Document:

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                                  Exhibit 10.3

                          Interest Rate Swap Agreement

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                                                                    Exhibit 10.3

                                                          CLAYTON UTZ
-------------------------------------------------------------------------------

Commonwealth Bank of Australia
ABN 48 123 123 124
Party A

Perpetual Trustee Company Limited
ABN 42 000 001 007
Party B

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

Series 2002-1G Medallion Trust
ISDA Master Agreement
(Interest Rate Swap Agreement)

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

           Sydney . Melbourne . Brisbane . Perth . Canberra . Darwin

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

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                                   Schedule

                                    to the

                               MASTER AGREEMENT

                     dated as of 14 February 2002 between
                 Securitisation Advisory Services Pty. Limited
                              ABN 88 064 133 946
                                 ("Manager")

                                     and

                        Commonwealth Bank of Australia
                              ABN 48 123 123 124
                                 ("Party A")
                                     and

                       Perpetual Trustee Company Limited
                              ABN 42 000 001 007
               as trustee of the Series 2002-1G Medallion Trust
                                 ("Party B")

Part 1. Termination provisions

(a)     "Specified Entity" in relation to

        (i)  Party A, is not applicable; and

        (ii) Party B, is not applicable.

(b)     "Specified Transaction" means - not applicable.

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

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

        (ii) The following provisions of Section 5 will not apply to Party B:
<TABLE>
<S>          <C>               <C>               <C>                <C>
             Section 5(a)(ii)  Section 5(a)(v)   Section 5(a)(viii) Section 5(b)(iv)
             Section 5(a)(iii) Section 5(a)(vi)  Section 5(b)(ii)
             Section 5(a)(iv)  Section 5(a)(vii) Section 5(b)(iii)
</TABLE>

(d)     The "Automatic Early Termination" provisions of Section 6(a) will not
        apply.

(e)     Payments on Early Termination. For the purpose of Section 6(e) of this
        Agreement:

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

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

                                                                               1

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

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

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

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

(f)     "Termination Currency" means Australian dollars.

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

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

Part 2. Tax Representations

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

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

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

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

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

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

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

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

Part 3. Agreement to Deliver Documents

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

                                                                               2

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party the following documents, as applicable:

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

<TABLE>

Party required to        Form/Document/Certificate                    Date by which to be delivered
deliver  document
<S>                      <C>                                          <C>
Party A and Party B      Any document or certificate reasonably       On the earlier of (a) learning that such
                         required or reasonably requested by a        document or certificate is required and
                         party in connection with its obligations     (b) as soon as reasonably practicable
                         to make a payment under this                 following a request by a party.
                         Agreement which would enable that
                         party to make the payment free from
                         any deduction or withholding for or on
                         account of Tax or which would reduce
                         the rate at which deduction or
                         withholding for or on account of Tax is
                         applied to that payment.

</TABLE>

(b)     Other documents to be delivered are:

<TABLE>
Party required           Form/Document/Certificate          Date by which to be delivered         Covered by
to deliver                                                                                        Section 3(d)
document                                                                                         Representation

<S>                      <C>                                <C>                                   <C>
Party A                  A certificate from Party A (or,    On execution and delivery of          Yes
                         if available, Party A's current    any Confirmation unless that
                         authorised signature book)         certificate has already been
                         specifying the names, title and    supplied for that purpose and
                         specimen signatures of the         remains true and in effect and
                         Authorised Officers of Party A.    when the list is updated or upon
                                                            request.

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

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

</TABLE>

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

                                                                               3

<PAGE>

Part 4. Miscellaneous

(a)     Addresses for Notices. For the purpose of Section 12(a) of this
        Agreement:

        Address for notices or communications to Party A:

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

               Attention:       Manager, Securitisation

               Facsimile No.:   612 9378 2481

        Address for notices or communications to Party B:

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

               Attention:       Manager, Securitisation Services

               Facsimile No.:   612 9221 7870

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

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

               Attention:       Manager, Securitisation

               Facsimile No.:   612 9378 2481

(b)     Process Agent. For the purpose of Section 13(c) of this
        Agreement:

        Party A appoints as its Process Agent - Not Applicable

        Party B appoints as its Process Agent - Not Applicable

(c)     Offices. The provisions of Section 10(a) will not apply to this
        Agreement.

(d)     Multibranch Party. For the purpose of Section 10(c) of this
        Agreement.

        Party A is not a Multibranch Party.

        Party B is not a Multibranch Party.

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

(f)     Credit Support Document. Details of any Credit Support Document:

                                                                               4

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        (i)      in relation to Party A: Nil;

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

(g)     Credit Support Provider.

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

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

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

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

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

        Group 1 - all Transactions being swaps

        Group 2 - all Transactions being interest rate options

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

Part 5. Other Provisions.

(1)     Payments: In Section 2:

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

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

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

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

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

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

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

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

                                                                               5

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               account.".

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

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

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

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

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

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

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

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

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

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

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

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

(2)    Representations:  In Section 3:

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

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

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

               (i)    Non-Reliance.  It is acting for its own account (in the
                      case of Party B, as trustee of the Series Trust), and it
                      has made its own independent decisions to enter into that
                      Transaction and as to whether that Transaction is
                      appropriate or proper for it based upon its own judgment
                      (and in the case of Party B, also upon the judgment of
                      the Manager) and

                                                                               6

<PAGE>

                      upon advice from such advisers as it has deemed necessary.
                      It is not relying on any communication (written or oral)
                      of any other party as investment advice or as a
                      recommendation to enter into that Transaction; it being
                      understood that information and explanations related to
                      the terms and conditions of a Transaction will not be
                      considered investment advice or a recommendation to enter
                      into that Transaction. No communication (written or oral)
                      received from any other party will be deemed to be an
                      assurance or guarantee as to the expected results of that
                      Transaction.

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

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

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

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

               "(g) Series Trust: By Party B, in respect of Party B only:

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

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

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

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

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

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

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

               (h)    Non Assignment.  It has not assigned (whether absolutely,
                      in equity, by way of security or otherwise), declared any
                      trust over or given any charge over any of its rights
                      under this Agreement or any Transaction

                                                                               7

<PAGE>

                      except, in the case of Party B, for the Security
                      Interests created under any Credit Support Document
                      specified in relation to Party B.

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

(3)    Failure to Pay or Deliver:  In Section 5(a)(i) delete the words "third
       Local" where they appear in line 3 and replace them with the word
       "tenth".

(4)    Termination:  In Section 6:

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

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

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

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

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

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

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

(5)    Facsimile Transmission:  In Section 12:

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

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

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

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

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

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

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

                                                                               8

<PAGE>

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

       (b)     Trustee Capacity:

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

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

       (c)     Definitions:  in Section 14:

               (i)    replace the definitions of "Affected Transactions" and
                      "Local Business Day" with the following:

                      ""Affected Transactions" means, with respect to a
                        Termination Event:

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

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

                      ""Local Business Day" has the same meaning as "Business
                      Day"."; and

               (ii)   insert the following new definitions:

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

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

                      "Basis Swap Administered Rate" means, in relation to a
                      Distribution Date, the amount determined in accordance
                      with the following calculation and expressed as a
                      percentage:

                                                                               9

<PAGE>

                                      BSA
                      (SII x --------------------) + VIE
                             FRSA + OFRSA + BSA               365
               BSAR = ------------------------------------- x ----
                                   BSA                          n

               where:

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

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

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

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

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

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

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

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

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

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

               "Eligible Account" means an account in the name of the Trustee
               as trustee of the Series Trust held with a financial
               institution with short term credit ratings of P-1 by Moody's,
               F1 by Fitch and A-1+ by Standard & Poor's and includes the
               Collections Account to the extent that the holder of the
               Collections Account is rated in this manner.

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

               "Fixed Interest Earned" in relation to a Distribution Date,
               and the Swap Collection Period ending immediately prior to that
               Distribution Date, means the aggregate of:

               .     all debit entries made during that Swap Collection Period
                     to the accounts established in the Servicer's records for
                     the Mortgage Loans forming part of the Assets of the
                     Series Trust

                                                                              10

<PAGE>

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

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

               "Fixed Swap Administered Rate" means in relation to a
               Distribution Date, the amount determined in accordance with the
               following calculation and expressed as a percentage:

                                FRSA + OFRSA
                      (SII x --------------------) + FIE
                              FRSA + OFRSA + BSA             365
               FSAR = ------------------------------------ x ---
                                   FRSA                        n

               where:

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

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

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

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

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

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

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

               "Fixed Rate Prepayment Balance" means the amount then standing
               to the credit of the Eligible Account in respect of prepayments
               by Party A pursuant to Sections 17(a)(iii), (b)(i), (d)(i) or
               (f) and which has not been utilised pursuant to Section 2(f)(i)
               or repaid to Party A pursuant to Sections 17(d)(ii) or (g).

               "Fixed Rate Swap Amount" in relation to a Calculation Period
               means:

               (a)     the aggregate Amounts Outstanding in relation to all
                       Mortgage Loans (excluding Mortgage Loans being charged a

                                                                              11

<PAGE>

                       variable rate), as certified by the Manager to the
                       Trustee, as at the opening of business on the
                       Determination Date falling within the preceding
                       Calculation Period;

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

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

               "Fixed Swap Rate" means that the rate for a Reset Date will be
               the rate calculated by taking the weighted average of the
               interest rates charged in respect of each account established
               in the Mortgage Loan System for the Mortgage Loans charged a
               fixed rate of interest on that Reset Date, rounded up to four
               decimal places.;

               "Interest Rate Basis Cap" means the interest rate cap, if any,
               entered into between Party A, Party B and the Manager on or
               prior to the Closing Date.;

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

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

               "Outstanding Interest Rate Swap Prepayment Amount" means the
               sum of the then Basis Prepayment Balance and the then Fixed
               Rate Prepayment Balance.;

               "Prescribed Ratings" means:

               (a)     in respect of the Fixed Rate Swaps, either a long
                       term rating of A2 or a short term rating of P-1 or
                       higher by Moody's, a short term rating of F1 by Fitch
                       and either a long term rating of A or a short term
                       rating of A-1 by S&P; and

               (b)     in respect of the Basis Swap, short term ratings of
                       P-1 by Moody's and F1 by Fitch and either a long term
                       rating of A or a short term rating of A-1 by S&P.;

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

               "Series Trust" means the Series 2002-1G Medallion Trust
               constituted by the Master Trust Deed and the Series Supplement.;

               "Short-Term Investment Income" in relation to a Distribution
               Date

                                                                              12

<PAGE>

               means interest and other income received by the Trustee during
               the Swap Collection Period immediately preceding that
               Distribution Date in respect of:

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

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

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

               "Swap Collection Period" means:

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

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

               "Variable Interest Earned" in relation to a Distribution Date,
               and the Swap Collection Period ending immediately prior to that
               Distribution Date, means the aggregate of:

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

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

               "Variable Swap Rate" means that the rate for a Reset Date will
               be the rate calculated by taking the weighted average of the
               interest rates charged in respect of each account established
               in the Mortgage Loan System for the Mortgage Loans charged a
               variable interest rate on that

                                                                              13

<PAGE>

               Reset Date, rounded up to four decimal places.

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

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

               where:

               WM =   the Weighted Margin;

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

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

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

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

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

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

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

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

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

              SRM =   the Drawdown Margin as defined in the Standby Redraw
                      Facility Agreement; and
              TSA =   the sum of CA1, CA2, CB, RB and SR.".

     (d)     Interpretation:

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

             (ii)    a reference to "wilful default" in relation to Party B
                     means, subject to

                                                                              14

<PAGE>

                Part 5(6)(d)(iii) of this Schedule, any wilful failure by Party
                B to comply with, or wilful breach by Party B of, any of its
                obligations under any Transaction Document, other than a
                failure or breach which:

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

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

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

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

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

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

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

             (iv)    a reference to "neither party" will be construed as a
                     reference to "no party"; and

             (v)     a reference to "other party" will be construed as a
                     reference to "other parties".

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

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

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

     (g)     Swap Transaction: Any reference to a:

             (i)     "Swap Transaction" in the 2000 ISDA Definitions is deemed
                     to be a

                                                                              15

<PAGE>

                     reference to a "Transaction" for the purpose of
                     interpreting this Agreement or any Confirmation; and

             (ii)    "Transaction" in this Agreement or any Confirmation is
                     deemed to be a reference to a "Swap Transaction" for the
                     purpose of interpreting the 2000 ISDA Definitions.
     (h)     Incorporated Definitions and other Transaction Documents and
             provisions: Where in this Agreement a word or expression is
             defined by reference to its meaning in another Transaction
             Document or there is a reference to another Transaction Document
             or to a provision of another Transaction Document, any amendment
             to the meaning of that word or expression or to that other
             Transaction Document or provision (as the case may be) will be of
             no effect for the purposes of this Agreement unless and until the
             amendment is consented to by the parties to this Agreement.

(7)  Limitation of Liability: Insert the following Section 15, after
     Section 14:

     "15.    Party B's Limitation of Liability

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

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

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

     (d)     (Acts or omissions ): It is acknowledged that the Relevant
             Parties are responsible under the Transaction Documents for
             performing a variety of obligations relating to the Series
             Trust. No act or omission of Party B (including any related
             failure to satisfy its obligations or any breach of a
             representation or warranty under this Agreement) will be
             considered fraudulent, negligent or a wilful default of Party B
             for the purpose of paragraph (c) of this Section 15 to the
             extent to which the act or omission was caused or
             contributed to by any Relevant Person or any other person
             appointed by Party B under any Transaction Document (other than
             a person whose acts or omissions Party B is liable for in
             accordance with any Transaction Document) to fulfil its
             obligations relating to the Series Trust or by any other act or

                                                                              16

<PAGE>

             omission of a Relevant Party or any other such person.

