                     by another party (the "Providing Party"):

                     A.     unless otherwise required by law, will be used only
                            for the purpose of fulfilling the Receiving Party's
                            obligations under the Transaction Documents; and

                     B.     except as expressly provided pursuant to the
                            Transaction Documents, will not be disclosed to any
                            third party unless express consent in writing is
                            obtained from the Providing Party; and

             (ii)    in addition to the obligation under paragraph (b) above,
                     it will comply with the Privacy Act and all applicable
                     regulations, principles, standards, codes of conduct or
                     guidelines concerning the handling of Personal Information
                     under that Act or with any request or direction arising
                     directly from or in connection with the proper exercise of
                     the functions of the Privacy Commissioner, to the extent
                     required by law.

     (d)     (Notification): If a Receiving Party becomes aware that a breach
             of paragraphs (b) or (c) above has occurred, or if it becomes
             aware that the law may require disclosure to be made or a consent
             to be obtained in relation to Personal Information provided to it
             by a Providing Party, it must immediately notify that Providing
             Party in writing.

     (e)     (Not Applicable to US Dollar Note Trustee): Notwithstanding
             anything else contained in this clause 29.22, paragraphs (a) to
             (d) above not apply to the US Dollar Note Trustee. The US Dollar
             Note Trustee agrees to comply with all privacy legislation
             applicable to it.

     (f)     (US Dollar Note Trustee Agrees): The US Dollar Note Trustee agrees:

             (i)     to use its reasonable endeavours to assist the other
                     parties nesuring no breach of the Privacy Act occurs in
                     circumstances where no breach of the Privacy Act would
                     have occurred if the US Dollar Note Trustee had complied
                     with paragraphs (a) to (d) above;

             (ii)    to use Personal Information provided to it only for the
                     purpose of fulfilling its obligations under the
                     Transaction Documents, unless otherwise required by law;
                     and

                                                                              57

<PAGE>

             (iii)   not to disclose any Personal Information to any third
                     party except:

                     A.     as expressly provided pursuant to the Transaction
                            Documents; or

                     B.     as it may be required to disclose by any law or
                            order of any Governmental Agency or the rules of
                            any stock exchange,

                     unless express consent in writing is obtained from the
                     Providing Party.

                                                                              58

<PAGE>

Executed as a deed.
Signed sealed and delivered for and on
behalf of PT Limited, ABN 67 004 454
666, by Stacey Gray
its Attorney under a Power of Attorney dated   /s/ Stacey Gray
6/2/02 and registered Book 4337 No. 467        ---------------------------------
and who declares that he or she has not        Signature of Attorney
received any notice of the revocation of such
Power of Attorney in the presence of:

/s/ Karolina Popie
----------------------------
Signature of Witness

Karolina Popie
----------------------------
Name of Witness in full

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

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

Signed sealed and delivered for The
Bank of New York in the presence of:
                                               /s/ Kelvyn Ee, AVP
                                               ---------------------------------
                                               Signature of Authorised Signatory

/s/ Michael Thomson
----------------------------
Signature of Witness

Michael Thomson
----------------------------
Name of Witness in full

                                                                              59

<PAGE>

Signed sealed and delivered for and on
behalf of Securitisation Advisory
Services Pty. Limited, ABN 88 064 133
946 by Ian Cambourn                                      /s/ Ian Cambourn
                                                         ----------------------
its Attorney under a Power of Attorney dated             Signature of Attorney
6/2/02 and registered Book 4337 No. 465
and who declares that he or she has not
received any notice of the revocation of such
Power of Attorney in the presence of:

/s/ Karolina Popie
---------------------------------------------
Signature of Witness

Karolina Popie
---------------------------------------------
Name of Witness in full

Signed sealed and delivered for and on
behalf of Perpetual Trustee Company
Limited, ABN 42 000 001 007, by
Stacey Gray                                              /s/ Stacey Gray
its Attorney under a Power of Attorney dated             ----------------------
6/2/02 and registered Book 4337 No. 468                  Signature of Attorney
and who declares that he or she has not
received any notice of the revocation of such
Power of Attorney in the presence of:

/s/ Karolina Popie
----------------------------------------------
Signature of Witness

Karolina Popie
----------------------------------------------
Name of Witness in full