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

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

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

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

(11)    Procedures for Entering into Transactions:

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

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

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

(13)     Recorded Conversations: Each party:

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

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

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

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

(14)     Further Fixed Rate Swaps and Downgrading of Party A: Insert the
         following new Sections 16, 17, 18 and 19 after Section 15:

                                                                              17

<PAGE>

     "16.  Further Fixed Rate Swaps

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

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

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

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

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

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

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

17.  Ratings Downgrade of Party A - Fixed Rate Swaps: If, as a result of
     the reduction or withdrawal of its credit rating by a Rating Agency,
     Party A does not have the Prescribed Rating in relation to the Fixed Rate
     Swaps, Party A must:

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

             (i)     within 30 Business Days of Party A ceasing to have such
                     Prescribed Ratings if and while Party A has a long term
                     credit rating of at least A3 by Moody's and a short term
                     credit rating of at least F2 by Fitch; or

             (ii)    otherwise, and if sooner, within 5 Business Days of Party
                     A

                                                                              18

<PAGE>

                     ceasing to have a long term credit rating of at least A3
                     by Moody's and a short term credit rating of at least F2
                     by Fitch,

             (or such greater period as is agreed to in writing by each relevant
             Rating Agency), at its cost alone and at its election:

             (iii)   provided that Party A then has assigned to it a short term
                     credit rating of at least F2 by Fitch, lodge in an
                     Eligible Account as a prepayment of its obligations in
                     respect of the Fixed Rate Swaps an amount equal to the
                     Fixed Rate Prepayment Amount as defined in Section 17(c);
                     or

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

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

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

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

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

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

             (i)     where Party A does not have the Prescribed Rating in
                     respect

                                                                              19

<PAGE>

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

                      (ii)    where Party A does not have the Prescribed Rating
                              in respect of the Fixed Rate Swap from Moody's,
                              an amount acceptable to Moody's and sufficient to
                              maintain the credit ratings assigned to the
                              Securities by Moody's immediately prior to the
                              review of Party A's credit rating; and

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

                              A.     zero;

                              B.     CR;

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

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

                              Where:
                                            CR = MM + V

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

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

--------------------------------------------------------------------------------
Where the period         Where the period         Where the period
between the date of      between the date of      between the date of
recalculation and the    recalculation and the    recalculation and the
weighted average of      weighted average of      weighted average of
the maturity dates of    the maturity dates of    the maturity dates of
the then fixed rate      the then fixed rate      the then fixed rate
periods in respect of    periods in respect of    periods in respect of
--------------------------------------------------------------------------------

                                                                              20

<PAGE>

-------------------------------------------------------------------------------
Mortgage Loans              Mortgage Loans              Mortgage Loans
forming part of the         forming part of the         forming part of the
Assets of the Series        Assets of the Series        Assets of the Series
Trust which are             Trust which are             Trust which are
charged a fixed rate        charged a fixed rate of     charged a fixed rate of
of interest is less than    interest is greater than    interest is greater than
or equal to 5 years         5 years and less than       10 years
                            or equal to 10 years
--------------------------------------------------------------------------------
1.5                         3.15                        6
-------------------------------------------------------------------------------

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

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

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

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

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

               (g)    (Utilisation): If the Fixed Rate Prepayment Balance is
                      applied towards an amount payable by Party A in
                      accordance with Section 2(f) Party A must within 3
                      Business Days make an additional prepayment in accordance
                      with Section 17(a)(iii) or (b)(i) equal to the amount so
                      applied.

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

               (i)    (Variation of Manner of Satisfaction): Notwithstanding
                      that Party A

                                                                              21

<PAGE>

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

       18.     Downgrading of Party A - Basis Swap

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

               (a)    (30 Business Days): within 30 Business Days of Party A
                      ceasing to have the Prescribed Rating if and while Party
                      A has short term credit ratings of at least P-1 by
                      Moody's and at least F2 by Fitch; or

               (b)    (5 Business Days): otherwise, and if sooner, within 5
                      Business Days of Party A ceasing to have a short term
                      credit rating of at least P-1 by Moody's and at least F2
                      by Fitch;

               (or such greater period as is agreed to in writing by each
               relevant Rating Agency) (the "Posting Period"), at its cost
               alone and at its election:

               (c)    (Prepayment):

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

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

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

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

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

                                                                              22

<PAGE>

       19.     Securities Repaid

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

(15)   Transfer:

       Section 7 is replaced with:

       "7.     Essential term: Transfer

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

       (b)     Nothing in this Section 7:

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

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

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

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

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

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

(16)   Knowledge or Awareness

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

                                                                              23

<PAGE>

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

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

                                                                              24

<PAGE>

Annexure 1
Form of confirmation for Basis Swap - Series 2002-1G Medallion Trust

                      [Commonwealth Bank of Australia Letterhead]

[DATE]

To:   Perpetual Trustee Company Limited     Securitisation Advisory Services
                                            Pty Limited
      ABN 42 000 001 007                    ABN 88a 064 133 946
      as trustee of the Series Trust        Level 6
      Level 7                               48 Martin Place
      9 Castlereagh Street                  SYDNEY NSW 2000
      SYDNEY NSW 2000
                                            Attention: Manager, Securitisation
      Attention:  Manager, Securitisation Services

Swap Confirmation - Basis Swap

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

This Confirmation supplements, forms part of, and is subject to, the 1992 ISDA
Master Agreement dated as of [            ], as amended, novitiate or
supplemented from time to time (the "Agreement"), between Commonwealth Bank of
Australia, ABN 48123 123 124 ("Party A"), Perpetual Trustee Company Limited as
trustee of the Series Trust ("Party B") and Securitisation Advisory Services
Pty. Limited (the "Manager").  All provisions contained in the Agreement govern
this Confirmation except as expressly modified below.

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

Our Reference:                          [   ]

Trade Date:                             [   ]

Effective Date:                         [   ]

Termination Date:                       Means the earlier of:

                                        (a)     the Call Date but only if:

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

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

                                                                              25

<PAGE>

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

                                        (c)         the Termination Date for the
                                                Series Trust,

                                        subject to the Following Business Day
                                        Convention

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

Floating Administered Rate
Amounts:

  Floating Administered Rate            Party B
  Payer:

  Floating Administered Rate            Each Distribution Date
  Payer Payment Dates:

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

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

Floating BBSW Weighted Rate
Amounts:

  Floating BBSW Rate Payer:             Party A

  Floating BBSW Rate Payer              Each Distribution Date
  Payment Dates:

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

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

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

Business Day:                           Sydney

Business Day Convention:                Following

Calculation Agent:                      The Manager

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

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

Executed documents will follow by mail.

                                                                              26

<PAGE>

Yours sincerely

SIGNED for and on behalf of PERPETUAL       SIGNED for and on behalf of
TRUSTEE COMPANY LIMITED, ABN 42 000         COMMONWEALTH BANK OF AUSTRALIA,
001 007, as trustee of the Series 2002-1G   ABN 48 123 123 124
Medallion Trust

By:     _____________________________       By:     ____________________________
        (Authorised Officer)                        (Authorised Officer)

Name:   _____________________________       Name:   ____________________________

Title:  _____________________________       Title:  ____________________________

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

By:     _____________________________
        (Authorised Officer)

Name:   _____________________________

Title:  _____________________________

                                                                              27

<PAGE>

Annexure 2
Form of Confirmation for Fixed Rate Swaps - Series 2002-1G Medallion Trust

             [Commonwealth Bank of Australia Letterhead]

[DATE]

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

Swap Confirmation - Fixed Rate Swap

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

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

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

Our Reference:             [         ]

Trade Date:                [         ]

Effective Date:            [         ]

Termination Date:          Means the earlier of:
                           (a)     the date that all the Securities have been
                                   redeemed in full; and
                           (b)     the Termination Date for the Series Trust,
                                   subject to the Following Business Day
                                   Convention

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

Fixed Amounts:

   Fixed Rate Payer:       Party B

   Fixed Rate Payment      Each Distribution Date
   Dates:

                                                                              28

<PAGE>

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

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

Floating Amounts:

   Floating Rate Payer:    Party A

   Floating Rate Payer     Each Distribution Date
   Payment Dates:

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

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

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

Business Day:              Sydney

Business Day Convention:   Following

Calculation Agent:         The Manager

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

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

Executed documents will follow by mail.

Yours sincerely

SIGNED for and on behalf of PERPETUAL      SIGNED for and on behalf of
TRUSTEE COMPANY LIMITED, ABN 42 000        COMMONWEALTH BANK OF AUSTRALIA,
001 007, as trustee of the Series 2002-1G  ABN 48 123 123 124
Medallion Trust

By:    ____________________________        By:    ____________________________
       (Authorised Officer)                       (Authorised Officer)

Name:  ____________________________        Name:  ____________________________

Title: ____________________________        Title: ____________________________

                                                                              29

<PAGE>

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

By:    ____________________________
        (Authorised Officer)

Name:  ____________________________

Title: ____________________________

                                                                              30

<PAGE>

Annexure 3
Quarterly Payment Notice - Series 2002-1G Medallion Trust

To:       Commonwealth Bank Of Australia, ABN 48  123 123 124 ("Party A")

And To:   Perpetual Trustee Company Limited, ABN 42 000 001 007, as trustee of
          the Series Trust, ("Party B")

From:     Securitisation Advisory Services Pty. Limited, ABN 88 064 133 946
          (the "Manager")

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

Determination Date:

The Manager has determined and gives notice of the following:

1.   Basis Swap

     (a)  Notional Amount for the current Calculation Period:

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

2.   Fixed Rate Swap

     (a)  Notional Amount for the current Calculation Period:

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

3.   Rate Set

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

     (b)  Weighted Margin for the current Calculation Period:

4.   Net Break Receipts and Payments

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

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

5.   Net Amount

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

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

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

                                                                              31

<PAGE>

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

By:    _______________________________
       (Authorised Officer)

Name:  _______________________________

Title: _______________________________

                                                                              32<PAGE>

                                  Exhibit 10.4

                                CBA Currency Swap

<PAGE>
                                                                    Exhibit 10.4

                                   CLAYTON UTZ

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

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

Commonwealth Bank of Australia
ABN 48 123 123 124
CBA and Party A

Perpetual Trustee Company Limited
ABN 42 000 001 007
Party  B

Deutsche Bank AG, New York Branch
Deutsche Bank and Standby Swap Provider

Series 2002-1G Medallion Trust
ISDA Master Agreement
(Currency Swap Agreement)

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

           Sydney . Melbourne . Brisbane . Perth . Canberra . Darwin

  Liability limited by the Solictors' Limitation of Liability Scheme approved
                under the Professional Standards Act 1994 (NSW)

<PAGE>

                                   Schedule

                                    to the

                               MASTER AGREEMENT

                     dated as of 14 February 2002 between

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

                                     and

                        Commonwealth Bank of Australia
                              ABN 48 123 123 124
                       ("CBA" and "Party A")

                                     and

                        Perpetual Trustee Company Limited
                               ABN 42 000 001 007

in its several capacities as trustee of various Series Trusts from time to
time established under the
                Master Trust Deed and various Series Supplements
                                  ("Party B")

                                      and

                        Deutsche Bank AG, New York Branch
                   ("Deutsche Bank" and "Standby Swap Provider")

Part 1. Termination Provisions.

In this Agreement:

(a)     "Specified Entity" does not apply in relation to Party A or Party B.

(b)     The definition of "Specified Transaction" is not applicable.

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

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

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

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

        (iii) Section 5(b)(ii) will not apply to Party A as the Affected Party
             (subject to Part 5(6)(b) of this Schedule) and Section 5(b)(iii)
             will not apply to Party A as the Burdened Party.

(d)    The "Automatic Early Termination" provisions in Section 6(a) will not
       apply to Party A or Party B.

                                                                               1

<PAGE>

(e)    Payments on Early Termination. For the purposes of Section 6(e) of this
       Agreement:

       (i)   Market Quotation will apply; and

       (ii)  the Second Method will apply.

(f)    "Termination Currency" means US$ provided that if an amount due in
       respect of an Early Termination Date will be payable by Party B to
       Party A the Termination Currency for the purpose of calculating and
       paying that amount is Australian Dollars.

(g)    "Additional Termination Event" applies. The following is an Additional
       Termination Event in relation to which both Party A and Party B are
       Affected Parties:

       "An Event of Default (as defined in the Security Trust Deed) occurs and
       the Security Trustee has declared, in accordance with the Security Trust
       Deed, the Relevant Notes immediately due and payable."

       For the purposes of calculating a payment due under Sections 6(d) and
      (e) when an Early Termination Date is designated under Section 6(b) as a
       result of such Additional Termination Event, Party B will be the only
       Affected Party.

Part 2. Tax Representations

(a)    Payer Tax Representations. For the purpose of Section 3(e) of this
       1Agreement, Party A and Party B each make the following representation:

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

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

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

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

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

(b)    Payee Tax Representations. For the purpose of Section 3(f) of this
       Agreement:

       (i)  Party A and Party B makes the following representation:

            It is an Australian resident and does not derive the payments under
            this Agreement in part or whole in carrying on a business in a
            country outside Australia at or through a permanent establishment
            of itself in that country. Party B further represents that it is a
            "foreign trust" for United States tax purposes.

       (ii) Deutsche Bank as Standby Swap Provider and (on and from the
            Novation Date) as Party A makes the following representation:

            Each payment received or to be received by it under each
            Transaction will be

                                                                               2

<PAGE>

            effectively connected with its conduct by a trade or business in
            the United States.

Part 3. Agreement to Deliver Documents

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

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

<TABLE>
<CAPTION>
Party required to deliver document        Form/Document/Certificate             Date by which to be delivered

<S>                                       <C>                                    <C>
Party A, Party B, and the Standby         Any document or certificate           On the earlier of (a)  learning
Swap Provider                             reasonably required or reasonably     that such document or certificate
                                          requested by a party in connection    is required and (b) as soon as
                                          with its obligations to make a.       reasonably practicable following
                                          payment under this Agreement which    a request by a party.
                                          would enable that party to make the
                                          payment free from any deduction or
                                          withholding for or on account of Tax
                                          or which would reduce the rate at
                                          which deduction or withholding for
                                          or on account of Tax is applied to
                                          that payment (including, without
                                          limitation, any United States form
                                          W-8BEN or other relevant United
                                          States tax form)

(b)  Other documents to be delivered are:

Party required to deliver document        Form/Document/Certificate             Date by which to be delivered

Party A, Party B, the Standby             A certificate specifying the names,   On the execution of this
Swap Provider and the Manager             title and specimen signatures of the  Agreement and each Confirmation
                                          persons authorised to execute this    unless that certificate has already
                                          Agreement and each Confirmation or    been supplied and remains true and
                                          other communication in writing made   in effect and when the certificate
                                          pursuant to this Agreement on its     is updated.
                                          behalf.