                                                                              60

<PAGE>

THIS IS THE ANNEXURE REFERRED TO IN A SECURITY TRUST DEED
BETWEEN P.T. LIMITED, THE BANK OF NEW YORK, NEW YORK BRANCH,
SECURITISATION ADVISORY SERVICES PTY. LIMITED AND PERPETUAL
TRUSTEE COMPANY LIMITED
------------------------------------------------------------

     PROVISIONS FOR MEETINGS OF VOTING SECURED CREDITORS

2.   Definitions and incorporation of terms

     In this Annexure, unless specified otherwise or the context indicates a
     contrary intention:

     (a)     words and expressions which are defined in or by virtue of clause
             1 of the abovementioned Security Trust Deed (the "Security Trust
             Deed") have the same meanings in this Annexure;

     (b)     a "holder" in relation to Secured Moneys will be construed as
             including a Securityholder in relation to any outstanding
             Securities; and

     (c)     references to clauses are references to clauses in this Annexure.

3.   Convening of meetings

     (a)     (Meeting at any time): The Security Trustee, the Trustee or the
             Manager at any time may convene a meeting of the Voting Secured
             Creditors.

     (b)     (Meeting on request): Subject to the Security Trustee being
             indemnified to its reasonable satisfaction against all costs and
             expenses occasioned thereby, the Security Trustee will convene a
             meeting of the Voting Secured Creditors if requested to do so by
             Voting Secured Creditors who hold between them Voting Entitlements
             comprising an aggregate number of votes which is no less than 10%
             of the aggregate number of votes comprising the Voting
             Entitlements of all Voting Secured Creditors at that time.

     (c)     (Time and place approved by Security Trustee):

             (i)     Every meeting of Voting Secured Creditors will be held at
                     such time and place as the Security Trustee approves (or,
                     failing such approval by the Security Trustee within a
                     reasonable period, as approved by the Manager), provided
                     that, subject to paragraphs (ii) and (iii) and clause 4,
                     any such meeting shall not be held until the US Dollar
                     Note Trustee has had, in its opinion, sufficient time to
                     either seek directions from the Class A-1 Noteholders or
                     to determine that it need not seek those directions, in
                     each case in accordance with clause 7 of the US Dollar
                     Note Trust Deed.

             (ii)    Upon receiving notice of a meeting of the Voting Secured
                     Creditors, the US Dollar Note Trustee (if applicable) will
                     as soon as practicable comply with clause 7 of the US
                     Dollar Note Trust Deed.

             (iii)   The proviso in sub-paragraph (i) does not apply if:

                     A.     the US Dollar Note Trustee, in its absolute
                            discretion, so decides; or

                     B.     there are then no Class A-1 Notes outstanding.

     (d)     (Meetings in more than one place): A meeting of Voting Secured
             Creditors may, if the Security Trustee so determines, be held at
             two or more meeting venues linked together by audio-visual
             communication equipment which, by itself or in conjunction with
             other arrangements:

             (i)     gives the Voting Secured Creditors in the separate venues
                     a reasonable opportunity to participate in the
                     proceedings;

             (ii)    enables the chairman to be aware of proceedings in each
                     such venue; and

                                                                               1

<PAGE>

             (iii)   enables the Voting Secured Creditors in each such venue to
                     vote on a show of hands and on a poll.

             A Voting Secured Creditor at one of the separate meeting venues is
             taken to be present at the meeting of the Voting Secured Creditors
             and is entitled to exercise all rights which a Voting Secured
             Creditor has under the Security Trust Deed and this Annexure in
             relation to a meeting of Voting Secured Creditors. Where a meeting
             of Voting Secured Creditors is held at two or more meeting venues
             pursuant to this clause 2(d), that meeting will be regarded as
             having been held at the venue determined by the chairman of the
             meeting.

     (e)     (Meetings only in accordance with the Security Trust Deed): A
             meeting of Voting Secured Creditors may only be convened in
             accordance with the Security Trust Deed and this Annexure.

4.   Notice of meetings

     (a)     (Notice): Subject to clauses 2(c)(i) and 4, at least 14 days'
             notice (inclusive of the day on which the notice is given and of
             the day on which the meeting is held) of a meeting of the Voting
             Secured Creditors must be given to the Voting Secured Creditors.