Party A, Party B, the Standby Swap        A legal opinion as to the validity    Prior to the Closing Date.
Provider and the Manager                  and enforceability of its
                                          obligations under this Agreement
                                          in form and substance (and issued
                                          by legal counsel) reasonably
                                          acceptable to each other party.

Party B                                   A certified copy to Party A of        Not less than 5 Business Days (or
                                          each Credit Support Document          such lesser period as Party A
                                          specified in respect of Party B       agrees to) before the Trade Date
                                          and (without limiting any obligation  of the first occurring Transaction
                                          Party B may have under the terms of   and in the case of any amending documents
                                          that Credit Support Document to       entered into subsequent to that date,
                                          notify Party A of amendments          promptly after each amending document
                                          thereto)a certified copy to Party     (if
                                          A of any document that
</TABLE>

                                                                               3

<PAGE>

<TABLE>
<S>                                       <C>                                   <C>
                                          amends in any way the terms of        any) has been entered into.
                                          that Credit Support Document.

Standby Swap Provider                     Original executed copies to Party B   Not less than 5 Business Days
                                          and  Party A and a certified copy to  (or such lesser period as Party B
                                          the Manager of each Credit Support    and the Manager agree to) before
                                          Document (if any) specified in        the Trade Date of the first occurring
                                          respect of the Standby Swap Provider  Transaction and in the case of any
                                          and (without limiting any obligation  amending documents entered into
                                          the Standby Swap Provider may have    subsequent to that date, promptly
                                          under the terms of that Credit        after each amending document
                                          Support Document to notify Party B,   (if any) has been entered into.
                                          Party A or the Manager of amendments
                                          thereto) original executed copies to
                                          Party B and Party A and a certified
                                          copy to the Manager of any document
                                          that amends in any way the terms of
                                          that Credit Support Document.
</TABLE>

Other than the legal opinions, any Credit Support Document or any document
amending a Credit Support Document (but including any certifications in
relation to such documents), all documents delivered under this Part 3(b) are
covered by the Section 3(d) representation. For the purposes of this Part 3(b),
a copy of a document is taken to be certified if a director or secretary of the
party providing the document, or a person authorised to execute this Agreement
or a Confirmation on behalf of that party or a solicitor acting for that party
(or in the case of the Credit Support Document in respect of Party B, a
solicitor acting for the Manager) has certified it to be a true and complete
copy of the document of which it purports to be a copy.

Part 4.  Miscellaneous

(a)     Addresses for Notices. For the purpose of Section 12(a) of this
        Agreement:

        Address for notices or communications to Deutsche Bank  as
        Standby Swap Provider and (on and from the Novation Date) as Party A:

        Address:               Deutsche Bank AG, New York Branch
                               31 West 52nd Street
                               New York
                               NY 10019
                               USA

        Attention:             Global Asset Securitisation

        Facsimile No.:         1 212 469 7210

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

        Address:               Deutsche Bank AG, Sydney Branch
                               Level 18
                               225 George Street
                               Sydney  NSW  2000
                               AUSTRALIA

        Attention:             Colin Keays

        Facsimile No.:         612 9258 3632

                                                                               4

<PAGE>

          Address for notices or communications to Party B:

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

          Attention:        Manager, Securitisation Services

          Facsimile No.:    612 9221 7870

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

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

          Attention:        Manager, Securitisation

          Facsimile No.:    612 9378 2481

          Address for notices or communications to CBA as Party A:

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

          Attention:        Manager, Securitisation

          Facsimile No.:    612 9378 2481

          Additionally, a copy of all notices pursuant to Sections 5, 6 and 7
          as well as any changes to counterparty's address, telephone number or
          facsimile number should be sent to the Standby Swap Provider at the
          addresses set out above.

(b)       Process Agent. For the purpose of Section 13(c) of this Agreement:
          Deutsche Bank as Standby Swap Provider and (on and from the Novation
          Date) as Party A appoints as its Process Agent: Deutsche Bank AG,
          Sydney Branch, Level 18, 225 George Street, Sydney NSW 2000.

          Party B appoints as its Process Agent: Not applicable.

          CBA as Party A appoints as its Process Agent: Not applicable.

(c)       Offices. The provisions of Section 10(a) will not apply to this
          Agreement.

(d)       Multibranch Party. For the purpose of Section 10(c) of this Agreement:

          Party A is not a Multibranch Party.

          Party B is not a Multibranch Party.

                                                                               5

<PAGE>

(e)       Calculation Agent.

          (i)       The Calculation Agent is:

                    (A)       in respect of all notices, determinations and
                              calculations in respect of amounts denominated
                              in US$, the Agent Bank; and

                    (B)       in respect of all other notices, determinations
                              and calculations, the Manager.

          (ii)      All determinations and calculations by the Calculation Agent
                    will:

                    (A)       be made in good faith and in the exercise of its
                              commercial reasonable judgment; and

                    (B)       be determined, where applicable, on the basis of
                              then prevailing market rates or prices.

          All such determinations and calculations will be binding on Party A
          and Party B in the absence of manifest error. The Manager (or, if the
          Manager fails to do so and Party A notifies Party B, Party B)
          covenants in favour of Party A to use reasonable endeavours
          (including, without limitation, taking such action as is reasonably
          necessary to promptly enforce the obligations of the Agent Bank under
          the Agency Agreement) to ensure that the Agent Bank performs its
          obligations as Calculation Agent under this Agreement.

(f)       Credit Support Document. Details of any Credit Support Document:

          (i)       In relation to Deutsche Bank as Standby Swap Provider and
                    (on and from the Novation Date) as Party A: Not
                    applicable.

          (ii)      In relation to Party B: The Security Trust Deed.

          (iii)     In relation to CBA as Party A: Not applicable.

(g)       Credit Support Provider.

          (i)       In relation to Deutsche Bank as Standby Swap Provider and
                    (on and from the Novation Date) as Party A: None.

          (ii)      In relation to Party B: None.

          (iii      In relation to CBA as Party A: None.

(h)       Governing Law. This Agreement will be governed by and construed in
          accordance with the laws in force in New South Wales, except the
          Credit Support Annex, which will be governed by and construed in
          accordance with the laws in force in the State of New York as
          provided in Paragraph 13(m)(iv) of the Credit Support Annex.
          Section 13(b)(i) is deleted and replaced by the following:

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

(i)       Netting of Payments. Subparagraph (ii) of Section 2(c) of this
          Agreement will apply in respect of all Transactions.

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

Part 5.   Other Provisions

                                                                               6

<PAGE>

(1)       Payments: In Section 2:

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

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

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

                  "Unless specified otherwise in this Agreement, payments under
                  this Agreement by:

                  (i)     Party A, will be made by 10.00 am (New York time);
                          and

                  (ii)    Party B, will be made by 4.00pm (Sydney time),

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

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

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

          (d)     insert a new paragraph (v) in Section 2(a) immediately
                  after Section 2(a)(iv) as follows:

                  "(v)     Where payments are due pursuant to Section 2(a)(i)
                           by Party A to Party B (the "Party A Payment") and
                           by Party B to Party A (the "Party B Payment") on
                           the same day, then Party A's obligation to make
                           the Party A Payment will be subject to the
                           condition precedent (which will be an
                           "applicable condition precedent" for the purpose
                           of Section 2(a)(iii)(3)) that Party A first
                           receives either:

                           (1)     the Party B Payment; or

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

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

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

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

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

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

                                                                               7

<PAGE>

(2)       Party B's Payment Instructions: Party B irrevocably authorises and
          instructs Party A to make payment of:

          (i)     the Initial Exchange Amount due from Party A to Party B
                  in respect of the Initial Exchange Date by paying that
                  amount direct to the account notified in writing by Party
                  B to Party A for that purpose; and

          (ii)    any other amount due from Party A to Party B under this
                  Agreement by paying that amount direct to the Principal
                  Paying Agent to the account outside Australia notified in
                  writing by the Principal Paying Agent to Party A for that
                  purpose.

(3)       Party A's Payment Instructions: Party A irrevocably authorises and
          instructs Party B to make payment of:

          (i)     any amount denominated in A$ due from Party B to the
                  account in Sydney notified in writing by Party A to
                  Party B from time to time; and

          (ii)    any amount denominated in US$ due from Party B to the
                  account notified in writing by Party A to Party B from
                  time to time.

(4)       Representations: In Section 3:

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

                  "(including in the case of a party being an ADI (as that
                  term is defined in the Banking Act, 1959 (Cth)), section
                  86 of the Reserve Bank Act, 1959 (Cth) and section 13A(3)
                  of the Banking Act, 1959 (Cth) or any other analogous
                  provision under any law applicable to a party).".

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

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

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

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

                                                                               8

<PAGE>

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

             "(g)     Series Trust. By Party B, in respect of Party B only:

                      (i)     Trust Validly Created. The Series Trust has been
                              validly created and is in existence at the Trade
                              Date of the first occurring Transaction.

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

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

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

                              (A)     enter into and perform its obligations
                                      under this Agreement and each Credit
                                      Support Document in relation to Party B in
                                      its capacity as trustee of the Series
                                      Trust; and

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

                              and its entry into this Agreement and each Credit
                              Support Document in relation to Party B is in the
                              interests of the beneficiaries of the Series Trust
                              and does not constitute a breach of trust.

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

                      (vi)    Eligible Contract Participant. The Series Trust
                              was not formed for the specific purpose of
                              constituting an "eligible contract participant"
                              under the Commodity Exchange Act.

                      (vii)   Total Assets. As at close of business on the Trade
                              Date of the first occurring Transaction, following
                              the issue of the Relevant Notes and provided that
                              the aggregate Invested Amount of the Relevant
                              Notes upon issue exceeds USD10,000,000, the Series
                              Trust will have total assets exceeding
                              USD10,000,000.

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

                                                                               9

<PAGE>

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

(5)     Event of Default: In Section 5(a):

        (a)     Failure to Pay or Deliver: delete paragraph (i) and replace it
                with the following:

                "(i)     Failure to Pay or Deliver. Failure by the party to
                         make, when due, any payment under this Agreement or
                         delivery under Section 2(a)(i) or 2(e) required to be
                         made by it if such failure is not remedied at or
                         before:

                         (1)     where the failure is by Party B, 10.00am on
                                 the tenth day after notice of such failure is
                                 given to Party B; and

                         (2)    where the failure is by Party A, 10.00am on the
                                tenth day after notice of such failure is given
                                to Party A;";

        (b)     Consequential amendments:

                (i)     delete "or" at the end of Section 5(a)(vii); and

                (ii)    replace the full stop at the end of Section 5(a)(viii)
                        with "; or"; and

        (c)     Downgrade Obligations: insert the following new paragraph (ix):

                "(ix)   Downgrade Obligations. In respect of Party A only,
                        Party A fails to comply with Part 5(22) of the Schedule
                        if such failure is not remedied on or before the tenth
                        Business Day (or such later day as Party B and the
                        Manager may agree and which the Rating Agencies
                        confirm in writing will not result in a reduction,
                        qualification or withdrawal of the credit ratings then
                        assigned by them to the Relevant Notes) after notice
                        of such failure is given to Party A.".

(6)     Termination Events:

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

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

               (ii)    payment by Party B in accordance with Part 5(3) of this
                       Schedule will continue to constitute proper
                       performance of its payment obligations in respect of
                       that Transaction; and

               (iii)   Party A's obligations in respect of that Transaction or
                       this Agreement will, to the extent permitted by law,
                       be unaffected by the occurrence of that event.

        (b)    Party A's limited rights in relation to Tax Event:

               (i)     Notwithstanding Part 1(c)(iii) of this Schedule, but
                       subject to Section 6(b)(ii), Party A may designate an
                       Early Termination Date if it is an Affected Party
                       following a Tax Event but only if the Relevant Note

                                                                              10

<PAGE>

                       Trustee has notified the parties in writing that it
                       is satisfied that all amounts owing to the Relevant
                       Noteholders will be paid in full on the date on which
                       the Relevant Notes are to be redeemed.

                (ii)   If a Tax Event occurs where Party A is the Affected Party
                       and Party A is unable to transfer all its rights and
                       obligations under this Agreement and each Transaction
                       to an Affiliate pursuant to Section 6(b)(ii), Party A
                       may, at its cost, transfer all its rights, powers and
                       privileges and all its unperformed and future
                       obligations under this Agreement and each Transaction
                       to any person provided that:

                       (A)     each Rating Agency has confirmed in writing that
                               the transfer will not result in a reduction,
                               qualification or withdrawal of the credit
                               ratings then assigned by them to the Relevant
                               Notes; and

                       (B)     that person has a long term credit rating
                               assigned by each Rating Agency of at least the
                               long term credit rating assigned by that Rating
                               Agency to CBA, as at the date of this Agreement
                               or, otherwise, the Standby Swap Provider
                               provides its written consent to the transfer.

(7)     Termination:

        (a)     Termination by Trustee: Party B must not designate an Early
                Termination Date without the prior written consent of the
                Relevant Note Trustee.

        (b)     Termination by the Relevant Note Trustee: If following an Event
                of Default or Termination Event, Party B does not
                exercise its right to terminate a Transaction, then
                the Relevant Note Trustee may designate an Early
                Termination Date in relation to that Transaction as if
                it were a party to this Agreement.

        (c)     Termination Payments by Party B: Notwithstanding Section
                6(d)(ii), any amount calculated as being due by Party B in
                respect of any Early Termination Date under Section 6(e)
                will be payable on the Distribution Date immediately
                following the date that such amount would otherwise be
                payable under Section 6(d)(ii) (or will be payable on that
                date if that date is a Distribution Date) except to the
                extent that such amount may be satisfied from an earlier
                distribution under the Security Trust Deed or the payment
                of an upfront premium in respect of a Replacement Currency
                Swap in accordance with Part 5(17)(b) of this Schedule.

        (d)     Transfers to avoid Termination: Section 6(b)(ii) is amended as
                follows:

                (i)     The following sentence is added at the end of the second
                        paragraph: "However, if Party A is that other party
                        it must, if so requested by the Manager, use
                        reasonable efforts (which will not require Party A to
                        incur a loss, excluding immaterial, incidental
                        expenses) to make such a transfer to an Affiliate
                        provided the Rating Agencies have given prior written
                        confirmation to the Manager that such a transfer will
                        not result in a reduction, qualification or withdrawal
                        of the credit ratings then assigned by them to the
                        Relevant Notes.".