     (b)     (Accidental omission does not invalidate): The accidental omission
             to give notice to or the non-receipt of notice by any Voting
             Secured Creditor does not invalidate the proceedings at any
             meeting.

     (c)     (Copies of notices): A copy of a notice convening a meeting must
             be given by the Security Trustee to the Manager and the Trustee.

     (d)     (Manner of notice): Notice of a meeting must be given in the
             manner provided in the Security Trust Deed.

     (e)     (Details to be included in notice): A notice of a meeting of the
             Voting Secured Creditors must specify:

             (i)     the day, time and place of the proposed meeting;

             (ii)    the reason for the meeting being convened;

             (iii)   the agenda of the business to be transacted at the
                     meeting;

             (iv)    the terms of any proposed resolution;

             (v)     that appointments of proxies must be lodged no later than
                     24 hours prior to the time fixed for the meeting; and

             (vi)    such additional information as the person giving the
                     notice thinks fit.

5.   Shorter notice of meeting

     A meeting of the Voting Secured Creditors may be held on shorter notice
     than provided by clause 3 if so agreed by a resolution of Voting Secured
     Creditors at the meeting who:

     (a)     (Majority in number): are a majority in number of Voting Secured
             Creditors (present in person or by proxy) having the right to
             attend and vote at the meeting; and

     (b)     (95% Voting Entitlements): hold or represent between them Voting
             Entitlements comprising in aggregate a number of votes which is
             not less than 95% of the aggregate number of votes comprised in
             all Voting Entitlements at the time.

6.   Chairman

     At a meeting of Voting Secured Creditors, some person (whether or not a
     Secured Creditor or a representative of the Security Trustee) nominated in
     writing by the Security Trustee must preside as chairman. If no such
     nomination is made or no such nominated person is present within 15
     minutes after the time appointed for the holding

                                                                               2

<PAGE>

     of the meeting, the Voting Secured Creditors present must choose one of
     their number to be chairman.

7.   Quorum

     At any such meeting, any 2 or more persons present in person holding, or
     being Representatives holding or representing between them, in the
     aggregate 67% or more of the aggregate number of votes comprised in all
     Voting Entitlements at that time will form a quorum for the transaction of
     business and no business (other than the choosing of a chairman) is to be
     transacted at any meeting unless the requisite quorum is present at the
     commencement of business.

8.   Adjournment

     (a)     (Adjournment): If within 15 minutes from the time appointed for
             any such meeting a quorum is not present, the meeting must, if
             convened upon the requisition of Voting Secured Creditors, be
             dissolved. In any other case it must stand adjourned (unless the
             Security Trustee agrees that it be dissolved) for such period, not
             being less than 7 days nor more than 42 days, as may be appointed
             by the chairman. At such adjourned meeting, two or more persons
             present in person holding, or being Representatives holding or
             representing between them, Voting Entitlements comprising in
             aggregate a number of votes which is not less than 50% of the
             aggregate number of votes comprised in all Voting Entitlements at
             the time must (except for the purpose of passing an Extraordinary
             Resolution) form a quorum and will have the power to pass any
             resolution and to decide upon all matters which could properly
             have been dealt with at the meetings from which the adjournment
             took place had a quorum been present at such meeting. The quorum
             at any such adjourned meeting for passing an Extraordinary
             Resolution will be as specified in clause 6.

     (b)     (Place and time of adjourned meeting): The chairman may with the
             consent of (and must if directed by) any meeting adjourn the same
             from time to time and from place to place but no business may be
             transacted at any adjourned meeting except business which might
             lawfully have been transacted at the meeting from which the
             adjournment took place.

     (c)     (Notice of adjourned meeting): At least 5 days' notice of any
             meeting adjourned through want of a quorum is to be given in the
             same manner as of an original meeting and such notice must state
             the quorum required at such adjourned meeting. It will not,
             however, otherwise be necessary to give any notice of an adjourned
             meeting.

9.   Voting procedure

     (a)     (Casting votes): Every question submitted to a meeting must be
             decided in the first instance by a show of hands and in case of
             equality of votes the chairman must both on a show of hands and on
             a poll have a casting vote in addition to the vote or votes (if
             any) to which he or she may be entitled as a Voting Secured
             Creditor or as a Representative.