                (ii)    The third paragraph is deleted and replaced with the
                        following: "Any such transfer by a party under this
                        Section 6(b)(ii) will be subject to and conditional
                        upon the prior written consent of the other party,
                        which consent will not be withheld:

                                                                              11

<PAGE>

                (1)     where the other party is Party A, if Party A's
                        policies in effect at such time would permit it
                        to enter into transactions with the transferee
                        on the terms proposed; or

                (2)     where the other party is Party B, if the Rating
                        Agencies have confirmed in writing that such
                        transfer will not result in a reduction, qualification
                        or withdrawal of the credit ratings then assigned by
                        them to the Relevant Notes.".

        (e)     Notice of Event of Default. For the purposes of Section 6(a)
                and (b):

                (i)     Party A may only provide a notice specifying an Event
                        of Default to Party B as the Defaulting Party and may
                        only designate an Early Termination Date following a
                        Termination Event where Party A or Party B (or both) is
                        the Affected Party or the Burdened Party; and

                (ii)    the Standby Swap Provider may not issue a notice
                        specifying an Event of Default or designating an Early
                        Termination Date (except as Party A on or after the
                        Novation Date).

        (f)     Determination of Market Quotation by Party B: If Party B is
                required to determine a Market Quotation in respect of a
                Terminated Transaction pursuant to Section 6(e), Party B must
                consult with Party A in relation to such determination prior
                to making the determination and must provide to each Reference
                Market-maker in relation to the Market Quotation such
                information in relation to the Terminated Transaction, provided
                by Party A to Party B, as Party A may reasonably request.

(8)     No Set-Off: Section 6(e) is amended by deleting the last sentence of
        the first paragraph.

(9)     Transfer: Section 7 is replaced with:

        "7.  Essential term: Transfer

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

        (b)     Nothing in this Section 7:

                (i)     restricts a transfer by a party after the other
                        parties have agreed to the variation of this Agreement
                        in accordance with Part 5(20) of the Schedule to the
                        extent necessary to permit such transfer;

                (ii)    restricts a novation of the interests and obligations
                        of a party in or under this Agreement (including any
                        Transaction) for the purposes of giving effect to a
                        transfer under Section 6(b)(ii);

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

                (iv)    restricts a transfer by Party B or the Manager to a
                        Substitute Trustee or Substitute Manager,
                        respectively, in accordance with the Master Trust
                        Deed;

                                                                              12

<PAGE>

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

                (vi)    limits Parts 5(6)(b)(ii), 5(22) or 5(23) of
                        the Schedule

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

(10)    Facsimile Transmission: In Section 12:

        (a)     delete Section 12(a)(ii); and

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

                "(iii)     if sent by facsimile transmission:

                           (A)     in the case of any notice or other
                                   communication pursuant to Part 5(23) of the
                                   Schedule, on the date that transmission is
                                   received by a responsible employee of the
                                   recipient in legible form (it being agreed
                                   that the burden of proving receipt will be
                                   on the sender and will not be met by a
                                   transmission report generated by the
                                   sender's facsimile machine); or

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

(11)     Definitions

         In this Agreement, unless the contrary intention appears:

         (a)     Master Trust Deed: subject to Part 5(11)(h) of this Schedule,
                 unless defined in this Agreement words and phrases defined in
                 the Master Trust Deed and the Series Supplement have the same
                 meaning in this Agreement. Subject to Part 5(11)(h) of this
                 Schedule, where there is any inconsistency in a definition
                 between this Agreement (on the one hand) and the Master Trust
                 Deed or the Series Supplement (on the other hand), this
                 Agreement prevails. Where there is any inconsistency in a
                 definition between the Master Trust Deed (on the one hand)
                 and the Series Supplement (on the other hand), the Series
                 Supplement prevails over the Master Trust Deed in respect
                 of the Series Trust. Where words or phrases used but not
                 defined in this Agreement are defined in the Master Trust
                 Deed in relation to a Series Trust (as defined in the Master
                 Trust Deed) such words or phrases are to be construed in this
                 Agreement, where necessary, as being used only in relation to
                 the Series Trust;

         (b)     Trustee Capacity:

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

                 (ii)    a reference to the undertaking, assets, business or
                         money of Party B is a reference to the undertaking,
                         assets, business or money of Party B in the capacity
                         referred to in paragraph 11(b)(i) only; and

                                                                              13

<PAGE>

                 (iii)   without limiting the foregoing, Section 5(a)(vii)
                         will only apply to Party B in its capacity as
                         trustee of the relevant Series Trust and:

                         (A)     reference in Section 5(a)(vii)(1) to Party
                                 B being dissolved is to the relevant Series
                                 Trust being dissolved;

                         (B)     Party B in its capacity as trustee of the
                                 relevant Series Trust is not insolvent or
                                 unable to pay its debts for the purposes
                                 of Section 5(a)(vii)(2) to the extent that
                                 its obligation to make any payment is
                                 limited by any provision in a Transaction
                                 Document in relation to the Series Trust; and

                         (C)     the appointment of a Substitute Trustee in
                                 relation to the Series Trust in accordance
                                 with the Master Trust Deed is not, of
                                 itself, an event to which Section 5(a)(vii)
                                 applies in relation to Party B.

         (c)     Definitions: in Section 14:

                 (i)     replace the definitions of "Affected Transactions"
                         and "Local Business Day" with the following:

                         ""Affected Transactions" means, with respect to a
                         Termination Event, all Transactions."; and

                         ""Local Business Day" has the same meaning as
                         "Business Day"."; and

                 (ii)    insert the following new definitions:

                         ""BBSW" or "AUD-BBR-BBSW" in relation to a
                         Calculation Period means the rate appearing at
                         approximately 10.00 am Sydney time on the Reset Date
                         for that Calculation 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 that Reset Date 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 "BBSW" or "AUD-BBR-BBSW" means such rate as is
                         specified by the Calculation Agent having regard to
                         comparable indices then available.

                         "Credit Support Annex" means the Credit Support Annex
                         annexed to this Agreement.

                         "Distribution Date" has the meaning given in
                         Section 16.

                         "Inconvertibility Event" means any event beyond the
                         control of CBA that makes it impossible for CBA to
                         convert to U.S. Dollars through customary legal
                         channels an amount of Australian Dollars sufficient
                         to fulfil CBA's obligations under this Agreement and
                         each Transaction.

                         "Joint Ratings" means the highest possible jointly
                         supported short term credit rating or long term
                         credit rating, as applicable, that can be

                                                                              14

<PAGE>

                     determined in relation to Party A and the Standby Swap
                     Provider by Moody's, S&P and Fitch in accordance with
                     Moody's, S&P's and Fitch's respective approaches to
                     jointly supported obligations provided that if either
                     Party A or the Standby Swap Provider has a long term
                     credit rating of less than BBB from S&P the Joint Ratings
                     from S&P will be the credit ratings of the other party.

                     "Master Trust Deed" means the Master Trust Deed dated 8
                     October 1997 between Party B and the Manager, as amended
                     from time to time.

                     "Novation Date" means the date upon which the obligations
                     of CBA as Party A under this Agreement and each
                     Transaction are novated to the Standby Swap Provider
                     pursuant to Part 5(23)(c) of the Schedule.

                     "Prescribed Rating Period" means in relation to the Joint
                     Ratings determined by the Rating Agencies:

                     (a)     a period of 30 Business Days from the date of
                             determination of the relevant credit rating where
                             any Joint Rating immediately after that
                             determination is less than the relevant Prescribed
                             Rating but greater than or equal to a short term
                             credit rating of A-1 by S&P or a long term credit
                             rating of A- by S&P, a long term credit rating of
                             A3 by Moody's or a short term credit rating of P-2
                             by Moody's, and a long term credit rating of A- by
                             Fitch; and

                     (b)     a period of 5 Business Days from the date of
                             determination of the relevant credit rating where
                             any Joint Rating immediately after that
                             determination is less than a short term credit
                             rating of A-1 by S&P and P-2 by Moody's or less
                             than a long term credit rating of A- by S&P, A3 by
                             Moody's and A- by Fitch .

                     "Prescribed Ratings" means a short term credit rating of
                     A-1+ by S&P or a long term credit rating of AA- by S&P, a
                     long term credit rating of AA- by Fitch, and a long term
                     credit rating of A2 by Moody's or a short term credit
                     rating of P-1 by Moody's.

                     "Relevant Calculation Amount" has the meaning given in
                     Section 16.

                     "Relevant Notes" has the meaning given in Section 16.

                     "Relevant Note Trustee" has the meaning given in Section
                     16.

                     "Relevant Noteholders" has the meaning given in Section 16.

                     "Scheduled Maturity Date" has the meaning given in Section
                     16.

                     "Security Trust Deed" has the meaning given to it in
                     Section 16.

                     "Series Supplement" has the meaning given in Section 16.

                     "Series Trust" has the meaning given in Section 16.

                     "Side Agreement" means the Side Agreement dated on or
                     about the date of this Agreement between Deutsche Bank and
                     CBA, as amended from time to time.

           (d)       Interpretation:

                                                                              15

<PAGE>

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

               (ii)    a reference to "wilful default" in relation to Party B
                       means, subject to Part 5(11)(d)(iii) of this Schedule,
                       any wilful failure by Party B to comply with, or wilful
                       breach by Party B of, any of its obligations under any
                       Transaction Document, other than a failure or breach
                       which:

                       A.     (1)     arises as a result of a breach of a
                                      Transaction Document by a person other
                                      than:

                                      (a)     Party B; or

                                      (b)     any other person referred to in
                                              Part  5 (11)(d)(iii) of this
                                              Schedule; and

                              (2)  the performance of the action (the non-
                                   performance of which gave rise to such
                                   breach) is a precondition to Party B
                                   performing the said obligation;

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

                       C.     is in accordance with any proper instruction or
                              direction of the Investors given at a meeting
                              convened under the Master Trust Deed;

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

               (iv)    a reference to "neither party" will be construed as a
                       reference to "no party"; and

               (v)     a reference to "other party" will be construed as a
                       reference to "other parties".

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

           (f) Inconsistency: Subject to Part 5(11)(a) of this Schedule,
               unless specified otherwise, in the event of any
               inconsistency between any two or more of the following
               documents in respect of a Transaction they will take
               precedence over each other in the following order in respect
               of that Transaction:

               (i)     any Confirmation;

               (ii)    this Schedule and Section 13 ("Elections and
                       Variables") of the Credit Support Annex (as applicable);

               (iii)   the 2000 ISDA Definitions; and

               (iv)    the printed form of the 1992 ISDA Master Agreement
                       and the printed form of the ISDA Credit Support Annex
                       which form part of this Agreement.

                                                                              16

<PAGE>

         (g)     Swap Transaction: Any reference to a:

                 (i)     "Swap Transaction" in the 2000 ISDA Definitions is
                         deemed to be a reference to a "Transaction" for the
                         purpose of interpreting this Agreement or any
                         Confirmation; and

                 (ii)   "Transaction" in this Agreement or any Confirmation is
                        deemed to be a reference to a "Swap Transaction" for
                        the purpose of interpreting the 2000 ISDA Definitions.

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

(12)     Limitation of Liability: Insert the following as Sections 15 and 16,
         after Section 14:

         "15.    Party B's Limitation of Liability

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

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

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

                 (d)     (Acts or omissions): It is acknowledged that the
                         Relevant Parties are responsible under the
                         corresponding Transaction Documents for performing a
                         variety of obligations relating to the relevant
                         Series Trust. No act or omission of Party B
                         (including any related failure to satisfy its
                         obligations or any breach of representation or
                         warranty under this

                                                                              17

<PAGE>

                         Agreement) will be considered fraudulent, negligent or
                         a wilful default of Party B for the purpose of
                         paragraph (c) of this Section 15 to the extent to
                         which the act or omission was caused or contributed
                         to by any failure by any such Relevant Person or any
                         other person appointed by Party B under such a
                         Transaction Document (other than a person whose acts
                         or omissions Party B is liable for in accordance with
                         any such Transaction Document) to fulfil its
                         obligations relating to the relevant Series Trust or
                         by any other act or omission of the Manager or the
                         Servicer or any other such person.

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

     16.         Segregation

                 Party B will enter into each Transaction as trustee of a
                 Series Trust.  Each Confirmation in relation to a Transaction
                 must specify the name of the Series Trust to which the
                 Transaction relates. Notwithstanding anything else in this
                 Agreement, but without limiting the generality of Section 15,
                 the provisions of this Agreement (including, without
                 limitation, the Credit Support Annex) shall have effect
                 severally in respect of each Series Trust and shall be
                 enforceable by or against Party B in its capacity as trustee
                 of the relevant Series Trust as though a separate Agreement
                 applied between Party A, Party B (in its capacity as trustee
                 of the Series Trust specified in the relevant Confirmation),
                 the Manager and the Standby Swap Provider for each of Party
                 B's said several capacities, to the intent that (inter alia):

                 (a)     (References to Party B): unless the context indicates
                         a contrary intention, each reference to "Party B" in
                         this Agreement shall be construed as a several
                         reference to Party B in its respective capacities as
                         trustee of each Series Trust;

                 (b)     (Separate Agreements): this Master Agreement
                         including, without limitation, this Schedule and the
                         Credit Support Annex together with each Confirmation
                         relating to a particular Series Trust will form a
                         single separate agreement between Party A, the
                         Manager, the Standby Swap Provider and Party B in its
                         capacity as trustee of that Series Trust and
                         references to the respective obligations (including
                         references to payment obligations generally and in
                         the context of provisions for the netting of payments
                         and the calculation of amounts due on early
                         termination) of Party A, the Manager, the Standby
                         Swap Provider or Party B shall be construed
                         accordingly as a several reference to each mutual set
                         of obligations arising under each such separate
                         agreement between Party A, the Manager, the Standby
                         Swap Provider and Party B in its several capacity as
                         trustee of the relevant Series Trust;

                 (c)     (Representations): representations made and agreements
                         entered by the parties under this Agreement are made
                         and entered severally by Party B in its respective
                         capacities as trustee of each Series Trust and in
                         respect of the relevant Series Trust and may be
                         enforced by Party B against Party A, the Manager or
                         the Standby Swap Provider severally in Party B's said
                         several capacities (and by Party A, the Manager or
                         the Standby Swap Provider against Party B in Party
                         B's said several capacities);