     (b)     (Evidence of votes): At any meeting, unless a poll is (before or
             on the declaration of the result of the show of hands) demanded
             by the chairman, the Trustee, the Manager, the US Dollar Note
             Trustee or the Security Trustee or by one or more persons holding,
             or being Representatives holding or representing between them, in
             aggregate a number of votes which is not less than 2% of the
             aggregate number of votes comprised in all Voting Entitlements at
             the time, a declaration by the chairman that a resolution has been
             carried by a particular majority or lost or not carried by any
             particular

                                                                               3

<PAGE>

             majority will be conclusive evidence of the fact without proof of
             the number or proportion of the votes recorded in favour of or
             against such resolution.

     (c)     (Polls): If at any meeting a poll is so demanded, it must be taken
             in such manner and (subject to the provisions of this Annexure)
             either at once or after such an adjournment as the chairman directs
             and the result of such poll will be deemed to be the resolution of
             the meeting at which the poll was demanded as at the date of the
             taking of the poll. The demand for a poll must not prevent the
             continuance of the meeting for the transaction of any business
             other than the question on which the poll has been demanded. Any
             poll demanded at any meeting on the election of a chairman or on
             any question of adjournment must be taken at the meeting without
             adjournment.

     (d)     (Voting by Secured Creditors):

             (i)     On a show of hands every Voting Secured Creditor who is
                     present in person or by proxy and has the right to vote at
                     the relevant meeting on that resolution has one vote except
                     that the US Dollar Note Trustee has one vote for each then
                     Class A-1 Noteholder.

             (ii)    On a poll every Voting Secured Creditor who is present in
                     person or by proxy and has the right to vote has the number
                     of votes comprised in their Voting Entitlement.

     (e)     (Person May Cast Votes Differently): Any person entitled to more
             than one vote need not use or cast all of the votes to which he or
             she is entitled in the same way.

     (f)     (Voting by corporation): A corporation being a Voting Secured
             Creditor may vote by any officer or representative duly authorised
             in writing who is entitled to speak, demand a poll, vote, act as a
             proxy and in all other respects exercise the rights of a Voting
             Secured Creditor and must be reckoned as a Voting Secured Creditor
             for all purposes.

     (g)     (Voting by person of unsound mind): A Voting Secured Creditor of
             unsound mind or in respect of whom an order has been made by any
             court having jurisdiction in respect of mental health may vote
             whether on a show of hands or on a poll by his committee curator
             bonis or other person in the nature of a committee curator bonis
             appointed by such court.

     (h)     (Objection to voter's qualification): No objection is to be raised
             as to the qualification of any voter except at the meeting or
             adjourned meeting at which the vote objected to is given or
             tendered and every vote not disallowed at such meeting will be
             valid for all purposes. Any such objection made in due time will
             be referred to the chairman of the meeting and his decision will
             be final and conclusive.

10.  Right to attend and speak

     The Trustee, the Manager and the Security Trustee (through their respective
     representatives) and their respective financial and legal advisers will be
     entitled to attend and speak at any meeting of Voting Secured Creditors. No
     person will otherwise be entitled to attend or vote at any meeting of the
     Voting Secured Creditors or to join with others in requesting the convening
     of such a meeting unless he or she is a Voting Secured Creditor or is a
     Representative.

11.  Appointment of proxies

     (a)     (Proxy): Each appointment of a proxy must be in writing and,
             together (if required by the Security Trustee) with proof
             satisfactory to the Security Trustee of its due execution, must be
             deposited at the registered office of the Security Trustee or at
             such other place designated by the Security Trustee not less than
             24 hours before the time appointed for holding the meeting or

                                                                               4

<PAGE>

               adjourned meeting at which the named proxy proposes to vote and
               in default, the appointment of proxy will not be treated as valid
               unless the chairman of the meeting decides otherwise before such
               meeting or adjourned meeting proceeds to business. A notarially
               certified copy of proof (if applicable) of due execution must if
               required by the Security Trustee be produced by the proxy at the
               meeting or adjourned meeting. The Security Trustee will be under
               no obligation to investigate or be concerned with the validity
               of, or the authority of, the proxy named in any such appointment.
               The proxy named in any appointment of proxy need not be a Voting
               Secured Creditor.