                 (d)     (Termination): rights of termination, and obligations
                         and entitlements consequent upon termination, only
                         accrue to Party A against Party B

                                                                              18

<PAGE>

                         severally in Party B's respective capacities as
                         trustee of each Series Trust, and only accrue to
                         Party B against Party A severally in Party B's said
                         several capacities;

                 (e)     (Events of Default and Termination Events): without
                         limiting Section 15, the occurrence of an Event of
                         Default or Termination Event in respect of one Series
                         Trust shall not in itself constitute an Event of
                         Default or Termination Event in respect of any other
                         Series Trust; and

                 (f)     (Definitions):

                         (i)     the term "Series Trust":

                                 (A)     in this Section 16, means each Series
                                         Trust (as defined in the Master Trust
                                         Deed) specified or to be specified,
                                         as the context requires, as the
                                         relevant Series Trust in the
                                         Confirmation for a Transaction; and

                                 (B)     elsewhere in this Agreement, means
                                         each such Series Trust severally in
                                         accordance with the preceding
                                         provisions of this Section 16;

                         (ii)    the term "Transaction":

                                 (A)     in this Section 16, means each
                                         Transaction governed by this
                                         Agreement; and

                                 (B)     elsewhere in this Agreement, means
                                         each such Transaction entered into by
                                         the trustee as Trustee of the relevant
                                         Series Trust;

                         (iii)   the term "Agreement":

                                 (A)     in this Section 16, and elsewhere if
                                         so specified, means this Master
                                         Agreement, including, without
                                         limitation, this Schedule and the
                                         Credit Support Annex, and all
                                         Confirmations governed by this Master
                                         Agreement; and

                                 (B)     elsewhere, unless specified otherwise,
                                         means the separate agreement referred
                                         to in Section 16(b) in respect of
                                         each particular Series Trust;

                         (iv)    the terms "Distribution Date", "Relevant
                                 Calculation Amount", "Relevant Note Trustee",
                                 "Relevant Notes", "Relevant Noteholders",
                                 "Scheduled Maturity Date", "Security Trust
                                 Deed" and "Series Supplement" in this
                                 Agreement to the extent that it applies in
                                 relation to a Series Trust have the
                                 respective meanings given to them in the
                                 Confirmations for the Transactions of that
                                 Series Trust.".

(13)     Further Assurances: Each party will, upon request by the other party
         (the "requesting party") at the expense of the requesting party,
         perform all such acts and execute all such agreements, assurances and
         other documents and instruments as the requesting party reasonably
         requires (and, in the case of Party B, are within the powers granted
         to Party B under the Master Trust Deed) to assure and confirm the
         rights and powers afforded, created or

                                                                              19

<PAGE>

         intended to be afforded or created, under or in relation to this
         Agreement and each Transaction or other dealing which occurs under or
         is contemplated by it.

(14)     Procedures for Entering into Transactions

         (a)     With respect to each Transaction entered into pursuant to this
                 Agreement and for the purposes of Section 9(e)(ii), Party A
                 will, by or promptly after the relevant Trade Date, send
                 Party B, the Standby Swap Provider and the Manager a
                 Confirmation substantially in the form set out in Annexure 1
                 (or in such other form as may be agreed between Party A,
                 Party B, the Standby Swap Provider and the Manager), and
                 Party B, the Standby Swap Provider and the Manager must
                 promptly then confirm the accuracy of and sign and return, or
                 request the correction of, such Confirmation; and

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

(15)     Authorised Officer: Each party will be entitled to assume, in the
         absence of any knowledge to the contrary, that any Confirmation,
         notice or other written communication, which is issued in respect of
         this Agreement and which is purported to be signed on behalf of
         another party by a person specified in the certificate provided by
         that other party under Part 3(b) of this Schedule, is authorised by
         that other party.

(16)     Recorded Conversations: Each party:

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

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

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

         (d)     acknowledges that no party is obligated to maintain copies of
                 such recordings and transcripts for the benefit of the other
                 party.

(17)     Replacement Currency Swap Agreement:

         (a)     If any Transaction under this Agreement is terminated prior to
                 the day upon which the Relevant Notes are redeemed in full,
                 Party B may, at the direction of the Manager, enter into one
                 or more currency swaps which replace that Transaction
                 (collectively a "Replacement Currency Swap") provided that:

                 (i)     the Rating Agencies confirm in writing that the entry
                         into the Replacement Currency Swap by Party B does
                         not result in a reduction, qualification or
                         withdrawal of the credit ratings then assigned by
                         them to the Relevant Notes; and

                 (ii)    the liability of Party B under the Replacement
                         Currency Swap is limited to at least the same extent
                         that its liability is limited under that Transaction.

         (b)     If Party B enters into a Replacement Currency Swap pursuant to
                 paragraph (a) and a Settlement Amount is payable by Party B
                 to Party A upon termination of the Transaction referred to in
                 Part 5(17)(a) of this Schedule, Party B must, on the
                 direction of the Manager, pay any upfront premium to enter
                 into the Replacement Currency Swap received by Party B from
                 the Replacement Currency Swap provider to Party A in
                 satisfaction of and to the extent of Party B's obligation to
                 pay the

                                                                              20

<PAGE>

                 Settlement Amount to Party A, and to the extent such premium
                 is not greater than or equal to the Settlement Amount, the
                 balance may be satisfied by Party B as an Expense.

         (c)     If Party B enters into a Replacement Currency Swap pursuant to
                 paragraph (a) and a Settlement Amount is payable by Party A
                 to Party B upon termination of the Transaction referred to in
                 Part 5(17)(a) of this Schedule, Party B may direct Party A to
                 pay that amount to the Replacement Currency Swap provider in
                 satisfaction of or towards and to the extent of Party B's
                 obligation (if any) to pay an upfront premium to the
                 Replacement Currency Swap provider to enter into the
                 Replacement Currency Swap.

         (d)     The obligations of Party B (and the rights of Party A) under
                 this Part 5(17) will survive the termination of this
                 Agreement.

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

(19)     Restrictions on Party B's Rights: Party B must at all times act in
         accordance with the instructions of the Manager in relation to this
         Agreement.

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

(21)     Appointment of Manager: Party B hereby exclusively appoints the
         Manager as its attorney to act on Party B's behalf and exercise all
         rights and powers of Party B with respect to this Agreement. Without
         limiting the generality of the foregoing, the Manager may issue and
         receive on behalf of Party B all notices, certificates and other
         communications to or by Party A under this Agreement until such time
         as Party B serves written notice on Party A of the revocation of the
         Manager's authority to act on behalf of Party B in accordance with
         this Part 5(21).

(22)     Ratings Downgrade:

         (a)     (Downgrade): If, as a result of the reduction or withdrawal of
                 the credit rating of Party A or the Standby Swap Provider a
                 Joint Rating is less than the relevant Prescribed Rating,
                 Party A must by the expiry of the Prescribed Rating Period in
                 relation to the credit ratings assigned by the Rating
                 Agencies to Party A and the Standby Swap Provider at that
                 time (or such greater period as is agreed to in writing by
                 each relevant Rating Agency), at its cost alone and at its
                 election:

                 (i)     provided that the short term Joint Rating by S&P is
                         greater than or equal to A-1 or the long term Joint
                         Rating by S&P is greater than or equal to A- and the
                         long term Joint Rating by Fitch is greater than or
                         equal to A-, lodge collateral in accordance with the
                         Credit Support Annex in an amount equal to the
                         Collateral Amount as defined in Part 5(22)(b) of this
                         Schedule; or

                 (ii)    enter into, and procure that the Standby Swap Provider
                         enters into, an agreement novating Party A's and/or
                         the Standby Swap Providers' rights and obligations
                         under this Agreement and each Transaction to a
                         replacement counterparty acceptable to the Manager
                         and the Standby

                                                                              21

<PAGE>

                       Swap Provider and which the Rating Agencies confirm in
                       writing will not result in a reduction, qualification or
                       withdrawal of the credit ratings then assigned by them to
                       the Relevant Notes; or

               (iii)   enter into, or procure that the Standby Swap Provider
                       enters into, such other arrangements in respect of each
                       Transaction which the Rating Agencies confirm in writing
                       will not result in a reduction, qualification or
                       withdrawal of the credit ratings then assigned by them
                       to the Relevant Notes.

               Notwithstanding that Party A has elected to satisfy its
               obligations pursuant to this Part 5(22)(a) in a particular
               manner, it may subsequently and from time to time vary the
               manner in which it satisfies its obligations pursuant to this
               Part 5(22)(a) (but will not be entitled to any additional grace
               period in relation to such a variation).

       (b)     (Collateral Amount): For the purpose of this Part 5(22) the
               Collateral Amount will be an amount equal to the greater of the
               following:

               (i)     zero;

               (ii)    if the Joint Rating is below the Prescribed Rating in
                       relation to S&P, CCR;

               (iii)   if the Joint Rating is below the Prescribed Rating in
                       relation to Moody's, an amount acceptable to Moody's and
                       sufficient to maintain the credit rating assigned to the
                       Relevant Notes by Moody's immediately prior to the
                       review of the Joint Rating by Moody's; and

               (iv)    if the Joint Rating is below the Prescribed Rating in
                       relation to Fitch, an amount acceptable to Fitch and
                       sufficient to maintain the credit rating assigned to the
                       Relevant Notes by Fitch immediately prior to the review
                       of the Joint Rating by Fitch.

               Where:

               CCR = CR x 1.030

               CR = MTM + VB

               MTM means the aggregate mark-to-market value (whether positive
               or negative) of each Transaction determined in accordance with
               Part 5(22)(c) of this Schedule no earlier than 3 Business Days
               prior to the date that the Collateral Amount is lodged.

               VB means the volatility buffer, being the value calculated by
               multiplying the Relevant Calculation Amount as at the most
               recent Distribution Date by the relevant percentage obtained
               from the following table:

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
Party A's and the     Where the period        Where the period between        Where the period between the
Standby Swap          between the date of     the date of recalculation       date of recalculation and the
Provider's jointly    recalculation and the   and the Scheduled               Scheduled Maturity Date
supported long        Scheduled Maturity      Maturity Date is greater        is greater than 10 years
term credit           Date is less than or    than 5 years and less than
rating by S&P         equal to 5 years        or equal to 10 years
---------------------------------------------------------------------------------------------------------------
<S>                   <C>                     <C>                             <C>
A+                    1.05                    1.75                            3.0
---------------------------------------------------------------------------------------------------------------
A                     1.35                    2.45                            4.5
---------------------------------------------------------------------------------------------------------------
A-                    1.5                     3.15                            6
---------------------------------------------------------------------------------------------------------------
</TABLE>

       (c)     (Mark to Market Value): If collateral has been lodged or is to
               be lodged under Part 5(22)(a)(i) of this Schedule and Part
               5(22)(b)(ii) of this Schedule applies, Party A must calculate
               the mark-to-market value of each Transaction by obtaining 2 bids

                                                                              22

<PAGE>

               from counterparties with the Prescribed Ratings willing to
               provide each Transaction in the absence of Party A.The
               mark-to-market value may be a positive or a negative amount.A
               bid has a negative value if the payment to be made is from the
               counterparty to Party A and has a positive value if the payment
               to be made is from Party A to the counterparty. The
               mark-to-market value is the higher of the bids (on the basis
               that any bid of a positive value is higher than any bid of a
               negative value).

       (d)     (Recalculation): If collateral has been lodged under Part 5(22)
               (a)(i) of this Schedule then, unless collateral is no longer
               required to be lodged in accordance with Part 5(22)(a) of this
               Schedule, Party A must recalculate the Collateral Amount
               (including, if Part 5(22)(b) (ii) of this Schedule applies the
               CCR and the mark-to-market value) on each Valuation Date. If:

               (i)     the Value on such Valuation Date of all Posted Credit
                       Support held by the Secured Party is less than the
                       recalculated Collateral Amount, the difference is the
                       Delivery Amount in relation to that Valuation Date; or

               (ii)    the Value on such Valuation Date of all Posted Credit
                       Support held by the Secured Party is greater than the
                       recalculated Collateral Amount, the difference is the
                       Return Amount in relation to that Valuation Date.

       (c)     (Definitions): For the purposes of this Part 5(22) "Delivery
               Amount", "Posted Credit Support", "Return Amount", "Secured
               Party", "Value" and "Valuation Date" have the same meaning as in
               the Credit Support Annex.

(23)   Standby Swap Provider:

       (a)     (Commitment): Notwithstanding any other provision in this
               Agreement to the contrary, if CBA as Party A fails to:

               (i)     make, when due, any payment required to be made by it to
                       Party B under a Transaction; or

               (ii)    comply with any obligation under Part 5(22) of this
                       Schedule within the required period,

               then:

               (iii)   as soon as practicable following such failure but, in
                       relation to a failure to pay under a Transaction, in any
                       event no later than 12.00 noon (New York time) on the
                       due date for such payment or, in relation to a failure
                       to comply with an obligation under Part 5(22) of this
                       Schedule, no later than the Business Day following the
                       due date for compliance with such obligation,Party B
                       must notify CBA as Party A and the Standby
                       Swap Provider in writing of such failure and:

                       (A)     the amount of the defaulted payment and the
                               basis of calculation of the defaulted payment;
                               or

                       (B)     details of the failure to comply with the
                               obligation under Part 5(22) of this Schedule,

                       as the case may be; and

               (iv)    as soon as reasonably practicable after its receipt of
                       such notice (and in any event, in relation to a failure
                       to pay under a Transaction, no later than 2.30 pm (New
                       York time) on the due date for such payment, and, in
                       relation to a failure to comply  with an obligation
                       under Part 5(22) of this Schedule, no later than 3
                       Business Days after the failure to comply

                                                                              23

<PAGE>

                       with such obligation, provided, in each case, that
                       notice has been given by Party B by the required times
                       in accordance with Part 5(23) (a)(iii) of this Schedule)
                       the Standby Swap Provider must:

                       (A)     in relation to a failure to pay under a
                               Transaction, pay to Party B the amount then
                               owing by CBA as Party A to Party B
                               under that Transaction by depositing such amount
                               into the Collections Account in cleared funds;
                               and

                       (B)     in relation to a failure to comply with an
                               obligation under Part 5(22) of this Schedule,
                               satisfy the obligations of CBA as
                               Party A under Part 5(22) of this Schedule.

       (b)     (Reimbursement): If on any day the Standby Swap Provider:

               (i)     makes a payment pursuant to Part 5(23)(a)(iv)(A) of this
                       Schedule, CBA as Party A must by 2.00 pm (New
                       York time) on the next following Business Day (or such
                       other time as the Standby Swap Provider may agree in
                       writing) pay to the Standby Swap Provider an amount
                       equal to that payment by depositing such amount into the
                       account which the Standby Swap Provider nominates for
                       this purpose in cleared funds; or

               (ii)    satisfies the obligations of CBA as Party A
                       pursuant to Part 5(23)(a)(iv)(B) of this Schedule,
                       CBA as Party A must:

                       (A)     within 3 Business Days, fulfill its obligations
                               under Part 5(22) of this Schedule such that any
                               collateral lodged by the Standby Swap Provider
                               pursuant to Part 5(22)(a)(i) of this Schedule or
                               any other arrangement made by the Standby Swap
                               Provider pursuant to Part 5(22)(a)(iii) of this
                               Schedule is returned to the Standby Swap
                               Provider or will cease (but CBA as
                               Party A will have no obligations to the Standby
                               Swap Provider under this Part 5(23)(b)(ii)(A)of
                               this shedule in relation to any novation pursuant
                               to Part 5(22) (a)(ii) of this Schedule); and

                       (B)     upon demand by the Standby Swap Provider,
                               indemnify the Standby Swap Provider from and
                               against any other cost or liability (including,
                               without limitation, funding costs) incurred by
                               the Standby Swap Provider in satisfying those
                               obligations.

       (c)     (Novation): If:

               (i)     CBA as Party A defaults in its payment
                       obligations under Part 5(23)(b)(i) or (b)(ii)(B) of this
                       Schedule for reasons other than solely a technical,
                       computer or similar error outside the control of Party A
                       and such default is not remedied on or before one
                       Business Day after such failure;

               (ii)    CBA as Party A fails to fulfill its obligations
                       under Part 5(23)(b)(ii)(A) of this Schedule;or

               (iii)   prior to the Novation Date, an Inconvertibility Event
                       occurs in respect of which CBA, as Party A, gives
                       written notice to the Standby Swap Provider, Party B and
                       the Manager prior to the Novation Date (as that term is
                       defined in this Agreement),

                                                                              24

<PAGE>

               then:

               (iv)    CBA's rights, powers, privileges and
                       obligations as Party A under this Agreement and each
                       Transaction terminate other than its rights, powers,
                       privileges and obligations pursuant to Part 5(23)(d) of
                       this Schedule and Paragraph 13(m)(vii) of the Credit
                       Support Annex;

               (v)     subject to Part 5(23)(c)(vii) of this Schedule,CBA
                       will be taken to have transferred its rights powers
                       and privileges as Party A under this Agreement and each
                       Transaction to the Standby Swap Provider and the Standby
                       Swap Provider will be taken to have assumed obligations
                       equivalent to those that CBA as Party A had
                       under this Agreement and each Transaction;

               (vi)    Party B and the Standby Swap Provider will be taken to
                       have released CBA as Party A from all its
                       unperformed and future obligations under this Agreement
                       and each Transaction other than its present and future
                       obligations pursuant to Part 5(23)(d) of this Schedule;
                       and

               (vii)   this Agreement and the Confirmation relating to each
                       Transaction shall be construed as if the Standby Swap
                       Provider was a party to it in place of Party A except
                       that:

                       (A)     references to "CBA as Party A" will not
                               apply to the Standby Swap Provider as Party A;

                       (B)     references to any jointly supported credit rating
                               of Party A and the Standby Swap Provider will be
                               deemed to be references to the relevant credit
                               rating of the Standby Swap Provider;

                       (C)     without limiting Part 5(23)(c)(vii)(A) of this
                               Schedule, this Part 5(23) and Paragraph
                               13(m)(vii) of the Credit Support Annex will not
                               apply to the Standby Swap Provider as Party A;
                               and

                       (D)     the Standby Swap Provider must (if it has not
                               already done so) satisfy the obligations of
                               Party A under Part 5(22)(a) within 10 Business
                               Days of the Novation Date on the basis that
                               any collateral lodged by CBA as Party A (or on
                               behalf of CBA as Party A under Part 5(23)(a)(iv
                               (B) of this Schedule or clause 2 of the Side
                               Agreement) or any other arrangements made by CBA
                               as Party A pursuant to Part 5(22)(a)(iii) of this
                               Schedule will be returned to CBA as
                               Party A (or the Standby Swap Provider, as
                               applicable) or will cease (but such collateral
                               will only be returned and such arrangements will
                               only cease upon compliance by the Standby Swap
                               Provider with its obligations under this Part
                               5(23)(c)(vii)(D) and otherwise, where
                               applicable, in accordance with Paragraph
                               13(m)(vii) of the Credit Support Annex, the Side
                               Agreement or the terms of such arrangements).

       (d)     (Termination Payment): Following novation under Part 5(23)(c) of
               this Schedule CBA as Party A must pay the Standby Swap
               Provider or the Standby Swap Provider must pay CBA as
               Party A an amount (the "Novation Settlement Amount") being:

                                                                              25

<PAGE>

               (i)     in the case of payment by CBA as Party A to the
                       Standby Swap Provider, an amount equal to the amount
                       (if any) that would be payable by Party A to Party B; and

               (ii)    in the case of payment by the Standby Swap Provider to
                       CBA as Party A, an amount equal to the amount
                       (if any) that would be payable by Party B to Party A,

               if each Transaction had been terminated, calculated and payable
               in accordance with Sections 6(d) and (e) on the basis that:

               (i)     the Novation Date is the Early Termination Date and the
                       Novation Settlement Amount is due and payable on the day
                       that notice of the amount payable is effective; except
                       in the case of novation following an Inconvertibility
                       Event (whether or not a failure referred to in Part
                       5(23)(a) of this Schedule has occurred) where the
                       Novation Settlement Amount is due and payable on the
                       date which is 2 Business Days after the day on which
                       notice of the amount payable is effective;

               (ii)    in the case of:

                       (A)     novation following an Inconvertibility Event
                               (whether or not a failure referred to in Part
                               5(23)(a) of this Schedule has occurred), the
                               Early Termination Date has resulted from a
                               Termination Event and there are two Affected
                               Parties;

                       (B)     otherwise, the Early Termination Date has
                               resulted from an Event of Default in respect of
                               which Party A is the Defaulting Party;

               (iii)   all calculations and determinations which would have been
                       done by Party B are done by the Standby Swap Provider
                       and all calculations and determinations that would have
                       been done by Party A are done by CBA;

               (iv)    a reference to Unpaid Amounts owing to Party B is a
                       reference to such amounts payable by Party A to the
                       Standby Swap Provider pursuant to Part 5(23)(b) and (e)
                       of this Schedule and there are no Unpaid Amounts owing
                       to Party A;

               (v)     without limiting the foregoing, for the purposes of the
                       definition of "Market Quotation" in Section 14 each
                       Reference Market-maker would be required, upon entering
                       into a Replacement Transaction, to fulfill the
                       obligations of Party A under Part 5(22)(a) of this
                       Schedule and to comply with Section 2(d) as amended by
                       Part (5)(1)(f) and (g) of this Schedule; and

               (vi)    the Termination Currency is U.S. Dollars.

       (e)     (Default Interest): If CBA as Party A defaults in the
               performance of any payment obligations under Part 5(23)(b) or
               Part 5(23)(d) of this Schedule, it must pay interest (before as
               well as after judgment) on the overdue amount to the Standby
               Swap Provider on demand in the same currency as such overdue
               amount, for the period from (and including) the original due
               date for payment to (but excluding) the date of actual payment,
               at the Default Rate. Such interest will be calculated on the
               basis of daily compounding and the actual number of days elapsed.

       (f)     (Irrevocable Notice): If the Standby Swap Provider satisfies the
               obligations of CBA as Party A under Part 5(23)(a)(iv)(B) of this
               Schedule by lodging collateral

                                                                              26

<PAGE>

               on behalf of CBA as Party A pursuant to Part 5(22)(a) of this
               Schedule, CBA as Party A must promptly provide an irrevocable
               notice to Party B (copied to the Standby Swap Provider)
               directing Party B that any such collateral, and any Distribution
               or Interest Amount (as those terms are defined in the Credit
               Support Annex) with respect to such collateral, is to be
               returned or paid to the Standby Swap Provider and not to CBA as
               Party A.

(24)   No Amendment: Each of Party B and the Manager agrees that it will not
       consent to any amendment to any provision in any Transaction Document
       in relation to the Series Trust dealing with the ranking, priority or
       entitlement of Party A in respect of any security or moneys relating
       to the Series Trust without the prior written consent of Party A and
       the Standby Swap Provider.

                                                                             27

<PAGE>

Annexure 1
                   FORM OF CONFIRMATION [NAME OF SERIES TRUST]

                            [Letterhead of Party A]

[DATE]

To:    Perpetual Trustee Company Limited     Securitisation Advisory
       as trustee of the Series Trust        Services Pty. Limited
       Level 7                               Level 6
       9 Castlereagh Street                  48 Martin Place
       Sydney  NSW  2000                     Sydney  NSW  2000
       AUSTRALIA                             AUSTRALIA

       Attention:  Manager, Securitisation   Attention: Manager, Securitisation
                  Services

       Deutsche Bank AG, New York Branch
       31 West 52nd Street
       New York
       NY 10019
       USA

       Attention: Global Asset Securitisation

CONFIRMATION - [NAME OF TRANSACTION]

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

This Confirmation is entered into by Perpetual Trustee Company Limited, ABN
42 000 001 007 as trustee of the Series [        ] Medallion Trust
(the "Series Trust").

This Confirmation supplements, forms part of, and is subject to, the 1992 ISDA
Master Agreement dated as of [        ], as amended, novated or
supplemented from time to time (the "Agreement"), between Commonwealth Bank of
Australia, ABN 48 123 123 124 ("Party A"), Perpetual Trustee Company Limited,
ABN 42 000 001 007 as trustee of, inter alia,  the Series Trust ("Party B"),
Securitisation Advisory Services Pty. Limited, ABN 88 064 133 946 (the
"Manager") and Deutsche Bank AG, New York Branch (the "Standby Swap Provider").
All provisions contained in the Agreement govern this Confirmation except as
expressly modified below.

This Confirmation incorporates the Definitions Schedule which forms part of,
and is subject to, this Confirmation.

The terms of the particular Transaction to which this Confirmation relates are
specified below:

1.     Our Reference:                  [         ]

2.     Trade Date:                     [         ]

3.     Effective Date:                 Issue Date in respect of the Relevant
                                       Notes

4.     Termination Date:               The earlier of:

                                                                              28

<PAGE>

                                       (a)     the date that the Relevant Notes
                                               have been redeemed in full in
                                               accordance with the Note
                                               Conditions; and

                                       (b)     the Scheduled Maturity Date.

5.     Floating Amounts

5.1    Floating Amounts Payable by
       Party A (subject to Paragraph 9
       of this Confirmation):

(a)    Floating Rate Payer:            Party A

       Calculation Amount:             For each Floating Rate Payer Payment
                                       Date, one half of the aggregate Invested
                                       Amount of the Relevant Notes as at the
                                       first day of the Calculation Period
                                       ending on but excluding that Floating
                                       Rate Payer Payment Date. The Calculation
                                       Amount for the initial Calculation Period
                                       will be USD500,000,000.  The Calculation
                                       Amount will not ever exceed
                                       USD500,000,000 for any Calculation
                                       Period.

       Floating Rate Payer Payment     Each Distribution Date during the period
       Dates:                          commencing on and including [        ]
                                       and ending on and including the
                                       Termination Date, subject to adjustment
                                       in accordance with the Following
                                       Business Day Convention

       Floating Rate Option:           USD-LIBOR-BBA  except that:

                                       (a)     references to "London
                                               Banking Days" in
                                               section 7.1(a)(w)(xvii) and (xx)
                                               of the Annex (June 2000 version)
                                               to the 2000 ISDA Definitions
                                               will be replaced with references
                                               to "Banking Days" as that
                                               expression is defined in the
                                               Note Conditions:

                                       (b)     references to "Telerate
                                               Page 3750" in section
                                               7.1(w)(xvii) of the Annex
                                               (June 2000 version) to the 2000
                                               ISDA Definitions will be replaced
                                               with references to "Rate Page"
                                               as that expression is defined in
                                               the Note Conditions; and

                                       (c)     if USD-LIBOR-BBA cannot be
                                               determined in accordance with the
                                               2000 ISDA Definitions as varied
                                               above (including endeavouring to
                                               determine a rate under the
                                               definition of "USD-LIBOR-
                                               Reference banks" in section
                                               7.1(w)(xx)), it will remain as
                                               the most recently determined rate
                                               obtained from a Rate Page for a
                                               preceding Calculation Period.

                                                                              29

<PAGE>

       Designated Maturity:            [      ] months (except that Linear
                                       Interpolation using [         ] and
                                       [      ] months will apply in respect of
                                       the first Calculation Period)

       Spread:                         In respect of:

                                       (a)     Floating Rate Payer Payment
                                               Dates on or prior to [      ]
                                               (or if that day is not a
                                               Business Day, the next following
                                               Business Day), [      ]; and

                                       (b)     Floating Rate Payer Payment
                                               Dates after [      ] (or if that
                                               day is not a Business Day, the
                                               next following Business Day),
                                               [      ].

       Floating Rate Day Count
       Fraction:                       Actual/360

       Reset Dates:                    The first day of each Calculation Period

       Compounding:                    Inapplicable

(b)    Class A-1 Unpaid Coupon Amount: If on any Distribution Date there is an
                                       A$ Class A-1 Unpaid Interest Amount,
                                       then on the Floating Rate Payer Payment
                                       Date which falls on that Distribution
                                       Date, Party A will pay to Party B an
                                       amount calculated as follows:

                                       $US UC = AUC x LIBOR/BBSW x $SUS
                                       Exchange Rate

                                       where:

                                       $US UC = the amount to be paid by
                                                Party A;

                                       $A UC  = the A$ Class A-1 Unpaid
                                                Interest Payment in relation to
                                                that Distribution Date;

                                       LIBOR  = the Floating Rate Option under
                                                this paragraph 5.1 in respect
                                                of the Reset Date which is the
                                                same day as that Floating Rate
                                                Payer Payment Date;

                                       BBSW   = the Floating Rate Option under
                                                paragraph 5.2 in respect of the
                                                Reset Date which is the same
                                                day as that Floating Rate Payer
                                                Payment Date.