       (b)     (Proxy valid): Any vote given in accordance with the terms of an
               appointment of proxy conforming with clause 10(a) will be valid
               notwithstanding the previous revocation or amendment of the
               appointment of proxy or of any of the Voting Secured Creditor's
               instructions pursuant to which it was executed, provided that no
               intimation in writing of such revocation or amendment has been
               received by the Security Trustee at its registered office or by
               the chairman of the meeting in each case not less than 24 hours
               before the commencement of the meeting or adjourned meeting at
               which the appointment of proxy is used.

12.    Corporate representatives

       A person authorised under sections 250D of the Corporations Act by a
       Voting Secured Creditor being a body corporate to act for it at any
       meeting will, in accordance with his or her authority until his or her
       authority is revoked by the body corporate concerned, be entitled to
       exercise the same powers on behalf of that body corporate as that body
       corporate could exercise if it were an individual Voting Secured Creditor
       and will be entitled to produce evidence of his or her authority to act
       at any time before the time appointed for the holding of or at the
       meeting or adjourned meeting or for the taking of a poll at which he or
       she proposes to vote.

13.    Rights of representatives

       A Representative has the right to demand or join in demanding a poll and
       (except and to the extent to which the Representative is specially
       directed to vote for or against any proposal) has power generally to act
       at a meeting for the Voting Secured Creditor concerned. The Security
       Trustee and any officer of the Security Trustee may be appointed a
       Representative.

14.    Powers of a meeting of voting secured creditors

       (a)     (Powers): subject to clauses 13(b) and 14 and, to the extent
               applicable, the mandatory provisions of the United States Trust
               Indenture Act of 1939, a meeting of Voting Secured Creditors has,
               without prejudice to any rights or powers conferred on other
               persons by the Security Trust Deed, power exercisable by
               Extraordinary Resolution:

               (i)     to direct the Security Trustee in the action that should
                       be taken by it following the occurrence of an Event of
                       Default;

               (ii)    to sanction any action that the Security Trustee or a
                       Receiver proposes to take to enforce the provisions of
                       the Security Trust Deed;

               (iii)   to sanction any proposal by the Manager, the Trustee or
                       the Security Trustee for any modification, abrogation,
                       variation or compromise of, or arrangement in respect of,
                       the rights of the Secured Creditors against the Trustee
                       or the Manager whether such rights arise under the
                       Security Trust Deed, the other Transaction Documents or
                       otherwise;
                                                                               5

<PAGE>

               (iv)    to postpone the day when the Secured Moneys become
                       payable and to suspend or postpone for a time the payment
                       of the Secured Moneys;

               (v)     to sanction the exchange or substitution of the Secured
                       Moneys for, or the conversion of the Secured Moneys into,
                       notes or other obligations or securities of the Trustee
                       or any other body corporate formed or to be formed;

               (vi)    to assent to any modification of the provisions contained
                       in the Security Trust Deed or the Securities which will
                       be proposed by the Trustee, the Manager or the Security
                       Trustee;

               (vii)   to give any authority, direction, guidance or sanction
                       sought by the Security Trustee from the Voting Secured
                       Creditors;

               (viii)  to appoint any persons (whether Voting Secured Creditors
                       or not) as a committee or committees to represent the
                       interests of the Secured Creditors and to confer upon
                       such committee or committees any powers or discretions
                       which the Voting Secured Creditors could themselves
                       exercise by Extraordinary Resolution;

               (ix)    to approve a person proposed to be appointed as a
                       Substitute Security Trustee under the Security Trust Deed
                       and power to remove any Security Trustee for the time
                       being thereof;

               (x)     to discharge or exonerate the Security Trustee from any
                       liability in respect of any act or omission for which it
                       may become responsible under the Security Trust Deed;

               (xi)    to do any other thing which under the Security Trust Deed
                       is required to be given by an Extraordinary Resolution of
                       the Voting Secured Creditors; and

               (xii)   to authorise the Security Trustee or any other person to
                       concur in and execute and do all such documents, acts and
                       things as may be necessary to carry out and give effect
                       to any Extraordinary Resolution.

       (b)     (Limitations): A meeting of Voting Secured Creditors does not
               have power to, nor will any resolution submitted to the meeting
               propose or have the effect of:

               (i)     removing the Security Trustee or the Manager from office,
                       other than in accordance with the terms of the Security
                       Trust Deed or the Series Supplement;

               (ii)    interfering with the management of the Series Trust;

               (iii)   winding up or terminating the Series Trust; or

               (iv)    disposing of, or otherwise dealing with, the Assets of
                       the Series Trust.