5.2    Floating Amounts Payable by
       Party B (subject to paragraph 9
       of this Confirmation):

(a)    Floating Rate Payer:            Party B

       Calculation Amount:             For each Floating Rate Payer Payment
                                       Date, the A$ Equivalent of one half of
                                       the aggregate Invested

                                                                              30

<PAGE>

                                       Amount of the Relevant Notes as at the
                                       first day of the Calculation Period
                                       ending on but excluding that Floating
                                       Rate Payer Payment Date

       Floating Rate Payer Payment     Each Distribution Date during the period
       Dates:                          commencing on and including [      ]
                                       and ending on and including the
                                       Termination Date, subject to adjustment
                                       in accordance with the Following
                                       Business Day Convention

       Floating Rate Option:           AUD-BBR-BBSW

       Designated Maturity:            [      ] months (except that Linear
                                       Interpolation using [      ]and [      ]
                                       months will apply in respect of the
                                       first Calculation Period)

       Spread:                         In respect of:

                                       (a)     Floating Rate Payer Payment
                                               Dates on or prior to [      ]
                                               (or if that day is not a
                                               Business Day, the next following
                                               Business Day), [      ]; and

                                       (b)     Floating Rate Payer Payment
                                               Dates after [      ] (or if that
                                               day is not a Business Day, the
                                               next following Business Day),
                                               [      ].

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

       Reset Dates                     The first day of each Calculation Period

       Compounding:                    Inapplicable

(b)    A$ Class A-1 Unpaid Interest    If on any Distribution Date there is an
       Amount:                         A$ Class A-1 Unpaid Interest Amount,
                                       then on the Floating Rate Payer Payment
                                       Date which falls on that Distribution
                                       Date Party B will pay to Party A the
                                       A$ Class A-1Unpaid Interest Payment in
                                       relation to that Distribution Date.

5.3    No Limit to Rights:             Nothing in paragraphs 5.1(b) or 5.2(b)
                                       is to be construed as limiting Party A's
                                       or Party B's rights in relation to a
                                       failure by the other to pay the full
                                       amount of a Floating Amount calculated
                                       in accordance with paragraphs 5.1(a) or
                                       5.2(a), as applicable, on a Floating
                                       Rate Payer Payment Date (including any
                                       right to designate an Early Termination
                                       Date in accordance with Section 6(a) of
                                       the Agreement).

6.     Exchanges

6.1    Initial Exchange:

       Initial Exchange Date:          Closing Date

       Party A Initial Exchange        The A$ Equivalent of the Party B
       Amount:                         Initial Exchange

                                                                             31

<PAGE>

                                       Amount, being A$[      ]

       Party B Initial Exchange        One half of the Initial Invested Amount
       Amount:                         of the Relevant Notes on the Issue Date,
                                       being US$[      ]

                                       Notwithstanding Section 2(a)(ii) of the
                                       Agreement, Party A must pay the Party A
                                       Initial Exchange Amount to Party B by
                                       4.00pm (Sydney time) on the Initial
                                       Exchange Date and Party B must pay Party
                                       A the Party B Initial Exchange Amount by
                                       4.00pm (New York  time) on the Initial
                                       Exchange Date. Section 2(a)(v) of the
                                       Agreement will not apply to the payments
                                       of the Initial Exchange Amounts.

6.2    Interim Exchange:

       Interim Exchange Date:          Each Distribution Date (other than the
                                       Final Exchange Date)

       Party A Interim Exchange        In respect of an Interim Exchange Date
       Amount:                         means the US$ Equivalent of one half of
                                       the A$ Class A-1 Principal Amount in
                                       relation to the Distribution Date
                                       occurring on that Interim Exchange Date

       Party B Interim Exchange        In respect of an Interim Exchange Date
       Amount:                         means one half of the A$ Class A-1
                                       Principal Amount in relation to the
                                       Distribution Date occurring on that
                                       Interim Exchange Date

6.3    Final Exchange:

       Final Exchange Date:            Termination Date

       Party A Final Exchange Amount:  The US$ Equivalent of one half of the A$
                                       Class A-1 Principal Amount in relation to
                                       the Distribution Date which is the Final
                                       Exchange Date

       Party B Final Exchange Amount:  One half of the A$ Class A-1 Principal
                                       Amount in relation to the Distribution
                                       Date which is the Final Exchange Date

7.     Exchange Rates:

       For the purpose of the
       definitions of "A$ Equivalent"
       and "US$ Equivalent":

       US$ Exchange Rate:              [           ]

       A$ Exchange Rate:               [           ]

8.     Account Details:

8.1    Payments to Party A

       Account for payments in US$     The account notified in writing by
                                       Party A to Party B in accordance with
                                       Part 5(3)(ii) of the Schedule to the

                                                                             32

<PAGE>

                                       Agreement

       Account for payments in A$      The account notified in writing by Party
                                       A to Party B in accordance with Part
                                       5(3)(i) of the Schedule to the Agreement

8.2    Payments to Party B

       Account for payments in US$:    The account notified in writing by the
                                       Principal Paying Agent to Party A in
                                       accordance with Part 5(2)(ii) of the
                                       Schedule to the Agreement

       Account for payments in A$:     The account notified in writing by Party
                                       B to Party A in accordance with Part
                                       5(2)(i) of the Schedule to the Agreement

9.     Notifications to Party A        On or before the Determination Time in
                                       respect of each Distribution Date the
                                       Manager must notify Party A and the
                                       Standby Swap Provider in writing of:

                                       (a)     the A$ Class A-1 Principal
                                               Amount which the Manager has
                                               directed Party B to pay to
                                               Party A on that Distribution
                                               Date pursuant to clause 10.5(b)
                                               (i) of the Series Supplement;

                                       (b)     the A$ Class A-1 Interest
                                               Payment in relation to that
                                               Distribution Date;

                                       (c)     the amounts (if any) allocated
                                               to the Class A-1 Notes in
                                               respect of any Principal
                                               Charge-off or Principal
                                               Charge-off Reimbursement on the
                                               immediately preceding
                                               Determination Date in accordance
                                               with Conditions 7.9 and 7.10 of
                                               the Note Conditions; and

                                       (d)     the A$ Class A-1 Unpaid Interest
                                               Payment (if any) in relation to
                                               that Distribution Date.

10.    Offices:                        The Office of CBA as Party A for each
                                       Transaction is Sydney.

                                       The Office of Deutsche Bank (on or from
                                       the Novation Date) as Party A is New
                                       York.

                                       The Office of Party B for each
                                       Transaction is Sydney.

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

Executed documents will follow by mail.

                                                                             33

<PAGE>

Yours sincerely

SIGNED for and on behalf of
COMMONWEALTH BANK
OF AUSTRALIA, ABN 48 123 123 124

By:
     (Authorised Officer)

Name:

Title:

Confirmed as at the date first         Confirmed as at the date first written
written above:                         above:

SIGNED for and on behalf of            SIGNED for and on behalf of
PERPETUAL TRUSTEE                      SECURITISATION ADVISORY SERVICES PTY.
COMPANY LIMITED, ABN 42 000 001 007    LIMITED, ABN 88  064 133 946
as trustee of the Series
[     ] Medallion Trust

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

Name:                                  Name:

Title:                                 Title:

Confirmed as at the date first written
 above:

SIGNED for and on behalf of
DEUTSCHE BANK AG, NEW YORK
BRANCH

By:

          (Authorised Officer )

Name:

Title:

                                                                             34

<PAGE>

                             Definitions Schedule

In this Confirmation and in the Agreement to the extent that it relates to the
Series Trust, unless the context otherwise requires:

"A$ Class A-1 Unpaid Interest Payment" means in relation to a Distribution Date
the amount available to be allocated towards payment to Party A in respect of
A$ Class A-1 Unpaid Interest Amounts on that Distribution Date in accordance
with clause 10.2(k)(i) of the Series Supplement determined on the basis that
all amounts allocated towards payment of A$ Class A-1 Interest Amounts and A$
Class A-1 Unpaid Interest Amounts pursuant to clause 10.2(k)(i) of the Series
Supplement are allocated first towards payment of A$ Class A-1 Interest Amounts
and then, once the A$ Class A-1 Interest Amounts are paid in full, towards
payment of A$ Class A-1 Unpaid Interest Amounts.

"Determination Time" in relation to a Distribution Date means on or about
11.00am Sydney time 1 Business Day prior to that Distribution Date.

"Distribution Date" has the same meaning as in the Series Supplement.

"Note Conditions" means the terms and conditions of the Relevant Notes annexed
to the Relevant Notes.

"Relevant Calculation Amount" means the Calculation Amount referred to in
paragraph 5.1 of this Confirmation.

"Relevant Notes" means the Class A-1 Notes issued by the Trustee under the US
Dollar Note Trust Deed.

"Relevant Noteholders" means the Class A-1 Noteholders as that term is defined
in the US Dollar Note Trust Deed.

"Relevant 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.

"Scheduled Maturity Date" has the same meaning as in the Series Supplement.

"Security Trust Deed" means the Security Trust Deed dated on or about the date
of this Confirmation between Party B, the Manager, the Relevant Note Trustee
and P.T. Limited, ABN 67 004 454 666.

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

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

Terms defined in the Note Conditions have the same meaning in this Confirmation
unless otherwise defined in this Confirmation.

                                                                              35

<PAGE>

Paragraph 13 to New York Law Credit Support Annex

(13)   Elections and Variables

     (a)  Security Interest for "Obligations"

          The term "Obligations" as used in this Annex includes the additional
          obligations referred to in Paragraph 13(m)(vii)(B).

     (b)  Credit Support Obligations

          (i)  Delivery Amount and Return Amount

               "Delivery Amount" for a Valuation Date means the amount of
               collateral calculated in accordance with Part 5(22)(d)(i) of the
               Schedule to this Agreement for that Valuation Date.

               "Return Amount" for a Valuation Date means the amount of
               collateral calculated in accordance with Part 5(22)(d)(ii) of
               the Schedule to this Agreement for that Valuation Date.

          (ii) Eligible Collateral. The following items will qualify as
               "Eligible Collateral" for Party A provided that the items
               specified in paragraphs (E),(F),(G) and (H) will only qualify
               as "Eligible Collateral" of Party A upon receipt by Party B and
               the Standby Swap Provider of an opinion as to the perfection of
               the Secured Party's security interest in such items in form and
               substance (and issued by legal counsel) satisfactory to Party B
               and the Standby Swap Provider:

                                                                 Valuation
                                                                 Percentage
               (A)  negotiable debt obligations issued by the            98%
                    U.S. Treasury Department having a remaining
                    maturity of not more than one year
               (B)  negotiable debt obligations issued by the U.S.       95%
                    Treasury Department having a remaining maturity
                    of more than one year but not more than five years
               (C)  negotiable debt obligations issued by the U.S.       93%
                    Treasury Department having a remaining maturity
                    of more than five years but not more than ten years
               (D)  negotiable debt obligations issued by the U.S.       90%
                    Treasury Department having a remaining maturity
                    of more than ten years
               (E)  Agency Securities having a remaining maturity        97%
                    of not more than one year
               (F)  Agency Securities having a remaining maturity        94%
                    of more than one year but not more than five
                    years
               (G)  Agency Securities having a remaining maturity        92%
                    of more than five years but not more than ten
                    years
               (H)  Agency Securities having a remaining maturity        89%
                    of more than ten years.
               (I)  Cash.                                               100%
               (J)  other Eligible Credit Support and Valuation
                    Percentage agreed by the parties

                                                                              36

<PAGE>

                    and acceptable to each Rating Agency

               Notwithstanding the foregoing to the contrary, the Valuation
               Percentage with respect to all Eligible Credit Support shall be
               deemed to be 100% with respect to a Valuation Date which is an
               Early Termination Date.

               "Agency Securities" means negotiable debt obligations which are
               fully guaranteed as to both principal and interest by the
               Federal National Mortgage Association, the Government National
               Mortgage Corporation or the Federal Home Loan Mortgage
               Corporation and which have been assigned a short term credit
               rating of A-1+ by S&P, but exclude: (i) interest only and
               principal only securities; and (ii) collateralized mortgage
               obligations, real estate mortgage investment conduits and
               similar derivative securities.

          (iii)Other Eligible Support

               Not applicable.

          (iv) Thresholds

               (A)  "Minimum Transfer Amount" means with respect to both Party
                    A and Party B: US$100,000.

               (B)  Rounding. The Delivery Amount and the Return Amount will be
                    rounded to the nearest integral multiple of US$10,000.

     (c)  Valuation and Timing

          (i)  "Valuation Agent" means Party A.

          (ii) "Valuation Date" means the last Business Day of each week and,
               at the option of either Party A or the Standby Swap Provider,
               any Business Day between Valuation Dates.

          (iii)"Valuation Time" means the close of business on the Business Day
               before the Valuation Date; provided that the calculations of
               Value and Exposure will be made as of approximately the same
               time on the same date.

          (iv) "Notification Time" means 11:00 am New York time on the second
               Business Day after the Valuation Date.

     (d)  Conditions Precedent and Secured Party's Rights and Remedies

          There are no "Specified Conditions" applicable to Party A. The
          following is a Specified Condition with respect to Party B:

          "If an Early Termination Date has been designated in respect of each
          Transaction provided that if an amount is due by Party A to Party B
          in respect of that Early Termination Date pursuant to Section 6, that
          amount has been paid in full.".

     (e)  Substitution

          (i)  "Substitution Date" has the meaning specified in Paragraph 4(d)
               (ii).

          (ii) Consent. The Pledgor must obtain the Secured Party's consent for
               any substitution pursuant to Paragraph 4(d). However such
               consent is not to be unreasonably withheld and the parties agree
               that not wanting to accept a particular type of Substitute
               Credit Support is not in itself a reasonable basis for
               withholding consent

                                                                              37

<PAGE>

               if the Substitute Credit Support is Eligible Collateral. The
               consent may be provided in a manner described in Section 12 or
               otherwise, including orally.

     (f)  Dispute Resolution

          (i)  "Resolution Time" means 11:00 am New York time.

          (ii) "Value". Not applicable.

          (iii)"Alternative". The provisions of Paragraph 5 will apply.

     (g)  Holding and Using Posted Collateral

          (i)  Eligibility to Hold Posted Collateral; Custodians.

               Party A: Not Applicable.

               Party B is not entitled to hold Posted Collateral. It must
               appoint a Custodian to hold Posted Collateral on its behalf
               pursuant to paragraph 6(b). Party B may only appoint a Custodian
               to hold Posted Collateral on its behalf if the following
               conditions are satisfied:

               (A)  Party B is not a Defaulting Party;

               (B)  Party B's Custodian will always be the Principal Paying
                    Agent, unless that party is Party A;

               (C)  if the Principal Paying Agent is Party A, then Party B must
                    appoint a Custodian which is a Bank (as defined in the
                    Federal Deposit Insurance Act, as amended) outside
                    Australia, whose rating (with respect to its long term
                    unsecured, unsubordinated indebtedness) is at all times at
                    least Aa2 by Moody's and its short term debt rating is
                    A-1+/F1+ (S&P/Fitch), and Party B must notify Party A in
                    writing of this appointment and of the relevant account for
                    Paragraph 13(l); and

               (D)  Posted Collateral may only be held in one or more accounts
                    in the name of Party B in the United States and any account
                    established by Party B's Custodian to hold Posted
                    Collateral shall be established and maintained for the sole
                    purpose of receiving deliveries of and holding Posted
                    Collateral.

          (ii) Use of Posted Collateral. The provisions of paragraph 6(c) will
               not apply to Party B and its Custodian. Party B's Custodian will
               permit Party B to secure Party B's obligations under the
               Relevant Notes by granting to the Security Trustee the charge
               under the Security Trust Deed over Party B's rights in relation
               to the Posted Collateral, but subject to Paragraph 13(m)(vi) of
               this Annex.

     (h)  Distributions and Interest Amount

          (i)  Interest Rate. The "Interest Rate", in respect of Posted
               Collateral which is denominated in US$, for any day means the
               Federal Funds Overnight Rate. For the purposes hereof, "Federal
               Funds Overnight Rate" means, for any day, an interest rate per
               annum equal to the rate published as the Federal Funds Effective
               Rate that appears on Telerate Page 118 for such day. The
               "Interest Rate" in respect of Posted Collateral denominated in
               any other Eligible Currency means the rate as agreed between the
               parties.

          (ii) Transfer of Interest Amount. The Transfer of Interest Amount
               will be made monthly on the second Business Day of each calendar
               month.

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<PAGE>

         (iii) Alternative to Interest Amount. The provisions of Paragraph 6(d)
               (ii) will apply.

     (i)  Additional Representation(s)

          None.

     (j)  Other Eligible Support and Other Posted Support

          "Value" and "Transfer" with respect to Other Eligible Support and
          Other Posted Support means: not applicable.

     (k)  Demands and Notices

          All demands, specifications and notices under this Annex will be made
          pursuant to the Section 12 of this Agreement; provided, that any such
          demand, specification or notice may be made by telephone ("Telephone
          Notice") between duly authorised employees of each party if such
          Telephone Notice is confirmed by a subsequent written instruction
          (which may be delivered via facsimile) by the close of business of
          the same day that such Telephone Notice is given.

     (l)  Addresses for Transfers

          Party A:   Party A to specify account for returns of collateral.

          Party B:   Party B must notify Party A of its Custodian's account.

     (m)  Other Provisions

          (i)  Paragraph 4(b) of the Annex is replaced by the following:

               "(b)  Transfer Timing. Subject to Paragraph 4(a) and 5 and
                     unless otherwise specified, if a demand for the Transfer
                     of Eligible Credit Support or Posted Credit Support is
                     made by the Notification Time, then the relevant Transfer
                     will be made within three Business Days of receipt of the
                     demand; if a demand is made after the Notification Time,
                     then the relevant Transfer will be made within four
                     Business Days of receipt of the demand.".

          (ii) Event of Default

               Paragraph 7(i) of the Annex is amended, on line 3, by replacing
               "two Business Days" with "three Business Days".

         (iii) Party A's expenses

               Subject to Section 15 of the Agreement, Party B agrees to pay
               Party A's costs and expenses in relation to or caused by any
               breach by Party B of its obligations under this Annex. Party A
               acknowledges and agrees that its obligations under this Annex
               will not be affected by a failure by Party B to comply with its
               obligations under this paragraph (m)(iii).

          (iv) Governing Law notwithstanding

               Notwithstanding that the Agreement is expressed to be governed
               by the laws of New South Wales, this Annex (but not any other
               provisions of the Agreement) shall be governed by and construed
               in accordance with the laws of the State of New York without
               giving effect to choice of law doctrine and parties hereto agree
               that proceedings relating to any dispute arising out of or in
               connection with this Annex shall be subject to the non-exclusive
               jurisdiction of the federal or state courts of

                                                                              39

<PAGE>

               competent jurisdiction in the Borough of Manhattan in New York
               City, State of New York.

          (v)  No trial by jury

               Each party waives, to the fullest extent permitted by applicable
               law, any right it may have to a trial by jury in respect of any
               suit, action or proceeding relating to this Annex.

          (vi) No pooling of Collateral with other Security Trust security

               Notwithstanding any provision in the Master Trust Deed, Series
               Supplement or Security Trust Deed, but without prejudice to
               Party B's rights under Paragraph 8(a) of this Annex, no party
               shall be entitled to deal with the Posted Collateral in any
               manner inconsistent with the rights of the Pledgor under
               Paragraphs 3(d), 4(b) or 8(b)(iii) of this Annex, and each party
               covenants to the other that it shall not permit any other person
               to gain any rights in relation to the Posted Collateral that are
               inconsistent with the rights of the Pledgor.

         (vii) Rights in Relation to CBA's Posted Collateral

               (A)  The Secured Party will hold its security interest in, lien
                    on and right of Set- Off against all Posted Collateral
                    Transferred or received by the Secured Party from CBA as
                    Party A (or from the Standby Swap Provider on behalf of
                    CBA as Party A under Part 5(23)(a)(iv) (B) of this Schedule
                    or clause 2 of the Side Agreement but not from the Standby
                    Swap Provider in its capacity as Party A following the
                    Novation Date) hereunder on trust for the benefit of:

                    (1)  the Series Trust as security for the Obligations of
                         CBA as Party A to the Secured Party as trustee of the
                         Series Trust (other than pursuant to Paragraph 13(m)
                         (vii)(B)); and

                    (2)  the Standby Swap Provider as security for the
                         Obligations of CBA as Party A to the Standby Swap
                         Provider pursuant to Parts 5(23)(d) and (e) of the
                         Schedule to this Agreement, as that term is defined in
                         Section 16(f)(iii)(A), and all CBA's present and
                         future obligations to the Standby Swap Provider under
                         clause 2 (v) of the Side Agreement,

                    in accordance with the provisions of this Paragraph 13(m)
                    (vii), and Paragraph 2 is varied accordingly.

               (B)  CBA as Party A covenants in favour of the Secured
                    Party that it will duly and punctually pay to the Secured
                    Party:

                    (1)  all its Obligations to the Standby Swap Provider
                         pursuant to Parts 5(23)(d) and (e) of the Schedule
                         to this Agreement, as that term is defined in Section
                         16(f)(iii)(A); and

                    (2)  all its present and future obligations to the Standby
                         Swap Provider under clause 2(v) of the Side Agreement,

                    as and when the same fall due for payment. Notwithstanding
                    the foregoing, every payment by CBA as Party A, or the
                    Secured Party in accordance with Paragraph 13(m) (vii)(C)
                    (2)(b), to the Standby Swap Provider will operate as a
                    payment by CBA as Party A to the Secured Party in
                    satisfaction of CBA's obligations as Party A pursuant to
                    this

                                                                              40

<PAGE>

                    Paragraph 13(m)(vii)(B). The Secured Party will hold the
                    benefit of its rights under this Paragraph 13(m)(vii)(B)
                    on trust for the Standby Swap Provider in accordance
                    with the provisions of this Paragraph 13(m)(vii).

              (C)   The Secured Party must deal with all Posted Collateral
                    Transferred or received by the Secured Party from CBA as
                    Party A (or from the Standby Swap Provider on behalf of
                    CBA as Party A but not from the Standby Swap Provider in
                    its capacity as Party A) hereunder:

                    (1)     prior to the Novation Date, in accordance with the
                            provisions of this Agreement other than this
                            Paragraph 13(m)(vii);

                    (2)     on or after the Novation Date:

                            (a)     until the date upon which the Standby Swap
                                    Provider has initially fulfilled its
                                    obligations as Party A pursuant to Part
                                    5(22)(a) of the Schedule to this
                                    Agreement, such Posted Collateral must be
                                    held by the Secured Party and not
                                    Transferred or otherwise applied;

                            (b)     on or after the date upon which the
                                    Standby Swap Provider has initially
                                    fulfilled its obligations as Party A
                                    pursuant to Part 5(22)(a) of the Schedule
                                    to this Agreement and until CBA as Party
                                    A has paid in full all of its Obligations
                                    to the Standby Swap Provider pursuant to
                                    Parts 5(23)(d) and (e) of the Schedule to
                                    this Agreement, as that term is defined
                                    in Section 16(f)(iii)(A), and all its
                                    present and future obligations to the
                                    Standby Swap Provider under clause 2(v)
                                    of the Side Agreement, the Secured Party
                                    must, upon the instructions of the
                                    Standby Swap Provider, exercise the
                                    rights and remedies pursuant to Paragraph
                                    8(a) in respect of such Posted
                                    Collateral, and Party A agrees that the
                                    Secured Party may exercise such rights
                                    and remedies under Paragraph 8(a) to the
                                    same extent and with the same effect as
                                    if an Event of Default or Specified
                                    Condition had occurred with respect to
                                    Party A, and apply the proceeds of the
                                    exercise of such rights and remedies in
                                    satisfaction of CBA's Obligations as
                                    Party A to the Standby Swap Provider
                                    pursuant to Parts 5(23)(d) and (e) of the
                                    Schedule to this Agreement, as that term
                                    is defined in Section 16(f)(iii)(A), as
                                    and when these are due and payable and
                                    CBA's present and future obligations to
                                    the Standby Swap Provider under clause
                                    2(v) of the Side Agreement as and when
                                    these are due and payable (and to the
                                    Secured Party pursuant to Paragraph
                                    13(m)(vii)(B)) until all such Obligations
                                    have been paid in full; and

                            (c)     on or after the date upon which the
                                    Standby Swap Provider has initially
                                    fulfilled its obligations as Party A
                                    pursuant to Part 5(22)(a) of the Schedule
                                    to this Agreement and CBA as Party A has
                                    paid in full all its Obligations to the
                                    Standby Swap Provider pursuant to Parts
                                    5(23)(d) and (e) of the Schedule to

                                                                              41

<PAGE>

                                    this Agreement, as that term is defined in
                                    Section 16(f)(iii)(A), and no amounts are
                                    or thereafter may become payable with
                                    respect to such Obligations and has paid
                                    in full all its present and future
                                    obligations to the Standby Swap Provider
                                    under clause 2(v) of the Side Agreement
                                    (including by virtue of Paragraph
                                    13(m)(vii)(C)(2)(b)) and no amounts are
                                    or thereafter may become payable with
                                    respect to such obligations, the Secured
                                    Party must Transfer to CBA as Party A all
                                    such Posted Collateral and the Interest
                                    Amount in relation to such Posted
                                    Collateral, if any.

              (D)     The Standby Swap Provider indemnifies the Secured Party
                      from and against any cost or liability incurred by the
                      Secured Party in complying with the instructions of the
                      Standby Swap Provider pursuant to Paragraph
                      13(m)(vii)(C)(2)(b).  The Standby Swap Provider
                      acknowledges and agrees that the Secured Party may not,
                      and is not required, to take any action to exercise its
                      rights and remedies in relation to the Posted Collateral
                      in respect of the Obligations of CBA as Party A to the
                      Standby Swap Provider except upon the directions of the
                      Standby Swap Provider and in accordance with this
                      Paragraph 13(m)(vii).

              (E)     Following the Novation Date, the Secured Party must
                      ensure that any Posted Collateral Transferred or received
                      by the Secured Party from CBA as Party A is held by the
                      Custodian separately from, and is not co-mingled with,
                      Posted Collateral Transferred or received by the Secured
                      Party from the Standby Swap Provider as Party A.

              (F)     This paragraph 13(m)(vii) applies notwithstanding any
                      other provision of this Agreement.

     (viii)  Pledgor and Secured Party

             In this Annex:

             (a)     "Pledgor" means only Party A; and

             (b)     "Secured Party" means only Party B.

     (ix)    Non-Australian Assets

             CBA as Party A must only Transfer Posted Collateral to the
             Secured Party from its assets held outside Australia.

     (x)     Dispute Resolution

             Paragraph 5(i) is amended by:

             (A)     replacing the word "Exposure" with the words "the
                     Delivery Amount or the Return Amount, as the case may
                     be" in the first paragraph of Paragraph 5(i);

             (B)     adding the word "and" at the end of Paragraph 5(i)(A)
                     and deleting Paragraph 5(i)(B).

     (xi)    Specified Condition

             (A)     In Paragraph 4(a)(ii) the words "or Specified
                     Condition" are deleted.

                                                                              42

<PAGE>

             (B)     In Paragraph 8(b) the words "or Specified Condition"
                     are deleted and replaced with the following "with
                     respect to the Secured Party or a Specified Condition
                     has occurred".

     (xii)   Return Amounts

             If under this Agreement, as that term is defined in Section
             16(f)(iii)(A), a Novation Date has occurred, each Transfer
             obligation of the Secured Party under Paragraphs 3,
             4(d)(ii), 5 and 6(d) is subject to the condition precedent that
             the Standby Swap Provider, in its discretion, has consented to
             the Transfer unless CBA as Party A has paid in full all its
             Obligations to the Standby Swap Provider pursuant to Parts
             5(23)(d) and (e) of the Schedule to this Agreement, as that
             term is defined in Section 16(f)(iii)(A), and no amounts are or
             thereafter may become payable with respect to such Obligations,
             and has paid in full all its present and future obligations to
             the Standby Swap Provider under clause 2(v) of the Side
             Agreement (including by virtue of Paragraph
             13(m)(vii)(C)(2)(b)), and no amounts are or thereafter may
             become payable with respect to such obligations.

                                                                              43

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