       (c)     (Class B Noteholders): No Extraordinary Resolution of a separate
               meeting of the Class B Noteholders (other than one referred to
               in clause 14(a)) shall be effective for any purpose unless:

               (i)     there are then no Senior Securities outstanding;

               (ii)    it has been sanctioned by an Extraordinary Resolution of
                       the Voting Secured Creditors representing or being the
                       Senior Securityholders; or

               (iii)   the Security Trustee is of the opinion that its becoming
                       effective will not be materially prejudicial to the
                       interests of the Senior Securityholders or any class of
                       Senior Securityholders.

                                                                               6

<PAGE>

       (d)     (Assumptions): The Security Trustee is entitled to assume that a
               Class B Basic Term Modification referred to in clause 14(a) of
               this Annexure will not be materially prejudicial to the
               interests of the Class B Noteholders and that an Extraordinary
               Resolution of the Class B Noteholders in clause 13(c) will not be
               materially prejudicial to the interests of the Senior
               Securityholders, if each of the Rating Agencies confirm in
               writing that the Class B Basic Term Modification or the
               Extraordinary Resolution (respectively) upon coming into effect
               will not lead to a reduction, qualification or withdrawal of the
               then rating by that Rating Agency of the Class B Notes or any of
               the Senior Securities.

15.    Extraordinary resolution binding on secured creditors

       Subject to clause 13(b), an Extraordinary Resolution of the Voting
       Secured Creditors is binding upon all Secured Creditors and each of the
       Secured Creditors, the Trustee, the Manager and the Security Trustee is
       bound to give effect to the Extraordinary Resolution, provided that:

       (a)     (Class B Basic Term Modification): an Extraordinary Resolution of
               the Voting Secured Creditors to sanction a Class B Basic Term
               Modification will not be effective for any purpose unless its
               becoming effective has been sanctioned by an Extraordinary
               Resolution of the Class B Noteholders or the Security Trustee is
               of the opinion that its becoming effective will not be materially
               prejudicial to the interests of the Class B Noteholders;

       (b)     (Extraordinary Resolution affecting Class A-1 Noteholders):
               subject to clause 14(c) in the case of an Extraordinary
               Resolution purporting to effect a Payment Modification (as
               defined in the US Dollar Note Trust Deed), an Extraordinary
               Resolution which by its terms, in the opinion of the US Dollar
               Note Trustee in accordance with, and subject to, the US Dollar
               Note Trust Deed, affects the Class A-1 Noteholders only, or in a
               manner different to the rights of Secured Creditors generally, or
               alters the terms of the Class A-1 Notes, or is materially
               prejudicial to the interests of the Class A-1 Noteholders, will
               not be effective unless a Special Majority (as defined in the US
               Dollar Note Trust Deed) of the Class A-1 Noteholders has
               consented, in accordance with the US Dollar Note Trust Deed, to
               such Extraordinary Resolution of the Voting Secured Creditors or,
               if the Class A-1 Noteholders have become entitled to attend a
               meeting of Voting Secured Creditors, the Class A-1 Noteholders at
               a separate meeting pass an Extraordinary Resolution consenting to
               such Extraordinary Resolution of the Voting Secured Creditors;

       (c)     (Payment Modification in relation to Class A-1 Notes): an
               Extraordinary Resolution which by its terms effects or purports
               to effect a Payment Modification (as that expression is defined
               in the US Dollar Note Trust Deed) will not be effective as
               against a given Class A-1 Noteholder unless consented to by that
               Class A-1 Noteholder;

       (d)     (Extraordinary Resolution affecting Class A-2 Noteholders): an
               Extraordinary Resolution, which by its terms, in the opinion of
               the Security Trustee, affects the Class A-2 Noteholders only, or
               in a manner different to the rights of the Secured Creditors
               generally, or alters the terms of the Class A-2 Notes, or is
               materially prejudicial to the interests of the Class A-2
               Noteholders, will not be effective unless the Class A-2
               Noteholders at a separate meeting pass an Extraordinary
               Resolution consenting to such Extraordinary Resolution of the
               Voting Secured Creditors;

                                                                               7

<PAGE>

       (e)     (Extraordinary Resolution affecting Redraw Bondholders): such an
               Extraordinary Resolution, which by its terms, in the opinion of
               the Security Trustee, affects the Redraw Bondholders only, or in
               a manner different to the rights of the Secured Creditors
               generally, or alters the terms of the Redraw Bonds, or is
               materially prejudicial to the interests of the Redraw Bondholders
               will not be effective unless the Redraw Bondholders at a separate
               meeting pass an Extraordinary Resolution consenting to such
               Extraordinary Resolution of the Voting Secured Creditors; and

       (f)     (Extraordinary Resolution affecting other Secured Creditors):
               such an Extraordinary Resolution which by its terms, in the
               opinion of the Security Trustee, affects the Standby Redraw
               Facility Provider, the Liquidity Facility Provider, a Hedge
               Provider and/or the Sellers (each in its capacity as a Secured
               Creditor) (a "Relevant Secured Creditor") only, or in a manner
               different to the rights of Secured Creditors generally, or is
               materially prejudicial to the interests of a Relevant Secured
               Creditor will not be effective unless the Relevant Secured
               Creditor consents in writing to the Extraordinary Resolution.

16.    Minutes and records

       Minutes of all resolutions and proceedings at every meeting must be made
       and duly entered in the books to be provided for that purpose by the
       Security Trustee. Any such minutes if purporting to be signed by the
       chairman of the meeting at which such resolutions were passed or
       proceedings transacted or by the chairman of the next succeeding meeting
       (if any) of Voting Secured Creditors, are conclusive evidence of the
       matters stated in them. Until the contrary is provided, every such
       meeting in respect of the proceedings of which minutes have been made
       and signed are deemed to have been duly convened and held and all
       resolutions passed and proceedings conducted at such meetings are deemed
       to have been duly passed and conducted.

17.    Written resolutions

       Notwithstanding the preceding provisions of this Annexure, a resolution
       of all the Voting Secured Creditors or a class of Voting Secured
       Creditors (including an Extraordinary Resolution of the Voting Secured
       Creditors or a class of Voting Secured Creditors) may be passed, without
       any meeting or previous notice being required, by an instrument or notes
       in writing which have:

       (a)     in the case of a resolution (including an Extraordinary
               Resolution) of all the Voting Secured Creditors, been signed by
               all the Voting Secured Creditors and, in the case of a
               resolution (including an Extraordinary Resolution) of a class of
               Voting Secured Creditors, been signed by all the Voting Secured
               Creditors in the class; and

       (b)     any such instrument shall be effective upon presentation to the
               Security Trustee for entry in the records referred to in
               clause 15.

18.    Invalid resolutions

       Any resolution of the Voting Secured Creditors which purports to direct
       the Security Trustee or a Receiver to take any action which would hinder
       the performance of any party under the Master Trust Deed or a
       Transaction Document (except to the extent that enforcement action is
       taken against the Trustee or in respect of the Charged Property) is
       invalid.

19.    Further procedures for meetings

       Subject to all other provisions of the Security Trust Deed, the
       Security Trustee may without the consent of the Voting Secured Creditors
       prescribe such further regulations regarding the holding of meetings of
       the Voting Secured Creditors and attendance and voting at such meetings
       as the Security Trustee may in its sole discretion determine

                                                                               8

<PAGE>

       including particularly (but without prejudice to the generality of the
       foregoing) such regulations and requirements as the Security Trustee
       thinks reasonable:

       (a)     (Regarding entitlement to vote): so as to satisfy itself that
               persons who purport to attend or vote at any meeting of Voting
               Secured Creditors are entitled to do so in accordance with this
               Annexure and the other provisions of the Security Trust Deed; and

       (b)     (Regarding Representatives): as to the form of appointment of
               a Representative.

20.    Class of secured creditors

       The provisions of this Annexure apply, mutatis mutandis, to a meeting of
       any class of Voting Secured Creditors under this Annexure or the
       Security Trust Deed. If the Class A-1 Noteholders become entitled to
       attend a meeting of Voting Secured Creditors or to have their own
       separate meeting, the evidence of the entitlement of such Class A-1
       Noteholders to attend such meeting and to vote thereat, and any other
       relevant matters, will be determined in accordance with the US Dollar
       Note Trust Deed and the Agency Agreement, with such amendments as
       determined by the Security Trustee.

                                                                               9

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